Toyota lease buyout

My daughter extended her Toyota Tacoma lease and it’s coming due. She was over miles and wanted to fender flares got a ding in it so she thought she would be better off buying it. She has attempted to contact Toyota and in fact a representative was supposed to call her to go over, the process however they have not for the last two days have been calling the finance department, but no one picks up the phone . Can anyone give any suggestions on where she can finance a buyout from this Toyota lease?
When I look on the Internet, they appear to be all come on ads. I don’t want to see her credit report get dinged multiple times. I wish you would’ve turned in and paid the extra fees for overage. The residual value is $31,420. I would appreciate any suggestions. The form may have thank you.

Just go to your credit union or bank and ask for a loan

You dont have to go to a Toyota dealer

Has the residual been reduced as a result of the lease extension?

I don’t believe so, I think she made a real bad move.

Plus now she’ll have to pay 9% sales tax on this

Rates are crazy right now. I don’t want her getting her credit dinged three or four times from different lenders

Even if inquiries mattered (and they essentially do not :slight_smile: ), you should find some solace in the “Rate Shopping” section here:

Don’t dwell on this.

Is there a way For my daughter, who has her Tacoma lease ending to trade her vehicle in and get in to a new vehicle without getting killed in some way… Her 2021 Tacoma has 42,000 miles her residual is $31,400 And she’ll have to pay sales tax on that to get a loan. I just want her to get the least her possible.

As long as there is positive equity- you can sell the Toyota lease (assuming you have a Toyota lease and not a 3rd party bank like us bank or ally) to anyone (dealers, carvana etc). It can be part of a trade in situation, or kept as seperate transactions. You can get bids online to see what they are compaed to the buyout.

How much is the mileage overage penalty? There should be maximum cost per panel in her contract. You might not need to buy the truck. Just do some research.

get a quick carmax appraisal and compare to payoff

I doubt she can get $31.4K in trade, so probably best to just let lease run out and return it. TFS may waive lease end fee if she leases a new Toyota. How does AZ tax leases? If not on sales price of vehicle upfront she will save on taxes by leasing another vehicle. Why not look at a 2024 Tacoma if she likes the one she has?

My daughter finally got a meeting with the dealership in Phoenix, it took complaining to corporate for someone to return her phone calls . she had a 36 month lease and extended it for six months. She went over the mileage by about 8000 miles and two of the fender flares have some damage on them with that said they said she still has equity in the vehicle of a few thousand dollars. (I need to get the exact amount) they said they could get her into a new lease 36 months at $500 a month with the truck with the MSRP of $41,000 And no extra money down .They said they only had two models to pick from. I checked with Carmax and they offered $27,000 for the vehicle without me even talking about the damaged fender flares the residual value is 31,700. Does she have any leverage in getting into a more expensive Tacoma when they say this deal is only for two vehicles how much can you push that?
Thanks for any Information you can provide

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Wow, where to start? Please take the time to learn how to lease and use the calc in the Wiki here. You really need to know what you are doing as this dealer is looking to rake you.

So, Carmax is saying negative equity of about 5K currently…if turning in at lease end you would also have thousands of charges due to over mileage and the damage…so I don’t see any real equity here. Not looking good to start!

Not sure what you mean not good from the start? It’s over mileage by 8000 miles and has $1000 of fender flare damage and they say they will take it without any money down with a new 36 month lease @ $500/month.

Ask for a deal sheet. Look at the dealer’s math to see where all of their numbers are coming from. You’re flying blind right now.


What’s the lease target payment for 0 DAS on the new vehicle without the trade being considered?

Also down does not necessarily equal DAS.

I mean from the CarMax quote I’m not sure there is any real equity. They are probably just burying negative equity in the deal. For example a lesser discount than you would get without the trade.

Why would anyone spend $18,000 plus the equity over 36m on a vehicle that can probably be bought for 39k less the equity plus tax and will depreciate down to only ~30k

Shop at the different toyota dealers in the Valley, see what they offer.

Get separate quotes for buyout for the current vehicle. Chances are you actually might have more equity than theyre baking into the deal they presented.

Does TFS still restrict buyouts? Maybe can get quotes from other dealers too.

Id treat the equity separately from the deal to get a better idea of whether its actually ‘good’ or not.

Just curious…how do you see equity in this deal from what you have read? Carmax offered 27K without seeing the damage, payoff is 32K area…are you saying Carmax is off by over 5K?

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