(CT) Advice on keeping or selling to carvana early. Tacoma SR

I have a 2020 Tacoma SR Quad Cab that I leased exactly a year ago today. 12k/2yr lease and I am curently at 15k miles today. Toyota charges .25 cents a mile for overage so I am at about $750 overage right now. I expect to use the same amount of mileage this next year if not a thousand or 2 more so I am considering selling to Carvana.

I got a good deal on the truck from James Rouleau in Philly. 12k/2yr lease for $230/month with $1088 at signing (Doc, Title/Reg, and First month Payment), and taxes were rolled in. Payoff at end of lease is $28,066.

Carvana offered me $27,747 today. I don’t think I am leasing again after this (this is my 4th lease) as things in life changed drastically and I am driving much more. I do however want to buy a loaded taco after this, I like the truck a lot.

I think its a good idea to just get out of the lease now before I end up paying close to $2k in overage when I turn in to Toyota, not to mention the disposition fee.

What do you all think? I know the market is super crazy out there. Idk if I should just Sell the truck to Carvana now and try to buy a new Taco or wait it out until next year and hope they give me a break on the mileage if I buy a new truck? Obviously the later isn’t guaranteed and is a gamble.

Another thought was just to wait it out until the lease it ready to turn in and then sell to carvana.

Is it impossible to find vehicles right now, specifically loaded taco Off-Roads/sports?

What’s your payoff today? Seems like you are already in the negative.

You’re too far underwater for my taste. You have negative equity on the payoff (residual) alone, then you have to factor in all of your remaining payments. I’m also assuming that you believe you will drive the same amount of mileage for the next year; you technically are not over mileage until you reach the 24k mark.

And yes vehicles, for the most part, are hard to come by. This is especially true if you are seeking any sort of “deal”. Your new vehicle (in this case a new Taco) has a good chance of needing to be ordered, in order to achieve that deal. That is unless you are able to find a truck in inventory somewhere that you like AND are willing to reach a deal. Are you able to go without this leased truck for a few months?

1 Like

Where I am in the NE it’s still possible to get ahold of them. Most are listed at MSRP and dealers may work a deal. Some are asking 51k for loaded off roads.

1 Like

Good Question as I can’t see from the US Bank Site. I need to request one in the mail.

Not sure exactly how to calculate that but I’ve paid $2820 toward the lease already.

I’m pretty sure Carvana does not buy out USbank leases. Also, USbank will not provide the customer a third party buy out amount. They will only fax it to the dealer that is planning to buy the vehicle. They will only provide you a personal buyout.


Ohh good point if thats the case. Did not know that.

I just sold my USbank lease to vroom. This is the only reason I know that. Carmax nor Carvana will buy a USbank lease. But vroom was able to. Although, it seems to be a hit or a miss for some people.

1 Like

I realize a lot has changed, but you are trying to eject early from 2 years of utility at roughly 1% of MSRP, to cash out the equity and buy one for MSRP? Talk about stepping over dollars to pickup dimes.

Details about US Bank are mentioned here, 3rd parties are charged a higher payout

I’d keep driving for a few months and see what kind of market opens up


While mostly true. I think they go by a case by case basis depending on the amount of positive equity in the lease. I may be wrong. But I was able to sell my USbank lease for the same as my personal buy out minus the sales tax. But I also only had about 2k in equity.

Echoing others here, it is probably wiser to just hang onto it for now. You have a comfortable monthly payment, still have a healthy amount of miles left, you likely don’t have huge equity, and anything else you try to get into is going to be at a highly inflated price due to the shortages.

Be as conservative as you can with unnecessary long drives for a few months and then re-evaluate in Q4 '21/Q1 '22.

1 Like

If you’re determined to get out of the lease at least drive it to Max mileage and let the market (hopefully) cool off before you buy something.

Yeah I’m just gonna wait it out. It’s not the end of the world for me. I can afford the mileage overage when it comes time next year. Things could change again and I might pick up a second “fun” car which would cut down the mileage as well.

Just wanted some of your input which I appreciate. Thanks!

This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.