Often people lease Toyota Tacoma if they do not have sufficient money to pay down payment or total amount to buy the truck.
However, it is possible to be its owner by paying the truck price during or after the lease. It is called the Lease buyout procedure.
Toyota Tacoma Lease Buyout option is available for all 6 trim levels at Toyota dealerships in all US states. You have options to choose from a lease-end buyout or early lease buyout. You can find the buyout or payoff amount on your lease agreement. Other factors included are your state’s license, registration fee, and local sales tax. The lease-end buyout will give you a better deal by negotiating with dealerships than an early buyout.
There are 3 options at the end of the lease agreement. They are to return the vehicle to dealerships, extend the lease period or buy the truck according to the payoff amount on the contract.
Available trim levels
Several dealerships across all US states offer to avail new Toyota Tacoma on lease.
The lease rate can vary from $250-$450 depending on the trim level and other terms and conditions of the lease agreement.
You can drive all 6 trim levels, including SR, SR5, TRD Pro, TRD Sport, TRD Off-road, and Limited, by paying monthly rent.
You can even buy the truck before the end of the lease agreement by calculating the residual value and payoff amount on the contract.
Lease buyout procedure
First, get the buyout price from your dealership or online from the Toyota Financial Services portal. Then, provide the details regarding the truck model and your current address.
The next step is to request the dealership or Toyota to provide sale documents according to your state requirements.
Then, you have to complete and sign all the paperwork and return it to your leaser. You will find the information regarding the payment method and the name and address of the payee on those documents.
After the payment and submission of documents, you will get the title of your Tacoma in 8-10 days or even earlier.
Then, you can register the truck in your name and other processes for re-title, licensing, and insurance of the purchased truck.
Lease buyout price
The lease buyout price of your Tacoma can vary according to the vehicle’s condition and the type of buyout you are availing.
Toyota dealerships mention the monthly buyout or payoff price on lease payment statements. You can also find it on the agreement.
However, that is valid for a lease-end buyout. For the earlier buyout process, you will also have to pay for the remaining payments, and the vehicle’s estimated value at the end of the lease period is 3 years in most cases.
Additional factors in the price are re-titling registration and licensing fees. Sometimes you have to pay a fee to the leasing dealership and sales tax applicable on the buyout. Its rate can vary according to your residential state.
Leasing companies have specific mileage conditions of 12000-15000 miles per year for leasing a Toyota Tacoma.
You have to pay an extra amount in increased miles at a specified rate. If you have a history of exceeding the mileage limits, dealerships will know that and try to charge you higher.
Therefore, there is less room for negotiating or getting a reduced price in an early lease buyout.
On the other hand, a lease-end buyout will be economical because it is in the leasing company’s interest to sell a 3-years old used truck.
Therefore, mileage history plays a vital role in finalizing the payoff amount of your Tacoma.
Vehicle insurance is mandatory in most US states to drive it on the road. Therefore, after lease buyout, you have to avail yourself of the many available insurance options.
It will result in paying some extra amount in terms of regular premiums monthly or yearly. However, it can vary according to the Toyota Tacoma conditions and coverage plan that you choose.
How to negotiate the buyout price of leased Tacoma?
Yes, you can negotiate the lease buyout price of the Tacoma pickup truck. However, your negotiation option depends on the type of buyout, mileage, and vehicle condition.
In case of an early lease buyout, dealers will know the underlying reason behind prematurely ending this agreement.
Therefore, he will try to exploit the factors such as extra mileage and high wear and tear on your leased vehicle.
Therefore, you have a better position for negotiation in a buyout at the end of the lease agreement.
Is the Toyota Tacoma lease buyout a good deal?
The feasibility of the Toyota Tacoma lease buyout depends on the expenses you have to incur during the lease, like charges for extra miles and repair costs.
For example, if the payoff price of your vehicle is $12,000. Furthermore, you have to pay $2,000 in terms of excess mileage and maintenance penalty at the end of the agreement.
If the truck’s residual value is the same as $12,000 or more, then it is worthwhile to opt for a buyout option.
It will help you save $2,000 that you have to pay otherwise if you return the vehicle to the dealership. It also depends on your attachment with the truck and your affordability to own it.
Will Toyota finance a lease buyout?
Yes, Toyota has financing services available for a lease buyout. First of all, contact your dealer to finalize the payoff amount.
Next, you can avail the finance facility from Toyota. However, better financing options depend on your credit history and driving record.
You will need to provide the payoff amount, sale documents, and address to complete the deal in a cash purchase.