Leasing out of state?

[aksql]

As I'm sure many people are, I'm looking out of my home state (CA) for in-stock Supras. Having some luck, but I'll be leasing, which I know will add to the complexity of buying out of state.

Does anyone have experience leasing from an out-of-state dealer?

I'm sure it's more hassle, but would be grateful for any advice etc. even if it's just not to do it

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[XtremeMaC]

Some state tax, license plate hassle for the dealer. So, you'd have to find the willing dealer. Otherwise shouldn't be a big deal imho.

 

[Andrew4Supra]

I’ve leased prior new cars with several transactions out of state. They will ask for your county tax rate, etc. Typically no issues.

One of the most important things to determine when leasing a car is the “money factor” aka interest rate. Rarely discussed via the dealer because most lessee’s are ‘monthly payment’ buyers. This is a number that can be adjusted quickly in the dealers favor without one even knowing the interest rate charged. The going rate is around 4% - 5% for a lease. Also feel free to reach out to your lender of choice for rates … not just the dealers recommendation (always in their favor). You can use your own financial institution.

Some important lease numbers you should know are: discount off msrp, rebates, cap cost, residual percentage/amount, buyout at the end of the lease, acquisition fee ($500-$1,000) and the most important - money factor.

To calculate the actual interest rate… multiply the money factor by 2400 to determine the interest rate used.

Eg: money factor of .00271 x 2400 = 6.5% interest.

I hope this information is helpful.

 

[aksql]

Some state tax, license plate hassle for the dealer. So, you'd have to find the willing dealer. Otherwise shouldn't be a big deal imho.

Thank you!

I’ve lease prior new cars with several transactions out of state. They will ask for your county tax rate, etc. Typically no issues.

One of the most important things to determine when leasing a car is the “money factor” aka interest rate. Rarely discussed via the dealer because most lessee’s are ‘monthly payment’ buyers. This is a number that can be adjusted quickly in the dealers favor without one even knowing the interest rate charged. The going rate is around 4% - 5% for a lease. Also feel free to reach out to your lender of choice for rates … not just the dealers recommendation (always in their favor). You can use your own financial institution.

Some important lease numbers you should know are: discount off msrp, rebates, cap cost, residual percentage/amount, buyout at the end of the lease, acquisition fee ($500-$1,000) and the most important - money factor.

To calculate the actual interest rate… multiply the money factor by 2400 to determine the interest rate used.

Eg: money factor of .00271 x 2400 = 6.5% interest.

I hope this information is helpful.

Incredibly helpful, thank you! First time leasing vs. buying so this is exactly what I needed to know so I can go deeper.

 

[Zupra1776]

Have to be careful because Toyota operates regionally. South East Toyota for example is a different entity from Toyota in central states. So incentives are different, loyalty doesn't carry over, and some dealers hassle you if you're out of their territory because they know you likely won't be coming back and they won't get to buy that car back.

 

[ArryMasca]

If you change states, in fact, you remain in the general legal field of the country. So this lease, as far as I know, will not be foreign. However, in that case, there may be additional loan terms. You might get a higher interest rate or an increased down payment. To avoid mistakes during the drawing up of the contract, it is worth using the help of professionals. I personally found Mortgage Broker Nottingham helpful when I needed a mortgage. Perhaps they can help you too. I think it's easier to do the paperwork and find a better deal now that you have advisors.

 

[STV3]

I've done it twice now. I live in NY and leased from NJ dealers and the process was no harder than any other car I've bought in NY. Idk about other states though

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