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Toyota Highlander Lease Questions

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  • starobinstarobin Posts: 6
    Hello everyone, does anyone know where can i get a sublease for highlander 2008? live in new york, thanks
  • I might possibly be interested, but I'm in GA. I get bored with cars quickly and have been feeling the new car burn a little lately. Got a 2008 HL Sport with only 8500 miles. I'm almost half way through my three year lease. Still a great car! Email me what you're thinking about. ;)
  • starobinstarobin Posts: 6
    hi, thanks, how do i contact you? thanks
  • rfm1237rfm1237 Posts: 2
    Car_Man,

    I am also looking for a Limited (loaded nav, dvd) 36m/12k. Any info on lease rates or residuals would be appreciated.

    Thanks!
  • paunchpaunch Posts: 7
    Car_Man,

    I too am in the market for a Highlander Hybrid and would like to know the current lease rates offered by Toyota. I see that there are lease deals being run now on a base Highlander Hybrid with an MSRP of $39,070. This SUV would lease out at $459+tax, 36 mon, 12K/year, $4,109 drive-off. Deal expires June 1st. Can you or anyone else tell me the residual and money factor used for this deal? I'm assuming there is some $$ off of MSRP and I'm not sure out of the $4,109 drive-off how much is cap reduction so it makes it difficult to guess the residual/money factor being offered. Just trying to work some other scenarios.

    Any help will be greatly appreciated.

    Regards
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tp21. Toyota's lease program varies by region. I need you to tell me what state you are in to give you an accurate idea of what its current program is like. For now I will post the Los Angeles region program for you, but keep in mind that A) this is the May program which is only scheduled to run through today...June 1st and B) Toyota's lease program varies significantly by region.

    Toyota Financial Services' Los Angeles region May buy rate lease money factor and residual value for a 36 month lease of a 2009 Highlander Limited 4WD with 12,000 miles per year are .00007 and 51%, respectively for consumers who qualify for its Tier 1+ credit tier.

    One thing that is important to be aware of when discussing TFS' lease program is that its residual value percentages are based upon vehicles' base MSRPs. It places restrictions upon what options can be residualized. This makes it very difficult for consumers to figure out what the dollar residual values for specific units should be.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi farrooq23. It would be easier for everyone to evaluate this deal if you provided us with this truck's full MSRP and its selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number it is difficult to tell how much of a dealer discount you are being given. Let us know what these numbers are and I'm sure that either myself or another knowledgeable community member will be happy to give you their opinion.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi starobin. Have you tried the sites that are out there like swapalease.com? That's where I would start looking. You might be able to find someone who is looking to have someone assume their lease on sites like craigslist as well.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings rfm1237. Toyota's lease program varies by region. I need you to tell me what state you are in to give you an accurate idea of what its current program is like. For now I will post the Los Angeles region program for you, but keep in mind that A) this is the May program which is only scheduled to run through today...June 1st and B) Toyota's lease program varies significantly by region.

    Toyota Financial Services' Los Angeles region May buy rate lease money factor and residual value for a 36 month lease of a 2009 Highlander Limited 4WD with 12,000 miles per year are .00007 and 51%, respectively for consumers who qualify for its Tier 1+ credit tier.

    One thing that is important to be aware of when discussing TFS' lease program is that its residual value percentages are based upon vehicles' base MSRPs. It places restrictions upon what options can be residualized. This makes it very difficult for consumers to figure out what the dollar residual values for specific units should be.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi paunch. Toyota Financial Services' lease program varies by region. As you mentioned, Toyota's incentives are only scheduled to run through today...June 1st. If you tell me what state you are in, I will gladly give you an idea of what the new program is like when I see it.

    Car_man
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  • paunchpaunch Posts: 7
    Thanks Car_man!! I'm located in Southern California. I called around to a couple of dealers before June 1st and got some interesting but varied data. Both dealers told me that the money factor was 1% or 0.00042. One dealer told me the residual was 47% and another dealer told me the residual was 53%. Both vehicles were base Highlander Hybrids with the PopularPlus/EVP2 option package putting the MSRP up to around $40K. The money factor differs significantly from what you reported for the SoCal region of 0.00007 or a money factor of around 0.17. Do you think the sales people just don't know, pulling a fast one or these numbers really vary within the same region for Toyota Financial (I can't imagine that this is the case). I know you said that the residuals vary with MSRP (just to make it even more complicated for consumers) but I can't imagine that they vary that much.

