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Toyota RAV4 Lease Questions

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  • 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!

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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?
  • benji123benji123 Posts: 61
    Car_man,

    Can you please give the LMF and residual % for the 2006 Base and Limited models (24 & 36 months)? Thanks!

    Ben
  • benji123benji123 Posts: 61
    Can you please give the LMF and residual % for the 2006 Base and Limited models (24 & 36 months)? Thanks!

    Ben
  • orange99orange99 Posts: 2
    I am in New York City.

    I recently leased a 4-cyl Sport (with sunroof & 6-cd changer) @ $25,225 for 36 months. MSRP was $25,374. I know I probably could've done better on the selling price, but I look at the monthly payment more than selling price or residual value. I don't plan on keeping the car after 3 years.

    DOWN $1470 (includes first month)
    MONTHLY $405 x 35 (12K miles/year)

    TOTAL $15,645

    I think it's a good deal, but I made them throw in a PREPAID MAINTENANCE CONTRACT (36 MONTHS OF FREE MAINTENENACE) or "NO DEAL".

    This is a good car. I leased 2 Jeep Grand Cherokees (a V8 and a V6) before this. Those were gas guzzlers and just not very good mechanically, American cars just aren't very good. The power on my 4-cyl RAV4 seems to be better than the Jeeps and gas mileage is much better.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi scope. Toyota is not currently providing any sort of lease support on the 2006 RAV4 in your area. 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 was .00265 for consumers who qualify for its Tier 1+ credit tier. So the money factor that you were quoted is pretty close to this. It's tough for me to give you my opinion on this truck's cap cost without knowing its MSRP. If you can provide me with this number, I'll let you know what I think. Also, you should avoid making such a large down payment when leasing. If your leased RAV is totaled in an accident or stolen and never recovered during your lease, your down payment essentially disappears.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Ben. Normally I would need to know what state you are in to give you an accurate picture of what a Toyota model's lease program is like because its money factors often vary depending upon which one of its twelve regions you are in. However, to the best of my knowledge Toyota is not providing lease support on the 2006 RAV4 in any of its regions right now, so your state really doesn't matter. If you decide to lease this truck through Toyota Financial Services, you will have to use its standard lease money factor. The last time that I saw it, TFS' buy rate standard money factor was .00265 for consumers who qualify for its Tier 1+ credit tier. TFS' 24 month, 15,000 mile per year residual value for a base '06 RAV4 4WD is 70%. This truck's 36 month, 15,000 mile per year residual is 64%. The numbers for otherwise identical leases of an '06 RAV4 Limited 4WD are 68% and 62%.

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  • Hi Car_man,
    My dealership called today to offer a trade-in/early buyout (not sure how to refer to this) as they want my car for their used lot (I'm assuming they have a buyer here). I had a really bad lease (5 yrs/12K miles) - posted back then - should have paid total $12312 total ($342/36 mos)and instead will wind up paying $21900 ($365/60 mos)w/money down and I am already way over mileage so I'm excited about this opportunity. My question is have you heard of this happening before? They would pay off my lease and I would get a new lease - this time smarter - no money down, 15K/yr. I'm looking at the Rav4 Limited - leather, JBL, DL, moonroof. I was wondering what the residual and money factor are on it? Any deals also? Also, what would be a good deal to get back on my car - I'm looking for a straight trade in w/no money out of pocket - do they roll up my unpaid into this or do they truly buy-off my car? I'm also willing to go for either the 2006 or 2007 model. I am planning on going in Monday to talk about this so any help before then would be great. Sorry for the long post.
  • I'm curious. How does the remote engine start work on Rav4? Once I start the engine, does the door open automatically? The dealer is telling me that I should start the engine (remote), then unlock door (which turns off the engine) and then re-start with the key.

    Your help would be greatly appreciated. Thanks.
  • How is the sales tax figured when leasing in NY state, is it based the purchase price of the vehicle or the monthly payments?
  • SUVGAL:
    Don't get too excited on your lease return. While it is possible that they really want your car back, they may just be "prospecting" to sell you a new car. In either case, it is very unlikely that they will end up taking the loss.

    Don't be surprised if they will pay off your old lease, but then roll the amount lost into the cost of your new car. You may end up with no down payment, but a lease that is based on (for example) paying $30K for a $25K car.

    Anyhow, please let us know how it works out.
  • Hi lama88. I am not personally familiar with how sales tax is calculated on leased vehicles in New York, but you may be able to find out an answer to your question by visiting one of the following sites: New York State Department of Motor Vehicles or New York State Department of Taxation and Finance.

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