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Toyota Camry Lease Questions

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  • Hi gotroot. I'm not sure that I understand your question. Are you asking if there are any advantages to getting a loan on a new vehicle? One advantage of getting a loan on a car is it helps to build up your credit. If you do not have much of a credit history, your interest rate on your new car will be high. However, the loan will help boost your credit rating for when you need it, like when you want to buy a house and apply for a mortgage.

    If you are able to get a very low interest rate on your new car, like the the special 3.9% rate that Toyota is offering on the 2006 Camry right now, another advantage would be the money that you can make by collecting interest on the cash that you would have laid out if you had paid for your car upfront. Let's say that you invest your money in a CD and get 4.5% on it or put it in the stock market and anticipate getting a return of 8% on it. You end up saving the difference between these rates and the 3.9% by financing. You need to compare this savings to the customer cash that you are giving up by opting to go with the special finance rate to see if you come out ahead by financing.

    Car_man
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  • jaxs1jaxs1 Posts: 2,697
    Yes, I understand that there is some extra charge for the extra miles, but don't they publish per mile rates for miles purchased beyond 15K miles?
    Also, are the extra miles purchased in Toyota's lease program refundable? I know some manufacturers refund extra miles purchased if not used, but don't know the details concerning Toyota leases.
  • andy2812andy2812 Posts: 67
    Car_man

    Can I please have the MF and Residual for a 2007 Camry LE, 4 cyl.

    Thanks
    Andy
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Andy. I haven't seen Toyota Financial Services' new residual values for the 2007 Camry yet. I have not seen any mention of it having any lease support available on it either. IF TFS truly is not providing lease support on the '07 Camry and you were to lease one through TFS, you would have to use its standard money factor of .00265. Even if Toyota doesn't have support on this car now, it definitely will in the near future. Toyota is going to sell a billion new Camrys and it won't be able to do so without an attractive lease program. If I was considering this car right now, I personally would wait a month or two to see what happens with its lease program.

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  • I am coming off a 3 year Camry LE lease. I had put $1000 down in 2003 and have been paying $331.00 per month.
    My question is - I am going to lease a 2007 LE and I am really not sure if the deal I got in 2003 was that good and therefore, would any take a guess as to what the lease payment of a 2007 LE auto would be in the New York City area with $1000 down.
  • mariabmariab Posts: 2
    I am hoping to lease a 2007 XLE with Navigation, Stability Control, Smart Key and Heated seats. What deal can I expect in Florida?
    Thanks for your help.
  • djpdx1djpdx1 Posts: 30
    Speaking of the 2007 Camry, if you want a hybrid, don't lease it! The Feds are granting a $2600 tax credit (rebate next year when you file) on the hybrid Toyota Camry at least through September 30th, 2006, then it drops to 50%. ($3100 on the Prius) Many states offer additional tax credits-my state is $1500, for a total of $4100. But only if you purchase--leases are excluded. It makes absolutely no sense to lease a hybrid at least for this year.
  • jack210jack210 Posts: 4
    can someone tell about the felt lining that in under the rear wheel wells of the new 2007 camry xle.ask dealers, but they don't seem to know.is it sound proofing.
  • citymomcitymom Posts: 8
    Anyone in the Atlanta, GA area with lease pricing or recommendations for where to go for a 2007 XLE fully loaded with EVERYTHING!!!!!!!!!!!!!!!!! would like to pay less than $400....
  • djpdx1djpdx1 Posts: 30
    Go to consumerreports.com and read their advice on leasing vs purchasing. Remember that you should go in with invoice price, available on many sites such as edwards.com, and then go in and offer about $300 to $500 above--start low. If they won't deal, advise that you are going to another dealer, then do so if they won't deal. Once you have secured a price, only then discuss what they will give you for your trade. Don't pollute the bargaining of the vehicle price w/ trade-in. After you agree on a price, THEN discuss lease or fiance. Lease prices are subject to negotiation as much as a new car.

