Lease question

[James]

So im thinking about trading my truck in for another 'yoter (FJ)...

...i made some unfavorable decisions when i picked up the tacoma as I owned my jetta in full and wanted to lease the truck...so I put $10k down on the lease assuming I would buy the truck out at the end of the 36mnth term, then another $2,500 down to drop my interest rate 1% (i get that 2,500 back, its like an interest free loan that i could have made more interest off of in a savings account, but whatever, i had the excess cash at thet ime).


So, 18 months into owning the truck im getting the itch for a change again, but want to stay practical, and dont want to get ass-raped by changing brands mid-lease with that kind of money involved.

a bit about the truck:
2007 Toyota Tacoma SR5 (so 4x4, towing package, but not a TRD cause the hood scoop wasnt my thing) with 24,000km.

As i mentioned, Im 18months into the lease term so im about 12,000 under mileage at the moment. Looking at canadatrader, it seems similar trucks are going anywhere from 25-30k. Buy out on the truck is just over 14k.

Now for the question: How badly gouged will I get if I try to trade in my truck on the lease of an FJ cruiser? Im looking at an 08 6spd with the C package which runs about 35,5 all said and done.

[Tuna]

Re: Lease question

Not sure how Toyota works but I'm guessing it's the same as most others....your only option is to get someone to take over your lease. If you try to trade it in on another Toyota, the "penalty" is actually just the combined payments left owing on the vehicle. They may be willing to deal but I've talked to a couple different dealerships and got the same story.

If you don't have too much longer on the lease maybe you can just wait it out a little longer?

Good luck!

[James]

Re: Lease question

Im only 1/2 done the lease and im sure i can wait it out but would prefer something new

[Canadian Turbo]

Re: Lease question

I would talk with Toyota and see what they say, sometimes companies are happy to help you flip into a new lease early, especially if they can get good money for your trade/lease back.

[Tuna]

Re: Lease question

Yea, they will usually be willing to trade it in early. I think the limit for that is usually 6 months or so though, but calling them wouldn't hurt.

[R_Ethug]

Re: Lease question

yea we've gotten multiple offer letters from toyota on erins corolla lease right now to extend the lease to a new vehicle before the term or at the end,etc

[James]

Re: Lease question

so a buddy of mine was sick of paying for gas in his Mazda CX7 (the turbo suv there) and decided to trade it in on a Mazda 3. He, like me, put $10k down on a lease (as mentioned above i know this is dumb, so does he haah)

So, he gave his cx7 back, got into a loaded mazda 3 at about 26,000, then they added a $2000 penalty to his finance on the mazda 3 for a total purchase price of 28,000.

the 10k is gone.

Looks like im sticking with the truck....or else buying it out and reselling it this summer....Unless someone needs a tacoma and wants to take over my lease payments? hah

[Chris]

Re: Lease question

Sell it privately. You will always get more for it.

[Stonewall]

Re: Lease question

So the guy is out $12K? plus whatever he paid in payments?

[Kordain]

Re: Lease question

I wouldnt wanna be selling a big vehilce this year. for the same reason you want to get out of it everybody else is looking at smaller cars as well. id do a carefull look around and see what the market is first. second hand cars are not selling well at all right now, look at all the cars for sale here.

[James]

Re: Lease question

Well I believe his penelty would have been significantly more had he not put 10k down, so maybe not a full 12k, but ya...he was out at least 7g's I reckon.

and ya, selling a bigger vechicle is gonna be tough. Trucks not as bad as SUV's I would imagine as they are more purpose built, and tonnes of albertans (think they) need trucks

[Kordain]

Re: Lease question

too true !!