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Toyota 4Runner Lease Questions

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  • matrsoskinmatrsoskin Posts: 32
    Hi folks,

    I thought I could share with you my outstanding lease experience with the Westboro Toyota (Boston area): 2008 4Runner V6 4WD Sport Edition, 36 months/12K miles per year, for $424/month with $424 due at signing. I flew in, drove back ~800 miles and still saved ~$1500 compared to the best offer I had received from the local dealers within the 300 miles radius.
    The typically equipped SR5s can be leased for $399.75 with nothing down!

    Cheers
  • paul9903paul9903 Posts: 4
    First time leaser and don't know what I should be looking at for a cap cost.

    Right now looking at a 36 month lease on a '08 4Runner Limited V6 RWD. The dealer is quoting a cap cost of invoice, advertising fee, $10 gasoline charge, $434 for Sirius sat. radio, and $500 dealer "profit".

    Is that something I should negotiate down on considering the economy and car buying climate?

    Much thanks in advance for any/all help on this.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi paul9903. $500 over dealer invoice is a reasonable selling price for a 4Runner right now. I wouldn't have a problem paying that much to lease one. For additional feedback on how much you should pay for this truck, hop on over to the "Toyota 4Runner Prices Paid and Buying Experience" discussion.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • jcookjcook Posts: 5
    I am looking at the following:

    MSRP 36,096
    Urban Runner Package
    Sport Extra Value Package

    Sale Price = 29,128

    I want to lease and have to give back the $3,000 rebate to get the MF of .0005, but what is the residual value on there leasing for this model. Based on there website, a base model has a 59.8% residual value. Is this what I should use to calculate estimated payments? Please advise!
    Thanks,
  • wrj1wrj1 Posts: 9
    Also depends on where you are leasing. Because Priuses are selling like hotcakes and at MSRP in our area (NoCal), I was able to negotiate $1000 BELOW invoice on an '08 Urban Runner. The car had been on the lot for 2 months so I knew that they had already eaten through some of their potential profit from Toyota. Needless to say, they were willing to take a loss (a) because they could afford to do so due to the situation with the Priuses and (b) because they wanted/needed to move the car. Good luck.
  • Find a 4Runner Limited V6 2WD? Is it the state of the market or the fact that the '09's are coming in soon. I just am able to move forward on my lease and now nobody in the Southern California are can find the 4Runner I need with the navigation package included. Not in dire need (I have a work car as well), so do I just sit tight until the 2009 models roll off?

    Also, how should I treat the lease of the 2009, will the cap cost/residual be similar to the 2008 quotes I have received?
  • bullynjbullynj Posts: 7
    Hi,
    Im new here and live in NJ - I am looking at leasing a 2008 Toyota 4Runner SR5 cost here is 2700 down and 299 a month for 39 months. I have never leased before. Is leasing a good thing to do??
  • Welcome bullynj. 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.

    As far as the specific lease that you are interested in goes, I see that you are considering making a $2,700 down payment. This is not a good idea. I always advise consumers not to make large down payments on leased vehicles. Those who make them risk losing part or all of them if their vehicle is totaled. Even though it means that your monthly payment will be a little higher, you will be better off going with a zero down lease.

    The best way to get a good deal on the 4Runner that you want is to negotiate as low a selling price as possible on it and then have the dealer that you are working with calculate your monthly payment using Toyota Financial Services' buy rate lease money factor. TFS' current buy rate for a 36 month lease of this truck in your state is an amazingly low .00001 for consumers who qualify for its Tier 1+ credit tier.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • asm0721asm0721 Posts: 13
    Car Man:

    I am looking to get an 08 leftover in the Pittsburgh area. I was able to get a price of 30,350, $1000 below invoice. Now I am deciding if I want to buy or lease. We are currently leasing an 06 4runner now and have tier one+ with Toyota. What are the current residual values and money factors in the Pittsburgh area for an 08 4*4 Sport v6...
  • Got quote today on an '08 4wd Limited w/ 4.0L 6 cyl with:

