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Toyota Highlander Lease Questions

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  • Greetings acacia379. Toyota is not currently providing any lease support on the new 2008 Highlander. As a result, if you were to lease one through Toyota Financial Services, you would have to use its standard lease program. I haven't seen its standard lease money factor for your specific area recently, but I suspect that it is currently around .00250 to .00275 for consumers who qualify for its Tier 1+ credit tier. TFS' current 36 month, 15,000 mile per year residual value for an '08 Highlander Limited AWD is 58%. Keep in mind though that TFS only publishes residual value percentages for base vehicles. It places restrictions upon which options can be residualized, making it difficult to calculate actual dollar residual values for specific vehicles.

    Car_man
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  • Hello jim53. Toyota is not currently providing any lease support on the new 2008 Highlander. As a result, if you were to lease one through Toyota Financial Services, you would have to use its standard lease program. I haven't seen its standard lease money factor for your specific area recently, but I suspect that it is currently around .00250 to .00275 for consumers who qualify for its Tier 1+ credit tier. TFS' current 36 month, 12,000 mile per year residual value for an '08 Highlander Sport AWD is 60%. Keep in mind though that TFS only publishes residual value percentages for base vehicles. It places restrictions upon which options can be residualized, making it difficult to calculate actual dollar residual values for specific vehicles.

    Sixty months is way too long to lease any vehicle for. Not only will your truck's basic warranty have expires by the end of your lease, forcing you to pay to fix any non-powertrain problems that your vehicle has out of your own pocket or possibly have to pay an excess wear and tear penalty, but a lot can happen over the course of five years. Your commute for work could change causing you to go way over your mileage limit or waste miles that you have paid for, gas prices could skyrocket causing you to want a more fuel efficient vehicle, you could just plain become board with your vehicle, etc. I always advise consumers to stick to 36 to 39 month leases, 48 months at the longest.

    Car_man
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  • I just got a money factor of 2.14 on a 48 month lease, 42% residual on a 2008 Highlinder--I don't have a good frame of referrence, can you help? Thanks

    Regards, dessland13
  • svofan2svofan2 Posts: 440
    any news on lease numbers in the Northeast?....residual,money factors etc?....any news on Toyota providing any subsidies for the Highlanders?..
    Thanks anyone..
  • I am planning to lease a 08 HL Limited with Nav and DVD. Can someone help me out. Prices are all over the place.

    Anyone from Iowa who got a good deal? One dealer asked for $5000 down (included tax,title, etc) with $590/M. It was Limited, DVD, Nav, Moon Roof, i.e. fully loaded. I backed off as it appeared too high to me.

    As there is no lease offers on 08 from Toyota, what is the best way to calculate the right price?

    Thanx.
  • lolyloly Posts: 1
    I am in a similar situation of suvgal, in 2006 got into a 5 yr (ludicrist now I realize) lease for a 4cyl Hylander, payments are $425, it has 20,000 miles on it, and we did buy the 14,000 mile per year option just in case, now we realize the mistake we made and would like to get rid of this lease but don't know how to do it or if it would be a crazy thing to do, first I did check with the bank and the pay off figure is $25,136., also checked the value here in the edmond website and is aprx $18,000, don't know what to do, don't want this car any longer, and do feel we were taken by this dealership. Not a very happy camper AT ALL !!! :mad: :sick: :cry:
  • alkricalkric Posts: 9
    I want to lease HL 2008 Limited. The price for Limited is $34.100. The question is why should I buy additionally package a ($3000) or package B ($6000)? Why Toyota can’t lease HL 2008 Limited for 34.100?

    Thanks
  • Hi dessland13. So you mean a money factor of .00214? If so, that is a very attractive rate. It is lower than any of the money factors that I have seen mentioned for the 2008 Highlander lately.

    Car_man
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  • Hello svofan2. Are you in the New York area? If so, you're in luck because Toyota is providing lease support on the 2008 Highlander in your area. Its current buy rate special lease money factor there for consumers who qualify for its top credit tier is .00259.

    Car_man
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  • Hello iowabuyer. $590 per month with $5,000 is crazy for a 2008 Toyota Highlander. Sure the redesigned version is a nice truck, but we're not talking about a BMW, Mercedes-Benz, or a Lexus here. Yikes.

