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2013 and earlier Toyota RAV4 Lease Questions

CarMan@EdmundsCarMan@Edmunds Posts: 38,515
edited July 11 in Toyota
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota RAV4. Thanks.

Car_man
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  • Car_Man: thinking about leasing a 2005 RAV4 before the 2006s come out and hoping that Toyota may be providing some lease support on it.

    We are thinking about 24, 30, or 36 months with 10,000 or 12,000 miles. Do you have info on the money factors and residuals?

    Thanks in advance!
  • Actually -- I'm comparison shopping b/w the RAV4 and the '05 or '06 Chevrolet Equinox, so I'd love to get the numbers for both as I continue to shop.

    I couldn't fine a Equinox Leasing forum (and I imagine many RAV4 shoppers may be interested in both cars anyway), so I hope you don't mind me asking both questions here.

    Thanks again!

    :shades:
  • Hi jacknyc. Unfortunately, Toyota is not currently providing much in the way of lease support on the 2005 RAV4. Manufacturers generally tend to shy away from providing lease support on vehicles towards the end of the model year because it just becomes too expensive for them to provide attractive leases on vehicles when their residual values have dropped so low. Toyota's lease program varies depending upon which one of its twelve regions one is in. The only area that I have heard Toyota has lease support on the '05 RAV4 right now is in its Kansas City region. If you let me know what state you are located in, I should be able to give you an idea of what its program for this truck is currently like in your area.

    As far as the Chevrolet Equinox goes, General Motors is no longer leasing the 2005 model. if you were to lease an '06 Equinox AWD through GMAC right now for 24 months with 12,000 miles per year, its current base lease rate and residual value should be 5.4% and 67%, respectively. The lease rates for otherwise identical 30 and 36 month leases of this truck would be the same, but their 12,000 miles per year residual values should be 61% and 59%, respectively. As you can see, GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert its lease rates into approximate money factor equivalents by dividing them by 2400.

    Car_man
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  • Car_Man

    Thank you for your lengthy reply.

    I am in New York City (hence my screenname) -- so any info on 24,30, and 36 month leases on the RAV4 with 12,000 miles would be great.

    I assume (since the car isn't out yet) that Toyota hasn't provided any info for the 2006 RAV4.

    Let me know whenever you have a minute.

    Best,

    Jack
  • You're very welcome Jack. I should have guessed that you are in New York, by your username jacknyc :) . Toyota just introduced its new November lease program yesterday. I know that it is not currently providing any sort of lease support on the 2005 RAV4 in your area. That means that is you were to lease one through Toyota Financial Services, you would have to use its standard lease program. TFS' current buy rate standard lease money factor for consumers who qualify for its Tier 1+ credit tier is currently .00255 for any length lease. This is the most important number to know, other than your vehicle's selling price, when leasing. I have not seen the new residual value for this truck yet, but should have an idea of what it is like in a few days. If you want to know what it is, stop back later on this week and post a reminder for me. I will let you know what I have been able to find out for you.

    Car_man
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  • I would be interested in this as well. I am in Maryland. Thanks!!
  • Hi Carman ! I'm looking to lease a small 2005 SUV, thinking I'll get a better rate than on a 2006, based on rebates. I'm driving a 2001 Escape right now and love it, but need to get rid of it before it's too old. My choices so far are Rav4, Tribute, Escape and Tuscon. I'd like a website to figure out the residual value on these. Can you help me ?

    THANK YOU !

    Missy
  • Hi govblue. I don't believe that Toyota is currently providing any sort of lease support on the 2005 RAV4 in your area either. As a result, if you were to lease one through Toyota Financial Services right now, you would have to use its buy rate standard lease money factor of .00255, assuming that you qualify for its Tier 1+ credit tier.

    Car_man
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  • Hi Missy. Let's compare the lease programs that are currently available on the trucks that you are interested in. Actually, now that I think about it there really isn't any need to. All of the manufacturers that you mentioned have canceled their special lease programs on 2005 models. Most automakers stop providing lease support on leftover models late in the model year because their residual values have fallen to the point that they become too expensive to support. If you want to lease one of these trucks, you would be much better off going with a 2006 model. Let me know if you would like me to give you information on the current lease programs of the '06 versions of these trucks.

    Car_man
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  • I'm looking to lease an '06 RAV 4 (4X4, Limited, Leather/Moonroof option, remote start & alarm - MSRP 29K, 36 mos with limited or no down payment). Any ideas what people are paying in the MA or RI area?

