End Of Lease Options on Rav4

alchemistbrew

Hello everyone:

I have a 2018 Toyota Rav 4 (LE I believe) with a little under 32,000 miles and a lease maturity date of 1/12/2021.

My lease millage allotment was 15,0000 miles a year, so my millage is well under.

At end of lease, I can buy the RAV for $17,000.

I have to be honest that I don't LOVE my RAV. I came from owning a Mazda CX5 Grand Touring which I did love. I switch only because the dealer at Mazda was making things VERY difficult for me and out of frustration, I went to Toyota. I feel the Toyotas are a lot more road noisy than Mazda and Mazadas just seem to be built better all around.

What I'm struggling with his walking away from the RAV4 because financially, it doesn't seem to make sense, especially since I'm well under the miles, which I've already paid for those miles.

The car is in good condition with a small door ding and maybe a stratch here and there. Also, I think I need front pads as my wheels tend to be noisy coming to a stop.

Any advice would be appreciated. I just don't know what to do. My desire is to get back into another Mazda, but I'm not sure that is the financially sound thing to do, especially these days when a lower car payment might be wise.

Thanks

Michaell

alchemistbrew said:

Hello everyone:

I have a 2018 Toyota Rav 4 (LE I believe) with a little under 32,000 miles and a lease maturity date of 1/12/2021.

My lease millage allotment was 15,0000 miles a year, so my millage is well under.

At end of lease, I can buy the RAV for $17,000.

I have to be honest that I don't LOVE my RAV. I came from owning a Mazda CX5 Grand Touring which I did love. I switch only because the dealer at Mazda was making things VERY difficult for me and out of frustration, I went to Toyota. I feel the Toyotas are a lot more road noisy than Mazda and Mazadas just seem to be built better all around.

What I'm struggling with his walking away from the RAV4 because financially, it doesn't seem to make sense, especially since I'm well under the miles, which I've already paid for those miles.

The car is in good condition with a small door ding and maybe a stratch here and there. Also, I think I need front pads as my wheels tend to be noisy coming to a stop.

Any advice would be appreciated. I just don't know what to do. My desire is to get back into another Mazda, but I'm not sure that is the financially sound thing to do, especially these days when a lower car payment might be wise.

Thanks

One of the risks of leasing is not using the miles you paid for - I had the same issue with my last lease. I contracted for 36,000 miles and turned the car in with just about 17,000 miles on the odometer. Nothing you can do about that.

If you don't love the RAV4, turn it in and start over with another brand.

I've never leased a Toyota before, but with my VW lease an independent inspector came out to look over my car before the end of the lease. They will let you know what you'll be charged for if you don't address the issues - tires and brakes could certainly be something that needs attention.

The compact SUV space is pretty competitive, but wildly popular, and I've not been seeing a lot of great lease deals. If you could downsize to a Mazda 3 sedan (also available now with AWD, if you need it), that might result in a lower payment.

alchemistbrew

Thanks for the feedback. How do I setup the independent inspector?

Michaell

alchemistbrew said:

Thanks for the feedback. How do I setup the independent inspector?

Usually, your bank sets it up for you. Give them a call and they should explain the process.

kal2000

Hey Michaell,

I have the same question for my 2018 RAV4 LE FWD. I asked about the evaluation of my contract before in another forum. (I don't know how to link to another post. Teach me please!) This is the link to the page:
https://forums.edmunds.com/discussion/48763/toyota/rav4/2018-toyota-rav4-lease-deals-and-prices/p18

my contract is
36m/12k annually
Residual Value = $14,494.48

It has excess wear and tear insurance (EWT)

My mileage is now 10K. It will be 13K total by the end of the lease so it is way under.

However it has some dents around the car incurred by people in the parking lot.
Wife also took care of rear bumper by hitting a concrete post really hard! My tailgate and rear bumper have significant dents as well. My primary rear damage repair quote was more than maximum single coverage limit by EWT as it should be less than $1000. I can use my personal insurance with one time forgiveness for the rear damage and wish the rest of the dents would be covered by EWT.

Current value of the same car with the 13k mileage but GOOD condition is at least $18K locally

My intention is to keep the car due to fear from possible charges and of course almost $4k profit of buy out. Also wife did a mistake and paid the registration and excise taxes for 2 years which is almost $200 extra.


Questions:
0. Is it worth keeping the car financially rather than leasing a new one?
1. Do I have a chance to demand repair of the dents using my EWS in exchange of purchasing the car?
2. What is the best way to finance the car, through TFS or Bank?
3. Can I return the car and negotiate forgiveness of rear damage due to higher value of my car? Or maybe even get some cash if I repair it myself?
4. What are any other tips and tricks in either way?

Thnaks

Michaell

kal2000 said:

Hey Michaell,

I have the same question for my 2018 RAV4 LE FWD. I asked about the evaluation of my contract before in another forum. (I don't know how to link to another post. Teach me please!) This is the link to the page:
https://forums.edmunds.com/discussion/48763/toyota/rav4/2018-toyota-rav4-lease-deals-and-prices/p18

my contract is
36m/12k
Residual Value = $14,494.48

It has excess wear and tear insurance (EWT)

My mileage is now 10K. It will be 13K by the end of the lease.

However it has some dents around the car incurred by people in the parking lot.
Wife also took care of rear bumper by hitting a concrete post really hard! My tailgate and rear bumper have significant dents as well. My primary quote was more than maximum single coverage limit by EWT as it should be less than $1000. I can use my personal insurance with one time forgiveness for the rear damage and wish the rest of the dents would be covered by EWT.

Current value of the same car with the 13k mileage but GOOD condition is at least $18K locally

My intention is to keep the car due to fear from possible charges and of course almost $4k profit of buy out. Also wife did a mistake and paid the registration and excess taxes for 2 years which is almost $200 extra.


Questions:

1. Do I have a chance to demand repair of the dents using my EWS in exchange of purchasing the car?
2. What is the best way to finance the car, through TFS or Bank?
3. Can I return the car and negotiate forgiveness of rear damage due to higher value of my car? Or maybe even get some cash if I repair it myself?
4. What are any other tips and tricks in either way?

1. As I understand it, the EWS is activated when you return the car; not sure you can file a claim through it, then keep the car at the end of the lease
2. Check with both TFS and your local bank(s) to see which will finance you, and shop for the best rate
3. If you return the car, you waive any positive equity you may have in it
4. If you buy the car, you'll owe sales tax on the purchase price