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Toyota Highlander Lease Questions

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  • 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: 38,518
    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: 38,518
    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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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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. :)
This discussion has been closed.