I’m in CT, I leased a GRC from NC which uses south east toyota finance/SETF - which is fine. The deal seemed straight on paper, but in retrospect I believe I got a little comfortable after a dozen killer lease deals and might have gotten housed on the back end. I put 4500 down, pay 470/mo on a $39k MSRP car they took 1800 off during a time everyone was marking them up 3-5k on the east coast
Somehow after one year of payments my buyout is only about 38,6 - When I checked it after logging into the website and going through all the different menu items it was 39,xxx
How has it only dropped a miniscule amount after 1 year (50%) of lease term (24 months) - I totally burned $4500 on this thing…but to the main issue
I want out of the car. Other dealers have offered 1-1500 over my dealer payoff as recently as may but when I went to proceed found out SETF doesn’t allow anyone but TOYOTA dealers (who are all low balling thousands under wholesale btw) to buy the car -
Read my paperwork today and SETF mentions in there contract terms that early termination could result in the fee of “thousands” was the wording - not sure what that is referring to? Remaining payments or some BS early lease end fee they cook up. Called and spoke to four different representatives from SETF over two days and nobody knew anything
To make matters worse, my remaining payments due (12 months x 470 = 5,640 but they show remaining payments totaling just under $8200)
Any expert advise help insight or thoughts is appreciated
You need to post the first 3 pages of your lease contract (including the itemization of the gross capitalized cost) and the section that addresses early termination and how the adjusted lease balance is calculated. Can’t advise or do a thorough analysis without this information.
How many Toyota dealers have you contacted? Just like if you are trying to hack your own deal, you might have to cast a larger net.
Only being able to see to Toyota dealers puts you in a tough spot. They could be lowballing you because that’s what many dealers do. They could also be offering you less than non-toyota dealers because they have 1 or 2 GR Corollas sitting in inventory. They have to try and buy yours cheaper and then mark it up to sell so the price looks more attractive compared to the new GR Corollas they have on the lot.
Can you sell to Lexus dealers? Have you tried contacting Lexus dealers? You might find a used car manager who might think a GR Corolla will look good sitting in front of his lot.
Keep us updated! Good luck! I’m sorry you want to get rid of your car so soon.
Assuming your GRC is a 2023, I am seeing asking prices as low as $34K in the DC area. Not sure how anyone is offering close to $40K in trade. There are several brokers on LH that might be able to help you get out of the car,or maybe find a dealer with the new car you want that also has a Toyota dealership under their umbrella.
I should have clarified MY payoff was the 38 number , the actual dealer payoff was 35 something and Carvana as well as the local Chevy dealer offered 36 & 37 back in May when the car had under 4000 miles
A few Toyota dealers offered 32-33k, and a few refused to offer anything here in Ct because they don’t want to deal with setf. Ill post the contract
You might have put the wrong MSRP, Because if a Lease, and the MSRP is 39k and your RV Buyout is 38k and you put 4500 and pay 470m on a 24…something doesn’t add up.
The GRC is $39k MSRP, so either you paid 8000 over MSRP or you traded in a car with Negative equity.
Your cap cost was $35.6k. Your rent charge is almost as much as the depreciation. Estimating $250/mo toward depreciation, you’ve paid down only $3k. So $32.6k remaining. Not sure why dealer payoff is $35k or yours is $38k, unless penalties are involved with SETF. Yours would include tax, which is the difference between dealer and your buyout.
Right, so shouldn’t my payoff with tax be at a maximum $35000
Did I get screwed on this lease by the dealer? Cause it sure looks like it to me. It’s my own fault, I bought this car when I was overloaded with personal & business issues. Out of ten cars I’ve leased I’ve always made out ok or pocketed a few grand at the end,
I’m not seeing anything in the contract that would indicate the dealer screwed up. Something is wrong with that payments remaining number. I’d call SETF back and ask how 12 payments at your current monthly comes to $8800+.
Sometimes you gotta walk people through the problem.
“Do you agree my payment is $483?”
Yes
“Do you agree I have 12 payments remaining?”
Yes
“Do you agree 12 times $483 is $5796?”
Yes
“So where does $8855 come from?”
Buyout is $38k because of CT sales tax (6.35% last time I helped my parents in CT a couple years ago) plus the property tax. Sales tax would be ballpark $2200 and property tax in CT (depends on what town you’re in) is ballpark $1k-$1500.
