Lease maturity question: 2017 Toyota Highlander Limited

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21

Wow. Really, they charge $200 for small scratch too?
My experience with Honda is completely opposite.

22

My car did too as well as all my customers’ vehicle. Like 90% of them got charged. That’s why I told OP to fix everything if there is anything wrong.

23

No, I’ve done plenty of Toyota returns and they won’t sweat the small stuff - small dents or scratches that aren’t bigger than what they deem normal wear and tear. Normally, most captives send out lease end return kits with measurements that you can assess your car so you know which dents or scratches will incur charges.

Things like scuffs on the bottom of bumpers are rarely addressed. But on obvious body panels they will make sure it’s no larger than the allotted lengths. Any major damage like cracks or missing parts will almost always be charged.

24

It’s a depreciating asset, you would have had some sort cost to drive something regardless. You won’t get the money back by keeping it, if it’s worth less the residual, you won and the bank lost. Turn it in and move on, or possible extend the lease. You never mentioned what your payment is, I’m curious. Who wants to pay almost $500/mo for 5 years to buy out your lease on a 3 year old vehicle($28k / 60mo +tax/interest), no thanks

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25

I am confused if you are trying to buyout the car for yourself or trying to get equity out of the car. If you make a dealer trade, you can most likely avoid taxes. However, as others have said, dealers are probably not looking to spend money on reconditioning cars at the moment.

26

Monthly was 385.

The dealer said they would check what kind of deals they can make to get me into a new lease since sales have been in the toilet with covid 19. But I am not holding my breathe for anything crazy.

27

I would figure out your own lease before speaking to the dealer again regarding a new lease (I would think you would need to speak to them about the lease return). Just use the search function on the forum and Edmunds to work out the discount, MF, and RV. Most likely no incentives, but check Toyota’s website.

28

Inventory is thin, I’d call the bank to extend and go month to month, plan on finding a deal around July/August when inventory is back up

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29

Check with brokers here for their Toyota deals - don’t need to even talk to anyone to find out what’s the best deal :rofl:

Plus, you may just extend the lease for up to 6 months to keep the same payment and not be under pressure to find new ride.

Who know where this economy heading with all COVID stuff. You might find yourself working from hom permanently as many companies reverting to that solution.

30

If you’re not comfortable with the concept of spending X thousand dollars to walk away with nothing at the end, leasing may not be right for you.

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31

I’d rather walk away with nothing than be stuck with a vehicle worth less than I owe.

$0 equity > negative equity

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32

The OP needs to look at this way too, if they financed it, at this point in the loan would there be any equity? Yes but the payments would have been double, plus more tax(depending on the state). As far as cash in your pocket, I’d say you’re at least $4000 to $5000 ahead on the lease.

No money down finance payments would have high $700-low $800 a month, payoff around $18000ish after 36mo, car worth $26000, so maybe $8k in equity, but 36 * $800=$28800 36*$385=$13860, value at 36mo $26000-$18000payoff=$8000 equity.

Difference in lease payment vs purchase over 36mo= $14940 more cash out of pocket on the purchase.

$800-$385=$415/mo $415*36=$14940 more spent on the purchase at the 36mo mark

$14940-$8000 equity=$6940 more out of pocket vs the lease, the OP is ahead, just need to look at the numbers in the right way, @jsohng

This all assumes you put nothing down to start the lease, so that money will also figure into the equation, I bet you’re still ahead

1 Like
33

I am weighing whether its cheaper to pay a fee vs repair on my own. The dealer doesn’t do the assessment so there isn’t a way to know beforehand is there?

34

I put about 7k down at start of lease.

35

Money down is a big no no, so it’s basically a wash. Please come back here before you sign your next lease, we’ll save you thousands.

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36

That is quite a bit. By any chance, is any of that MSD’s?

37

Doubt it…

38

I just gave back my 17 highlander xle, I wanted to get the 2020 highlander…they quoted me like 600 and change! I just gave it back and walked away!

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39

I figured. Glass half full?

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40

Leasehackrs have no loyalty, except to the deal!

“Can I get deal loyalty?”