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Toyota Highlander Lease Questions



  • web2323web2323 Posts: 17
    Something seems goofy there. The Base AWD MSRP is $28,750 with no options. I didn't look far enough into what the options were.

    Basically, here is what I am going to offer tomorrow.

    Sport AWD with LA, SR, EJ, QC, TO, EH, FE with a trailer hitch and running boards attached. Absolutely, $0 down. Trading in a 2005 TB with 42,000 miles, we owe $10,300 on it. Trade-ins have been between $9,000 and $11,000. I am going to offer $445 a month 36 months/ 12,000 a year. My gut is that $460ish will probably be the deal I end up getting. (Their initial quote was $475 a month, before they adjusted the trade and we came up with $400 college grad credit for my wife (woo-hoo!!!)).

    Not sure if they will accept it, but if they do hurray. I'll be glad to get this thing done now that we've come full circle (started at Sequoia, looked at Passport, Yukon, Tahoe, Acadia, and Volvo XC90).
  • pcrispypcrispy Posts: 10
    My offer for a Sport AWD loaded with almost everything including Nav & DVD came in tonight at $550/month with $0 down. The MSRP is $39,800 with a residual of $19,712 and the tax, title, license is rolled in and included in the $550. I am now waiting to hear on an offer for my trade in and then I will evaluate what I am going to do.
  • web2323web2323 Posts: 17
    I just gave them a credit card to hold one for us.

    We're not getting the running boards or the trailer hitch, nor am I getting the $445 I had hoped for.

    We are getting it for $465.97 a month, nothing due at signing, 35 remaining payments.

    Not thrilled, but not too bummed out either.

    Good luck all!
  • bkanskybkansky Posts: 14
    Has anyone gotten a lease quote on the 08 Hybrid LE? My 05 lease is over and I was going to lease the new Murano LE with navigation but because the car is so new the lease money factor is very high. So I am seriously thinking about a 3-yr lease on the Hybrid LE with AWD and Navigation and Moonroof with 16-17 K per year. I always lease and never pay more than than the lease requires. I haven't seen any posts about leasing the new 08 Hybrid so if anyone has any info, I'd appreciate hearing from you. Are dealers negotiating on the 08 Hybrid?
  • mojo201mojo201 Posts: 5
    2008 HL Sport DEMO fully loaded NAV,TOW,HITCH,REMOTE START, has 3000 miles on it. MSRP is 41300 MY PRICE: 36,300 (could be off a little, I'm doing from memory). 36 month lease 12k mi. $507/mo $4000 down. trade in 36 month lease 15k mi. $523/mo $4000 down. trade in
    Would like some input deal or no deal....seemed to be in line with some of the calculators that I saw/used. All help is greatly appreciated...thanks!!!
  • The differences between yours and mine are: I have a 4x2 Sport, no power rear door, and I do have navigation. My "retail" price was around the same (maybe a little lower, no paperwork in front of me), my down payment for tag, tax, and GAP insurance was $750ish, and my total lease payment incl. tax is only $625. Take that for what it's worth. ;)

    Also, I've been reading on here lately of people paying $2500 to $5000 down on a lease. DON'T DO IT! You never want to pay more than tag, tax, title, and GAP down on a lease, unless you're going to definitely purchase it at the end. All this does is benefit them.
  • mojo201mojo201 Posts: 5
    Can one of the experts analyze my last post and advise if it's a good deal or not. I realize, I'm putting $4k down, that's my trade in. I am definiitely keeping the car after lease, but to get similar payments I'd have to put 11k down. All help appreciated ..thanks!!!
  • Too expensive to lease, especially on a demo (non-hybrid). You can find well-equipped Lmtd's less than that.

    I certainly would not lease 'that' demo. Even though you plan on buying it, many things could change and you'd essentially be out that $4k. I'd rather see you negotiate a little stronger on the price, put your $4k into it, and buy it, while hopefully qualifying for a low apr that TFS currently is offering on Sport and Base models in most regions.

    Where do you live (city, zip)? What's yout local tax rate (sales tax)?
  • mojo201mojo201 Posts: 5
    OCAUTOSEEKER, thanks for the response, they quoted 11k down to get a payment of $520 on a purchase...I didn'nt work those numbers. We're in PA, 17003, local tax rate is 6%. Any more help is greatly appreciated, I'm supposed to go to the dealership this evening...load me up!!!
  • If purchasing, their numbers look right in-line based on the selling price and given TFS's 4.9% financing for 60 months, you'd be right around $525/mo with $11k down. With only $4k down, you'd be right around $660/mo.

    As for the lease... you need to ask them how they arrived at your lease payments. How much to drive off? What are the 12k and 15k residual on the vehicle? Are they quoting you the buy rate money factor? Are they capping the acquisition fee into your lease? How much are the DMV fees? Is there a doc fee, how much?

