Automotive

Lease buy out questions

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  • Oct 18th, 2019 6:19 pm
[OP]
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Lease buy out questions

My lease is ending this month, my dealership sales rep whom I bought the car from said I have to pay $400 for admin fee , then I found my lease agreement stated $300. Then he corrected himself.

So I'm not trusting him much right now. I have two questions please:

1) please look at the attached photo, what's 8a ? Is this something I can get?

2) he said I need to do a safety check and I have to pay for it. Shouldn't it be the seller that pays for a safety check? Seller is Toyota.

I think I remember if I was selling my used car to someone, I as the seller had to pay for the safety check no?

Thanks all
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rfdrfd wrote: My lease is ending this month, my dealership sales rep whom I bought the car from said I have to pay $400 for admin fee , then I found my lease agreement stated $300. Then he corrected himself.

So I'm not trusting him much right now. I have two questions please:

1) please look at the attached photo, what's 8a ? Is this something I can get? - it's a cash purchase option discount so how are you paying?

2) he said I need to do a safety check and I have to pay for it. Shouldn't it be the seller that pays for a safety check? Seller is Toyota. - You will be charged to have the safety done.

I think I remember if I was selling my used car to someone, I as the seller had to pay for the safety check no? - Not if you sell it as is.

Thanks all
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Without seeing the entire agreement, it is difficult to understand the context of 8a. It looks to me like a rebate that you may have received when you first leased the car, as the doc seems to pertain to your original lease.
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For lease buyout, you pay the safety . Hopefully, they'll let you do safety elsewhere other than dealer
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We just did the lease buy out a month ago.

Yes, there is an admin fee to pay for dealership to do the paperworks for you,
Yes, you pay the safety which is about $250 depending to the dealership. You have option to do it elsewhere, but you will have to register to car at MTO on your own.

It was probably $300 admin fee for lease buy out at that time, and now is $400. Aslong as he is willing to correct it, I wouldn't have problem with that.
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That $1000 is from when you originally signed the deal. It's saying that you had the option to buy the vehicle for cash and receive a $1000 rebate, but you chose a subvented finance or lease rate instead.

$299 admin fee is built into every Toyota Financial Services contract and non negotiable. It's actually a good thing and the reason they did that is because all dealers were charging whatever they liked. You'd really not trust the brand if one dealer charged $299 and another quoted you $599... The buyout process does have a cost associated with occupying the dealership staff time, so the dollar value placed on that time by Toyota is $299.

You can safety the vehicle anywhere you like, however the dealership will likely only accept their own safety certificate if you want them to attach plates to the ownership. Chances are if you have a 3rd party safety, they will license the vehicle as unfit / unplated. You'll have to take your documents to Service Ontario to finish the licensing yourself.
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[OP]
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Thanks all.

Ya sounds like that 8a only applies if I chose a higher rate at the beginning. I chose 0.0% rate for this car.

Safety: darn I guess I pay it then

Ya I'm bringing in a certified cheque
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rfdrfd wrote: Thanks all.

Ya sounds like that 8a only applies if I chose a higher rate at the beginning. I chose 0.0% rate for this car.

Safety: darn I guess I pay it then

Ya I'm bringing in a certified cheque
See if you can get it certified elsewhere as mentioned above as I don't suspect that it is included in the $300 admin fee. CT does SSC for less than $150 and it might be worth your time in doing so.
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What's this safety thing you guys are talking about haha. Never had to do this when I bought out our Odyssey.
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aleks wrote: What's this safety thing you guys are talking about haha. Never had to do this when I bought out our Odyssey.
You are in Alberta, OP is in Ontario.
Requirement is different.
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koffey wrote: See if you can get it certified elsewhere as mentioned above as I don't suspect that it is included in the $300 admin fee. CT does SSC for less than $150 and it might be worth your time in doing so.
As much I would avoid doing any service and repairs at dealership, I still would pay that extra $100 to avoid bringing my car to CT... Disappointed But Relieved Face
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MP3_SKY wrote: As much I would avoid doing any service and repairs at dealership, I still would pay that extra $100 to avoid bringing my car to CT... Disappointed But Relieved Face
Some places charge $50 (my mechanic - has been my family mechanic for 22 years charges $50)
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MP3_SKY wrote: As much I would avoid doing any service and repairs at dealership, I still would pay that extra $100 to avoid bringing my car to CT... Disappointed But Relieved Face
Agreed, but just an example. OP might not have a trusted mechanic and since MOST people avoid dealerships for anything and everything, CT was the first that came to mind. My bad. I'll go sit in the corner until tomorrow.
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x-batman wrote: Some places charge $50 (my mechanic - has been my family mechanic for 22 years charges $50)
No doubt, Safety inspection is the easiest money they can charge.
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[OP]
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koffey wrote: See if you can get it certified elsewhere as mentioned above as I don't suspect that it is included in the $300 admin fee. CT does SSC for less than $150 and it might be worth your time in doing so.
Right thanks. Ya safety is on top of the admin fee
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x-batman wrote: Some places charge $50 (my mechanic - has been my family mechanic for 22 years charges $50)
Where is your mechanic? Please
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Toyota is charging me $130+tax for safety

Shop around? What's the official test name?
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rfdrfd wrote: Where is your mechanic? Please
Stoney Creek, PM me for details if you’d like
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rfdrfd wrote: Toyota is charging me $130+tax for safety

Shop around? What's the official test name?
It’s called a safety, they’ll give you a safety certificate
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rfdrfd wrote: Toyota is charging me $130+tax for safety

Shop around? What's the official test name?
haha, Hot Deal.
Lexus is charging $249.
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