We have a 2018 toyota corolla LE. The lease ended 3 months ago and we are extending month by month until we find something to replace it with. It is a 36/12 lease but we only have 27k miles on it. Toyota’s disposition is 400. We are currently looking at a hyundai and they stated to bring the car in for appraisal. I am hoping to cover toyota’s disposition and another 500-1000 to run the monthly down on the hyundai.
My question is, anyone have experience doing this? What sort of $ return should I expect?
More than likely the dealership is going to steal the equity and you get 0.
‘Sorry sir but the value is below bluebook but as a FAVOR we will take it in free of charge’.
You can have a third party buyout the car. In order to do that, you would call your leasing company and get the current “dealer payoff quote” which is the amount of money needed right now to payoff your car which will satisfy your lease agreement. Once you have that number you can take your car to your local Carmax and see what they would offer to buy your car. If the amount is near or above your dealer payoff quote, then you can sell it to them and you would be out of the lease. Alternatively, you can get an online quote from vroom.com or carvana.com who will give you an instant online offer. If you accept the offer, they would come and pick up the car from you and pay you on the spot. Ideally you would get a quote from all sources as they may vary significantly. For more information, please see forum discussions:
