Quote:
Originally Posted by jjhu00
TunTac,
How do I find out who the issuing bank is for the loan to TFS?
|
Look on your lease contract or on your payment stubs - it should tell you the name of the financial institution. In your case, it's probably TFS (Toyota Financial Services) which IS the captive finance company (bank) for Toyota and currently owns your truck. Call them, give them your account # and you'll probably be assigned a "lease-end" consultant. They may or may not have the ability to lower your residual, but be polite and ask for a supervisor - tell 'em you really like the truck and would like to purchase it, but that you've done some research and realized that the market value is less than the residual and that you'd be willing to make them an offer.
The residual value was/is based on what the leasing company projected the vehilce's "wholesale" value to be at the end of 24, 36, 48 mo. based on a selected number of miles etc...
Find out what a truck like yours is going for at auction and then see where that price relates to the residual. If the residual is higher than the vehicle's "market value", then you're best to hand back the keys, or offer them the wholesale value for it and pay it off, or refinance it.
Like I mentioned before, some lenders will negotiate where others won't. But one thing is for sure... they are dumb if they don't take a reasonable offer near wholesale since it will end up at auction anyhow - plus it will cost them transportation and other fees associated with the auction.