I’m trading out of my Tacoma lease and thought i knew the answer to this, but after speaking with a rep from Toyota financial i’m not so sure.
I put down 9 MSD’s when i leased the truck. It was my understanding that Toyota retains this deposit until lease end no matter what, and i would need to collect this money from whoever takes the lease over, and then they get the MSD’s at lease end.
The rep i spoke with yesterday told me that when the lease gets transferred i’ll be getting a check from TFS, although he was stumbling before he said that which makes me wonder. Has anyone been through this and can confirm how it works? Seems odd that the deposit that helps bring the payment down wouldn’t apply to the new lessee.
I’ll call back again today and speak with another rep and see if they say the same, but nothing beats people here that have been there and done it.
I am 99% certain this is how it works with TFS. I had a family member transfer out of a TFS lease. MSD were handed over at delivery. If the buyer never received them back at the end I’m sure we would have heard about it.
It also makes absolutely 0 sense for the lender to return MSD in the middle of the lease.
I just spoke to TFS about the same issue, I put down $2700 in MSDs and am looking to transfer. The agent told me the funds would be refunded to me (not the transferee) at the end of the lease provided there was no excessive wear and tear.
I’ve searched around but haven’t found any other threads on how transfers deal with this…seems like either the person transferring is at risk that the person assuming the lease trashes the car and loses the deposit, or the person taking it over has to put down a deposit and trust that the person transferring will return the deposit at the end?
@jc87 I called back to speak with a different agent the following day and they told me whoever I spoke with previously didn’t understand the MSD’s. They are definitely transferred to whoever takes over the lease, so make sure you collect that money before handing over the keys unless you’re planning to give them up.
@max_g@ac427 awesome, thanks! I have been meaning to call back but don’t want to wait on hold for another 30 min…
It’s hard enough explaining to potential buyers what MSDs are and assuring them it’s not a scam…if the MSDs worked the way that agent was describing I’d probably never be able to get rid of it.
Customer service is a revolving door of new trainees even at the best of times.
This is definitely not the best of times, obviously but very specific issue related to customer service is that India and the Philippines are shut down.
