The EV Lease LOOPHOLE: Save up to $6,500 on a RAV4 Prime or other EV's
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- เผยแพร่เมื่อ 9 มี.ค. 2024
- In this video I discuss how to save up to $7,500 using the EV Lease Loophole.
Reddit Lease Buyout Retrospective - / lease_buyout_retrospec...
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Got the lease buyout paperwork from Toyota. Cost of car after one lease payment of $725 is $40,350. Estimated amount I saved over buying the car new which I was about to do is $5,700 . That's not chump change. Very much appreciate knowing about this! Thanks for letting peeps know!
Thanks so much for sharing. So glad I could help. Very gratifying. Have fun with the Prime.. it's a great car !!
what a nice dude sharing all these details with everyone!
It's so gratifying when i'm able to help folks save some money. Especially when they also get such a great car. We luv r prime !! Thanks dude!!
Leased a white r4p se today. No moonroof and just a few add-ons attached which is a rare thing around here. Probably one of the last of this type I'm guessing. 6038 cap reduction for 40694 total cost. Lease was almost identical to the op of the reddit thread linked to here. Will report back once everything is finalized. Much appreciation for the this yt post which was how I found out about this great way to save some dough on a car I was about to buy!
You wont find many without the moonroof. Definitely lots of additional headroom.. score!! Yes, would love to hear how the lease payoff goes. Thanks so much for posting.
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This is brilliant! Just found out today a RAV4 Prime is being delivered to dealer for us. Will be buying one within the week. Planning on car loan but intrigued by this. Not sure you mentioned it, but I believe sales tax would have to be paid on both sales (the lease and the buyout) so that would eat into potential savings doing this. But will definitely look into this if we can save some $$$.
That's a common misconception. But good luck. So happy you've found one. It's a great car. We love it.
@@GoldenK9Campers Is the misconception about paying two sales taxes? I had read somewhere you have to pay two sales taxes but that doesn't make sense. Sounds like we would just pay one sales tax, when we do the lease buyout. If this all works out, I'll keep you posted! Thanks for spreading the word!
@@gkclevinner7461 When you do the lease, you don't pay sales tax, as sales tax is rolled into your regular lease payment. When you payoff the lease, typically you pay sales tax when you register your car, in some states Toyota Financial Services collects the sales tax when you do the buyout.
In the northeast, they are everywhere….i even got one discounted at $4k off msrp
Yep.. as I mentioned.. I heard they were even discounting XSE's with the Premium Package. With the discount and the lease incentive.. that's a nice bargain.
Interesting concept. Did your dealer (contract writer) know you were planning on buying out the leas in a month or do you recommend not mentioning it? Great info, thanks!!
Really no need to mention it, as they'll just try and talk you out of it. They don't get a commission on the lease unless you make payments for at least 3 months.
Thank you for the detailed breakdown! Is there any advantage or disadvantage to trading-in your current vehicle when you sign the initial lease agreement?
No real advantage or disadvantage. It will reduce your capitalized costs similar to a down payment. It just depends on what sort of deal you get when trading in your car. Most folks advocate selling yourself, but that can be a hassle. I'd shop your car around.. see what sort of deal you can get on the prime with whoever you are planning to purchase from, and then have them give you what they would give you on a trade-in. Then check with carvana, KBB, others to see what they will offer you. When I sold my 2017 Honda Accord, I went to multiple dealers, and ended up getting about 2,500 dollars more than the initial offer by just spending a couple of days shopping it around.
@@GoldenK9Campers Got it, thanks for the quick response!
@@summitapproach You bet. Good Luck. The Prime is absolutely awesome !!
Hey sir, I’m thinking of doing this with the Prius prime 4500 lease cash offer. The problem is I live in Florida. If I go out of state to buy it. Would I have to go into Florida dealer since I’m a resident of Florida in order to purchase outright? Or could I work with TFS?
My understanding, is if you buy from Florida and use South East Toyota Financial Services, then you are required to visit the dealer to do the buyout. If you buy from another state that doesn't use South East TFS, then you shouldn't have to visit the dealer. I would determine where you're going to purchase and then give TFS a call just to make sure.
what state did you buy yours from? I'm in Utah and had contacted some CO dealers who said they were ONLY selling new Rav4P to CO residents and would not sell to out of state :/
That sucks.. I'd call some larger dealers in Colorado. I know Mountain States Toyota was selling out of state. They may have a waiting list though. Your best bet is California though probably. I bought mine from connecticut.. from Las Vegas.. this was when they were really hard to find.
