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Toyota Camry Lease Questions



  • I've never leased before sooo I'm in the learning curve.
    Can one lease a used 2006 Camry? How do I find out what the residual value percentage for a used 2006? Will the money factor be the same as a 2007? I am planning on buying this vehicle at the end of the lease so I am assuming a 3 yr lease should be ok, even thou I'll be 1 year out of warranty. Is there something I'm overlooking on a 3 yr lease? or would I get better lease rates on 2 yr.

    Is Toyota Corp the only company that will finance the lease or are there others out there? Will they be less expensive?

    Any other questions that I should have asked?

    thanks for the help :confuse:
  • Hi Car_man,

    I'm looking for a 36 months/15K lease of a Camry Hybrid. Here is what I was recently offered for a fully loaded with nav/sunroof.

    $30,862 (MSRP)
    Residual $16,949
    Drive off - $1,369
    Monthly - $568.00

    The monthly rate seems pretty high. What am I doing wrong? Any advice? Thanks so much!
  • jbolltjbollt Posts: 734
    What am I doing wrong? Any advice?

    I'm NOT Car_Man, but, IMHO, you should buy, NOT lease a Camry Hybrid. If you lease, you won't be eligible for the Fed $2600 tax credit...
  • I have never leased. I got a quote from John Elway Toyota in Denver for
    2007 Camry SE 4 cyl with leather seats.
    The quote is
    $500 under msrp
    .00295 MF
    58% residual on 36 months 15,000 miles per year
    $400 acquisition fee
    $399 dealer handling fee

    I have no idea if this is a good deal. What should I go back to the dealer with. I am patient, do not need to buy now and want a fair (but not necessarily the best) deal.

    Thanks anyone and all of you for help.
  • Hi, I live in the Dallas, TX area and would love some advice on leasing a 2007 Camry LE-V6. The MSRP according to Toyota's website should come to about $26,500. I've been told I qualify for "Tier 2" credit at an APR of approx. 5%. If all this is true, what should I expect for a monthly payment? Also, do you guys have any thoughts on whether it's best to lease through a dealership or a leasing company, such as Autoflex? Thanks so much for any advice you can offer!!
  • Can anyone help with the mf and residuals for Camry LE for 2 years at 15k miles per year. Also, do you know what the mileage penalty is for going over?

  • Question on a Toyota lease... I was in the finance office today working out finances on a 36 month lease. Final XLE V6 price was pretty good as there are not much inventory in Orange County CA. Whittled down the price and came to an agreement with the sales guy. In the finance office I was offered a 60 month lease to save about $15/mo with the stipulation that I can trade, sell, or turn in the car just before 36 months. He said he was saving me money. That he does these kinds of leases all the time. I said what is in this deal for Toyota. He said nothing- just wanted to save us some money. Something sounded fishy. But most of the offers in the finance office are high profit add ons like GAP insurance, a maintenance program, and the alarm.

    My questions... 1) Is the 60 month lease really a good deal? 36 month payment is $489 and the 60 month payment is $474. If I turn the car in at 35 months 29 days I would save about $540 over the 36 months. Are there any catches to this financing scenario?

    2) they want to charge me an additional $279 for the alarm system. If I don't want it they take it out. They won't deal on this. Is the alarm worth the $279 and needed?

    3) The GAP insurance is $680. They amortize this over 60 months. So when I turn in the car just before 36 months they say I will get the 2 year refund of about $272. I am going to check with my insurance company to see if they offer a GAP insurance and/or if I really need it based on my policy.

    4) Maintenance Agreement... $600 add on, so between the bumper to bumber warranty and the maintenance agreement all services would be free. So 5,000, 10,000, 15,000, 20,000, 25,000, 30,000, and 35,000 mile services would be free. The big ones would be at 15,000 and 30,000. The finance guys says oil change/tire rotation every 5k and bigger services of $200 each at 15k and 30k. Any feedback on whether this is a good deal? Or am I just paying upfront for the same costs that would be incurred over regular intervals during the next 35 or so months.

    Any immediate feedback would be greatly appreciated as I need to make these decisions by 2pm tomorrow.

    Thanks in advance-

  • A 60 month lease is a 60 month lease... NOT 36 months but 60 months.
  • wvgasguywvgasguy Posts: 1,405
    4) Maintenance Agreement... $600 add on, so between the bumper to bumber warranty and the maintenance agreement all services would be free. So 5,000, 10,000, 15,000, 20,000, 25,000, 30,000, and 35,000 mile services would be free. The big ones would be at 15,000 and 30,000. The finance guys says oil change/tire rotation every 5k and bigger services of $200 each at 15k and 30k.

