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Toyota 4Runner Lease Questions

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  • Hi Carman,

    Sorry--I live in So Cal--Los Angeles. Looking for 36 months, 12k lease on 2007 Sport and Limited models 4x4.

    Also, depending on what their special lease rate is--it would probably be more advantageous to take the $2500 cash rebate, wouldn't it? If my math is right, the money factor would have to be below .0006/1.5% in order to be a better choice than the rebate? Or am I wrong?

    Thanks very much. I really appreciate it.
  • I want to get out of this lease and into a new Toyota lease for a 2007 4-Runner Sport.

    I have a 63 mo. lease with Fair Lease in Dallas Texas for my 2005 4 runner sport now with 49,600 miles. Payoff today is 27,586.13. My 35th payment due 11/1/07 at 550.15 mo. The payoff includes a penalty charge of $500 for early termination & a percentage of the adjusted cap cost which amounts to $1,366.55 fee. The adj. cap cost on the contract is 37,166.05. (The price was high because I had to add $6,337 negative equity from the traded in car for the 05 4 runner)

    A Houston dealership offered me a 2007 Sport. 1,000 down, 59 payments, 12,000 miles/yr, at $599.00 mo. My 4-runner is valued at around 20K they said. I this a Good or Bad Deal? Thanks, Diana (I don't know what to do with the Fair Lease contract. )
  • Hi Diana. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: sysop, "Real-World Trade-In Values" #, 14 Dec 2000 11:07 pm. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

    If you absolutely have to get a new vehicle now, make sure that you get the best possible deal on it. I would be happy to give you my opinion on the new deal that you were offered, but you didn't provide much information on it. What exact model are you interested in? What is its MSRP? How much is the dealer that you are working with charging you for it (its selling price)? Is the 60 month contract that you are considering a loan or a lease? Let me know and I'll tell you what I think.

    Car_man
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  • valueguyvalueguy Posts: 208
    CARMAN what is the MF for a 36 or 39 month, 12,000 miles per year lease on a 4 Runner Limited 2wd model located in Florida
  • Carman,
    I have a 2006 fully loaded, MSRP 44,700, I paid 39999. Put total 2K down, leasing for 557 a month for a 3 year 15K per year lease.
    WEll, my lease ends in April of 09 and I already have 34K miles on it. I have a friend who wants to buy out the lease. My question is, should I let him do it? I would save the cost of brakes and tires, and excess mileage. The downside is, I would have to fork up another 1500 or so up front if I wanted to lease an 08. I see the MSRPs on the 08s are cheaper. What do you think? Do you think I could get a better monthly payment this time around? I would like to start over with the truck as my new driving habits make for less miles.
  • elzejbelzejb Posts: 1
    Hi, I am looking to lease an 08 4Runner in SW Florida but can't seem to find anything. I want leather, sunroof package and need to keep my total lease under $450/month including taxes. I need to know if this is possible. I need a 36 month, 15k miles, and $0 down outside of payments. This is through work so I have to stick with these parameters. Any help is appreciated.
  • wrj1wrj1 Posts: 9
    Car man,

    Was wondering if you might be able to advise. Am looking at a 2008 V6 Limited w/ carpet/cargo mats, JBL synthesis, Extra Value Pkg and Tow Hitch at Toyota Marin, CA, and am wondering whether the deal is good or not. Considering a 36 mo lease, 12000 miles, and nothing down.

    Retail Price: $36975 w/ 1880 in accessories.
    Dealer Price: 31909 w/ 1424 in access.
    (For reference: Edmunds MSRP: 36975 w in 1560 access,
    Invoice: 33017 with 1215 in access, and
    TMV as 33,893 with 1326 in access.)

    Cap cost = 36,774.
    Residual: 22,046
    No security deposit.
    Monthly payment: $482.74
    Monthly payment with tax: $520.37

    I have been looking at a Volvo XC70 w/ the works ($42K selling price) and Touareg2 V6 w/ lux ($43K selling price) and have gotten quotes for (XC) $530/mo for 24 mo with nothing down and 10500 and (Touareg) $570/mo for a 36 mo lease (first month paid by VW), nothing down, 12000 miles, respectively. These cars are essentially $10K more yet their leases are fairly comparable.

