I am currently leasing a 2016 Toyota 4 Runner SR5 4X4. (15,000 miles a year 36 months). My lease expires in 2 months ($841 left in payments). I have around 45,600 miles on the 4 Runner so I will have to pay $90 for extra mileage.
A dealer in NY offered me a Lease Pull ahead program which would involve taking over my last 2 lease payments in exchange for offering me a new 2019 4Runner SR5 4X4 lease as per the below terms.
Net Cap Cost $36,270
Residual value $25,260
Money Factor .00120
36 months / 15,000 miles a year
Total monthly payment $440 / month (all fees and taxes included)
0 money down
Drive off . - first months payment of $440
Leasing through TFS
I have never done a lease pull ahead program before. Is there anything specific I should get in writing from the dealer before committing to this deal. My concern is that they neglect to make my final lease payments + excess mileage payment in time and I am on the hook if something happens to the vehicle during the last 2 months.
Would this be considered a good deal? My lease pay off is slightly lower than the trade in value according to KBB and Edmunds.