Return Lease With 14 payments to go

Have 2 Toyota Leases, both 36 month, due to death of spouse, only need 1 vehicle, have 14 months to go, can i pay the 14 months upfront and dispositon fee and give car back without any other penalties? In Florida, Cars leased thru S.E. Toyota Finance.

First off, so sorry to hear of your loss.

The first thing I would do is call SE Toyota and ask if there is anything that can be forgiven in this situation if you return the car.

If not, check the payoff against Vroom and Carvana to see if you can sell it and be in a better position than making the remaining payments and just giving it back.

In short, you could do what you suggested but I would first try the options above which may cut the financial losses.

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But if all else fails, am i allowed to pay the 14 payments, and $350.00 diposition fee and just give car back, we were both on both leases, so i do not think the forgiveness will apply because they can still go after me. I figure it would cost about $4600.00 plus $350.00 disposition fee, and as much as i do not want to spend that much money it is still better than having 2 cars to end of term. Just looking at options, as i may see what Carmax will purchase for and i pay neg equity, thanks for the quick response!

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I’m sorry for your loss.

Have you looked into having someone take over your lease? Maybe post the lease details here…You can even offer them some incentive- that way you don’t have to lose out on 14mo of payments and disposition fee.

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From what i have seen, the companies that let you have someone take over lease, they still keep you as liable if they do not make payments, so i do not want to do that option. Thanks!

Toyota doesn’t

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No, that’s not true! Once the lease assumption process is over and the other party takes over your lease you are not responsible for the car. (Tho, I vaguely remember Audi being one where the original lessee is still on the hook…? I’d check with Toyota Financial on this. I’ve done a few BMW lease transfers and the original lessee is not responsible.)

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Yea but sounds like this is SETF, not TFS which is far more of a pain vs TFS from what I hear.

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Sure, but this is unlikely to be the best option financially.

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Sorry for your loss. Like others have said get quotes from carvana and vroom it takes 5 minutes. I would do it for both your vehicles and then sell the one with best numbers.

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Yes it is SETF.

Toyota will most likely have equity with vroom or others.

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How accurate are the vroom or Carvana, as it is a limited 2018 Rav 4 with 2600 miles, i leased the 2018 Dec 1, 2018 instead of the 2019, because the option package was better as well as the lease price, also liked the 2018 better, so the fact it is a 2018, does concern me a bit even though no miles at all on the car.

Just get a quote. Takes 3 min max

Feel free to post your quotes and pay and we’ll give you advice. With only 2600 miles i think you’ll be surprised with the offers you get back.

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Carvana and vroom will buy the vehicle from you. The quote they give you is how much they’re going to pay you.

1.Get a quote from Carvana/Vroom

  1. Get your (3rd party) payoff from Toyota

You’re better off selling it to them and can avoid the $4,600 hit you’ll incur by turning in the car early.

Very Sorry for your loss. Yes, with setf you remain on the hook till lease maturity.

  1. like others here stated, check what vroom, carvana and algo offer.
  2. whatever carvana offers, check with your local carmax if they can match, let them know ahead and they might. ( i have heard of a few cases where they did)
  3. maybe someone trustworthy like a close friend or family member is able to take over, depending on how good your deal maybe. Transfer fee is only $50 for setf.

If all above 3 fail, you can probably cover the little negative as long as its not as high as your remainder payments to one of the above companies. Good luck and feel free to share the progress here.

Thanks all, will probably go to Carmax Wednesday, so Tuesday i will check with vroom and Carvana…

Just want to thank all for the imput on my 2018 Rav 4 Lease with 14 payments left. Carmax came out the best, and i only had to pay $18.97 which was the difference from their offer to dealer payoff. Had i paid South East Toyota and just given car back with disposition fee it would have been $5350.00, so i saved a tremendous amount of money. Just for info purposes Carvana changed price twice, and were not as easy or clear as Carmax. Thanks again to all who made suggestions!!!

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