US Bank Lease Buyout or Turn it in

Signed Deals & Tips Buy/Finance
,
1

Guys,

My amazing 2020 Toyota Tundra lease is coming to an end next week and I need some advice My ultimate goal is to get a 7 seater SUV but all the cars are ridiculously priced. My budget is around $40k.

I am considering my options -

Buy - Buyout Value is 41,400 and sell it in few months and sell in a few months. (I think I can break even)

Return the vehicle and find a used 2018/2019 - 7 seater SUV around $40k.

Is it worth going to the lease buyout hassle with USBank and selling it to some dealer or just return the vehicle and buy a used SUV.

2

What is the RV on the lease contract?

Howany months left?

Post the lease end portion of the contract. May help decipher.

3

Made my last payment the lease buyout is $36,800 + tax + $350 in junk fees. Seems like they added an extra $800 since the last months buyout quote. Will have to wait for the official letter.

4

I just bought mine out. Took them a few weeks process the payment and send the title. At least in Texas it’ll help me save on taxes with a trade

5

Can you share more about how you saved on taxes? If you bought the truck you paid taxes on the residual amount right? So if you traded it in - would you get credit for those taxes when purchasing a new or used vehicle in the same calendar year? Is there a time period you have to hit to be eligible?

6

Some states only tax the difference of the new car less the trade in amount. Not just the full purchase price of the vehicle being purchased.

7

I extended by lease with US Bank for a 2020 Honda Odyssey by 6 months (the maximum they would let me).