    Also remeber that many credit unios will lease or offer a purchase payment deal comparable to a lease. You have many options--explore them. Consumer reports is non-profit and commercial free.
  • trojietrojie Posts: 1
    Any updates on what the money factor and residual is for the 07 Camry hybrid??
  • what could I expect to pay for a 2007 camry lease on lower end model per month in KY with normal mileage requrements and little up front money for 24 or 36 months? Thanks, never leased before!
  • cvpacguycvpacguy Posts: 14
    Anyone have the current residual and money factor info for a 24 month/12k and a 36/12k lease on a 2007 Camry XLE 4-cyl with no extra options? Thanks!
  • tedr3tedr3 Posts: 5
    For those interested in comparing, yesterday I received the following "first offer" from a Philadelphia area dealer for a 2007 XLE V6:

    36 mos./36,000 miles
    MSRP: $29,640
    Cap Cost: $27,999
    MF: .00265
    Residual: 59%
    Payment: $410
    Payment w/tax: $447

    I think that the money factor is about right, but from reading other websites I expected a higher residual (I saw 63% quoted for May). As I was walking out, the salesman assured me he could get the total payment (incl. tax) under $400.
  • jaxs1jaxs1 Posts: 2,697
    You list "payment" without saying how much money you need to pay up front nor what is the disposition fee and excess miles rate at the end of the lease.
    You could get any monthly payment you want by just putting more and more money upfront.
  • tedr3tedr3 Posts: 5
    Jaxs1, I'm sorry you did not find my post helpful. I'm well aware that down money will reduce your payment. Here's (some) of the information you are interested in:

    Cap. Cost Reduction: $0 (I assumed this was understood unless I stated otherwise)
    Out of pocket: $1,019

    Because I was not ready to negotiate, I did not discuss the breakdown of the out of pocket with the dealer, although I did see that there was no security deposit.

    I did not discuss the excess milgage charge or the disposition fee with the dealer. But you raise an interesting point, does Toyota credit charge a disposition fee and if so how much?
  • sgtslatesgtslate Posts: 16
    Hey Ted,

    What dealer was this. I am looking for the same vehicle right outside Philly and have been getting higher quotes. $485/month for loaded XLE V6 with nav, smart key and remote start. The main problem is that nobody seems to have this car in stock!

    Slate
  • tedr3tedr3 Posts: 5
    It was Conicelli on Ridge Pike in Conshohocken.

    I don't recall seeing any cars with Nav on the lot.

    BTW, I have now read that Toyota does not calculate the residual as a straight percentage of MSRP. Apparently, there is specific residual for the base model, and dollar amounts are added to that number for particular options. Maybe Car_man will tell us whether this is in fact true.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome villebillies. 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.

    Toyota is not currently providing any sort of lease support on the redesigned 2007 Camry. As a result, if you were to lease one through Toyota Financial Services right now, you would have to use its standard lease program. Its buy rate standard lease money factor probably varies slightly by region, but it should be around .00265 for any length lease for consumers who qualify for its Tier 1+ credit tier right now. By normal mileage requirement, I assume that you mean 15,000 miles per year. Let me know if you only need 12,000. If you were to lease a base '07 Camry through TFS right now for 24 months with 15,000 miles per year, its residual value should be 68%. The number for an otherwise identical 36 month lease should be 62%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello cvpacguy. If you were to lease a 2007 Toyota Camry XLE through Toyota Financial Services right now for 24 months with 12,000 miles per year, its buy rate lease money factor and residual value should be around .00265 and 69% for consumers who qualify for its Tier 1+ credit tier. The numbers for an otherwise identical 36 month lease should be .00265 and 63%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks for taking the time to share the details off this offer with everyone, tedr3. Detailed posts that contain vehicles' MSRPs, selling prices, and money factors like yours are very helpful for other community members.

