2022 Toyota Tacoma (39 month, 39k, $274 per month, $6k DAS)

Ask the Hackrs
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I would buy this instead.

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Thanks for the reply @max_g

  1. Fair enough. Honestly I was just trying to get into a truck for less than 300 a month that is my overall goal.

  2. Honda dealership offered $21,600
    Equity Hacker $20,684
    Caravana: $21,644

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Thanks for the feedback. @mastergm

I’m Needing a payment under $300 a month hoping to get a new truck. Any thoughts?

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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

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Calculate your total lease cost. Your equity = down-payment and does not reduce the total lease cost.

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Crappy deal for sure. I definitely need to find a deal where I can pocket the cash. @Bumboola

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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

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@Jrouleau426 he got Tacomas comings in - philly area

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They are giving you equity and marking up the purchase price of the car.

Run a LH calc without the equity and see what deal you are actually getting.

Get quotes for the Civic on Carvana, VROOM, etc. Find a dealer that is selling at MSRP (there are a few).

Good luck and let us know!

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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.

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@Pinhigh27 pocket not “park” typo sorry.

Great advice, thank you for that. Make perfect sense

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@volvo1 any advice on getting out of a Honda lease.

Is it best to buy the car and then try to sell it?

With lease buyout restrictions trying to sell to a third-parties has been difficult. But there may be something I don’t know.

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You can try getting the Nissan Frontier. They probably still have those crazy deals, with $0 to very little down under $300/mn (depending on region).

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List of Lenders that Allow for Third-Party Buyouts

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.

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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.

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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…

Jim
215-359-6836

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Ok everyone, thank you all so much for your advice.
@Jeff_BeachCitiesAuto @mastergm @wantingadeal thanks for suggesting the fronteir. Singed a deal today.

Here’s the final Numbers.

“New 2022 NissanFrontier SV Truck Crew Cab”

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

IMG_2650
IMG_2657

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So 400/mo for the frontier? Seems high for an msrp deal…

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White is a good color on that truck. Enjoy!!

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