    * 50 State Emissions
    * Carpet Floor/Cargo Mat (5 or 6-Piece Set)
    * Daytime Running Lights
    * Exhaust Tip by Valor
    * Limited EVP #1
    * Power Tilt & Slide Sunroof
    * Radio: JBL Synthesis AM/FM/In-Dash 6-CD
    * Rear Spoiler w/Center High Mounted Stop Light
    * Tow Hitch
    * X-REAS Shock Absorbers

    MSRP $39,534
    Without negotiating $33,500+ TTL ($3535 dealer "savings" / $2500 rebate).

    Not sure, but curious to know 1) how this appears at first glance and 2) what the current residual value and Tier 1 money factor is for this at 12000 and 15000 miles per year for 36 months.

    CarMan?
  • Hi asm0721. In every region that I have seen its lease program for, Toyota Financial Services' buy rate lease money factor for the 2008 4Runner is .00050 for consumers who qualify for its Tier 1+ credit tier.

    The residual values for this truck vary by term and mileage allowance. You never mentioned what either of these variables are, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let let know if you want something different. TFS' current residual value for a 36 month lease of an '08 4Runner SR5 V6 4WD with 15,000 miles per year is 47%. the problem is that TFS places restrictions upon which options can be residualized, thus making it very difficult to calculate the actual dollar residual values for vehicles.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi rsamerica1. The truck that you are interested in probably has a spread of at least $4,000 between its full MSRP and its dealer invoice price. That puts the $3,535 dealer discount that you were quoted at around $500 over invoice. If you opt to lease this truck through Toyota Financial Services to take advantage of its special lease program, you cannot use the $2,500 cash incentive to reduce its selling price further.

    In most regions, TFS' current buy rate lease money factor and residual value for a 36 month lease of a 2008 4Runner Limited V6 4WD with 15,000 miles per year are .00050 and 46%, respectively. The residual value for a lease with only 12,000 miles per year is 2% higher. Unfortunately, these residual value percentages are not very useful because TFS places restrictions upon which options can be residualized, making it very difficult to calculate lease payments.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • I have an 06 4runner SR5 that I am currently leasing that will end in a couple of months with the following terms:

    36 months, 12k, MF .0005, and residual of 58% with end lease buy out price of $18,992. I only have 22,000 miles on my current 4runner and am considering purchasing at the end of the lease term. I currently pay $352 per month including tax, with zero down.

    Because of my solid initial lease package and the significant decline in residual values over the last three years, I know my car is not worth the full buy out price of $18,992...based on new bank estimates, probably around $3,000 less.

    With the current economic environment, just curious what you think is my best financial move in relation to bargaining power at the dealership. Should I attempt to renegotiate a buy out price at current 47% residual, or toss them the keys and sign a new lease package. Thanks in advance for your thoughts.
  • Hi dakota9. Ultimately it is Toyota Financial Services, or whichever bank you are leasing your truck through that determines its end-of-term purchase price. Your best bet would be to place a call directly to TFS to see if they are willing to work with you. Some banks will and some banks won't, but you don't have anything to lose by trying. If your initial contact there is unwilling to work with you, have have heard about lessees who have gotten better results by working their way up the ladder to a manager.

