LEASE TAKEOVER:NY: 2017 TOYOTA 86 (manual)

[ericaloren]

Hey everyone,

Up for lease transfer is a 2017 Toyota 86 in Asphalt

Current Miles: 3,400
Remaining Miles: 26,600
Miles Per Month: 917
Leasing Company: Toyota Financial
Months Remaining: 29 out of 36
Est. Lease End Date: 4/1/2020
VIN: PM me

Lease Payment: 3xx.11
---> You are responsible for the $200 lease transfer fee

Contact: Erica -- 516 44eight seven185 -- call/text, or pm me for email address

6 speed manual

Options:
All Season tires
Wheel Locks (not on car)

PICTURES

[ericaloren]

BUMP, Required down payment reduced to 1950, feel free to make me an offer

[BRZdart17]

If you dont mind me asking? Why dont you want the car anymore?

[ericaloren]

Sunday bump, required down payment dropped to 1400. Feel free to make me an offer.

[mav1178]

You can also try listing your car on https://shift.com/ to see if anyone wants to buy the car outright or take over the lease payments.

My friend just sold his leased Grand Cherokee for more than the residual value, broke even on a car he was over on mileage.

[Tracerz]

I am interested sent a message!

[ericaloren]

Originally Posted by Tracerz

I am interested sent a message!

Replied to PM

[ericaloren]

Weekend bump, Next payment due on September 1st.

[chazmuska]

Originally Posted by ericaloren

Weekend bump, Next payment due on September 1st.

I used to work at ToyotaFinancial so just wanted to give you some input. If you're planning on doing a TOL (Transfer of lease) it will take about 2 months...just to give you a heads up! They are super slow there and everything has to be done by mail. No faxing, no emailing. To be proactive call them and tell them you want the TOL paperwork. They will give you the application so you at least have it ready to provide to the new lessee. Once the new lessee mails it back to toyotafinancial they have to be approved for the credit. Once approved, they will send out another packet and the new lessee will need to provide proof of insurance. TMCC (Toyota Motor Credit Corp) listed as the loss payee on the insurance binder and will have to have collision and comprehensive coverage with deductibles no greater than $1000. You will also need to fill out the Odometer statement that comes with the 2nd packet I believe.

Once they send you the letter that the transfer of lease has been approved, you can give the keys to the new owner because you are no longer financially responsible for the car. At that point they're name is already on the contract.

Transfer of lease fee ($200) can sometimes be negotiated between the buyer and seller, Toyota Financial doesn't care, as long as they get it.
Hope this helps and Good luck!

PS. The new buyer can also buy the car out at the end of the lease or anytime they want during their contract or turn it back in to the dealer once the lease is over. Just nice to provide some options.

[ericaloren]

October bump.

[NyC Zn6]

Why don't you just return the car?

[ericaloren]

Originally Posted by NyC Zn6

Why don't you just return the car?

What do you mean? It's a lease. Even if I return the car, I am still responsible for the remaining payments.

[pkolanko]

Originally Posted by ericaloren

What do you mean? It's a lease. Even if I return the car, I am still responsible for the remaining payments.

No you aren't. I traded in a lease after one year and the dealership actually gave me $1k for my new vehicle. They can calculate the buyout on the lease vs. the trade-in value. If your buyout is less than your trade-in value you can actually make money (ex. buyout $15k and trade in is $16k). You may want to find out from Toyota financial what the lease buy-out would be and see if you can sell it outright or possibly trade it in if that is your goal. Hope this helps.

[subbie14]

I also traded in my wrx a year before the lease was up, and didn't have to pay anything.

Typically, if you return your car early, if the dealership chooses to "buy" it back from the bank, you aren't responsible for any remaining payments on damage.

If the dealership chooses not to buy it back, the bank will put the car up for auction, if the car sells for more then the currently buy out price of the car, you aren't responsible for any payments.

You should talk with the bank you have your lease with. They'd be explain it best. There are some cases where may you either have to pay the total amount of the lease remaining, or a portion of it.

This is the info I got from Chase when my lease was processed through them.