    In any case, I would greatly appreciate any help with leasing numbers for June. On a related but different topic, I read on another thread that someone got 0% and someone else got 2.9% financing from Toyota Financial. I called a dealer and they said the best they can get from Toyota Financial is 6.8%??? I can get way better than that from my Credit Union. It really makes trying to be an informed consumer very frustrating.
  • eardoceardoc Posts: 4
    Please comment on this deal -
    12K/36 months lease on Toyota Highlander Limited 4 WD 2010(no nav/no DVD)
    Sale price 35565
    MF0.00001
    Residual value 49-53%
    549/mo with 1200 OOP at inception
  • indecisionindecision Posts: 22
    How does this sound?

    12000 mi/36 mos
    2009 Highlander Sport
    0 down, 460 per month including taxes
    In NY
  • lsnhclsnhc Posts: 11
    $549 seems like a lot of money... My wife's 2006 4Runner Limited's lease expires at the end of the month (we've been paying $508/month incl tax - V8 w/nav)) and while I realize that neither the residuals nor the leasing options are nearly as attractive as they were 3 years, ago, I'd be hard pressed to spend $549 for a Highlander with a sticker substantially less than the 4Runner (and no nav). I think that the problem is that Toyota's deals right now pale in comparison with a number of the alternatives. We have loved our vehicle, but it looks like a new lease would be out of our range. We are exploring the option of extending the current lease for another year.
  • womblewomble Posts: 28
    hi car man, wonder if you can comment on the following offer in so cal for a 2009 highlander hybrid limited with nav, based on discounted price of $43,250 (sticker was mid $46,000)

    36 mths,
    12,000 miles,
    0 down/cap red,
    drive off of $1229
    monthly payment $682 + tax

    Based on residual of 50% but I don't have the money factor used to compute these numbers.

    It looks like a good deal to me. What are the drive off costs for toyota? acquisition fee and security deposit? Where can I find these? Thanks you!
  • paunchpaunch Posts: 7
    I'm in the market as well. I've been told that the money factor offered by Toyota Financial for this month is an extension of the deal they offered last month and it's 0.00042 or 1%. Using your numbers for MSRP, negotiated price, residual and using this MF, I get a monthly that is more like $583+tax so your number seems quite high. Also, you might check carsdirect.com. I plugged in a set of options on a Limited that puts the MSRP up at $45,785 and the price that they offer is $42,823. In my experience, when you get routed to a dealer internet department via this site, they will match that price. If you shop that price, often you can beat it so the opportunity to go even lower exists.

    Good luck.
  • womblewomble Posts: 28
    thanks, paunch. I've actually leased two other cars through carsdirect.com and had an amazing experience there. I went to the toyota dealership to drive the car but, of course, got the whole sales pitch and its easy to see how people make snap decisions when they just show you they've knocked thousands off sticker. Confused re basic drive off costs though. $800?
  • I have excellent credit and live in Texas. I like to change my car every 2-3 yrs, but drive a lot of miles. I was told that I should lease... I wanted to know if this is a good deal (offer from private lease company -- see below) or can someone tell me what deal I should expect for credit score of 785? I wasn't able to negotiate this down any further...

    New 2009 Highlander Limited FWD Lease Offer
    Options: Navi pkg (pkg #8), floor and cargo mats, mud guards, wheel locks, window tint
    MSRP: $38,488
    Purchase Price: $35,597
    Dealer Invoice: $35,347
    Lease for 48mos/60K (cuz of my driving habit)
    Money Factor: 6.84% (I think this is high)
    Residual Value of $11,670
    First payment of $728 ($728/mo lease)

    Note: I plugged in the numbers provided to me with Acq fee of $795, Doc fee $50, Title fee of $180, I didn't get the $728 pmt quoted by the lease agent (it was roughly $700).