    So far I have a quote about 2,200 under MSRP but wasn't sure if there are any lease deals out there.
  • lama88lama88 Posts: 6
    I am on Long Island and am also looking to lease the same
    Toyota RAV4 as nedriver. Does anyone have an idea if there are any lease deals or what people are paying?
  • I don't have a lot of experience leasing but I've read a lot about it so when my wife bought her Rav4 on Saturday she decided to lease. I've been going over & over the figures and am still not sure how good of a deal we got. Can anyone help? Here's the breakdown:

    Traded a '04 Accord with 15K miles. She owed about $9K. They gave her $15K for the trade so she netted a total of about $6K.

    She got an '06 Rav4 Sport, with a ton of upgrades including remote start, upgraded tires, etc. (upgrade package was around $1600) so the car sticker price was just about $26K. She's paying $270 a month for 48 months with no money down. That included TT&L, free oil changes for as long as she has the car, and all repairs and maintenance is free.

    So, the math works out to:

    Trade: $6K
    Payments for 4 years: $12960
    Total: $18960

    Residual is about $12,800

    Now for my questions:

    Is that a good deal?

    The salesman, sales manager and finance guy all said she'd always have equity in the car since she had so much positive money to move into the Rav4. Can someone explain? If she keeps it for 4 years the way I've understood leases was when the term is up you trade it in and you lease or buy another car and you're back at even. So is what they said true? Or does she need to trade early to make on it?
  • Hi!!

    I live in Redlands, Ca. area, Pls. let me know about any '06 Rav4 lease programs in my area. If there isn't any lease progams for the Rav4,which other suv would you suggest that would be close in pricing.

    Thank you,
    Cindy14
  • Car Man,

    What information can you give me about a lease on the RAV4. The residual is something that is already determined, isn't it?

    I'm looking at 24 or 36 months at 15K/year.

    Any ideas on toyota's money factor?

    This would be the first vehicle we've ever leased. Even though we've looked for a long time there doesn't appear to be a "perfect" car for my wife. This is, however, the best we've found. Since neither of us is sure (and we need to do something soon) I thought we might hedge our bet by leasing to see if it's right.

    Thanks.
  • jimd4jimd4 Posts: 877
    Just remember, if you lease for 3 years, you cannot get rid of the car before then. So if after a year or so you don't like it you pay all the payments till the end of the lease even if you park it.

    Leasing is for lower payments for more car, not flexibility
  • These are my numbers:
    RAV4 v6 4AWD
    Sticker 27400, selling for 25670
    residual 65%, 0 down, 36 month, 15K -- $430.

    Is this a good deal?
  • jimd4jimd4 Posts: 877
    Well the residual is good and the sell price is pretty good.
  • Those are good numbers! What is the money factor and acq fee for the Rav4?

    RWS
  • Hi, I just want to thanks everyone for the discussions and the help you have provided in this, my first lease... i did a lot of research here at edmunds. I use the forums, the site to research the vehicle and all the financial calculators. I did also follow the advice posted in some of the blogs in terms of the negotiation.
    I got a selling price of 20800 (the Edmunds invoice price is 21300) on the 2006 RAV4 Base 4WD 4cyl MSRP 22800. the price on the lease has a VR of 14600 and i will make 36 payments of U$ 310. I only pay 500 dollars at the time of signing. Everything else was rolled into the lease. This deal was obtained in Prestige Toyota, NJ (although taxes are at 8.375 % since I live in NY).
    It was a very scary experience entering a completely different world.. but only the guidance that i obtained here allowed me to understand how the system works. That knowledge and the use of internet, i think were key aspects to get a good deal. I think i got a good deal, you probably guys are going to tell me better...

    Gus :)
  • jimd4jimd4 Posts: 877
    Hello, what state are you in? Did your $430 pmt include tax?
  • Hi cindy14. I don't believe that Toyota is currently providing any sort of lease support on the RAV4 in your area right now. As a result, if you were to lease one through Toyota Financial Services, you would have to use its standard lease program. The last time that I saw it, TFS' buy rate standard lease money factor for consumers who qualified for its Tier 1+ credit tier was .00265. If you want an SUV that has a better lease program available on it, you can always take a look at the Toyota Highlander or Honda Pilot.

