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Toyota RAV4 Lease Questions

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Comments

  • karchkarch Posts: 42
    Anyone? Car_Man?

    Thank you.
  • hackdhackd Posts: 65
    This is the single worst lease deal I have ever seen....for a car dealer to even present this to someone should be a crime. I just leased a Rav 4 Limited for $335 per month with all taxes and fees included....no money down except for first payment.

    As someone stated above Gap insurance is $7 a month through Toyota.
  • Right now toyota are offering an all wheel drive Base Rav4 Auto for 1999 down and 199/month for 36 months - this seems to me to be a very good deal , heres what I know right now :

    MSRP 23,345
    Invoice 21,458

    I wasnt able to get the actual Cost/Money Factors/residual information this is based on but as its a national toyota program I wouldnt imagine those vary too much ... The 199/month seems to be based on approximately the invoice price a 53% residual and a .0007 money factor.

    One thing i've noticed is that Toyota seem to load up the origination/destination charges etc but what else am I missing or is this just quite a decent no haggle deal ?

    thanks
    Tony
  • karchkarch Posts: 42
    Too much down payment, IMO.
  • verdi942verdi942 Posts: 304
    Look out for "recent college grad" and "military" money in this deal; they can add $1500 to the down payment, which is at least $1000 too high already. Tax and gap insurance adds to the monthly payment, too. Still, a good place to start.
  • I'd like to get that deal. can you provide me the dealership info?
    thanks
    mag
  • hackd, If you live near Danvers, MA, Ira Toyota gave me a great deal on a rav4 lease yesterday.....MSRP $24,674, 36 mo, 12Kmi/yr, residual $15,661, for $199/mo pymt with only 1st pymt due at signing. GAP insurance $399 spread over 36mo = add'nl $11+/mo and MA state tax (6.25% payable only if you live in MA) = addn'l $13+/mo. Net effect = $212+ due at signing and $224+/mo -- not sure why figures aren't exactly the way I explained them, but what I listed as the net effect are what they are in the contract. (Another aside: Don't forget about $350 disposition fee charged by Toyota at the end of the lease if you don't renew or buy.)
  • delta737hdelta737h Posts: 603
    edited February 2011
    tsalvo978,

    The $399 paid for GAP coverage is a rip-off and grossly excessive. As a rule of thumb, you can purchase GAP coverage from your insurance carrier for an annual premium of about 0.1% of the MSRP. In your case, this amounts to about $25 annually. The insurer simply adds a GAP rider to your automobile insurance policy.

    FYI- Toyota does a few things that other finance captives don't do...

    (1) Charge an excessive fee for optional GAP coverage. Most captives include GAP protection in their lease agreements.
    (2) Charge a disposition fee.
    (3) Exclude certain components of the MSRP for purposes of computing the residual value which means lower residual values triggering higher payments.

    John
    The Autoleasegeek
  • verdi942verdi942 Posts: 304
    delta, here in New York, my insurance company refused to sell me gap insurance - they said it wasn't legal to so here; so Toyota, unlike every other company I've ever leased from, charges me about $7.00/mo for it.
  • delta737hdelta737h Posts: 603
    edited February 2011
    verdi942,

    Why it's illegal for an insurance carrier to sell GAP coverage in NY is a mystery to me. It just doesn't make any sense. I would press further. Where does it say that it's illegal? Perhaps it's illegal for particular carriers (e.g., direct underwriting companies) to sell GAP for some unknown reason but, for other's, it's perfectly legal.

