A question about leasing. Plz help

[ginkang]

My 04 4R's 3 year lease is up this week(March 1st). I am thinking about buying my leased car that I drove for 3 years. It has less than 50K Km(less than 31250 miles) (Canadian model) on it.
I have some questions.
1.Do I have to visit on the last day of the lease contract (March 1st) to purchase the car? Or can I just go before March 1st and purchase the car?
2. From my understanding,Toyota Canada only offer a closed end lease option so I have a fixed price before I purchase the car.
Is there anything I should know before I visit?

This is my first leased car so I want to prepare before I visit the dealer

many thanks

 

[blindside]

I believe you can just go ahead and purchase it even before the contract ends...

 

[jimsi]

lease ???

I think you can buy the 4runner out at any time during the lease, call the leasing number and ask for the buy out amount. Depending on what the residual amount is (buyout option price) it may or may not be worth your while to buy it out. Some leases are set up for lower monthly payments and higher residuals to make the lease more attractive so in the end your vechile's market value is worth much less then your buyout amount....making you look at another lease or new car purchase.

 

[EDGE]

usually the lease company sends out multiple letters informing you of your options, I know in the US it's usually buy it out, give it back or extend the lease, the good thing with the buy it out option is usually the bank will give you a zero % or really low interest rate to pay the truck off.

If you want to buy it they will just send you finance papers that you need to sign, no going back to the dealer

 

[ginkang]

Thank you all for your info. I think I will visit the dealership sometime this week to purchase the car.

 

[Jeff Kleb]

My lease expires January of 2008, and I was wondering the same thing. I don't plan on buying the 4Runner at the end of the term, although I might if "the numbers were right" and I did not have to pay sales tax again on the deal. If so, I would probably turn around and sell it, since I know it is worth more than the residual value.

Dealers love leasing, since they get another crack at you to sell a new one when you turn it in.
:bash:

Be safe out there!!

 

[AK4RNNR]

Make sure you review your lease contract and verify your purchase option amount prior to visiting the dealer. Some dealers will sell you your car for more than that amount to make extra money. I would suggest you deal straight through your original lease bank or just get a loan from your own bank or credit union and pay it off yourself. Regards, AK :