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Toyota Highlander Lease Questions



  • Thanks for this information - I just wanted to ask a question. When you turn in a car off a lease, do you have to have the same original ? I have a Highlander that has toyo tires but the local tire stores do not have these tires on their websites. I need new tires?
  • Thanks for this information - I just wanted to ask a question. When you turn in a car off a lease, do you have to have the same original ? I have a Highlander that has toyo tires but the local tire stores do not have these tires on their websites. I need new tires?
  • kscapkscap Posts: 7
    Over the last week here in Northern NJ, dealers have consistently quoted 2008 HL Limted residual percentages in the 49% range for 36 months @ 12k/mi lease with .00285 MF (6.26%).

    Last night I spoke to the leasing manager at different dealership who seemed motivated to do a deal. We discussed the current low residuals on the Limited and why its a deal breaker for leasing.

    He committed that since I currently have a 2005 HL Llimited that he could increase residual on 2008 Limited to 56% with .00255 MF (6.12%) with Tier 1 through TFS. How is he able to do this? Anyone know whether Toyota has changed residual values recently? I can't imagine Limited units are moving very fast with currenr deal terms.

  • I didn't think they could change the residual at the dealership ... thought that was set by Toyota? :confuse: The inventory price sheet on the HL I just bought had the residual listed at the bottom of the sheet.

    Also, isn't that residual a little high? I was able to get .00158, which equals to about half that in APR-speak. If that guy is so interested to do a deal, I'd ask him to rethink the residual as well. :)
  • A day later and I re-read what I wrote. Hopefully you realized I was talking about the money factor and NOT the residual! :blush:
  • Looking at a Highlander Sport AWD and would like to know what the lease factor and residuals would be for this vehicle for a 36-48 month lease.

    Also, do you find that the dealers are willing to give a little bit more at the end of the month?

    Thanks in advance!
  • My lease on my 2005 HL is coming to an end in Feb and I'm thinking of buying it outright for the residual of $16,662 + sales tax and DMV fees. It is a base model, 2.4 cyl, AWD, with the standard package. I'm under the milage and have no excessive wear and tear that I can tell. I was told by a mechanic that all 4 tires are rather worn and would probably need replacing especially if turning it in after the lease. This seems odd to me. Does it seem strange to you as well?

    Does anyone have an idea if the $16662 amt is a good buy or not.

  • jim39tjim39t Posts: 11
    I ask because here are the numbers straight off of Toyota Financial's website:

    Base Highlander, Gross Cap Cost $28,455.

    4 yr. lease, 12k mile/yr. $444 month.

    Due at signing: $1,455 (acquisition fee: $550, refundable security deposit $450, and 1st mo. payment).

    The reason I ask is it a bad time to lease, is that right next to those figures Toyota Financial quotes $554 for the same car, 60 month purchase.

    I don't want to buy it, I want to lease it, and a rate like $444 month for a totally base Highlander, on a 4-yr. lease, and stingers like a $550 acquisition fee, seem really like a lot of $$ to me. And to make matters worse, those are the figures Toyota Financial is quoting for "excellent" (above 720 FICO); I shudder to think what sub-excellent must cost.

    Is this because the Highlander's super-popular? Does a totally base Highlander have a really poor residual (Toyota Financial doesn't quote money factor, residual and the like).

  • I got a quote from my local Elk Grove toyota dealer today. It seems OK but i am having trouble figuring out how good the deal is

    MSRP - $32268 - Residual $12638 - Rate .00158 - ACQ FEE 550 - 7.75% tax - $273 govt fees - $1960 tax - $45 doc fee - Down Payment $871.44 - Monthly Payment $598.44 - 30000 miles per year - 36 months - Price $29601

    According to the print out they gave me the $29601 is $500 over invoice but their invoince includes Destination Charge $685 - TDA $515 - Gasoine $10 - dealer HoldBack $5 99 - Wholesale Financial Reserve - $299

    Basically i am trying to figure out if the $29601 is a decent deal or if there is still more room to play
  • I am preparing to negotiate a lease on an 08 Highlander (Sport or Limited - not sure which) and wanted to see if anyone in NJ can share the quotes they recently received, or how much they are paying per month on this vehicle. Please help! :)
  • Have you thought about purchasing since you put so many miles on your vehicles?

    As for the invoice they showed you, all those itemized fees are included on the invoice you'd see here on Edmunds, except for the TDA, which is an advertisng fee. Most manufacturers charge the dealer's for this. As to whether or not the fee should be passed along to the customer is up for interpretation, but in a buyer's market, anything is fair game. It's like any other products though, the cost of advertising is built in to the price somewhere.

