Automotive

Silly lease question

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  • Jun 2nd, 2016 10:04 am
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[OP]
Newbie
Sep 23, 2011
96 posts
28 upvotes
Toronto

Silly lease question

The Purchase Option at end of lease - are there any other taxes/fees added to it?

e.g. Purchase Option at end of lease = 15,000. Do I just pay 15k and it's done or are there taxes and weird "buyout fees" added?

Thank you!
7 replies
Deal Addict
User avatar
Nov 21, 2015
2764 posts
2377 upvotes
Toronto, ON
Saniokca wrote:
Jun 1st, 2016 7:25 pm
The Purchase Option at end of lease - are there any other taxes/fees added to it?

e.g. Purchase Option at end of lease = 15,000. Do I just pay 15k and it's done or are there taxes and weird "buyout fees" added?

Thank you!
15k + taxes
Jr. Member
Aug 12, 2014
198 posts
46 upvotes
Brampton, ON
15k + taxes + admin fee of about $1000.
Deal Addict
User avatar
Sep 9, 2012
3602 posts
2875 upvotes
Oakville, ON
Applicable fees should be outlined in your lease agreement.
[OP]
Newbie
Sep 23, 2011
96 posts
28 upvotes
Toronto
CanadianLurker wrote:
Jun 1st, 2016 9:51 pm
Applicable fees should be outlined in your lease agreement.
I am trying to see if a deal on leasebusters is a good one or not and I don't see that mentioned anywhere. Do you think it is? I can pay cash for a used Matrix and it seems that even with the incentive of 2k the total outlay is about 16k after tax (22 payments of 297.51 = 6,545 less 2k incentive = 4,545 plus the 10k purchase option + tax 1.3k = 15.8k). That's before any admin fees.

Pretax that would be 14k (15.8k/1.13) and there are listings on autotrader for less than that (which I would hope are negotiable).

Here is the deal...
http://www.leasebusters.com/en/details.asp?ID=199229

Appreciate all the responses!
Newbie
Sep 6, 2015
85 posts
13 upvotes
York, ON
It's buyout plus tax PLUS admin IF you decide to go through the dealership for the buyout. But if you contact the leasing company directly for the buyout, you can avoid the admin fee.
Deal Addict
Jan 8, 2007
2387 posts
880 upvotes
Calgary
Toyota charges $300 for the buyout fee. It's even listed on their website. Most companies won't let you buy directly from leasing company. The admin fee is there because the dealer does a purchase inspection, pull car proof as they buy the car from the leasing arm (remember dealership has nothing to do with a lease they are the middle man), then turn around and sell it to you. OP your math is right. Just need to add $300+tax.

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