    I keep on hearing that we shouldn't put money down on a lease. However, I can get a 2.99% balance transfer rate until paid off with my credit card with a maximum transfer fee of $100. Note: I have an excellent credit and pay my bill on time. Should I consider this option as a down payment (it looks like I will save on finance charge)? If so, how much should I put down.
  • wease944wease944 Posts: 17
    2009 Highlander limited...Extra value package...spoiler..wheel locks..mudguards and cargo net
    Msrp39,475.....Reduced to 36,000
    12k miles..36 months
    Rate.00001
    Residual 18015
    Total Init Pmt 3484.33
    Monthly Payment of $491.79
    Is this a good payment? I would love to have it in the mid 4's...
    Help......
  • Here is an interesting lease vs. buy article in the Money section of USA Today on Friday......

    http://www.usatoday.com/money/autos/2009-06-25-lease-buy-car_N.htm?loc=interstit- ialskip
  • AXM23AXM23 Posts: 64
    Does your sport come with any options or packages? Are you in NYC?
  • AXM23AXM23 Posts: 64
    Which dealer quoted you this deal? I am looking for the same vehicle (also in northern NJ) and am beginning to hate all Toyota dealers in the area....

    If you landed this deal in the mid 400s please let me know.

    Thanks
  • brentpbrentp Posts: 7
    Lease is up next month on a 2006 Highlander. I think the car is clean (few chips, scratches less than an inch, etc.) and will be under the allowed mileage. That said, this is my first lease and we will be turning it back in to Toyota - no replacement.

    Does Toyota publish what is considered "normal" for wear and tear?

    What are your experiences with returning a lease through TFS - are they reasonable? Just don't want to be surprised in a few weeks after the inspection to find they want big bucks. If it helps, we live in the New England area.

    Besides pre-return photos - any other tips for lease returns?

    Return to any Toyota dealer - or is there a benefit to returning it to the original dealer (80 miles away)? I have gotten different opinions on this.
  • a64marca64marc Posts: 21
    carman: wondering if you can tell me current m/f and resid. for

    current highlander ltd (fwd) 3 years 12k miles per year

    I had thought it was .0007 and the resid should be above 45% (but I have a jerky socal dealer telling me it's 38%) loaded with just the nav/mnrf pkg and msrp'ing at 37,779 what would be a decent sales price to you in So California?

    and rather than post a separate message could you also tell me what it is for the mazda cx-9 grand touring fwd same miles and years w/nav and mnrf as well

    big thanks
  • hooopshooops Posts: 64
    Car_man,

    Can you please provide the lease numbers on the Sport and Limited models on a 36month, 15k mi/yr lease. Do you know if there's any additional support?

    Thanks
  • gouclagoucla Posts: 27
    Car_Man,

    Could you please provide current mf and RV for Highlander Ltd AWD and Highlander Hybrid Ltd AWD, 36 month/12k. Also, please confirm if there are other incentives in addition to $1500 & $750 customer cash? Can these cash incentives be combined with the lease rates?

    Thanks,
    Brian
    San Fran, CA
  • Would like to know this too!
  • I am looking to lease right now and would also like to know the information posted by goucla. I live in northern NJ.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi brentp. On its Web site, Toyota Financial Services says the following about excess wear and tear on leased vehicles:

    "Excess wear and use may include the following:

    * Inoperative mechanical and electrical parts
    * Damage to the body, lights, trim or paint
    * Damaged, broken or tinted glass
    * Torn or damaged interior
    * Damage from flood, water, hail or sand
    * Tires with less than 3/32 inch of tread remaining
    * Missing equipment, parts, or accessories
    * Excess mileage
    * Excess wear and tear"

    Most manufacturers' captive finance companies are fairly reasonable when evaluating the condition of vehicles at lease-end. As long as you can find a dealer that is willing to take your car back from you, there really is not any advantage to returning your car to the dealership that you originally leased it from.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello a64marc. I have not seen Toyota's specific lease program for Southern California yet, but I suspect that Toyota Financial Services' buy rate lease money factor for the 2009 Highlander there is pretty close to zero.

    The 45% residual value that you mentioned is correct for a 36 month, 15,000 miles per year lease of an '09 Highlander Limited 2WD through TFS, however keep in mind that TFS calculates leases differently than other banks do. The residual value percentages that it publishes are for base vehicles. It places restrictions upon what options can be residualized, which essentially make the effective residual lower than its published percentage.

    Here's the info that you requested in the CX-9. Chase's (Mazda runs its special lease program through them) current buy rate lease money factor and residual value for a 36 month lease of a 2009 CX-9 Grand Touring FWD with 15,000 miles per year are .00081 and 45%, respectively. Unlike TFS, Chase does not place any restrictions upon the residualization of factory-installed options.

    Car_man
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