    The best way to get a good deal on the Highlander that you are interested in is to negotiate as low a selling price as possible and then have the dealer that gives you that price calculate your monthly payment using its buy rate lease money factor. Try stopping by the .eea7277 discussion to see how much other community members have paid for similar trucks, price-wise.

    After you arrive at a selling price that you are comfortable with, have the dealer calculate your monthly payment using Toyota Financial Services' buy rate lease money factor. Its lease program varies by region, but I do not believe that Toyota is currently providing any lease support on the '08 Highlander in your neck of the woods. If this is the case and you were to lease one through TFS, you would have to use its standard lease program. Its buy rate standard lease money factor is probably around .00285 or so for consumers who qualify for its top credit tier.

    Car_man
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  • Hi loly. I am sorry to hear that you are stuck in a long lease that you want to get out of. Unfortunately, if it will cost significantly more to purchase your Highlander than it is currently worth on the open market then it is going to be very expensive for you to get out of your lease at this time. Your least expensive option is to wait until you are closer to the scheduled end of your current lease to get something new and chalk it up as a learning experience so that you go with a shorter lease next time around. Sorry that I don't have better news for you.

    Car_man
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  • Hi alkric. Are you saying that you can't find any dealers that have Highlander Limited models in stock that are not equipped with package A or package B? If the majority of the Highlanders that are out there have one of these options packages, that much just be the way that Toyota is currently building most Highlanders right now. Try stopping by the main Toyota Highlander discussion to see if any of the community members who hang out there have seen a Highlander Limited without either of these packages: "2008 Toyota Highlander".

    Car_man
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  • Car_man, would appreciate likely TFS money factor for a car I've ordered that is due soon: 2008 HH Limited with Nav and sunroof, MSRP=44790. Dealer sent me a copy of the vehicle detail info which indicates the residual @ 48 months to be 19,027 (low mileage rate, 12K miles/year). I live in Southern California.
  • alkricalkric Posts: 9
    Thanks, Car_man

    Alek
  • I'm looking at a 2008 Sport 4x2 w/Leather and a handful of options (JBL, Moonroof, Homelink, etc) in NC.

    The MSRP comes to $34,233. The invoice is around $30,405 (according to Edmunds).

    Credit is good, so I expect a money factor around .0023 or so.

    What seems so variable is the residual value. LeaseGuide.com gives an estimate of 60% for 36 months, 12k miles. Several posts I have seen here show it in the low 40%s.

    Can any one explain such a disparity in residual values? It accounts for about a $160 difference in monthly price from my calculations.

    Thanks!
  • apaoneapaone Posts: 18
    Looking for a 3 year lease on a 08 Limited. MSRP is looking around $39,800. I am trying to determine the lease price and would like to know what I should be using for a money factor and residual value percentage? Excellent credit, so I was thinking money factor should be about 0.00259. Is a residual of 58% too high? How much over invoice are people negotiating Limited to now? $500 - $1000?

    Located in Massachusetts.

    Thanks.
  • I have 3 or so months left on my current car lease and want to get into a new 2008 Highlander lease. Any guesses or predications on when the best lease rates will be between now and February? Does Toyota ever offer lease support for 2008 Highlanders in Ohio? Will the new Highlander sell too well to get any end-of-calendar year incentives from Toyota?

    I got a selling price and payment quote from a dealer that was attractive even though they were rolling in my remaining lease payments. Of course, unless some special incentive is going on now, I'd rather wait and not roll in the remaining payments...

