Replies to post #24 on Mint Leasing, Inc (fka MLES)

[Rawnoc]

Excellent question -- I believe MLES doesn't take possession of the vehicles for very long if at all as they are just a 3rd party financier I believe that buys vehicles from dealerships and simultaneously leases them out. I would think it's up to the leasee to get the problem fixed with Toyota, but I could be wrong. Any repo'd vehicles by MLES on their inventory that's part of the recall list they would have to get fixed by Toyota but that should be an immaterial expense I believe. I have a call into IR. I didn't find much on the web. One article from a dealer said it wouldn't affect them and another article whined that it would hurt them.

[Rawnoc]

Just heard back from IR who asked the CEO -- CEO insists it will not have any impact on them since all of their Toyotas have already been leased and it's the leasee's responsibility to take care of the recall since there's no cost to the leasee.

My comment -- yeah, it's not like a landlord who is responsible for all repairs. When it comes to a car, a lease is really just a fancy financing agreement anyway.

On another note, the CEO said the media is blowing the recall out of portion anyway and you looked into the matter with Toyota and found out either tonight or tomorrow Toyota will be announcing the fix to the problem involves installing a 10 cent ring.