Have you ever bought out your lease?


I have a Toyota Tacoma that I lease. I still have a few months on it. But I’ve been going back and forth about buying it out. So I’ve thought of a few options, so any feedback would be appreciated.

  1. Get a loan from my credit union and buy it out now?
    2.Buy out the truck and sell it and with the crazy used car market. Make a couple bucks and get a new truck.
  2. Just wait until my end of lease and decide buy it out or turn it back in.

If anyone has any insight or experience love to hear it.

You need to get some prices from Carvana, Carmax, Vroom before you can even look at 1 or 2.

I will echo the above. You need to retrieve all of the necessary figures to be able to make an informed decision. You’re asking us to complete a puzzle which we have no pieces to.

  1. Find out exactly what your payoff/buyout is.
  2. Determine what the truck is worth.

Don’t forget that you have to pay sales tax if you purchase the truck yourself, whereas “trading in” you won’t have to. Generally selling to a third party (i.e. Vroom, Carvana, CarMax, Algo, etc.) or trading is the best route.

Carvana, vroom, and carmax. Came in about 36,000-40,000

Next find out what your payoff is, including tax. Then dust off the abacus and make your decision.

Payoff is about 35,000. Just got off the phone with US Bank.

Toyota is generally a very good solid resale value above other brands.
Remember, trying to get into a new lease now is tough on the wallet.
If you are happy with your lease, then keep it.

I am considering buying out my Honda lease.

Would I wait then to buy it out? Or should I just buy it out now

You can do either.

I checked with my CU and they said they can buy out 6 months early (I would end up paying more because I will pay sales tax on the residual PLUS 6 months of payments that are already taxed).

My CU said the best is to wait until end of lease.

Hmm…35 payoff and 36-40 k sale.
It’s close but as long as you can float a loan for about 45 days it’s worth 5k for the 40k offer.
For the 36k offer? nah.

But then I’m paying more in order to get into a new car.

Makes sense. I’ll have to reach out to my credit union

That’s why I am considering extending my current lease to ride out this crazy inflated car prices…

Then I can decide if I will buy out or get into another lease.

25 months into a 36mo lease on a 2019 Civic EX. Dealer keeps calling trying to get me to trade in early. Payoff amount is $17,400 through Honda Financial, CarMax is offering $20,400. It’s a tough decision as 3K is not low but not high.

If I can find a new lease for around what I pay now (299/mo, zero down) on a Mazda 3 2.5T hatch I’ll sell the car to CarMax and keep the 3K.

That’s what I was thinking too if that was an option

Can’t sell a lease to 3rd party due to recent changes.


What about a dealer? They said about dealer contacting them.

Is this true for Honda Financial Services? My account dashboard gives me a loan payoff amount, how does it matter where the check comes from?

Yes, mine is from Honda Financial as well.

You can buy it out at the agreed upon residual value.
Or a Honda dealer can buy it out, but that price is between HFS and the franchised dealer.
You can try to get more out of the sale to the dealer, but they already get preferential pricing with HFS.

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Wow. Alright. Can I pay off the remaining $17K with a credit card?