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 Post subject: Lease Buyout Experience
PostPosted: Tue Oct 25, 2016 6:32 am 
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Joined: Wed Oct 30, 2013 3:44 am
Posts: 163
Location: Santa Cruz, CA
Just wanted to share my experience and a warning about buying out the lease on our vehicles:

I initially contacted Toyota Financial and was directed through their automated phone system to contact my dealer. There didn't seem to be any way to buyout the lease on-line or over the phone. So I contacted Toyota Sunnyvale, where I originally leased my 2013 RAV4 EV. I was put in touch with Roy Watkins via email and I asked about both buying out my lease and purchasing the Platinum extended warranty. His quotes for the warranty turned out not to be very competitive and so I replied that I just wanted to go through with the lease buyout since I could get a better deal on the warranty with another local dealer. On news of this, he lowered their price substantially but it was still $150 more than Ray Alcazar at Gilroy Toyota with $1545 for 8yr/100K mile.

I ended up completing the warranty deal over the phone with Ray at Toyota Gilroy while waiting for confirmation of an appointment at Sunnyvale for the lease buyout. At this point though, Roy at Toyota Sunnyvale first suggested and then insisted that I just complete the buyout with the other dealer, even though I explained that they were closer (and my original dealer). Clearly he was miffed I didn't buy the extended warranty through him.

When I contacted my closest dealer (Toyota Santa Cruz, who are not authorized to work on the RAV4 EV), I was told that I would have to pay a $500 fee to complete the lease buyout through them. So I ended up driving to Toyota Gilroy and got part way through the paperwork when the same $500 fee popped up again. They tried to argue that it was a fee for a required "safety inspection" and they wouldn't "sell" me the vehicle without it. I argued that no such required inspection or fee was ever stated in the contract, that the inspection appeared to be superfluous and the fee exorbitant. He went off to talk to his manager but came back insisting on the fee in order for me to complete the lease buyout. I then pressed that we talk to someone at Toyota Financial which he agreed to but merely dialed the same customer number that I had tried originally which led once again to the automated response to contact my dealer for the buyout.

However, I then called again and bypassed the automated system to talk to a representative. When I described the situation (and that I already had the extended warranty), the Toyota Financial guy simply starting taking all of my information to initiate the lease buyout over the phone and send me the instructions and forms via mail or email. Requires a certified check but no inspection, no fees. (Of course, I'll have to pay sales tax and whatever DMV fees when I bring in the paperwork to transfer title at the DMV though.)

So, in summary, avoid the dealer, call Toyota Financial but bypass the automated phone menu and do the lease buyout directly with them.


Last edited by Incredulocious on Tue Oct 25, 2016 4:11 pm, edited 1 time in total.

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 Post subject: Re: Lease Buyout Experience
PostPosted: Tue Oct 25, 2016 1:28 pm 
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Joined: Wed Nov 14, 2012 9:50 pm
Posts: 4068
Location: San Diego
That's reason number 8 million why I hate dealers.

I bought out my lease on one of my RAV4 EVs by:

1) Going to the Toyota Finanacial website, logging in, and getting the pay-off amount

2) Sending Toyota Financial the check

No dealer profit motive games. It was painless, and I never called a dealer at all.

One more RAV4 EV lease is due in August 2017, and it will be handled the same way. Thankfully, this one has an even lower residual of about $17,000.

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Tony Williams
QC Charge
1780-104 La Costa Meadows Drive
San Marcos, California 92078 USA
tony@QCcharge.com
www.QCcharge.com
Twitter: QCPower
1-844-EV-PARTS
1-844-387-2787
1-760-798-0342 Office
Hours M-F, 9-5 Pacific Time


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 Post subject: Re: Lease Buyout Experience
PostPosted: Tue Oct 25, 2016 1:40 pm 
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Joined: Wed Nov 14, 2012 9:50 pm
Posts: 4068
Location: San Diego
Toyota Financial

https://my.toyotafinancial.com/pub/home/home.html

800-874-8822

I got this info:

May 13 $523.70 last payment
Pay off $29176.71 by June 26, 2015

Processing time quoted as 60 days over the phone

Do Not write "Paid in Full" on check

Payoff address:

Toyota Financial Services
PO box 9490
Cedar Rapids, IA 52409

Check mailed 27 May 2015
Received 28 May 2015 @ 9:30am
Title sent in 15-30 days after payoff

Direct sale documents - 4 forms, mailed June 1, 2015 (I sold the car)

June 3-4, docs should arrive

June 5-6 docs returned.

48 hours before processing is done to ship title.

_________________
Tony Williams
QC Charge
1780-104 La Costa Meadows Drive
San Marcos, California 92078 USA
tony@QCcharge.com
www.QCcharge.com
Twitter: QCPower
1-844-EV-PARTS
1-844-387-2787
1-760-798-0342 Office
Hours M-F, 9-5 Pacific Time


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 Post subject: Re: Lease Buyout Experience
PostPosted: Tue Oct 25, 2016 2:59 pm 
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Joined: Wed Aug 13, 2014 8:30 pm
Posts: 275
Location: San Diego Co
Good info, thanks for sharing.

So what is the number for dealer complaints, so we can notify Toyota which dealers are fleecing their customers for warranties and other transactions, reducing our desire to do business with Toyota in the future? Not that they care, but it seems like so many dealers are just A$$#Ø!35.

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8/12/14 RAV4 EV #3008, Blizzard Pearl
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"Aquaponics...solar-powered nanotechnology that produces fresh vegetables and meat, while purifying water..." - Rick Op, Houston Texas.


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 Post subject: Re: Lease Buyout Experience
PostPosted: Wed Oct 26, 2016 3:43 am 
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Joined: Mon Feb 24, 2014 8:51 pm
Posts: 621
I have NEVER had a dealer experience that was good. Purchase, service, any of it.
ALWAYS some bs nonsense, upsell, hardball, excessive service, complete lies, shoddy work, or just being morons.
Carson Toyota that sold so many RAV4-EVs is most certainly included.
If I can do anything to stay out of the dealership I do it. This is part of the reason I wanted an EV.

I so hope the Tesla model works out better.

And thank you for the buyout confirmation to go direct.


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