Dealer wants to resign lease

Hi Hackrs. I just want ask your opinion on a situation I’m in. I tried to replicate an awesome 24/12 Taco USB lease deal but didn’t do well like those posted here. I took a '20 SR 5 LB AT yesterday anyway. Today the finance guy called & asked to resign the contract as he said he made a mistake and calculated my deal using the RV for the short bed vs the long bed that I took. He sent the new contract on my email to sign(docusign). I compared the 2 contracts & found variances (though new monthly is 17 cents lower):
*Original * NEW
-MSRP: 37,058 -same
-AgreedValue: 34,783.20 -same
‐CapCostRedu: 2,240.95 -2,235.92
-GrossCapCost: 35,939.20 -36,039.20
-AdjCapCost: 33,698.25 -33,803.28
-RV: 28,905.24 -29,275.82
-monthly pay: 335.37 -335.21
-purchase opt: 29,255.24 -29,625.82

Mechanical breakdown protection (I know… I was on a bit of a rush) 371 -471
TTF: 770.08 -774.79

Other info: I put $1k down but only shows $485.92 on USB dealer lease calc ws. Manuf. rebate of $1750 is included on the agreed value. Tax is 2.9%. 1st month fee was waived. Original mile was 10 but now I’ve driven it for 400+ miles. I know from previous posts of 2 options, resign or balk. The MF is 0.00193. I made a mistake by thinking my credit score of 730 would get me a better rate but dealer pulled a cs instead 5 pts below 700. TIA for your time & advice. Are the above changes valid due to the mistake?

Your post is no different. You have two options, sign or walk. What other opinion do you want?
It is the same monthly so just sign and move on
Don’t worry about what number goes where as long as the term and mileage are what you expect.

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If the monthly is exactly where you want it as previously agreed upon then what’s the issue? Just resign if you like the car. If you want to negotiate a new lease and go through the hassle then return the car.

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Thanks for replying. I like it & this is my first truck & lease. I guess the change in RV doesn’t matter as the overall monthly payment is about the same. I just probably had a false concern that I suddenly have to resign a new contract w/ changed numbers/values. I was kinda hoping it may be a chance to renegotiate the MF but I’ll chalk it up to experience that the dealer may use a different credit scoring model than what is projected on my banks’ fico and CK score. I really thought I’d qualify for tier 1 and lower MF.

I want to ask too if it’s worth keeping the MBI since it also increased by $100 on the new contract w/o my approval. Finance said truck aren’t easy on brake pads so it will be more expensive for me to replace after my lease so this covers it (along w/ excessive wear on electrical, wires, lost keys, etc…). It says it’s cancellable.

Your truck is under warranty. Why would you need Mechanical Breakdown Insurance? Its not a 10 year old used truck.
Read the paperwork, i think u will have 30 days to drop it off by just calling the bank directly and they would remove it for you. But check first.

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It’s $0.16/mo less. They made a very small error no big deal.

It is cancellable - you can try now before you resign or just call and cancel after (usually you have 30 days).

MBI is for breakdowns not wear parts. And you leased a brand new Toyota truck that is under warranty for the lease term. You shouldn’t need MBI (and if you did your car insurance can probably offer it to you for less).

Let us know when you’ve re-signed.

I agree with @jeisensc on cancelling the MBI. It’s a 24 month lease on one of the most reliable trucks in the marketplace. FWIW I also have a Tacoma leased on a 24/12 terms and declined everything in the F&I office.

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I appreciate all your advice. You’re right, a new Taco wouldn’t need MBI & it’s only a 24 mos lease. At the time I thought it would be cost effective coz the pamphlet says it covers yearly brake pad set replacement and wheel alignment. I’ll get it cancelled before I resign. Thanks again, you guys are awesome!

Trucks aren’t easy on brakes? Tacos have rear drums anyways lol.

Looking for that original post :face_with_monocle:

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Hey guys. Finance took the MBI out but increased the MF from 0.00193 to 0.00210. I just saw the April US Bank sheet posted by @derekoh1991 and tier 2 rate was 0.00130. Wish I saw this before I started the whole thing. Do I have a leverage in negotiating down the MF? I tried plugging the numbers on the calculator and it seemed about $50 less monthly payment with the posted USB rate. I’m also being pressured to sign before 6 PM today coz they said they need to get it submitted by today.

Is the monthly and due at sale amount the same on the new contract as what you originally signed? (Within $.16 counts as the same in my book)

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