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Toyota Highlander Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey hooops. Toyota's lease program varies by region. You never mentioned what state you are in, so for now I will throw a dart at a map and assume that you live in the...New York region. Let me know if you live elsewhere.

    Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Toyota Highlander Sport 4WD with 15,000 miles per year in that area are an amazingly low .00001 and 47%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier. The numbers for the Limited 4WD model are exactly the same.

    Toyota is providing cash incentives on the '09 Highlander, but they are not compatible with its special lease program.

    Car_man
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  • Is that the same on the highlander hybrid limited?
    thanks!
  • I just ended a painful session attempting to lease this car in Plano, TX. This Limited came with the extra value package #8, car mats, body side moulding, vehicle shield package and a destination charge of $855. MSRP - $38,028. Edmunds shows invoice amount for this car with $800 destination charge as $33,918 ($29,762 + 2,952 + 180 + 125 + 99 + 800). I offered $34,250 and they countered with (purchase price negotiations started after lease negotiations) $36,950. I shared all my Internet-obtained information with the sales manager and increased my offer to $34,800, and he countered with a best and last offer of $$36,900. The best offers I could get for a lease were the following based, according to the sales manager, on a residual of $13,417 and money factor of 0.00285 (6.84%): 48 months - 598/month, 12K miles, 2,500 "down pymt" plus pre-pmt of last month's rent and pmt of license and registration fees; 60 months - 560/month, 12K miles, 2,500 "down payment" plus pre-pmt of last month's rent and pmt of license and reg fees). Using the sales manager's residual and money factor amounts, I calculated and offered to lease this car as follows:

    33,070 - 13,417 = 19,653 divided by 48 = $409.44
    33,070 + 13,417 = 46,487 times 0.00285 = $132.49
    409.44 + 132.49 = 541.93 times 6.25% (sales tax in TX) = $33.87
    Monthly pmt = $575.80, no "down payment" but pre-pmt of first month's rent and pmt of license and reg fees with 12K miles

    I also offered $542 per month for 36 month lease with same terms as above but using residual of 47% and money factor of .0001 calculated as follows:

    33,070 - 15,542 + 17,527 divided by 36 = $486.86
    33,070 + 15,542 = 46,487 times 0.0001 = $4.86
    486.86 + 4.86 = 491.72 times 6.25% = $30.73

    Excuse for the foregoing terms ran the gamut for low inventory due to cash for clunkers, Toyota going low with residual amounts given the economy and prior experience with cars coming back off of lease, and a desire to make "just a little bit of profit".

    Was my experience atypical of what others are experiencing or have experienced? Also, were my offers out of line and/or unrealistic? Any guidance will be much appreciated.
  • Can anyone confirm the current '09 Highlander lease available in NY please? I believe it is .00001 money factor w/ 47% residual for 36 months 12k or 15k miles. Thanks.
  • Car_man,

    What are the 24 and 36 month lease numbers on a Highlander Sport and Limited models with 4WD. I'll need 15000 miles a year on the lease.

    Thank you
  • benneybbenneyb Posts: 13
    Car_Man,

    I'd like this information as well, if available.
  • I've leased my share of cars and have never seen such a low residual. It is too low to make a reasonable deal. May be better to get a good internet price, take the 2.9% financing and just buy the thing. The Venza with a residual of over 60% and a .00265 money facor is a much better deal now.
  • I live in Southern California and am negotiating with a few dealerships on a 2010 Highlander Sport w/ Navigation and Leather, 36 months @ 15k miles/year.

    The MSRP for the particular model is $36,689, one dealer quoted my price @ $34,290. Current Money Factor here is .002% & the residual for this model is $18,828.00 (51%). Payment is $572.75/mo (incl. 8.75% tax) with zero ($0) down and $1,151.00 drive off (1st mo. / tax / tags).

    My question is: Do you think the dealer can get any more aggressive than $34,290? or is this as good as it's going to get? and, the drive-off @ $1,151 seems high, what are your thoughts?

    Thanks for your help!
  • Hi benneyb. Toyota's lease program varies depending upon which one of its myriad of regions you are in. It would be easier for me to give you an idea of what this truck's current money factor is like if I knew what state you are in.

    Toyota Financial Services' residual values are national (other than the Southeast) so I can give you an idea of what those are like. Toyota Financial Services' current residual value for a 36 month lease of a 2010 Highlander Sport or Limited 4WD with 15,000 miles per year is 57%.

    The problem is that Toyota's published residual values are for base vehicles. It places restrictions upon what options can be residualized that make it difficult to calculate the actual dollar residual values for specific units, so much so that it provides dealers with a list of the actual dollar residuals for the units that they have in stock.

    Car_man
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  • Hi Car Man,

    Do you have the updated residual values and money factors for 2010 Toyota Highlander Sport? Also, I'm not sure if you could lend your opinion on post #405, but I'm hoping that I'm getting a fair deal from the dealerships.

    Thanks for your time. :)
  • Hi emitch13. While Toyota Financial Services' residual values are national, its lease money factors vary depending upon which one of its twelve regions one is in. Toyota's special money factors for the '10 Highlander Sport are currently anywhere from .00060 to .00175. If you let me know what state you are in I should be able to tell you what this truck's exact money factor is like in your area.

    TFS' current 36-month, 15,000 mile per year residual value for the 2010 Highlander Sport 4WD is 57%. The problem with using this percentage is that it is for this truck's base MSRP. TFS places restrictions upon what options can be residualized making it difficult for consumers to calculate accurate lease payments on their own.

