USA $6,500 lease cash ends today. Does Toyota have a fee or penalty to pay off the lease early? Wonder if this is a way to get a discount since it's obviously related to the government $7,500 given to the lease company for selling a phev.
parrotfeather
The silver Rav4 Prime sold today as I hear it. Test drive in it was at ten miles on the clock. Only went one mile total. Now engaged with another Dealership. Seems several units were dropped in the Gulf States region USA. Only one per eligible dealer a far as I know. Out the door pricing is 56,126 including tax which may differ for you. XSE model. Maybe I shOuldve bought one a few years back when the MSRP was near 40k. The Lease cash should work like a rebate accordingly to my source, but I hope to read the lease agreement soon for verification. Not sure of any negative that arrives from this two step except that it makes you the second owner behind the lease company. Not without consequences when you dance with the devil. On one hand I would believe Toyota will see value in meeting requirements for the $7,500 instant tax incentive. On the other why bother when demand gives most units only a few days on the ground before getting an owner!?
I bought my RAV4 Prime in Feb (Virginia dealer) and got the $6500 lease cash, and also a $750 military incentive (also paid $650 lease acquisition fee - no way to avoid it). I did not mention my plan to buyout early.
Lease money factor was really bad, even with excellent credit - equivalent to 8%.
Made one payment, sold my other car, and then asked TFS for the buyout package. Paid it off with a bank check and got the title. No additional surprise fees. No termination or disposition fees.
FYI - in Virginia there is no sales tax credit for your trade-in, so no savings if you trade in.
Lease money factor was really bad, even with excellent credit - equivalent to 8%.
Made one payment, sold my other car, and then asked TFS for the buyout package. Paid it off with a bank check and got the title. No additional surprise fees. No termination or disposition fees.
FYI - in Virginia there is no sales tax credit for your trade-in, so no savings if you trade in.
I made three lease payments and then transferred the lease to a loan. I did this at the suggestion of the salesperson to take advantage of the $6500. It worked for me. So you’re not paying off the lease you are “transferring it to a loan”. That means you avoid paying the “Rent” and other lease related costs. You will have to pay to have the vehicle retitled though.
A lease is typically one of the most expensive ways to buy anything, let alone a $50k usd car. Hard to ignore it with the lease cash. Once you do the math on the equivalent finance interest rate of outright purchase, then you can see why a dealer wants you in a lease. The lower payment is lucrative if you only look at the monthly payment. I would implore a buyer to look at the total amount of payment, any taxes and fees and residual. It's the only way to know how much something is likely to cost you in the end. Of course there are other costs of ownership, but to compare apples to apples or primes to primes you need a level playing field. It comes down to playing the finance game in order to pay less overall. I actually just bought the Rubicon 4xe. Horrible ev range, but a good fun factor if you ignore reliability and ergonomics. Knock on wood I can maintain resell or trade in for the next year rav4 prime. In my market they are selling slightly slower. If that trend expands it can help the buyer. I would also love to allow more mechanics to be trained on the prime. Not really ideal to travel four or five hours to a dealer for a Prime specific issue.
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