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Discussion Starter · #1 ·
I have a leased 07 FJ Cruiser with 12,500 miles. It's a 4x4 6 speed with 17" alloys, hitch, Sonar, & Convenience Pack. The Payoff/Buyout according to Toyota Financial is $20,500. I would really like to trade it in on a 07 Tundra. Is there any penalties for trading it in? I realize I don't really "own" the vehicle, but if the book value is higher than my payoff can I use that equity towards the new vehicle? What is a decent trade in value on my FJ?
 

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I have a leased 07 FJ Cruiser with 12,500 miles. It's a 4x4 6 speed with 17" alloys, hitch, Sonar, & Convenience Pack. The Payoff/Buyout according to Toyota Financial is $20,500. I would really like to trade it in on a 07 Tundra. Is there any penalties for trading it in? I realize I don't really "own" the vehicle, but if the book value is higher than my payoff can I use that equity towards the new vehicle? What is a decent trade in value on my FJ?
There's usually no penalty for trading in a lease early. All the bank is concerned about is getting the payoff. You'll have to go Kelley Blue Book to check out current trade-in values. Keep in mind that those numbers are just estimates, as dealers go off "wholesale" value for your trade.

If the dealer allows more for your trade, then absolutely, that "equity" will be applied as a down payment on your new Tundra. Most people who lease though, are seldom in equity positions because of low or no money down at inception.

Also, since the FJ's are/were really hot, I'm guessing they didn't negotiate much off MSRP??? Bottom line, if you didn't put down a sizeable down payment (cap cost reduction, in leasing terms), you're probably still upside down.

Now, if they allow close to what you owe on the trade, you'll have to decide what to do about the remaining negative equity. Most people roll it into the new lease.
 

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Discussion Starter · #4 ·
Thanks for the response. Actually I got a pretty decent deal on the FJ when I leased it. After shopping around, I found a dealer willing to give me a few thousand more than I owe on it. Plus a good discount off the Tundra.
 

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Thanks for the response. Actually I got a pretty decent deal on the FJ when I leased it. After shopping around, I found a dealer willing to give me a few thousand more than I owe on it. Plus a good discount off the Tundra.
What did we do, Uncle Pinky!? I am in the identical situation with my 07 H3. We saw these cool new vehicles and had to have them.:cool: Now wishing we’d waited for the Tundra. Luckily, I do have equity from my F150 trade on the lease so we’ll see what happens…
 

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Discussion Starter · #6 ·
I originally couldn't wait for the Tundras to come out. I had a 2003 4runner that had 65,000 miles and needed to get rid of it was still worth something. I was actually going to buy a Tacoma crew cab when I saw a FJ at a great price. I should be closing on a new 5.7 4x4 Dbl cab TRD in Radiant Red tommorrow. It's 600 miles away, but I got a great deal. Worst part is going to be waiting until Memorial Day weekend to go pick it up.
 

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Thanks for the response. Actually I got a pretty decent deal on the FJ when I leased it. After shopping around, I found a dealer willing to give me a few thousand more than I owe on it. Plus a good discount off the Tundra.
Just curious what they are willing to give you for it, $23k sound about right?
 
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