Market Value- $38,997.00 ($$3000 market adjustment included)
Government Fee - $85:00
Proc/Doc Fee- $200.00
Trade Allowance: $22,500.00
Trade Payoff: $16,552.56
Residual Value: ＄29,877.00
Money factor : .00137 with CULA through local credit union
Total Payment: ＄274.46
Included some random dealer itemized accessories fee $299, and a All Season Pro Package ($1696) basically all weather scratch and dent protection inside and out.
I am trading in my 2020 Honda Civic lease
It has 26,000 miles on it. They are accepting it on trade because they own a Honda dealership within the dealer family. So I’m able to do the whole deal in house still Even moving from Honda to Toyota. essentially they are selling it to their Honda dealership and then I am buying through their Toyota dealership
Don’t put your trade equity down, let alone $6,000. You’re just letting them hoodwink you into thinking the lease is less expensive than it actually is.
How do you know your trade valuation is in the ballpark? It’s irrelevant what you paid back in the day. What are all the other buying services offering now?
The problem is you’re not truly getting this truck for under $300 a month. Taking your 6k equity and dividing it by the 39 month term equals $154. So you’re effectively paying $428/mo for the truck as it stands
I’d recommend separating the two transactions. Sell your civic in one transaction, negotiate the lease of a taco in another
Second, do some research in the marketplace and shared deals section to find comparable discounts (if any) and deals on the model you’re looking for. Next, head to edmunds forums to see what the MF and residual are for the month. Then approach dealerships with a structured deal using these numbers. Don’t ask them for a quote. Come to them with an offer and let them counter
What do you mean park the cash? You can use the cash to make the payments. You don’t have to put it down. That is what people are saying. There is nothing inherently good about putting cash down, it just reduces the payment by an appropriate amount. Putting 6k down and paying 300k a month is similar to putting nothing down and paying 480 a month, excluding risk for down payment in event of total/car damage.
Mentalities like “ I have to have a payment less than 300 a month “ aren’t going to help you.
I included the list of lenders that third parties can buy leases from. It appears that Honda is not one of them.
However, I would use the third party services to determine your car’s value and then call up some Honda dealers and ask if they are willing to buy out your lease for that price and write you a check for the equity.
As Mastergm said you should definitely go for the Frontier lease instead. It doesn’t sound like you are married to a Tacoma and the Frontier Lease is way less. 18 month is the best term on the Frontier and getting to your target payment is much easier.
I’m $1000 over msrp on the sr double cab. At msrp on the access cab if interested. Saves you 2-3k over current deal. You can sell your Honda to any Honda dealer. Just call around for the best price. I can help with that also if you don’t want to deal with it. Prob have more equity then they’re giving you…
Lease Terms : 18 months, 10k per year (15k total)
Payment: $192.76
Residual: 94% ($35,156.00)
Price of Vechicle: $37,400 (no mark up)
MSRP: $37,400
Prepaid maintenance (3 visits every 5k): $149.00
Gross Cap Cost: $37,549
Amount Due at Signing
Cash Down Payment: $2,130.41
First Payment: $192.76
Total fees: $1197.00
Upfront Sales/use tax: $127.83
Total amount due at signing: $3648
Trade In: (dealer has honda dealer in the family)
$22,750 Honda Civic 2022 lease (payoff $16,694)
Total Equity: $6056
Put $3,648 total amount due at signing
Dealer wrote me a check for the remaining equity: $2,408 equity
