ok so we decided to lease my xb 2yrs ago because the guy said "it will only be about 1500-2000 at the end to buy it"....that was a pretty good number to me, so we did it. in 2 years i've only put 5000 miles on it lol it's practically brand new. So i thinking, "i better check the lease contract to see what that number was, so i can start putting that aside"...i pull out the contract and it says $6985!!!!!!!!!!!!!!!!!!!!!!!!!!!! I have NO IDEA how i missed this number when i signed. There's no way i would have leased the vehicle had i seen that number. That makes the 15k car about 21k. It's not like im poor, i could have bought the car no problem, but i listened to the sales/financial guy who said 1-2k and thought that was an OK deal to lease--ive never leased before, why i started now, i dont know.

So what are my options?? I'm not buying it for 7k more at the end. I wont do it for more than 1500, but it makes me sick to think i'll have paid in about 13,500 and will be left with nothing if i just 'turn it in'.

What about selling it outright to a private party? Do I take the number left on my payments, and add it to the buy out number?

any insight is appreciated, even if u tell me your buyout number, i can see how mine stacks up--just doesnt seem right to me.

 

Sorry to hear your story but this is the reason why I never lease or finance - you wind up paying so much for a car. leasing, i think, is fine if you want to drive a car you can't afford - IE a high end mercedes or lexus or something like that....

All I think you can do is to try to sell your lease to someone or try to find a company (there are a few) that will take it off your hands for you. Other than that, I'm not sure if there is anything.
- sh00k

 

My best suggestion is trade it in and get another scion. You can also sell it outright. Don't turn it in IMHO. I'm sure they gave a Guaranteed Resale Value when you signed the contract. The good thing about the GRV is you have that figure unchanged regardless of dents, dings and scratches and you'll never be upside down which is the most important thing.

 

You leased .. which basically means you rented the car with the intent of either A buying it out at the end at the agreed price or B returning it with so many miles and in good condition. I know its water under the bridge, but you learned a valuable lesson ... read the fine print. And if you had any questions you should have the dealer point the answers out to you right there before you sign. He fed you a BS line of a purchase of 1,500 at the end, and you took it hook line and sinker.

Now that you have established this problem and you feel there is nothing you can do here are some options.

1) Like mentioned above, contact a buying service that will buy the car from your lein holder. You will likely take a hit in the wallet.

2) Buy the car out at the end. Then turn around and TRY to sell privately and make some of your money back. Good Luck Here. Lately first gens in good condition fetch around 10K at the most.

3) Go back and see if they will take the car back and let you out of the lease if you agree to purchase another Scion. They win cause they can now take your used box and sell it for around 12K or more cause the mileage and condition is very good. Then Toyota Financial can make more money off you again if you but another Scion either outright or make monthly payments to them. Its a win win situation for T.F. IF you approach your stealership correctly. I wouldnt stop at one dealership if you dont get the answer you seek there. Chances are that another one will help you out. It helps their sales figures and like i mentioned, it put money back into T.F. both ways.

Good Luck.

 

Thanks for the replies... I guess i'll give TF a call and see what my options are... we really dont even need a second vehicle, 2 yrs, 5000 miles lol its barely broken in...still smells brand new!

Only reason I can see keeping at the end is because 1) where else can u buy a "new" vehicle for 7k? Im assuming u can finance that 'buyout' right? It's not a lumpsum payment? and 2) because our promary vehicle is a diesel - it might be practical in the next yrs to come to have an economical, small, gas car.

It just gets me riled up because we're both super responsible, money-wise, we own our own business, we dont make mistakes like this, and so it's like we've gotten HAD tenfold. lol

 

I'm in the same boat you are, but I knew it was 7k to buy it at the end. I'm fine with that. Like you said, where can you find a car for 7k? Anyway, I chose to lease than buy because I didn't have the money for a down payment, so I only gave $1800. My monthly payments are reasonable, so I'm ok with it.

And yes, you can finance the buyout.

 

You can go to your bank and get a loan to buy it right now. Find out what it would cost to buy out the lease now. That might be better in the end. Look at it this way---at the end of the lease you either have to buy it or another car---and 7k is not too much for our cars. You do not mention how many years your lease runs???

 

i got a 4 yr lease, i've got less than 2 left

 

Wow sorry about your problem. Who ever thought of leases needs to be shot. It's fine on a vehicle that has a quick depreciation but not on a Scion. I just paid my 05 off right at the 3 year period.

 

Ask Toyota what it would cost to buy out the lease. With such low mileage I would not want to just turn it back to them at the end. The car will be worth more than the buyout at that point.

 

WHile I never needed to lease a car and I hope that I never have to, think about your situation.

You drive this car. You know exactly what is done to it and wether it is abused or not (souinds like you baby it). And it sounds like it'll probably have about 10,000 miles on it after 4 years (judging by you current milage).

So ask yourself: Where can you pick up a 4-year old used car with only 10,000 miles on it and where you know its exact history for $7000?

Have you priced any of the used older xBs lately? Most have much higher milage and high prices.

 

Right, BUT, after paying a lease for 4 years he could have paid it off. Instead he will have to pay another 7K to make it his. How is that a good deal?

 

You may not be in as bad shape as you think.

First, if you really like the car, just drive it an enjoy it until the end of the lease. At the end of the lease, you can walk away knowing you paid out X dollars and got four years of enjoyment for your money.

The only thing you need to watch is the used car market for 4 year old boxes. If your car is worth more than 7k on the market at the end of the lease, buy it and resell for a profit. If it's worth less than 7k, walk away at the lease end.

I've bought a number of cars at lease end, and sold them for a profit, in some cases more than a thousand in profit.

 

I think he is a "she" - "ABoxyChik ". I agree that leasing a car is a really bad thing to do money wise. But like I said - where else can you get a 4-year-old used car whith a known history and very low milage, for that price. I think that the lesson was learned and they just need to cut their losses and purchase that xB. That is just my opinion.

 

why would you lease a scion? they come from the factory monospec, and you add all your personlized accessories to it which you would lose if you just turn in the car. leasing makes NO sense whatsoever to me unless it is something like a work car or commuter car.

seriously, the dealership played you for a sucker.

 

^^^ I rarely hear of people leasing commuter cars, but I know tons of people (like everyone and their mother, here in nyc) lease cars they can not afford to own. All I see day in and day out is Lexus', Benz's, Rovers, etc - and yeah, while a few people own them, most people lease them.

Leasing is the way many people show off and try to look rich - here in manhattan, that is... Instead of buying the new mercedes benz s550 for 120k, they just pay a down payment and pay the monthly installments of whatever it is, like a grand or so....

 

A friend of mine from Europe told me that leasing over there is worth it because of some tax laws they have. I'm not sure of the particulars, but I think leasing in America is ridiculous. Like midtowndesi said, most people lease cars they can't afford... which in itself is ridiculous (to me).

As has been said, you may not be in bad shape, especially if your box is stock. You can try negotiating buying a new xB or xD or xA and getting out of it that way, or maybe buy and resell it at the end of the lease period.

 

how does someone put only 2500 a year on a vehicle?

why even buy or lease one if you only travel that little. would have made more financial sense to rent a car for trips.

i've had mine almost 3 years and have over 61k. and i have two vehicles!

 

It's called a "TOY". I have a 93 Ranger that I bought new that only has 30K miles on it.

 

yeah i have toys but i am a driver at heart , in the short 6 plus years i've been a driver i've driven over 300,000 miles.

and last I checked people who buy 14k+ dollar toys buy them with cash. not leasing or financing