    In your region, there are no special lease or finance terms on Lmtd models, so a loaded sport is a good alternative right now.

    Get me more info based on the above questions, and I'd be happy to be your second opinion.

    You can e-mail at for quicker contact.
  • mojo201mojo201 Posts: 5
    Also,,, any thoughts on purchase price of this demo, it's a fully loaded demo
    MSRP is 41300 (roughly)
    SELLING IS 36,300 (roughly, have the numbers at work)
    MILEAGE IS 3000

    I'm not sure what a "fair" price for this is being that it's a demo.
  • That's a decent price for that particular demo given that there's probably a spread of about $4500 between MSRP and dealer invoice. Net affect is that they're allowing you about 17 cents/mile for the deprectiation it's already taken and thus selling it to you/capping the cost at about $500 below invoice.

    Given it's an '08, I'd shoot for another $500 - $1000 off and then I'd say you've got a good deal.

    Another option: if you want to purchase and have excellent credit, you could stretch payments out to 72 or even 84 months. Again, just a suggestion. With excellent credit, you could probably get an approval for around 6.25% at a local credit union, which would put your payments more in-line with your lease quotes.

    So long as the loan has no pre-payment penalties, you can always pay the loan off early by simply adding principle to the payments. You would need to do a cost analysis as to how much you'd pay by financing 72 or 84 months outright, compared with a 36 mo lease, then refinancing for 24-60 months at lease-end.

    Benefit of long-term financing is lower payments, so if you were to get in a jam, you could make the minimum payments, but when your budget allows, simply make additional or increase your monthly payment allowance and pay the vehicle off quicker and save interest.

    Some things to think about...
  • Here is the deal I got from my local dealer. Let me know if this is at least ok :)

    08 HL, Sport, Loaded, leather, climate etc, but w/o dvd or navigation

    Here is the details I got:
    Price: $36,689
    Money factor: 0.00122 (this is for tier 1, which I should be able to squeeze in:))
    Residual: 19,460
    No money down
    36 mo / 12 K
    $560 + gap (I am not sure how much gap would be? ~$20?)

    Any comments are greatly appreciated!!! (going there tonight :-)
  • techdudetechdude Posts: 87
    I think 36,689 is a tad too high. What area do you live in? Using i configured a similar ride w/o navigation and rear entertainment for around 34k. Everything else in your deal looks satisfactory.
  • Need the MSRP to analyze your deal??

    MF & Res look accurate. Dealer cost on Gap should be ~$200. Don't pay anymore than about $300 for it, as they'll probably try to retail it to you for $600+. It'll probably add about $8 or $9 /mo. to your payments.
  • tino08tino08 Posts: 1
    Hey everyone!

    Ive been reading this board for a few days now, and trying to gather some information from several dealerships in New York (Westchester & Putnam)

    My parents are interested in a 2008 Highlander Limited w/ Nav and Rear Entertainment. I know that they are two RIDICULOUSLY expensive options, so they are ok with just having the Nav option.

    Anyway, does anyone know what lease payments might look like for this model - Tier 1 credit with the car being purchased off the lot? Down payment $0 - 1000 (not including tax, title, reg.), 36 months, 12,000mi/year.

    :confuse: Ive gotten estimates from 620 - 700ish! My parents want to stay around $550 it even possible?! :surprise:

    If I am missing any info, let me know.....Thanks so much!
  • web2323web2323 Posts: 17
    Santino -

    I think what you're going to find is that the Limited is substantially higher than the Base or Sport on a lease currently. Toyota is incentitizing the money factor on the Base and Sport models.

    The payments you threw out are probably about right for a Limited right now. You can probably knock close to $100 off by loading up a sport model.

    Good luck!
  • web2323web2323 Posts: 17
    Fandorin -

    I got almost the exact same car for $465 a month. $0 out of pocket. 36 month / 36,000 mile lease. I have 35 payments left (they made the first one for me).

    I did negotiate for about $600 in equity in my trade, which was about $1,000 more than any other dealer was giving me. We also qualified for the $400 college graduate program thanks to my wife. Other then that, I didn't give them a cent.

    2008 HL, Sport, FE, EH, HJ, LA, PN, QC, QR, SR, TO, CT, GN, MF, 3T.

    MSRP was $37,012

    Gap insurance would add $7 to my payment and I passed on it.

    I can scan and email you my pricing info if you need leverage with your dealer. My dealer was at invoice less 1%.

    Let me know.

    Good Luck!
  • Karen@EdmundsKaren@Edmunds Posts: 5,024
    A reporter hopes to speak with consumers who want to buy hybrid SUVs that are having a hard time finding them at dealerships and/or are frustrated by dealers marking up the prices on the hybrids. If you are a consumer looking to purchase a hybrid SUV, please respond to with your daytime contact information no later than Tuesday, March 25, 2008.

    Karen-Edmunds Community Manager

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