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Lease turn in with Toyota


coltboostin

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CR-

 

I will be turning in my wife's Rav-4 next month. Is the first, and will be the last car I lease, so I am a bit green to turn in. I read some horror stories about random bills coming in months after the car was turned in. I did buy the ancillary car "wear and tear" converge, but the car has a rub and a ding on 2 separate panels.

 

I also read somewhere that you can go for a pre-turn in inspection to get an idea of what, if anything, I will be charged. Is this legit or just a means for them to nickle and dime the car by a thrid part before they get it back? In the end, I want to keep the most money in my pocket. :) If I need to get the bumper painted and dent pulled, I'd rather have my boy do it instead of letting Toyota bill me later!

 

If it matters, its well under mileage as well.

 

Let me know what your experience and recommendations are. :)

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I've got this coming up in June and am nervous as shit- good luck.

 

I've always thought it'd be funny to send them a bill for the "under mileage" of the car haha. Like hey, I paid for 30k miles and only put 23k on it- here's your bill for the positive value of the car.

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If you are well under miles, you may be better off selling it rather than turning it in.

 

Call Toyota and find out what the "third party" buyout figure is. Email me that number along with VIN and miles, and I'll let ya know.

 

My car is 18 months old and 7k under mileage on the lease and there's a 7k difference in value. Appraised at 15k and "buyout" is 22k.

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If you are well under miles, you may be better off selling it rather than turning it in.

 

Call Toyota and find out what the "third party" buyout figure is. Email me that number along with VIN and miles, and I'll let ya know.

 

^^ this, depending on what the residual / payoff left is.

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If you are well under miles, you may be better off selling it rather than turning it in.

 

Call Toyota and find out what the "third party" buyout figure is. Email me that number along with VIN and miles, and I'll let ya know.

 

Great minds think alike! I asked them just that an hour ago and I dont know how its possible, but the residual is well under market.

 

PM coming

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My car is 18 months old and 7k under mileage on the lease and there's a 7k difference in value. Appraised at 15k and "buyout" is 22k.

 

Yeah, it doesn't always work.

 

Being only 18 months into the lease almost everyone is buried.

 

No idea what kind of lease term JP did... but sometimes on the 36 month leases when the customer is way under on miles, they have some equity.

 

 

It's always atleast worth checking.

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Yeah, it doesn't always work.

 

Being only 18 months into the lease almost everyone is buried.

 

No idea what kind of lease term JP did... but sometimes on the 36 month leases when the customer is way under on miles, they have some equity.

 

 

It's always atleast worth checking.

 

Good point...maybe I'll send you my numbers just to check. I did a 2 year/30k mile lease. I'm at 23k now and bought another car so it's just sitting in the driveway.

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Not sure how it works with Toyota, but I leased my 2012 accord and turn in couldn't of been easier. about 2 months -6 weeks before your turn in time they call and schedule inspection (they came tom y home) and inspected the entire car top to bottom which took about 45 minutes. they then go over the entire process. During the inspection they informed me they allow up to like 2 k in damages automatically free of charge. I had a baseball side scuff on my rear bumber and the person doing the inspection laughed when I asked if I needed to get it fixed before turning in. I guess they get some pretty beat up stuff :lol: They took pictures to document all the "damage" for there records.

 

After the inspection they sign off saying good to go, and then when its time to turn it in you just cal a local dealer who will accept it in(they all are supposed to but a lot will all of a sudden say they don't have any times to accept it and make you go somewhere else. PS forget you Lindsay Honda) then you just schedule to drop it off , quick glance over you fill out some paperwork and be on your way. So long as nothing happened between your inspection and turn in your golden .

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During the inspection they informed me they allow up to like 2 k in damages automatically free of charge. I had a baseball side scuff on my rear bumber and the person doing the inspection laughed when I asked if I needed to get it fixed before turning in. I guess they get some pretty beat up stuff :lol: They took pictures to document all the "damage" for there records.

 

So long as nothing happened between your inspection and turn in your golden .

 

 

From what I read, you have NO notion you are being charged until you get the bill. Almost a bit of a bait and switch.

 

2k damage allowance seems excessive. I do remember when we picked it up that you are allowed "one scratch and once dent not larger than a credit card" but there is some "leniency". I don't like all the gray area in that statement.

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but sometimes on the 36 month leases when the customer is way under on miles, they have some equity.

 

This. So many people don't realize that a lease can accrue equity that you can turn into cash by either having someone else buy the car, or use the equity as a down payment on another lease or a finance for a new car.

 

As much as I am not a fan of edmunds, here is an article to give you a basic idea of how it works:

http://www.edmunds.com/car-leasing/3-ways-to-turn-your-lease-into-cash.html

 

I can't believe how many people walk away from leases leaving something on the table.

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From what I read, you have NO notion you are being charged until you get the bill. Almost a bit of a bait and switch.

 

2k damage allowance seems excessive. I do remember when we picked it up that you are allowed "one scratch and once dent not larger than a credit card" but there is some "leniency". I don't like all the gray area in that statement.

 

Toyota might do it very different then honda. Cause they were very easy going was straight forward with no grey areas.

 

Might be best to call them and see how there process is.

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Just did this with Lexus to get another. No issues at all including the window tint that was still present.

 

Granted the car I turned in looked better than the new one I was picking up for my wife. No out of pocket costs were applied post the final inspection at the dealer.

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Just did this with Lexus to get another. No issues at all including the window tint that was still present.

 

Granted the car I turned in looked better than the new one I was picking up for my wife. No out of pocket costs were applied post the final inspection at the dealer.

 

How long ago did you turn it in? Did you do the pre turn-in inspection?

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I used to lease all of my cars and never had any trouble with a lease return. The return process varies depending on who financed the deal. I would suspect if the residual is a lot higher than market you would be more likely to pay some sort of damage charge. I would also expect that the smaller finance companies that lease to riskier customers from a credit perspective would be much tougher to deal with. Toyota Finance should be painless.

 

(My info may be dated as I have not leased a car in nearly 10 years so this may not be helpful)

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^^Agreed.

 

Curious what people leased for....term/miles. This was our first lease so we just did the 36month/36k lease, but are most doing that, or shorter or different mileage? Wondering where you get the most bang for your buck I guess.

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Ours is also a 2-yr / 24K. $0.15/mile overage. It was $240/mo. since we had no trade in...would have had to be a total junk beater to gain anything from it since it would have went to $199.

 

This last year my brother went and grabbed one of the $99/mo. Corolla S's. Pretty slick deal for a 'rental'.

 

We are certainly interested in buying a used car this go around...so they will have a first crack at our short list of candidates. Also should probably reach out to Jordan based on the CR feedback here.

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