Toyota Tundra lease expiration US Bank - what to do?

Last year during lockdown many of us here took advantage of great deal on Tundra trough Jim. Our lease end comes in April. I am wondering what are you guys planning to do with your trucks.
I did sign up for cyber truck and f-150 lightning, but they are not coming anytime soon.
I will try to extend lease as long as USB let me, and eventually buy it out if EV truck still not be avaliable

I extended my 2019 Tundra 6 months with USB - just call them up they send you the paperwork and you sign and return. You will pay additional tax each month, if applicable in your State - I had to in NY. Good Luck.

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You likely have tons of equity in the current market. Check buyout offers from the usual Carvana, Carmax etc and consider buying it out now. Then when the time comes you’ll have the title and flexibility to sell it for “profit”

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If you have the option to get into another good deal, or have another vehicle to use… I would absolutely sell the Tundra. As others have said, you likely have a fair amount of potential profit here. The Tundra typically hold it’s value value, and that is before considering the current market conditions (i.e. insanity).

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Hey just went through the same scenario as you. You may already know this but US bank does NOT allow third party buyouts. Basically you either have to buy it outright or return it. If a dealer were to have bought my truck it would have been $10k higher than my buyout price. I chose to buy mine. This causes you (depending on your state) to have to pay all the taxes upfront. I was still able to turn around and sell it to a dealer and pocket $4 k after paying the $2500 in taxes so not a bad deal. Overall I will never lease through us bank again though

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What trim and how many miles did you have on it?

I already wrote this but let me make it more understandable!

  1. I was leasing 2018 VW Atlas that was due for turn in Jan 1 2022. I only had 32k miles and the value of my car was estimated between 26k-28k. My residual to purchase was $18,100. I had already made last payment.
  2. I then leased a 2022 Telluride putting $1500.00 down. I now had both cars.
  3. I wasn’t aware of the new rules about third party buyers and the fact that they are quoted a much higher price than your residual.
  4. Contacted VW credit and asked what the third party buyer’s price would be which I was told would be fair market value (KBB price - 25,500). I didn’t have enough cash to buy out my car and was told if I did buy it out, there were fees and the paperwork takes over a month. UGG
  5. Panicking at this point. CarMax offered me 28k for car but they would have to pay fair market value (25,550) leaving me only 2,500 profit. NO WAY.
  6. Contacting the VW dealership who leased me the car. I was told that they only pay the my residual (18k) and anything they offered me above that would be mine. When I went in to dealer they did the usual…first saying the value was 22,500. I said “no way”. He spoke to sales manager and came back with an offer for $25,500 and they would pay the 1,200 sales tax. I said I would think about it and left. Later that day I counter-offered 26k and they accepted.
  7. Took my car the next day, signed papers including my profit which would be sent in 1-2 weeks for $8,000.
    So, if I would have gone through anyone but the original dealer I would have lost a substantial amount of money. Luckily I had time on my side as I already had a new car and lease wasn’t due till January. They did all the paperwork and I walk away with 8k. I did extensive research before doing this transaction, so I hope someone will profit from my experience. Car dealerships are DESPERATE for used cars, even the one you leased it from. Use this to your advantage. Also many car brands won’t even allow third party buying and if they do they will mark the price up substantially to anyone trying to buy it out. Hope this helps!
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This is not new. VWFS has always had this policy, way before the pandemic hit.

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Pretty sure you can go to any dealer under VW Financial including Audi.

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Dealers are exempt from paying sales tax, so perhaps they told you that to make your impression of the deal more favorable. Either way your happy, just for future reference.

Vw financial definitely charges a much higher price to non vw/audi dealers.

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Correct. I am not aware of a dealer either VW / Audi or another brand having to pay sales tax on these transactions. Am I wrong on this or have you heard otherwise?

I thought the whole dealer exempt sales tax license that all dealers have would cover this.

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Gotcha, yes you’re right. I missed where the tax was actually mentioned and thought you were attributing the tax go the higher price.

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