Last post on Feb 24, 2011 at 7:32 AM
You are in the Toyota Solara
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Toyota Camry Solara, Coupe, Convertible
#300 of 309 Lease buyout 3rd party
Aug 13, 2007 (6:02 pm)
Hi CarMan -
I'm looking at buying a 2006 SLE convert from a private party who has an existing lease. The lessor won't assign title to a 3rd party at time of payoff, so lessee gets stuck paying sales tax and floating his $$ while we get the title transfered to him. My credit union won't release funds for my note until we have his title in hand. I then get to pay sales tax on my purchase. (this sounds like double taxation, but that's another topic).
Do you or anyone have a creative work-around for this situation?
Thx in advance,
kflanigan in Taxable MN
Sep 07, 2007 (8:28 pm)
Here's a new one for you: While purchasing a new Toyota Solara convertible, the dealership left off the payoff on my current car when they did the paper work. I kept telling them that this was a wonderful deal. They called when we got home with the new convertible to ask that we bring the car back and redo the deal. We did so because my lawyer doubted that we could keep the car even though the dealership made a mistake. Have you ever heard of such a situation before?
#302 of 309 Re: Sterling Silver [richard64]
by kyfdx@Edmunds HOST
Sep 08, 2007 (5:48 am)
"They called when we got home with the new convertible to ask that we bring the car back and redo the deal. We did so because my lawyer doubted that we could keep the car even though the dealership made a mistake."
Paperwork mistakes happen all the time... I think your lawyer's advice is pretty good. After all, the loan is in your name and the dealer surely won't pay it off, if that wasn't accounted for in the paperwork. You don't give the payoff amount, but a car dealer isn't going to eat several thousand dollars over an obvious mistake.
Of course, if you then thought the deal wasn't very good, you could just give them back the car..
Now, if they called you back and said, "We really meant to sell you the car for $30,000 instead of $29,000.", that would be a different matter.
#303 of 309 End of lease Solara SLE convertible
Mar 18, 2009 (8:03 pm)
Hello Carman, I am trying to decide whether to turn in or purchase my end of lease '06 Toyota Solara SLE convertible. My lease ends on 3/24/09. The residual & puchase option at end of lease term is listed as 18,703 on my lease. Is this the amount I would have to pay to purchase the vehilcle, or is this price negotiable? I negotiated the cap cost to 29,500 when I leased the vehicle in '06. I added Gap insurance at the time, so 595 was added to the cap cost for a totlal of 30,568. I put 5899 down & my monthly payments on a 36 month lease were 297 (including tax). Depriciation is listed on my lease as 5938 & a rent charge of 3984. My FICO score was excellent ( and still is). The car has 18,500 miles on it & is in excellent condition. Thanks for any advice.
#304 of 309 Re: Buy It, or Turn It In at Lease End [solaraman2003]
Mar 19, 2009 (5:52 am)
Incredible that you were allowed to lease an 03 this long. Usually at the end of a lease the leasing company sends out a person to assess the car and you can take this assessment and decide what to do.
Call the leasing company and find out what their practices are. I think the $11thousand plus is very high for a buyout. Do you really like this car enough to buy it? Have you run the car through edmonds or kelly blue book to see what the actual value is? How has your maintainance been and have you checked what it will cost for the next scheduled service?
Questions you should be asking yourself to ascertain whether you want to keep the car or not.
#305 of 309 Re: End of lease Solara SLE convertible [surftaxi]
Mar 20, 2009 (2:05 am)
HI surftaxi. More often than not, banks will not negotiate the end of term purchase prices of leased vehicles. Having said this, they occasionally will. Give it a shot. You certainly don't have anything to lose by trying. Don't bother involving a dealer. Place a call directly to Toyota Financial Services and see what they say. If your initial contact there is unwilling to work with you, try working your way up the ladder to a manager. Consumers who do so sometimes have more success. Again, there's no guarantee that TFS will be willing to negotiate, but it's worth a shot.
Prices Paid: Buying & Leasing Experiences Forum
#306 of 309 Re: End of lease Solara SLE convertible [Car_man]
Mar 20, 2009 (9:45 am)
Thank you carman! It was great of you to respond so promptly and with such detailed advice to my end of lease inquiry.
#307 of 309 Re: End of lease Solara SLE convertible [surftaxi]
Apr 02, 2009 (3:00 am)
You're very welcome, surftaxi.
Prices Paid: Buying & Leasing Experiences Forum
#308 of 309 Re: Buy It, or Turn It In at Lease End [gened1]
Jun 09, 2009 (9:33 am)
You must've not noticed that the posting that you responded to was from July 2006, almost 3 years prior to your response ! That's why you were surpised I was leasing for so long
Anyway, I decided to purchase the vehicle, and it was a good move. I leased it for 3 years, bought it, drove it for another 3 years and then traded it in last week for a new (leftover) 2008.
I had 126,000 worry-free, happy miles on that car. And it was still in great condition when I let her go. I am very big on preventive maintenance and so just about everything that needed to be done was done - and done right.
I expect to get plenty more worry-free, happy miles on my new Solara, and of course I expect to maintain it well as well.
I tried to look at other vehicles but just couldn't find anything that was as good as this (2008 SLEv6).
#309 of 309 purchasing that lease return
Feb 24, 2011 (7:32 am)
I'm in the market for the 2008 sle solara convertible. I expect many to come back to the dealers on lease return. I calculate that these people paid around 17000 plus for that car already. Do you think I'm being realistic by offering $17,000 to the dealer to buy the car now? I'll probably finance $10,000.
Thank you for your opinion.