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  • sgtslatesgtslate Posts: 16
    Car Man,

    Doesn't Toyota have a weird system for residuals? I was reading the residuals are based on MSRP of the base model without options. I know the 4Runner Limited I just priced had a residual of 53%. It is a limited model with 3g's in options but the 57-58% listed on websites is based on the car without any options. So I am assuming the base XLE might have a 3 year residual of 63% but once you add options to your XLE, the residual will drop.
  • hgershmanhgershman Posts: 15
    While we're on the subject...I may be looking at the 07 Camry SE V6 for a 36 month lease at 12,000 mi per year. If you know, what would the residual value percentage number be? Thanks.
  • molearymoleary Posts: 9
    This past week I spent about two hours on the internet (I used the Edmund's site almost exclusively) trying to purchase a 2007 Camry XLE (4cyl) with Leather and NAV in the Southeast.

    I was looking for a zero in cap cost reduction, a $26K purchase price and a residual value of 63% on a 36 month, 12K mile per year lease.

    The money factor I was using in my calculations was .00265.

    That breaks down like this:

    Cap Cost $26,000
    Residual @ 63% (of MSRP): $17205.30
    Money Factor: .00265
    Payment: $355.87 + Tax

    I kept hearing from the primary dealer that responded to my net inquiry that the 63% residual was not the right percentage. Everything else was ok.

    Since I have NEVER known Car_Man to be wrong - where am I messing up?

    Thanks in advance,

    Michael
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You are absolutely correct, sgtslate. Toyota Financial Services places limits on which options can be residualized and caps on the ones that it does allow. As a result, even though its residual values initially look fairly high they are not actually as good as they initially appear. It's a strange system that no other captive finance companies that I am aware of use.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey hgershman. If you were to lease a 2007 Toyota Camry SE V6 through Toyota Financial Services right now for 36 months with 12,000 miles per year its residual value would be 63%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Michael. Toyota Financial Services is not currently providing any sort of lease support on the redesigned 2007 Camry, so the .00265 lease money factor that you were quoted is right on the money. The 63% residual value is correct for a 36 month, 12,000 mile per year lease of a base '07 Camry through Toyota Financial Services. The problem is that TFS places restrictions upon which options can be residualized and caps on the ones that it allows. As a result, its residual value percentages are not as good as they initially appear for vehicles that are loaded with options. TFS is the only captive finance company that calculates vehicles' residual values this way. It makes leasing vehicles through it more expensive that it initially would appear.

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  • avalon2000avalon2000 Posts: 25
    Can you help determine what I should pay for a lease?

    NYC area
    2007 Camry SE [fully equipped, every option except sat. radio]
    MSRP $31,942 incl. deliv.
    my price $29,088 + 8.375% sales tax
    $0.00 down

    for:
    36 mo./15k
    24 mo./15k
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi avalon2000. Toyota is not currently providing any sort of lease support on the 2007 Camry. As a result, if you were to lease one through Toyota Financial Services, you would have to pay its standard lease money factor. Its buy rate standard money factor varies by region, but in your area I believe that it is currently around .00275 for consumers who qualify for TFS' "Tier 1+" credit tier. This car's 36 month, 15,000 miles per year residual value is currently 50% and its 24 month residual is 56%. Even with all of this information, I really can't give you an accurate estimate of what this car's lease payment should be like right now because of the strange way that TFS calculates vehicles' lease payments. Its residual value percentages are only for vehicles' base MSRPs. It places restrictions upon which options can be residualized and caps on the ones that it allows. Dealers can easily estimate vehicles' lease payments because they have computer systems that tell them the dollar residual value for any unit that they have in stock. Without the benefit of this system it is difficult to estimate what your car's residual value, and in turn its monthly payment should be.

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  • Hi Car_Man, can i get the current lease rates for a camry 4 cyl CE or SE in Memphis, TN for 36 months/15k miles a year?
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