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Barrister
Barrister, Attorney
Category: General
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Experience:  16 years practicing attorney, Realtor, 26 years landlord
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Im one year into a three year lease on a 2012 Toyota Camry.

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I'm one year into a three year lease on a 2012 Toyota Camry. My contract says at the end of 3 years I can buy the car for $16,000. What would my monthly payment be (approx.) with a 3-year loan? Would Toyota Finance usually make the loan or do I search myself? I know it's tough to guess interest rates in 2 years but I guess I'm asking the question at today's rates. Would it be a used car loan at that point?
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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If you were able to get a loan at 5%, which is typical for used vehicles currently, then you would be looking at a payment of $479.53 for $16,000 for a 3 year term.
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If you have made all your lease payments on time, Toyota Financial Services, TFS, will typically agree to finance the purchase directly.
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And yes, once the vehicle was originally leased, it becomes a used car.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Customer: replied 3 years ago.

What do you show for 4-year monthly payment?

Keeping all the other factors constant...4 years is $368.47...5 is $301.94
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Thanks
Barrister
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