terminate toyota lease-Sienna

You can buy it outright anytime you wish. But the payoff amount is usually non-negotiable.

Or you can sell your lease at

You're going to pay through the nose to buy out this contract. They can use a low mileage Sienna on their lot.

Call Toyta Finance (probably where you make your payment) and talk to them FIRST. The dealer will give you a run around about paying this and paying that; TMCC has nothing to lose, so deal with them first.

You ARE going to pay a premium for this van, however...

The dealer has NOTHING to do with his lease contract. Whether you lease or buy, dealer gets their money in full from the bank upfront. So they have absolutely no financial interest in the vehicle.

Not so. I've checked Autotrader.com and the lowest priced '05 Sienna listed was for $16,900. If his payoff amount is only $13,500, he's getting a bargain.

You probably cannot negotiate the buy back price.

What you need to do is get all your ducks in a row and turn the car back in. Find out where it will go to auction. Find someone who specializes in finding the car at auction and buying it for you.

My brother did just this, and saved $5000. I can get you the name of his guy if you'd like. It's not a big deal, but you'll be without the car for a month or so.

LOL! And hope somebody doesn't outbid you!

Toyota's are hot commodities on the Auction market!

Let me 'splain it to you: that's why I mentioned TMCC, because if he went to the dealer first, they'd give him a run around and try to jack up the buyout.

I *might* just know a bit about how Toyota dealers operate...

And I'm pretty sure they would LOVE to have a low mile Sienna on the lot...

But he's *NOT* done with the lease yet, and they may try to hit him with a penalty for breaking the contract, Moose.

The Buyout is the pay off figure at the *END* of the lease.

Buying out a lease is never a good idea at any time, period. If you do you lose all of the advantages of leasing. You end up paying MSRP plus for the vehicle.

mike hunt

The dealer has nothing to do with your lease, Toyotas credit arm OWNS that vehicle. You must deal with them to buy it sell or even give it away

mike hunt

Really? If Toyotas are such a hot commodity, why are they being sold at auction? That is where dealers dump cars. One does not sell something at wholesale that can be sold retail ;)

mike hunt

You seem to be mistaken. If he pays back the lease now, his cost is the $13,500 pay back price PLUS what he already paid at signing and per month.

Morton

What are you talking about?????? The dealer HAS NO SAY WHATSOEVER in the buyout amount or anything else!

Leasing is just like financing. When you want to pay off your financed vehicle early, do you go to the dealer? NO! You call the bank. You deal with the bank. The dealer has NO SAY in the matter.

If you call them, they will tell you the same: call the bank that financed or leased you. They can't do jack about anything.

But you obviously have no clue how leasing operates.

What are you talking about? He wants to PURCHASE the vehicle OUTRIGHT not turn it over the dealer.

He's not talking about breaking the lease. He wants to BUY the contract out! In other words, he wants to purchase the vehicle outright so he doesn't have to make lease payments anymore.

That's the RESIDUAL VALUE. The buyout amount VARIES depending on when you request it. It differs month to month.

Just like financing.

Every used car up for sale, SOMEONE paid the DEPRECIATED VALUE of the vehicle. So the $16,900 Sienna that I mentioned, SOMEONE bought it, made payments on it. Yet, it's $3400 MORE than the $13,500 owed on OP's Sienna. So the OP's payoff amount is FAR LESS than if he were to turn over the car and buy another used Sienna.

Different reasons. Usually they are salvage or flood damaged or stolen...

But they command high prices. We would buy three Escorts for the price of one Corolla.

Why not ask the OP who he was going to call first...

It was probably leased through TMCC. Most of them are. THe dealer is the agent.

All I said was, if he went to the dealer, they may rake him. The days of good dealers of Toyotas are pretty much gone.

Right...

Let me tell you one more time. Ready? THERE WILL PROBABLY BE A PENALTY FOR BUYING OUT EARLY. Did you get it THAT time?

TMCC is planning on making X amount of interest on the vehicle. READ THE FINE PRINT! There is usually an extra payoff for terminating the lease early. Whether HE wants to purchase it, or get out of the leae just by terminating it, ther is a penalty for early termination.

Did you think just because he's leasing the thing and wants to buy it, they're going to cut him some slack?

Doesn't work that way.

He MAY be able to get them to waive the early termination fee.

It's STILL ealry termination of the lease, and he will have to pay 'interest' to put it simply.

Thanks...I've been trying to tell Dude this.

Plus, usually a penalty, which really jacks the final cost up.

What does it matter? He could call a carpet cleaning business out of the Yellow Pages and he'll get the same answer.... CALL THE BANK!

"lease charge @ 4.9% to toyota finance"

He said he did.

How will they rake him exactly? They will tell him they don't have his payment file (because they don't) and that he needs to contact Toyota directly. Seems pretty harmless to me.

So have you leased before? I have, several times.

This I don't have to guess like you. I've actually leased through Toyota and the answer's: NO EARLY TERMINATION FEE.

I have the lease contract right here..... hmmmmm, no mention of early termination penalty.

So let me see if I get your logic.... Toyota Corp would rather the customer lease for a couple years, then turn it in. Where they then auction it off at thousands unders wholesale.... rather than have the customer pay full price for the vehicle. Yeah, that makes great financial sense. NOT.

I doubt you know how a faucet works.

Waive a non-existent fee?

A non-existent fee.

He's obviously never been to a dealer-only auction.

we were a dealer.

From Toyota Financial Company's Web Site:

Purchase option. You'll have the option to purchase your lease vehicle during the lease or at lease-end.*

Early termination charge. If you terminate your lease early, you will be required to pay an early termination charge. This amount may be substantial.*

To obtain a program brochure, please see your Toyota dealer or call

• These amounts will be disclosed in your lease agreement. See your lease for details.

No early termination fee, eh?

Right:

Early termination charge. If you terminate your lease early, you will be required to pay an early termination charge. This amount may be substantial.*

They don't auction them off. The take them, service them and then offer them to the dealers.

Where the hell did you get the idea they 'auction' them?

I just bought a Scion from a dealer that was an Early lease termination.

I used to work for a Toyota dealer. We used to buy leased vehicles all the time from Toyota.

If you're going to act all high and mighty, you can Kiss My Ass, pal. I used to work for a Toyota dealer. I think I *might* have a little better idea of how the system works. But you just keep arguing, Ace. I've already proven you wrong.

Here...have yet another look:

Early termination charge. If you terminate your lease early, you will be required to pay an early termination charge. This amount may be substantial.*

God, what an ass:

Early termination charge. If you terminate your lease early, you will be required to pay an early termination charge. This amount may be substantial.*

Of course. And it will be HIGHER the further out you are from the end of the lease!