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Old 04-18-2010, 07:56 AM   #1 (permalink)
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USA refinancing lease

not sure if this has been discussed yet. i went for the lease in 08 for my corolla. my plan then and now was to refinance at end of lease because i kept my titan which will be paid off this summer. should i wait until end of lease and try to renegotiate price or just go with payoff i currently have? lease ends june 2011 just over $9000 ballon or return. i am leaning towards doing it now just incase interest rates go up next year. what do ya'll think.
thanks in advance
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Old 04-18-2010, 09:27 AM   #2 (permalink)
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Originally Posted by saltydog View Post
not sure if this has been discussed yet. i went for the lease in 08 for my corolla. my plan then and now was to refinance at end of lease because i kept my titan which will be paid off this summer. should i wait until end of lease and try to renegotiate price or just go with payoff i currently have? lease ends june 2011 just over $9000 ballon or return. i am leaning towards doing it now just incase interest rates go up next year. what do ya'll think.
thanks in advance
the question is... in your contract, is there an option to end your lease contract at an earlier time ang get the chance to refinance whatever amount is left? normally, i do not think you can do that because early termination of a lease contract is similar to breach of contract. ask the finance officer in charge of your lease to find out exactly your options at this time because i could be wrong.

good luck tho!!!
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Old 04-18-2010, 12:33 PM   #3 (permalink)
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Toyota doesn't refinance until the end of the lease.

They won't refinance a loan either.

I know this because I was trying to help my sister in law a few weeks ago and called them.
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Old 04-18-2010, 06:10 PM   #4 (permalink)
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I do not know if Toyota does this, but I do know that some finance companies will extend your lease month by month at the end. This would mean that you keep paying the monthly amount until you can make yor best choice. Some people do this to wait for a new model to come out. The finance company will be happy to take the monthly amount because the car is several years old and depreciated out.
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Old 04-18-2010, 09:21 PM   #5 (permalink)
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never thought about the buyout. could be to expensive. just not sure that in a year the car will be what the end of lease price in value. i will definately be over the mileage. not sure by how much. well lesson learned. best to just wait it out and decide then. thanks
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Old 04-18-2010, 11:05 PM   #6 (permalink)
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I will never lease a car because of the mileage issues. I want to drive when I want without worrying about mileage limits.
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Old 04-19-2010, 12:06 AM   #7 (permalink)
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Other than the mileage issue which can be negotiated on signing, leasing makes sense. No capital outlay and pay by before tax money if you are self employed or have a company. You can write it off as business expenses. A new car every 3-4 years. No repair bills. Only like in OP's case when he wish to change the terms of the lease then it's a issue.
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Old 04-19-2010, 12:57 AM   #8 (permalink)
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Other than the mileage issue which can be negotiated on signing, leasing makes sense. No capital outlay and pay by before tax money if you are self employed or have a company. You can write it off as business expenses. A new car every 3-4 years. No repair bills. Only like in OP's case when he wish to change the terms of the lease then it's a issue.
I don't have a business that I could write it off & I like to own my cars to do what I want to them, so to me leasing is a waste. I was able to buy my car with no out of pocket anyway & than after 3 years the car will be mine free & clear without having to still owe a lot of money.
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Old 04-19-2010, 09:53 AM   #9 (permalink)
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Originally Posted by saltydog View Post
never thought about the buyout. could be to expensive. just not sure that in a year the car will be what the end of lease price in value. i will definately be over the mileage. not sure by how much. well lesson learned. best to just wait it out and decide then. thanks
at the end of a lease contract, renegotiate and choose refiinance. that way you lose less than just returning the car. over mileage is really going to cost you no matter what.
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Old 04-19-2010, 10:29 AM   #10 (permalink)
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Originally Posted by SuperchargedMR2 View Post
I don't have a business that I could write it off & I like to own my cars to do what I want to them, so to me leasing is a waste. I was able to buy my car with no out of pocket anyway & than after 3 years the car will be mine free & clear without having to still owe a lot of money.
couldn't have said it better myself.

I always buy my cars. I am young(26), but for the 10 years of owning cars i know that leasing is a pain in the ass when it comes to what you can and can't do with a car. Like modifying a car is almost impossible with a leased car. At least thats my view.

Either way, good luck with trying to negotiate, Toyota dealers can be hard asses when it comes to contracts. Just remember they don't have to do anything for you because when you signed the contract, you committed to those terms.
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