Toyota lease-end purchase: payment options

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delamer
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Toyota lease-end purchase: payment options

Post by delamer »

Adult child and spouse are buying the Toyota that they are currently leasing (end of lease), with cash.

The only option for the payoff, according to the paperwork they received, is to mail in a cashier’s check. Nothing in the paperwork about a wire option, which seems much more secure and quicker.

The check is to be sent with a couple documents that they need to sign.

Has anyone had any experience with this?
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bogledogle
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Re: Toyota lease-end purchase: payment options

Post by bogledogle »

No experience with Toyota, but I would never mail a cashiers check. I would send in a personal check in the dealerships name.
Gill
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Re: Toyota lease-end purchase: payment options

Post by Gill »

bogledogle wrote: Tue Jun 08, 2021 5:00 pm No experience with Toyota, but I would never mail a cashiers check. I would send in a personal check in the dealerships name.
Please clarify your rationale.
Gill
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jbmitt
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Re: Toyota lease-end purchase: payment options

Post by jbmitt »

bogledogle wrote: Tue Jun 08, 2021 5:00 pm No experience with Toyota, but I would never mail a cashiers check. I would send in a personal check in the dealerships name.
In most states, a dealer is an unnecessary and more complicating addition to a lease buyout.

The dealer is only going to try and find ways to make money off the transaction.
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delamer
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Re: Toyota lease-end purchase: payment options

Post by delamer »

jbmitt wrote: Tue Jun 08, 2021 9:12 pm
bogledogle wrote: Tue Jun 08, 2021 5:00 pm No experience with Toyota, but I would never mail a cashiers check. I would send in a personal check in the dealerships name.
In most states, a dealer is an unnecessary and more complicating addition to a lease buyout.

The dealer is only going to try and find ways to make money off the transaction.
They aren’t working with a dealer. The buyout is being processed through Toyota’s financing arm.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
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msi
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Re: Toyota lease-end purchase: payment options

Post by msi »

I don't see the problem with mailing a cashier's check.
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leeks
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Re: Toyota lease-end purchase: payment options

Post by leeks »

Just send it via fedex (with signature required, obviously), USPS is less reliable right now. Or call to talk to Toyota finance folks, maybe they accept something they didn't mention in paperwork.
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delamer
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Re: Toyota lease-end purchase: payment options

Post by delamer »

leeks wrote: Wed Jun 09, 2021 11:11 am Just send it via fedex (with signature required, obviously), USPS is less reliable right now. Or call to talk to Toyota finance folks, maybe they accept something they didn't mention in paperwork.
That’s what I am thinking.

A wire would be easier and more secure, if allowable.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
bob60014
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Re: Toyota lease-end purchase: payment options

Post by bob60014 »

Have you called TFS to ask about the wire option?
jbmitt
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Re: Toyota lease-end purchase: payment options

Post by jbmitt »

delamer wrote: Wed Jun 09, 2021 10:30 am
jbmitt wrote: Tue Jun 08, 2021 9:12 pm
bogledogle wrote: Tue Jun 08, 2021 5:00 pm No experience with Toyota, but I would never mail a cashiers check. I would send in a personal check in the dealerships name.
In most states, a dealer is an unnecessary and more complicating addition to a lease buyout.

The dealer is only going to try and find ways to make money off the transaction.
They aren’t working with a dealer. The buyout is being processed through Toyota’s financing arm.
Good. I was replying to the other poster about the dealer being unnecessary. I’d feel a lot better about whatever process TFS outlines, even if you can’t make an electronic payment.
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galawdawg
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Re: Toyota lease-end purchase: payment options

Post by galawdawg »

delamer wrote: Tue Jun 08, 2021 4:55 pm Adult child and spouse are buying the Toyota that they are currently leasing (end of lease), with cash.

The only option for the payoff, according to the paperwork they received, is to mail in a cashier’s check. Nothing in the paperwork about a wire option, which seems much more secure and quicker.

The check is to be sent with a couple documents that they need to sign.

Has anyone had any experience with this?
They should either follow the instructions in the paperwork or contact Toyota's financing arm themselves to inquire about other payment options.
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