    I don't know a lot about leases other than when it's over you don't own the car and usually they are for 12,000 miles a year. It seems like a 3 year lease would have the car on warranty the whole time. Unless you're going to buy it at the end of the lease I don't know that I'd even maintain it to their schedule unless I was required to show records to the leasing company. The "major" inspections are good for long term ownership but why do it?

    I'd also have a hard time committing for 60 months when the 3 year leas is so close. I've never kept a car that long and it seems like a 60 month lease would be more of a hassle than a straight out purchase with a 60 month loan (unless you really plan on keeping it 60 months).
  • jaxs1jaxs1 Posts: 2,697
    From the questions you are asking and what you say the dealer is putting in the deal, you should not be leasing a car from that dealer in a just a few hours.
    Just cancel it, learn more about the process and go to a different dealer next time.
    Otherwise, you are about to sign up for a gigantic mistake and you won't know how bad it is until you try to turn your 60 month leased Camry in at 35 months.
  • I have decided against the prepaid maintenance and the GAP insurance. I may keep the alarm at $279. I will be phoning an aftermarket car stereo/alarm company that has done work on my son's car to ask about this feature/system on the 2007 Camry's.

    These things the dealer is putting into the deal are all options. I have had this type of situation on pretty much every new car I have purchased or leased in the past. I got a zero down zero interest on a 2005 Merc Mountaineer Premier. Got a great price $500 over invoice everything from the sales dept was great. Then when I was sitting at the desk doing the financing papers, the finance guy started selling me on a special clear coat to protect the finish at $1200, extended warranty $600, LoJack, and all sorts of other high profit add ons. The only thing I did get was the extended warranty as I will use this car for many years to come.

    As to the 60 month lease turn the car in at 36 months question.. I am still puzzled at the dealers logic on this. The 36 month payment is $489 and the 60 month payment is $475. He says as long as you turn the car in before the 36 month anniversary no questions asked. Residual would be the same as if I was doing a straight out 36 month lease.

    I am not worried about the options but this lease situation has me puzzled. Just wanted to see if any other folks out there heard of this kind of lease plan.
  • We have no intention of keeping the car more than 36 months. Dealer says no problem turning in the car before the 36 month anniversary.. meaning no hidden fees or penalties. But I am still leery. This would save about $540 in payments over the 36 months.
  • wvgasguywvgasguy Posts: 1,405
    I'd read the fine print. It makes no sense.
  • kyfdxkyfdx Posts: 48,865
    You should be...

    Salespeople are famous for saying that you can trade out of your lease into another car... What they don't tell you is that you'll be many thousands of dollars in the hole... That money will have to be paid upfront, or rolled into another lease..

    There is no free lunch. Unless you see this spelled out in the leasing contract, then it is just so much hyperbole.



    Prices Paid, Lease Questions, SUVs

  • KYFDX- The guy says at 36 months, all I will need to pay is any excessive wear and tear and 15¢ per mile if I go over 36k. This is the same outcome as my 2003 Mountaineer Lease. When I turned in that lease, all I owed was $250 because of some scratches in the front right bumber that needed to be sanded out and painted (if they even did it before reselling it). Sill why would Toyota Finance a deal where they would lose $540 over the first 36 months. Your right no free lunch.

    By the way, on the back of the contract they do spell out the Remaining Payments Liability ... turn in any time and pay us the following amounts...

    which among other things states: any remaining Monthly Payments from the date of termination to the end of the lease..

    in another area..

    early termination charge equal to the difference between adjusted lease balance and Fair Market Value.. then there is a formula for calculating Adj Lease Bal.

    I think I will stick to the conventional lease and go with the 36 month lease as originally planned.

    It amazes me how many people will not do the homework and may fall for this scheme. I will bet this whole deal was offered to almost guarantee that I have to roll the car over to a new lease in 36 months because it is upside down by a few thousand $ rather than just walking away from a true 36 month lease.

  • For anyone that wants to know.. My insurance company has GAP insurance for an additional $5 per month. Their price is $180 for 36 months versus the policy that is sold by the dealer for $680 for same period.
  • jaxs1jaxs1 Posts: 2,697
    Please stop blindly believing was the dealer "says."
    The only thing that matters is what is in the contract. Not verbal promises.
  • Car Man can you help me with the mf and residuals for Camry LE for 2 years at 15k miles per year. Also, do you know what the mileage penalty is for going over?

  • jl100jl100 Posts: 3
    Car Man,

    Haven't seen any responses in a while. When do you think Toyota is going to have a special Camry lease? I noticed you can lease a 2007 Honda Accord special edition V6 for $249/mo (you can view on website). That is pretty good. The dealer here in Memphis quoted over $400/mo for a comparable lease for the Camry (V6, alloy wheels, 6CD changer). Clearly as you said the lease factor and residual are not competitive right now probably due to the demand for the new model.
  • Car Man,

    I have a few questions and really need your expertise.