    I'd examine the NY Code of Regulations and, then, call the NY Department of Insurance. You may want to check out these links...

    http://www.ins.state.ny.us/ogco2008/rg080320.htm

    http://www.01insurance.com/learn/gap-coverage-new-york-auto-insurance.html

    These links suggest to me that it's not illegal to sell GAP in NY. Perhaps the good 'ole state of NY should make it illegal for Toyota, and others, to overcharge for GAP coverage. Assuming Toyota self insures their residuals, I'm betting that if the NY Insurance Commission required Toyota to file a statistically valid cost study, they would quickly discover that $7 per month for GAP is grossly usurious. Think about it... $84 per year in exchange for the risk of covering the amount by which the lease balance exceeds the value (ACV) of the vehicle in the event that the vehicle is totaled or stolen but never recovered. That is over reaching by any stretch. But, that's life in America the Great! It's all about money and GREED!

    John
    The Autoleasegeek
  • verdi942verdi942 Posts: 304
    That was my long-term insurance agent telling me he couldn't sell Gap insurance in NY, though he said could do so in NJ. Sounds fishy to me, too; but we're talking about a Base I4 AWD stickering at $24,000; with a $15,000 residual for $800 up front; $213/mo - 12K/yr; 2 yrs service [5 visits]; $.15/mi extra miles. The car is MUCH improved over my similar 2007 model, which leased for a lot more, given pre-Recession conditions. Overall, I'm OK with the deal.
  • hackdhackd Posts: 65
    My insurance company also could not offer me Gap insurance...not sure if it was due to me living in NY as well. Either way $7 a month won't kill me so it is a non issue for me.

    So far happy with car as well per lease amount paid even though I wish cabin noise was a little better....with 4 cylinder getting arounf 28+ MPG on Highway and probably around 18 around town which seems good for this size of vehicle. I also drive very soft with slow start ups and some coasting when possible. I would imagine people with lead feet will get very dissapointing local MPG.
  • verdi942verdi942 Posts: 304
    hackd, I'm seeing about 25mpg at fillups, measured - that's with 1/3 NYC traffic; 1/3 highway and 1/3 short suburban trips. FWIW, my experience is that I getter better mpg accelerating quickly to speed; then pushing the gas as little as possible afterwards. Lotsa coasting to red lights and such. I expect 30mpg+ on this summer's road trips.
  • hackdhackd Posts: 65
    edited March 2011
    Great mileage....I will try to go a little harder at start up as you describe and see if it helps. I think after the break in period 30 mpg on the highway at 60-65mpg may be possible. I actually wish the gas tank had more capacity as the car gets better mileage then my previous 08 Subaru Legacy but actually has a smaller tank...seems odd based on the size of the Rav4.
  • mwahlertmwahlert Posts: 13
    what is the residual and MF on 2011 rav4 limited v6 4x4

    15k, 36mth ?

    thanks!
  • karchkarch Posts: 42
    I am also interested, but more for 12K miles/year.
  • wdomkr03wdomkr03 Posts: 2
    I'm looking for the residual and MF for a 2011 Rav4 V6 4x4 Sport and Limited - 36 mo, 15K. It seems from the national ads that the current deal is the same as when we leased ours, but when my dad went to the local dealership the payment is a lot higher than our lease earlier this year. I just need this information to see where his payment should be around with the current lease deal. Thank you!
  • jbaloonyjbaloony Posts: 2
    Hi guys,
    I just put a (refundable) deposit on lease terms and was wondering what you think, please??

    2011 RAV4, AWD, 3rd row.
    MSRP 25,874
    Risidual value 16,121

    36 months, 12K/mo
    2000 down payment + car trade in (an old clunker)

    219/mo.

    NO acquisition fees, NO tax payments, NO other fees (all covered by trade-in)

    I am ready to grab this deal, it took a lot of negotiating, but wanted to see what y'all thought? GOOD DEAL OR NOT????

    Really appreciate any thoughts, thank you!
    anna
  • verdi942verdi942 Posts: 304
    edited May 2011
    That monthly payment looks very good; the upfront $$ plus your clunker [even junkyards are paying about $250/ton for them these days] seems a little high. However, given the rising price situation these days, I think it would be hard to beat this deal. Oh, and make sure you get gap insurance [about $7/mo from Toyota].
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