    Car_man
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  • I'm trying to identify whether I would get a better deal on lease terms, conditions, rebates and financing in WA/OR or IL. We are relocating to the Chicago area and currently have houses in both locations. Since the money factors are based on regions I was hoping someone could tell me which area has better deals right now. I'm looking at the 2010 Highlander Limited or the 2010 Highlander Sport with Limited-like options added on.
  • Carman,

    Can you post the 2010 Highlander Limited AWD lease rates.

    thanks
  • carman,
    i live in ny i got a offer for 2010 Highlander Limited 12000 miles with Rear-seat DVD entertainment system for 475 before tax is it a good deal?
  • How do you know if you are getting a good lease deal? I am from CT. Also, if the options and accessories are not included in the residual value od the vehicle, then how can one know that the residual value is accurate. I am currently looking into buying a 2010 Highlander and doing my first lease. Thank you for your response. Jerry.
  • Hi carnut12. Toyota's lease program varies depending upon which one of its many regions one is in. I would be happy to try to give you an idea of what this truck's current program is like if you tell me what state you are in.

    Car_man
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  • Hi halevi. The easiest way for me to evaluate this deal is to take a look at what this truck's selling price is in relation to its full MSRP. The selling prices of leased vehicles are negotiable just as if you were paying cash for or financing them. Let me know what these numbers are and I'll gladly tell you what I think.

    Car_man
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  • Hi Jerry. The easiest way for me to evaluate a lease is to take a look at what a vehicle's selling price is in relation to its full MSRP. The selling prices of leased vehicles are negotiable just as if you were paying cash for or financing them. Let me know what these numbers are for the vehicle that you are considering and I'll gladly tell you what I think.

    It is very difficult for individual consumers to calculate the actual dollar residual values for specific vehicles. Toyota dealers usually don't make mistakes in calculating them though because TFS provides dealers with a list of the dollar-based residuals for every single unit that they have in stock.

    Car_man
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  • I am in PA

    thanks
  • Car_Man - I was looking to lease a basic highlander, 6 cylinder, AWD, w/ leather upgrade. This was my offer - 0 down, $441 a month..I was told the MSRP was $30,730 plus $1,200 for the leather. This is in Central Jersey. Any input would be helpful.
    Thanks.
  • Thanks for the additional information, carnut12. I believe that Pennsylvania resides in Toyota's Central Atlantic region. Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 Highlander Limited AWD with 15,000 miles per year in that region are .00146 and 57%, respectively.

    Keep in mind that Toyota places restrictions upon what options can be residualized, making it difficult for individual consumers to calculate lease payments on their own.

    Car_man
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  • Hi hammer13. I personally find that the easiest way to get a good deal on a leased vehicle is to negotiate as low a selling price as possible on the model that you want and then have the dealer calculate its monthly payment using its buy rate lease money factor.

    If I was in the market for a 2010 Highlander in your area right now, I personally would shoot for a selling price of around $500 over dealer invoice, give or take. You can look up this truck's exact invoice price over in the New Vehicle Pricing section of this site.

    Toyota's New York region buy rate lease money factor is for the '10 Highlander is currently .00060 for consumers who qualify for its top aka Tier 1+ credit tier.

    Car_man
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  • ilionilion Posts: 1
    Hi,

    Thanks for your time on this board. We are looking for the money factor and residual for a base 4 cyl 2010 Highlander in Los Angeles. And with those numbers I assume we can plug into the calculator on Edmund's and get a pretty good idea of our payment? With the selling price in hand, of course. Thank you.

    -scpax
  • cpamancpaman Posts: 42
    Carman,

    You helped me get my Hyundai Genesis and i'm hoping you can help me get my wife's new car, i'm looking at a few models, can you let me know if there are any lease programs available and if so what are the MF, Residuals, and any incentive for the following cars

    1. 2010 Toyota Highlander - Base model 4WD
    2. 2010 Dodge Journey - SXT AWD
    3. 2010 GMC Terrain - SLE2 AWD
    4. 2009 Kia Borrego - LX AWD

    Thanks again for your assistance

    CPAMAN
  • Hi,

    I was wondering if anyone could provide me with the money factor and residual for the above vehicle in WI or IL. I am close to both states.

    Also, would you suggest, play hardball and try to buy/lease by year end or wait until next year?

    Lastly, with IL cost of living being higher than WI, does it make sense to try to work out a deal with an IL dealership or WI?

    Any thoughts would be appreciated! Thanks.

    John
  • I am looking to do 15K miles a year. Thanks.

    John
  • HI Car Man,
    Thanks for the response. The sticker price is $36,128. I am getting the car for $33,900. I plan on leasing with a lease factor of .00060 for 36 months at 12K per year. I just noticed on the invoice that the TDA is $500.00, Dealer holdback is $630.00 and The whsl financial reserve is $315.00. Should I be paying these fees? please respond asap. TY.
  • Does anyone know what the money factor on the highlander is for the California region?
    I think the residual is 57%, but I am still a bit unclear as to how toyota calculates the base residual, and what they residualize.
    I'm looking to get into a 2wd limited. (not hybrid)

    Thanks!
  • edanbledanbl Posts: 1
    Hi Everybody,

    This is my first post....ever....on anything. Can anyone recommend a good and honest Toyota dealer in either Orange County or near Beverly Hills? I have been to several dealers and even with great credit, it seems that the deals that everyone else is getting are nothing like what I am being offered. Any advice or suggestions would be greatly appreciated.
  • shpuntshpunt Posts: 7
    Car_man,
    do you know if lease money factor remained the same 0.00060 for NY region in January?
    One of the dealerships near me is running an early lease termination program with $3500 allowance for existing leases. This amount would get me out of my current lease expiring in August and put me in a brand new Highlander still in time for skiing trips.
    Do you have any tips on how to handle these types of promotions? Anything to watch out for?
    Hard to believe it is that straight forward.
    Thanks in advance.
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