    If it were me, I'd have them shave another $500 off, and cap the cost at invoice.
  • techdudetechdude Posts: 87
    Toyota just started a lease deal on the 08 limited highlander in my area. The details are:

    * $419.00 per month for 36 months/12k miles
    * $2499.00 due at signing
    * Excludes tax, title, registration and acquisition fee. Security deposit waived by TFS.
    * Model 6956. Options FE EJ HD PB QR RF SR TO. Limited Models Only

    This sounds like a good deal in itself. Since I'm new to leasing, should I look out for anything or bargain the leasing price down further? I was thinking that i could have them bump up the miles to 15k. I read everywhere that I shouldn't put down a down payment and I'm wondering if that's what the 2499 is. Any assistance would be appreciated. Now that I have my mind set on leasing, i'm debating between this, the Murano and MDX.
  • web2323web2323 Posts: 17
    Where are you located? I am looking for one in Cleveland, Ohio, and can't touch that. They only have the Sport's on special here.

    Is that an AWD?

  • techdudetechdude Posts: 87
    I live in NY. Aren't all Limited's AWD? I can't even configure a Limited with FWD on Toyota's website. My dealership will confirm this with me.
  • web2323web2323 Posts: 17
    Edmunds lists a FWD, however, I think that Stock number is a AWD.

    We were out yesterday in Cleveland and got that same car with Nav and DVD for like $650/month lease with $950 down.

    We couldn't even get a good deal on a loaded sport.

    Money Factors here are:

    Sport .00148
    Limited .00255

    I just emailed my salesperson with the deal. I will see if they can cross their "regional" lines and get the same deal. If not, I'm driving to Buffalo this weekend and picking one up.

    I agree on working the $2,499 down.
  • web2323web2323 Posts: 17
    I went ahead and called a dealer in Buffalo about the advertised deal.

    It seems to be a bit weird to me. Maybe you NY'ers are just different!

    On top of the $2,499 due at signing...there is about another $2,500 for fees, taxes, etc!

    That means you're going to be close to $5,000 out of pocket! At that point you probably should just buy it.

    I am getting basically the same options in a sport here in Ohio for about $465ish a money down!

    Almost $100 less a month than the limited that I was getting quotes on. Weird how Toyota does the supply / demand game.

    Also, I am telling dealers that I am a member at Costco and belong to the Costco autoprogram and I'm just waiting for a call back from a participating Costco dealer. Every single one has said we'll match there offer and I tell them it's cost less 1%. It's worked every time so far!
  • mojo201mojo201 Posts: 5
    Web2323, Could you please list the options your getting on the HLSport at $469/mo. I've been trying to get the price in this range for about a month with no luck.
  • web2323web2323 Posts: 17
    MOJO201 -

    Here is what I am getting:

    2008 Toyota Highlander Sport 4dr SUV AWD
    LA - Leather & Heated Seats (3-Row)
    SR - Power Moonroof
    EJ - JBL Premium Audio & Bluetooth
    QC - Front Dual Zone Auto HVAC
    TO - Towing Prep Package
    EH - Cold Weather Scam
    FE - 50 State Emmissions Scam
    Carpet/Cargo Mat Scam

    I live in Cleveland (6.25% sales tax rate). The dealer we are using is at 1% under invoice. We are trading in a 2005 Trailblazer LS that we are breaking even on, however, he has said they'd work with us on it. Also, they are throwing in a trailer hitch. I think it's like $279.

    The new HL lease specials just came out. So it's putting the money factor at .00148.

    My wife is heading out to the dealership one last time to make sure she wants the HL and not the Sequoia.

    This was their initial offer. I am thinking of trying an offer of $450 a month.

    This is for a 3 year/36,000 mile lease.

    Let me know if you have any questions. I have the actual dealer invoice electronically.

  • techdudetechdude Posts: 87
    Here's the quote I got back from the dealership after I said I didn't want to put any money down and have15k mile cap:

    2008 Toyota Highlander stock #WTS3915 Black
    Lease Price is based on 15K miles per year with $0 cash down

    36 month lease $639.36 per month

    48 month lease $632.24 per month

    Options as follows;

    Model Number: 6956A

    Model Description: 4-DOOR 4X4 SUV
    Year ............: 2008
    Interior Color ..: LA40 LA40
    Exterior Color ..: 0202 BLACK
    Body ............: 4-DOOR 4X4 SUV
    Number of Cyl ...: 6

    VIN .............: JTEES42A982054163
    Ignition Key.....: 40546

    Factory Installed Accessories: FE EJ HD PB QR RF SR TO
    Port Installed Accessories ..: Z2

    Vehicle Base Model ....................: $ 34150.00
    Total Accessories .....................: $ 3678.00