    What is the residual value for the 2007 Camry? Is it the same for the LE & XLE? I was told that it was 50% for a 36 month lease with 12K miles and 47% for a 48 month lease with 12K miles. This doesn't quite seem right to me.

    What is the money factor that a Tier 1 credit, repeat TMC customer would get. I keep seeing .00295, shouldn't it be .00195?

    I am trying to pick up a 2007 LE or XLE with leather and nav but I want to make sure that I have the lease terms down.
  • Hello Car Man...

    I was wondering if you had anything on these Camry Lease programs for us?
  • leob1leob1 Posts: 153
    Someone ran into my leased Camry! My car was parked and is pretty ugly now, with extensive damage to driver's side rear quarter panel area including the door and maybe axle. My insurance company says they will handle it, since the driver had no insurance! Has anyone else been through a similar experience? Any advice would be appreciated on dealing with a lease car in this situation. Not sure where to go right now and am concerned about end of lease charges.

  • ed108ed108 Posts: 37
    I was at a Toyota dealer today and was told the residual for a Camry SE is 62% for 24 months and 58% for 36 months. A 4% difference between 24 and 36 months? Something doesn't sound right there.

    By comparison a Honda dealer quoted me a 71% residual for an Accord on a 24 month lease so. 62% on a Camry sounds crazy. Any thoughts?

    This was for 12K a year by the way.
  • jl100jl100 Posts: 3
    My Totoya salesman said that Honda always had better leases in general. Not sure why Toyota is waiting to promote better leases on the Camry, probably because the demand is so high as evidenced by the fact that the local dealer can't keep the Camry's in stock. The residual is probably really that different because Toyota Corp is not pushing the lease on the Camry. Hopefully they will soon.
  • I just found out that there are actually 2 different Tier 1 lease programs offered by Toyota Finance, Toyota Motor Credit, Lexus Financial.

    1. (Tier1 Special Lease Rate Discount )
    Beacon Score 720+ - Zero Sec. Dep. - FL
    The MF(money factor)= .001940

    2 (Tier1 Encore Special Lease Rate Discount )
    Beacon Score 720+ - Zero Sec. Dep. - FL
    The MF(money factor)= .001840

    FYI...I was told directly by a rep at TMC/LFC (Toyota Motor Credit/Lexus Financial Service) that the Tier 1 Encore program is what a previous or repeat Toyota/Lexus customer with a perfect pay history with them should be paying.

    Does anyone know of any other Tier 1 programs or Encore programs for other Tiers that are offered?

    Does anyone know what are the residual values that are being used for:

    36/mo, 12K/yr lease? or 39/mo, 12K/yr lease?
  • Car_Man:

    I am interested in leasing a fully loaded Camry Hybrid (w/Option Combination C). The dealer is charging full MSRP, which is $30,730 (including the $620 destination charge).

    Please give me money factor, residual, and lease payment for 3 years; 45,000 miles. When I calculate this on the web site, it comes to $518/month (assuming I pay the $400 acquisition fee, $500 security deposit, and first payment upfront). I think that sounds a little high.


  • moolmanmoolman Posts: 126
    I'm in the same situation as the person above so hopefully, Car_Man can help both of us out.

    Camry Hybrid fully loaded. MSRP is 30730 just like the guy above. I want to lease the car for 3 years and 15K a year.

    Anybody have any idea what the best residual and money factor should be from Toyota. I qualify for Tier 1 credit.


  • Christostp;
    The Money Factors you have are better than quotes I am getting my local dealer in the DC area on Camry LE's. I'm hearing 0.00295, which is about 7.1%.

    Car_Man and kyfdx:
    Can you shed some light here? What are the Tier 1 Special lease rate MF's for a Camry LE Automatic in the DC area? I have the residuals from the dealer, on paper, but they simply told me the MF. Thanks!
  • mrummrum Posts: 7
    Hi Car Man -

    Do you know of any lease specials on the Toyota Camry SE or LE in Southern California? I am comparing the Camry to the Mercedes C230.
  • I am sorry to hear that someone hit your car, leob1. That's never a fun situation to be in. You actually are lucky that your vehicle is leased though. As long as you have it repaired properly, you won't have to pay any sort of excess wear and tear penalty on it and the bank that you are leasing it through will have to absorb any diminished value that results from it having been involved in an accident instead of you. I have returned a leased vehicle that was hit by someone and repaired properly before, though it was not a lease through Toyota Financial Services, and everything turned out fine. Just make sure that you take your car to a reputable body shop to do the work.

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