I am coming up on the end our lease through US Bank(never again) on a '18 4Runner limited and purchasing a different vehicle. my question is, our buyout is around $31.5, would it be better for me to buy it out and sell it myself with used prices being high right now, or trade it in on the new vehicle? I have read that USB is not easy to deal with and does not want to pass along the equity between the dealer buyout and trade in value.
I mean I’m not sure how anyone can offer much advice without knowing how much equity you might have? Just to get a baseline, how much have Carvana and Vroom offered for your 4Runner?
Whatever you do, DO NOT just walk into a dealer blindly looking for a new car with a trade without doing a lot of homework, both on the new car and your trade. If you don’t know exactly how much the new car should cost (without a trade) and exactly how much equity you have in a trade (separate from new deal) you will get taken to the cleaners.
The dealer will say “Great news!! We can use your trade equity to cover the DAS and the payment on the new car is only $599/mo!!” You will have zero clue how bad the deal is on the new car or how much equity you might be flushing down the toilet.
3 Likes
Let me clarify a bit. Trade in value on KBB is around 38k and my buy out is 31.5k. I have never traded a lease. Should I expect that 6500 equity? I am not new to car buying, just new to leasing and would not go in blind, just didn’t know if trading a lease is the same as trading and negotiating with a loan vehicle.
You should ignore kbb and get some actual purchase quotes and compare that to your dealer buy out value.
Edit: you’re through USbank, so you’ll need to buy out the lease yourself and then re-sell rather than dealer buy out
1 Like
Tag says Florida so they’ll have to pay whatever BS fees the dealer wants just to buy out their lease.
Doesn’t USB allow their affiliated dealers to buy out leases at RV? Thought someone posted that, @Jrouleau426 ?
if you signed this lease pre-pandemic you are far ahead to sell the lease before you shop for a new car. But keep in mind that post-pandemic prices are inflated currently
We leased around 3 years ago, pre-pandemic. Trade in value is around $6.5k higher that RV (KBB). This is the first lease we have been in, so I just want to make sure I can come out with what the value is and not have the dealer tell me that all they can do is the buy out.
Kbb is irrelevant. You need numbers from someone that’ll actually give you money and you need to work out what it’s going to take to get to where you can sell it.
I sold my lease to LA Auto last fall. I still had 6 months left and ended up putting $1k in my pocket.
Super easy, all over the phone. Guy came with a truck and a check and took it away… 2 weeks later the lease company was paid in full.
Search around on here, it’s not hard to make money on a pre-pandemic lease.
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.