MSRP: $50,525
Discount: 6% ( I got FCA Affiliate Code via Access Fund)
Selling Price: $47,500
Residual 58%
MF: .00089
Incentives: I missed that $1000 was rolled into discount, so coulda shaved $30
Drive off: $525 (1st month)
Monthly payment (incl tax): $525
Mileage: 10,000 per annum
MSD: (none)
Trade: 2020 Tundra ( bye, bye $230/mo lease)
This info might be helpful specifically for people leasing via USB Bank with equity in the car. As i was working through the deal and we called US Bank they told us that payoff without new USB bank lease would include $8200 fee!!!, so really had not much choice but to lease through USB and not FCFS; Selling the car outside of trade/lease doesnt make a ton of sense in TX as it would cost me roughly $4000 in taxes; So bottom line i was able to get a bit of equity plus tax credit, while getting slightly better MF but worse residual. Ultimately the difference was negligible so I went forward with it. All in all not the greatest deal if not the crazy deal on Tundra from 2020.
Wish i could find a Laredo or Altitude as they have much better residuals but there arent any within 200mi from where i live.
One more note: even though my trade-in covered the sale price US bank charged additional $582 fee to apply the tax credit since technically truck belongs to them and not eligible for tax credit.
How many months did you have left on the 2020 tundra lease at $230 a month?
To go from $230 to $525 a month to me is insane. I know it’s 2 totally different leases and times are different but why turn the tundra in early? Because of the 2500 equity?? What was the reason for dropping the tundra lease and getting into a jeep Cherokee?
We replaced a minivan with Tundra as our family car, and while it had the utility my wife was reluctant to drive to begin with and lately just grew to hate the truck, we still had 6mo left on that lease but it had to go. 230/mo of a 50k car was just an insane anomaly so cant really use it as a measuring stick for future leases.
I did roll the equity into the lease essentially paying for all the fees and taxes upfront. I also got trade-in tax credit which maxes a huge difference in TX.
well, its a bit unclear as they gave me 48k for my tundra while other dealers were offering 44.5-46k, so they moved the money towards trade to show car sold with lower discount but i believe the same price could be negotiated without a trade (sans tax credit)
I got quotes from CarMax (lowest 44.5), Autonation Toyota (midrange), and another FCA dealer (45.5); Carvana offered 46.5; VRoom did offer 47.9 however selling to vroom US bank lease is really not much of an option; Trucks like mine are listed at dealerships around for ~48-50k so i dont think there was much there. I do think my deal can be achieved without a trade, mine just happened to reflect customer cap cost reduction via trade vs deeper discount
@Bostoncarconcierge I see you went ahead the title. I dont have time or desire to argue with your guys and really dont care, was just trying to help the community. If you read my post regarding the value you’ll see that there wasnt truly 2500 equity in it. My deal essentially require a 9% discount without my trade which i believe is achievable based on my conversations with the dealer…
The most helpful thing for the community is having accurate market information which requires reporting deals accurately, with all factors included. No one is arguing with you to claim you got a good or bad deal, just to make sure the deal is accurately represented.
This appears to be a decent deal at essentially 600/month. But given the current market conditions, especially at 10k miles per year, I think you would have been better off purchasing. I don’t think it’s the best financial decision on any vehicle, even the 4xe, to lease currently and I love leasing. Yes, less risk but in almost all circumstances costs more.
Here is a quick search for trucks similar to mine in the area, so now tell me how my truck is worth 48k as a trade in. (not too mention 2k it would require in re-conditioning to be sellable)?
that is what i was trying to do. Updating title to show extra 2500 out of pocket may mislead folks about what it currently costs to actually get one of these today. Which would cost them money as they wouldnt have accurate baseline…
$2500 in trade equity or $2500 in cash… doesn’t make a difference. Trades obviously conflate these things a bit as it’s hard to tell what exactly is going on behind the scenes, but we can really only go off what your contract actually says in the absence of better information.
what i am trying to convey here, is that 2500 cant be considered a downpayment as that equity is etherial and doesnt exist in real world, so the dealer gave me higher trade-in value but lowered discount, which is good for everyone (i got lower sales tax and they probably benefited as well since they did it)
