best time to return/end lease?

[david824]

Hello all,

I have about 10 months left on my 36 month lease (07 CM LTD). When I originally leased the truck (in much better economic times) the dealer said that once one gets to the point of less then 12 months to go on the lease it will be easy to trade out and into something new.

I am wanting to know, from the dealers on here and from customers whats been your experience on ending the lease.

I'm going to be over my mileage and I have not yet decided what to get next. I am wanting to drop my payment (now $600.00/month) to closer to $500.00 (ideally lower).

Does Toyota generally "waive" any payments in order to get one into a new vehicle? If I buy/lease another or they more forgiving on the mileage?

Seems like in these economic times the dealers ought to be more willing to work with a buyer as it is a buyers market.

Thanks for any input

David

[mudfuel07]

I'm wondering the same thing, my lease is up in April. Either they give me a good price on it, or I find something else.

[tundradreams]

Originally Posted by david824

Hello all,

I have about 10 months left on my 36 month lease (07 CM LTD). When I originally leased the truck (in much better economic times) the dealer said that once one gets to the point of less then 12 months to go on the lease it will be easy to trade out and into something new.

I am wanting to know, from the dealers on here and from customers whats been your experience on ending the lease.

I'm going to be over my mileage and I have not yet decided what to get next. I am wanting to drop my payment (now $600.00/month) to closer to $500.00 (ideally lower).

Does Toyota generally "waive" any payments in order to get one into a new vehicle? If I buy/lease another or they more forgiving on the mileage?

Seems like in these economic times the dealers ought to be more willing to work with a buyer as it is a buyers market.

Thanks for any input

David

Toyota Financial will sometimes run a special for customers in leases ending within six months. This is a rare thing for them to do, and they do not do it for all customers. You can trade in your truck and not have to worry about paying TFS for overage on miles, but your payoff is the total of your remaining payments and the residual. If the payoff is more than the truck is worth, then it may be better just to wait until the lease end and turn it in and take the mileage hit.

Keep in mind it is not a dealer's responsibility to help you get out a lease early. If they work with covering any remaining payments, that just adds to the cost of the truck you are buying. They may say they are covering the remaing payments, but you are ultimately paying for them in your sales price.

For your comment on being a buyer's market, keep in my that Cash for Clunkers wiped out tons of inventory and there is not a lot to choose from right now. Many people still believe that they should get to pay invoice for a vehicle even though there is only three of them on the lot. Dealerships will sell cars and discount them, but don't expect to beat the house and offer something ridiculous.

Now, if you are in the market for another lease, you have some great values right now. We have great rebates on the new Tundra, the residuals have all just been RAISED by 3%, and we have tax credits available in Texas. The tax credit and residual amount alone saves you about $70/month over the previous residual and no tax credits.

Go to your dealer, see what trade value is compared to paying the lease out early, and figure what they can do. This time, just add in more miles so you don't run into the same situation again.

[david824]

Thanks for the information Adam.

David