    Surely I can get a lower monthly payment, yes? But how??

    Many, many thanks!
  • The Toyota website listed April lease incentives look great on the 4Runner. Lured me away from the Highlander. I have sent emails to the dealer to get the full details. Has anyone taken advantage of this yet?
  • jcookjcook Posts: 5
    What are the current going rates for the money factor and residual value for a 2008 limited 4runner?
  • wrj1wrj1 Posts: 9
    The current money factor (which I will likely improve further in May) is .00087. Residuals after 24 mo: 23,525; after 36 mo; 21,306-22,046; after 48 mo. 18,198-18,938.

    At least that is what I was told and what my paperwork reflects...
  • Where can I find the residual values and money factors for leases through Toyota Financial? Including any exta incentive through the Encore program.

    I'm looking at a 4Runner Limited V8 with MSRP of $43494. Dealer has offered $38413 including rebate. I want a 36 month lease with 15K miles per year.
  • passat_mxpassat_mx Posts: 32
    Hi,

    Does anyone know the residual and money factor for the 4Runner SR5 2WD, 3yrs, 15k miles per year? I'm in Southern California.

    Thanks!
  • ez2beme00ez2beme00 Posts: 14
    Do you really think 4Runner lease offers will be lower in May? I was thinking about getting one this month but now I may wait.
  • wrj1wrj1 Posts: 9
    ez2beme00,

    I am no car guru. Just a participant in this forum. However, considering the current state of financial markets, dismal consumer spending, and poor auto sales, and given that Toyota March sales continue to be down from Feb. and that 4Runner sales are 34.4% less ytd, I am hedging my bets and guessing that better incentives (or at least not worse ones) are on the horizon. But again, I am NO expert. Do what's best for you.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi rjohnson1987. Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2008 4Runner Limited V8 4WD with 15,000 miles per year are .00087 and 55%, respectively for consumers who qualify for its "Tier 1+" credit tier. Keep in mind though that TFS calculates vehicles' residual values differently than most banks do. Most banks just use a straight percentage of vehicles' full MSRPs including all options, but TFS places restrictions upon what options can be residualized. This makes it difficult to estimate what a lease payment will be on a lease through TFS.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi passat_mx. Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2008 Toyota 4Runner SR5 2WD with 15,000 miles per year are .00087 and 55%, respectively. Keep in mind though that TFS calculates vehicles' residual values differently than most banks do. Most banks just use a straight percentage of vehicles' full MSRPs including all options, but TFS places restrictions upon what options can be residualized. This makes it difficult to estimate what a lease payment will be on a lease through TFS.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi ez2beme00. See my previous posts for an idea of what the 4Runner's current lease program is like. As far as what selling price you should pay goes, the 4Runner is a really nice truck...but with gas prices this high and the economy slowing down the market for SUVs is absolutely terrible right now. If you live in an area that has a decent level of competition, I suspect that you won't have much trouble finding a dealer that will sell you one for fairly close to dealer invoice.

    Car_man
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  • Shopping for an 08 4runner. A SE Toyota dealer quoted a .00119 Teir1 money factor with a 56% residual on a 48 month lease. I want a 36 month term but dealer states that its not an option. Can anyone confirm this? What should the Tier1 rate be on a 36 month, 48 month term be?

    Thanks!
  • lilelvislilelvis Posts: 82
    I have been looking at late model 4runners, or even 2008s if the prices keep dropping. I generally don't lease since I figure I'm better off buying the car outright since I plan to hold onto the car for a long time.

    That being said, is it a good time to enter into a 36 month lease and just negotiate the purchase price in three years since, in all likelihood, the resale will be far lower than what they are currently estimating? Or have the car companies already started dropping their expected values?

    I'm a rookie when it comes to leasing - sorry if I am butchering terms. Money factor? Residuals? All pops and crackles to me :confuse:
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi lilelvis. July marks the beginning of a new quarter, which is generally the time that banks make adjustments to vehicles' residual values. So most trucks' residuals dropped by a couple of points this month. Having said this, in my opinion most trucks residuals are still unrealistically high at this point. I thank my lucky stars every day that I am currently leasing my SUV. The bank that I am leasing it through is going to take an absolute bath on it.

    By the way, since you are new to the world of leasing you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Car_man
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This discussion has been closed.