    Thanks!
  • drlonline1, i'm in the market for a very similar car in so.cal. and a broker i work with gave me some sobering number. tfs residualizes these suvs at 55% max and a money factor of .0275 or 6.6% USbank has great money factor of 4.8% but horrible residual of 45% with those numbers and just drive off of 1200.00 payment is over 840.00 incl. tax. Way too high. my land rover LR3 is costing me 20$ less a month over a two year lease. I"m seriously considering an Acura MDX eventhough i really like the HHLimited
  • I'm considering taking over the lease described below. The car has 27k miles. Can you help me figure out if this is a good deal? If not, what would that $2000 number have to be to make it good? Am I better off just buying it outright at $31.5k? Features: A/C: Front, Navigation System, Power Locks, Power Steering, Remote Keyless Entry, Leather Interior, Power Seats, Alarm, CD Changer, CD Player, Power Windows, Rear Window Defroster, Rear Window Wiper, Tinted Glass, Alloy Wheels, Sunroof/Moonroof, Third Row Seats
    Selling Points: Limited edition loaded with NICE interior - GPS Navigation system - Heated leather seats - nice dash - moon roof -comfortable drive Hybrid engine - big hatch fits/carries oversized load, etc. third row rumble seat car Car currently under Toyota lease - will sell outright or transfer lease at payment of $550 per month (includes maintenance contract) and runs through May 2009 w/ buyout at $23,581 - we will pay $2,000 to buyer on lease transfer option - lease would transfer through Toyota directly - all warrantees transfer, etc. Warranty: Comes with 3yr, 36K mile warranty on all; 5yr, 60K mile for motor & transmission; 8yr & 100K mile for hybrid parts - buyer has option to upgrade warranty through dealer This car was one of 2 exact same leased for business - our partner must relocate off mainland US & couldn't take car - we LOVE this model and keeping the other
    Condition: This is a limited edition so loaded with NICE interior - GPS Navigation system - Heated leather seats - nice dash - moon roof -comfortable drive Hybrid engine - big hatch fits/carries oversized load, etc. third row rumble seat car
  • apaoneapaone Posts: 18
    I won't speak for the $31.5k price, but will speak towards the lease assuming that is a fair value (although, a one year old car with 27,000 miles should give you pause. You are 9k miles away from the full warranty expiring. Also, make sure you aren't paying for any miles over 36k or 45k with the lease).

    I wouldn't do the lease on those terms. Essentially, it is an 18 month lease. 75% residual value. $2,000 up front payment. Assuming, taxes are all rolled in or zero, the interest rate in that lease is 10%.

    Not sure what your credit is, but Toyota has been using roughly a 6.22% interest rate for leases for top tier credit on new vehicles. If you want to treat this like a new car lease and use that rate, the amount you should pay up front would be about $550 in order for the monthly lease payments of $550 per month to make sense. Of course, interest rates for used cars are typically higher than new cars, so you should factor that in.

    http://auto-loan.interest.com/content/calculators/lease.asp
  • savopsavop Posts: 2
    Hi

    Looking to lease a Highlander Sport in NJ.
    Can you tell the money factor and residual for a 36- 39 month with 15k

    thank you
  • mlevinemlevine Posts: 205
    I would appreciate the residual value and money factor for a Base highlander for 24 and 36 months and 12,000 miles per year.
  • Greetings CarMan,

    I am in the process of leasing, from Gulf States Toyota, a 2008 Highlander LTD 2WD. Options are JBL with bluetooth, running boards and side moldings. Nothing else. This is an H-Plan deal with the following stats:

    Gross Cap Cost: 35,500
    Adj Capt Cost: 37,900
    Money Factor: .00200
    Annual Mileage: 18,000
    Length of Lease: 36 mos
    L.E.V.: 49.5%

    As "Howie" says, Deal or No Deal??

    Thanks!
  • Anybody able to answer Post #177?
  • apaoneapaone Posts: 18
    Hard to tell without the MSRP. What is it?

    On the surface, the money factor (comes out to a rate of 4.8%, which is what Toyota Financial is offering on loans to tier 1 credit) and residual values look pretty good. But, $35,500 seems a tad rich for a Ltd 2x4 with a couple options (although, I may be wrong here. What is invoice price on this vehicle?).

    Anyhow, here is a calculator you may want to play around with:

    http://www.leaseguide.com/calc.htm
  • MSRP is $38,650.
  • apaoneapaone Posts: 18
    How do you get to an MSRP of $38,650 for a Ltd 2x4 with running boards, side moldings, and JBL w/ bluetooth as the only options? MSRP should be about $35k for that.
  • Add Pwr Rear Door, CFC free rear auto digital climate control, floor mats. Apologies, I did not put this in the original posting.
  • Are you sure that money factor and residual are from Toyota Financial Services, or did they quote you from an outside bank? Unless TFS changed their rate on the Higlander Limited mid-month, buy rate is .00275.
  • At that list price, it most-likely has nav too, yes?
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