    Car_man
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  • Yes, drohrer, Toyota has already published residual values for the all new RAV4. If you were to lease a base (not the Sport or Limited models) 2006 Toyota RAV4 4WD through Toyota Financial Services right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 71%, respectively. The numbers for an otherwise identical 36 month lease should be .00265 and 65%. As you can see, this model's money factors are not very attractive right now. This is because Toyota is not currently providing any sort of lease support on it. If I was in the market for a RAV4, I personally would not lease it right now. I would either finance or pay cash for it or lease something that has a more attractive lease program available on it, like a Toyota Highlander or Honda Pilot.

    Car_man
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  • Congratulations on your new RAV, Gus. I;m glad to hear that everything worked out well for you. Thanks for taking the time to share the details with all of us. Enjoy!

    Car_man
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  • jerrylpjerrylp Posts: 3
    Anyone have suggestions on buy vs. lease of RAV4 Limited, used to commute 30,000 miles/year? [ End of 3 years, car will be worth next to nothing, in either case. ]

    Thanks, Jerry
  • nvnicknvnick Posts: 50
    Come on, it's a Toyota! It'll easily go 150k, so I say finance it for 5 yrs (or less, depending on your situation), then sell it for $5k. Replace belts/hoses/water pump at 100k, and keep receipts for resale purposes. I'm guessing these are highway miles, so new brakes/rotors every 55-60k. Get the V6 and call me in 2011; I'll take it as my winter car.

    I had a 94 Acura Integra GS-R that went 6yrs/120k with no problems, and currently have 96k on my 2000 BMW 3 series.

    Nick
  • jerrylpjerrylp Posts: 3
    What was I thinking??!! You're absolutely correct - while this would be for my wife (a Limited, trading a 98 Mystique)), I forgot that I have a 95 Explorer with 141,000 miles! If IT can make it that long, so certainly should Toyota, except the Toyota will not have had $6,000 in repair bills (2 new clutches, a transmission, and a transaxle housing) in the last 40,000 like my Explorer. Therefore, I need a new vehicle, too, before I get another $2,000 repair bill, and want the V-6 (Sport) - just saving my bucks and waiting for the V-6's to trickle in. I was also thinking a 5 year loan. Thanks for the comments - I have new confidence, and I'll keep you in mind in 2011!

    Jerry
  • amcgeeamcgee Posts: 1
    Help! I currently have a Toyota Sequoia SR5 2wd with 21,000 miles. I paid $40,000 1.5 years ago and financed it over 6.5 years (crazy) and my current payoff is $34,450. My payments are $650/mo. and gas is killing us.

    I visited a Toyota dealership in hopes of finding a vehicle that I could reduce my payments on and pay less in gas for. After 4.5 hours I was told that they would give me a RAV4 lease for $439/mo (rolling in my $7,500 in negative equity) over 5.5 years. I have never leased before or dealt with negative equity in a vehicle. Is this a good deal or could I find better?

    Also, I looked at a Scion but was told that with my negative equity I needed a car with mark up like a RAV4, Avalon or Camry. I would love to have my payments under $450. Am I being realistic?

    Any advice would be greatly appreciated!!
    Thanks,
    Amy
  • toycashtoycash Posts: 139
    Unfortunately, in your situation, a "good deal" is going to be a relative term. Payment-wise, you'd be saving 200 a month, plus gas savings, but you're locked into a lease for five and half years, which is a long time, especially for a lease. Can you be sure you won't want/need to get rid of the vehicle before then? Because you probably won't be able to.

    If you go ahead with that deal, make sure you get GAP insurance, because you will have even more negative equity than you do now. You might want to at least check on the cost of extending the warranty to cover the term of the lease, otherwise you'll be leasing a vehicle with no warranty towards the end (even though it is a Toyota). And remember, after that period of time you may start to get into some maintenance items like tires, brakes, etc., which will have to be done even though you don't own the vehicle.

    Good luck!
  • scopescope Posts: 3
    Hi, I'm in NYC and considering leasing a RAV4, Limited, V6 4x4,sunroof, leather w/heated seats, mud guard, daytime running lights, curtain & side air bags, carpet&cargo mats, tow prep pkge. 0027 money factor. Is this a good deal?
  • scopescope Posts: 3
    Hi Car Man:

    Are you still hosting this site. Anyway, I posted a question and may have not done it correctly. So, here goes again. In NYC considering leasing a 2006 RAV4, Ltd, 4x4, moonroof, leather w/heated seats, mud guard, daytime running lights, curtain & side air bags, carpet & cargo mats, tow prep pkge. Quoted cap cost 28782, 3500 down, 399/mo, rv of 19000, mf of .0027, 399/mo for 36 mos. Is this a good deal?
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