    Again, there's no guarantee that they will be willing to lower your truck's price...more often than bot banks won't but it's worth a shot.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • I've got a 2006 4 Runner 4x4 with 16k mi and my lease expires in June 2009. At this rate my 4 Runner will only have +/- 20k mi at lease expiration. I'm allowed 36k mi. Just wondering if its worth the time and trouble to put this vehicle on one of those releasing websites in which someone will pay my monthly $335/mo plus pay me for the unused mi. Not sure which website to check out or how much to ask to pay me for the mi that they can use between now and June? Also not sure about responsibility in case something happens to the vehicle after I transferred this. Is it worth the hassle? If there is significant cash to be made I'm interested. If not then I guess I'll just hand this back over to the dealer. Not sure of my residual but not really interested in buying this as I'm probably going for something different. Any ideas or thoughts on this is greatly appreciated. Thanks, Gerald in Indy
  • Hi Gerald. You're talking about a web site like swapalease.com. Unfortunately, it is usually more difficult than one would initially think to find someone who is willing to assume a lease. Most consumers would rather lease a brand new truck than pay a similar amount of money to lease a used one. In fact, lessees often find that they have to offer some sort of subsidy to convince someone to take over their lease. You might be able to find someone who needs a short-term lease who is willing to assume your 4Runner's payments, but I highly doubt that you will find anyone who is willing to pay you extra for your unused mileage.

    Car_man
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  • Hello,

    I've been reading these forums as a guest and just signed up. I currently am leasing an 06 Runner in the Portland Maine area. My 3 year lease expires in February. I purchased 18,000 miles per year and am currently 4,000 miles under .
    Any suggestions how I can turn the under miles in my favor ??
    The dealer is telling me they will " waive " my remaining 3 payments and are offering a visa debit card gift card of $ 500-$1,500 to either buy or lease another 4 runner. I have no intention of purchasing my current 4runner. I have tier 1 credit and what is most important to me after getting the best price on the vehicle is either a zero down payment or a deferred payment for 60-90 days. Due to my occupation, cargo space is one of the most important features. Another 4runner, Explorer, Durango, Mountaineer, Pathfinder,or Honda Pilot seem to be my short list of vehicles.

    Any advice or guidance on how to effectively deal with closing out my current lease ( wait until its due in Feb. or launch it now ) and does Toyota weigh in whether you have gone into another lease or purchase to determine how picky they are on wear and tear on your current lease..
    Also, will I get a better lease deal on a new SUV now or in February ?

    Thanks !
  • Welcome rocker77. Unfortunately, normally there really isn't anything that one can do to benefit from unused mileage on leases. One could purchase their vehicle at lease-end and try to trade it in or sell it on their own for a profit, but given the implosion of used vehicle values...particularly those of used SUVs...over the past year, chances are that your vehicle's purchase option price is much higher than its current real world value.

    Having said this, I see that your lease allows 18,000 miles per year. This is higher than the 15k that most banks allow. In most instances, consumers who need to drive more than 15,000 miles per year have to purchase additional mile on a per-mile basis at lease signing. Some banks do provide refunds for unused miles that were paid for in this manner. You should place a call directly to Toyota Financial Services, or whatever bank your are leasing through, to see if this is the case with them. I hope so.

    As far as getting out of your current lease early goes, unless Toyota is running some sort of official early lease termination program right now, and I am not aware of one, you are not getting out of your current lease for "free." The dealer is just eating the cost of your remaining payments to put you in a new lease early...which hampers your ability to get the best possible deal on your new vehicle.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • I am looking at leasing the base model Toyota 4Runner and upgrade it with leather seats. 3 years 15k miles a year 0 down. I am Encore customer. What are goo lease prices. ALSO, I am all paid up on my current 4Runner lease which ends very soon, any tips on what to expect when I turn the car back in and can I use the report from the 3rd party on the condition of the car in negotiating a better note or lowering the money that might be owed on the car that I will turn in.

    I am 3,000 miles under what I contracted for and have normal wear and tear on the car. Thank you for any guidance you can provide.
  • Unfortunately I leased my 4R in IL so I'm paying the full sales tax during my 36 mo lease and if I buy the truck I will have to pay sales tax again on the purchase . My question is: If I were to move to another state then bought the truck at lease expiration, would I have to pay sales tax there if that state did not charge tax twice to an instate lease/buy like IL does?
    Unless Toyota Financial is willing to deal, it is not likely I would be buying anyway although I had seriously thought about doing so when I got the truck originally. I have 12 mos left. I may be living in AZ when my lease is up.
    Thanks much, DQ
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