Please Plz Help with opinions on Early Lease Temination Event

[coolbeans]

Hello

We currently have a 2008 Camry I4 SE that was leases through TMC. At the time my parents thought that they were being set up for finance and put $2,000 down and agreed with $413/month. Later they found out that it was a lease and the buy out at leases end is $15,889. our current Buy out is a little under $18,000. lease ends in Dec 2010 and the car has 48,xxx miles under a 12,000/year lease.

Recently my parents received a letter in the mail from a different Toyota dealership notifying them of an Early Lease Termination Event. Please read the letter details bellow.

After going into the dealership with KBB print outs of a MSRP: $27,000 2010 I4 Camry SE KBB priced at $23,000 @0%APR, my parents offered $3000 down at $340/Months for 60 months.

The sales man called out a used car adjustor and started to evaluate the current leased Camry. the offered $11,000 for the car and told us that we would have to pay the $7,000 difference because that is what is owed on the car.

Reading the letter, we thought that this was a Early Termination and the the terms of this even would be to Lease or Finance a New 2010 Toyota. The sales man said that we would still have to pay what was owed on the current Camry even if we were to get into a 2010. The Terms do mention "any equity deflicit in your current vehicle must be paid off." would equity be present in a veicle that is not owned by us?

I asked "then what is the point of this event if we are buying out of our lease. The Event is titled Early Lease Termination Event, Not Early Lease Buyout event" the salesman called someone from the finance department and they told us that we would have to pay the difference. No where in the fine prit does it say that we would have to pay the difference.

They offered $5000 down and $469/month for 60 months on a MSRP$27,xxx 2010 Camry I4.

We wasted time at the dealership. But my questions is, should we have to pay the difference on the car?? I feel like this letter is false advertising, and one of the Finance managers even said "it is misleading" at one point.

We really thought that this was an opportunity to get of out this ridiculous lease.

[njerald]

The letter is just another standard sales gimmick.

In December, you will also have to pay an excess mileage charge when the vehicle is turned in.

Have fun..............

[Gorky_Park]

What njerald said

Man that sucks I'm paying 379/month no money down and $2000 negative equity from prev loan and I am buying, not leasing. Of course it is for 72 mo loan but still thats alot for a lease...5000 down and almost 500/month??? wow