    3.5L 270HP 24-Valve V6 Eng w/Dual VVT-i
    4-Wheel Drive /4- Whl Ind Suspension
    5-Spd Automatic Trans w/Sequential Shift
    Electronic Power Steering System
    4Whl Pwr Ast Vent Fr/Solid Rr Disc Brake
    Hill-Start Assist & Downhill Assist Ctrl
    19" 5-Spoke Alloy Wheels/245/55R19 Tires
    Star Safety System Includes:
    Enhanced Veh Stability Ctrl w/TRAC
    Anti-Lock Brakes w/Brake Assist & EBD
    Dr & Fr Pass Advanced Front Airbags/
    Driver Knee Airbag / Dr & Fr Pass Seat
    Mounted Side Airbags/3 Row Roll-Sensing
    Side Curtain Airbags/Dr&Fr Pass Active
    Headrests / Daytime Running Lights
    Direct Tire Pressure Monitoring System
    3-Pt Seat Belts - All Seating Positions
    2nd Row CRS Lower/Top Tether Anchors
    Color-Keyed Bumpers/Foldable Pwr Htd
    Mirr/Small Rr Spoiler/Chrome Dr Hdles
    Chrome Frame Slvr Paint Grille/RrLicense
    Garnish/Roof Rails/Blk Rr Step Bumper
    Fog Lamps/In-Glass Ant/Rr Privacy Glass
    Rear Glass Hatch/Auto on/off Headlamps
    Puddle Lamps / Fr Var & Rr Interm Wipers
    Fr Dual Zone Auto Climate Ctrl w/Air Fil
    Rr Back-up Camera w/Multi Info Display
    AM/FM/6-Disc In-Dash CD Chgr, Mini Plug
    Pwr Windows/Dr Locks/Cruise Crl/Homelink
    Smart Entry System / Conversation Mirror
    Tilt/Telesc Lthr Strg Whl, Audio/AC Ctrl
    Lthr Int, Pwr 10-way Frt Dr/4-way Pass,
    40/20/40 Splt 2nd Row Seat,w/Fold-Flat,
    Recline, Fore & Aft Slide Adj & Rt-Hand
    Walk-in Function + Center Stow Seat &
    Center Stow Console, Lthr 3rd Row Seat
    W/fold headrests / Fold Flat Into Floor
    1Touch Fold Flat 2nd Row Lvr/Tonneau Cvr
    Wood-Grain-Styld Int Trm/Auto Dim Mirror
    Retail Total
    Vehicle Base Model ..........................:$ 34150.00 $ 34150.00
    50 State Emissions .........................
    JBL AM/FM 6-Disc In Dash CD Changer with ... 630.00
    Hands-Free Phone Capability via Bluetooth ..
    Wireless Technology, Satellite Ready .......
    Capability, (Requires: Subcription to ......
    XM or Sirius, Antenna and Receiver), .......
    MP3/WMA Playback Capability and 9 ..........
    Speakers (including sub woofer) in 7 .......
    locations ..................................
    Multi-Stage Heated Front Seats ............. 440.00
    Power Rear Door ............................ 400.00
    Auto Rear Air Conditioning System .......... 585.00
    w/ Rear Vents for 2nd & 3Rd Row ............
    Color-Keyed Sport-Styled Rear Spoiler ...... 200.00
    with LED Stop Lamp .........................
    Power Tilt/Slide Moonroof w/Sunshade ....... 850.00
    Tow Prep Package includes: 5,000lbs ........ 220.00
    towing capacity, Heavy Duty Radiator .......
    w/Engine Oil Cooler, 200 watt fan ..........
    coupling, Transmission Oil Cooler w/ Water .
    Cooler,150 amp alternator, and Pre-Wire ....
    Harness ....................................
    Preferred Accessory Package ................ 353.00

    Total Accessories ...........................: $ 3678.00 $ 3678.00

    Total .......................................: $ 38513.00 Internet Price is $ 35,830.00
  • pcrispypcrispy Posts: 10
    For our area here is the deal:

    Lease a new 2008 Highlander for $299 a month for 36 months with $3,399 due at signing, which includes first month’s payment, $2,570 down payment, $0 security deposit and $550 acquisition fee. Does not include taxes, license, title fees, insurance and dealer charges. Closed-end lease. 08 Highlander sport and base gas models are eligible. Example based on model #6948 with FE CQ EH RL TO only. Gas limited models and all hybrid models are excluded. Manufacturer’s Suggested Retail Price including freight $28,750. Monthly payments of $299 total $10,764. Capitalized cost of $25,657 based on down payment and dealer participation, which may vary by dealer. Payment may vary depending on model, equipment choice, and final transaction price. Lease-end purchase option is $17,350. Customer responsible for maintenance, excess wear and tear and $0.15 per mile over 12,000 miles per year . To qualified Tier 1+ customers through Toyota Financial Services. Cannot be combined with any other offers. Subject to availability. See participating dealer for details. Offer ends 3/31/2008. Offer good in Illinois, Indiana, Minnesota, and Wisconsin.

    Even with Edmunds lease calculator I can't get the payment to come out to $299 based on the capitalized cost of $25,657 (including down payment) and assuming a money factor of .00148. I have to change the residual amount to nearly 58% to get it to work out.

    I am looking for a fully loaded (with tech & DVD) Sport AWD, so a killer lease is definitely welcome, even if I can't figure out the numbers. I called a dealer and they are working on a quote for me right now so we'll see how that comes back.
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