Shoot I live in Florida. I guess it doesn’t make a lot of sense if I have to go to the dealer. They’ll screw me over on the financing.
If you buy out the financing doesn't really matter.. but yeah, you won't save as much beacause of where you live.
Now the Colorado dealer requires you to lease for at least 6 months before the buyout. Is this still a deal?
How can they enforce that. After you lease, you deal directly with TFS, not the dealer. Do you have to sign anything saying you won't buyout for 6 months? I'd go to a different dealer.
I'm dealing with the A1 Toyota where you bought yours. Got one on hold but they are playing dumb when it comes to the lease. If they are right and I owe all 36 payments, it's more expensive than cash. At what point in the leasing deal to I get proof that a buyout can be executed at any point for the residual + depreciation + tax?
Yeah, not until you execute the lease and call TFS to get the buyout number. I'd recommend you perhaps message some folks on the reddit group I provided to get some reassurance. I haven't done it myself, was only providing information from the group. It is a little scary but a number of folks have sucessfully done this. I wish dealers were more transparent, but they really don't want you to do this until after 3 months, or they lose their commission from the lease.
@@GoldenK9Campers That sounds about right. I saw on another leasing loophole video that the dealer gave the buyer and additional $800 off to keep the lease for 3 months to avoid the chargeback. I borrowed your breakdown of Residual + Depreciation + tax to see if the dealer will comment on that but I feel they are discouraging the lease option. Maybe I should have thrown them a bone and offered to keep it a minimum number of months for a discount.
That sure would be interesting to hear their response.@@icydeadppl25
Sales guy still insists all payments due. Due to hammer things out with the sales manager tomorrow. Fingers crossed he shows me a leasing contract with no penalties.
@@GoldenK9Campers So I decided despite their objections to just do the straightforward lease. They were too busy to get it solved Thursday but I flew out anyway on Friday and Frank my sales person had everything setup. When I finally got in the sales office they waived the first payment and returned my $500 deposit. Same price and terms I was quoted/expecting. Spent the weekend enjoying the drive home and now I'm looking into the buyout. Will update to let you know how that goes.
Hey have you also got a LOOPHOLE for buying apartment buildings with no money down? 😂😂😂
Sorry.. Don't have a channel for that.. yet..
"Wheel and deal"?
What does this mean? What do I tell the guy? "I want to wheel and deal"? And then they just hand me a discount?
Gotta shop aroiund dude. If someone is not willing to play ball, just go to another dealer. It's a super tough time in the auto industry now. Toyota is still doing well, but there area deals to be had. Just be patient and look around.
These are not available, give me a break. Huge wait times.
They are available. You just have to look at different states. I could find one in 10 minutes.
Not true. I came across this channel because he had accurate buying advice after the google tracker died in 2022. I found 10 in stock in New Haven Connecticut where he bought his. It's on hold and we are negotiating right now.
Not true. They are VERY available in my state (MA) and I just leased one. There were 5 (XSE)’s available and a few SE’s. I live in a state that offers the lease incentive so I was able to lease a brand new (2024) Prime XSE and my lease payment as compared to the ‘21 R4P Hybrid Limited I traded back is a few dollars different. Excellent deal and pain free.
@@adeleferguson663 Thanks for backing me up. Silly Trolls. Congrats on the new ride.. you're gonna love it !
They can be. Depends where you are. Got mine in 1 month I Seattle. Lucked out really.
Sorry you lost me at calling a RAV4 beautiful. They certainly are not
I like mine. Beauty is subjective for sure. You should watch my GTR videos maybe.
They certainly are more than just beautiful
@@onurguven35 Couldn't agree more.
If Rav4 were not beautiful, they wouldn't be the best selling car in America for consecutive years!
@@djaztec97the F series is the best selling car in the US.
Safe to say that buyers like the longevity, reliability, dependability, and strong resale values.
Toyota also sold lots of Prius’s and they were (and still are) hideous.
I’m not saying the RAV4 isn’t a good car (it clearly is!) I’m just saying imo that is far from “beautiful”. Toyota just isn’t known for designing beautiful cars - even across the whole Japanese market they are more known for ‘purposeful’ and quirky car designs than beautiful.
Mazda are doing the best with their designs at the moment, out of the Japanese brands.