Lease End Deals on 05 SR5 DC?

[jjhu00]

Anyone know if Toyota has any lease end buyout deals for current lease customers? I have an 05 DC that I like to buy out but would like a little better residual/buy out value. Would the dealer have anything to do with the vehicle value?

Thanks.

[FLTundra06]

I don't think the dealer would have much say but I am sure that there is a chance of some wiggle room if the dealer works with Toyota. Good question as I am sure the truck would have had less depreciation if gas had not gone sky high and Toyota had not come out with the newer truck and larger engine. No way they could have figured all that in when they leased the truck. Good thing is if they don't want to deal you can just leave it with them. I know I didnt answer your question as I don't know. But now that you ask I am curious. Maybe one of the sales people on here will let us know.

[jjhu00]

FLTUNDRA06

Your truck looks exactly like mine minus the aftermarket upgrades Nice truck!

I have added:
- Glasstite fiberglass topper
- Front Skid Plate
- LineX
- XSP 20" Wheels with Yokohama Rubber
- Hellwig Rear Swaybar

Thanks for the response. Any dealers on here want to comment on lease end deals? Anyone?

[TunTac]

Originally Posted by jjhu00

Anyone know if Toyota has any lease end buyout deals for current lease customers? I have an 05 DC that I like to buy out but would like a little better residual/buy out value. Would the dealer have anything to do with the vehicle value?

Thanks.

You need to call the bank who you leased with (TFS). Have a reasonable offer in mind and see if they'll bite. Remember though, not all banks will negotiate residuals.

Like FLTundra06 said, the worst thing that happens is that you give 'em the keys back and let them take a bath on the vehicle at auction. It won't be your problem anymore.

[jjhu00]

TunTac,

How do I find out who the issuing bank is for the loan to TFS?

[TunTac]

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.