Got a SMOKING offer from Vroom on my leased Tacoma. I would effectively walk with $4,500 over buyout.
I called Toyota Financial to chat about what happens with the MSD. At first they said if you sell it thats it - and then they corrected themselves saying that if the amount of payoff is remitted to them after selling the lease that I would in fact receive my MSD back. I had them put the MSD return in their notes.
However, I now question which is actually correct…
Typically, the pay off amount includes the MSDs already factored in.
You should know what your current payoff is and what it would be if MSD were deducted from it.
The payoff amount does not I clude the MSD. MSD would be only used in case of any lease end adjustments. If not it should be returned in full
Payoffs, when MSDs have been used, often have the MSD amount applied to it. One always needs to verify if that is the case, as this may vary by bank.
I actually just spoke with Toyota financial and they said the payoff amount has nothing to do with the MSD. MSD never should affect your payoff unless it was applied as a down payment by some accident. She also said the refund is automatic after the payoff is made. No action required.
TFS may not, but many banks do, so as always, one should verify with the bank. From the OPs post, it sounds like TFS isn’t even sure if they do, so definitely verify and get the answer in writing before taking action.
Agree be careful. Payoff amount through their automated system on my BMW Included my MSDs. Needless to say I was really excited until I figured that out.
Msd is refundable deposit at lease end and not down payment. Do we know which banks do this confusing addition of msd to payoff. I confirmed with VolvoFS that msd get returned in few weeks after payoff. But always better to also check your lease agreement!