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Toyota Sequoia Lease Questions

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  • car man. I see that cap got a great deal. I am in ct.. Any idera where he got that in MA? Any idea where I can get a great lease deal on a sequoia?
  • Hi wakeman1. The deal that you are referring to was struck in June. The market for SUVs has completely imploded since then and most banks have realigned their residual values for them, ironically making them more expensive to lease. I believe that Toyota Financial Services has slashed nearly 20% off of its residual values for the Sequoia since then. Unfortunately, you aren't going to be able to get nearly as good a deal on a lease of Sequoia today as that individual did several months ago.

    Car_man
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  • I am getting to the end of my lease, and I don't know what I want next! I assumed that after this Sequoia that I would just get another one, not worrying about to much because the salesman said to get you in another Toyota, they could ignore a few miles over my alotment. Well, I hate the new body style, and I have already gone over my mileage...about 3000 miles. Plus, I have 2 more months to go.

    Do I just hand them back the keys and pay for the overage? Or, should I just finance the remaining value? I'm not sure if that makes dollars and sense to finance more years. I like the Sequoia I have, but it lacks a few features I wish it had - second row captain chairs and a different paint color.

    If I choose something like a Tahoe, should I just trade my leased vehicle into GM, providing they give me a decent trade in value?

    My time is running out, and I don't know what to do. :confuse:
  • Hi angelap1. If you have exceeded your lease's mileage allowance, the only to avoid paying an excess mileage penalty is to purchase your truck at lease-end. The problem with doing so however is the values for used vehicles, particularly for large SUVs have absolutely fallen apart. Chances are that it will be much, much more expensive to purchase your Sequoia at lease-end than it is worth on the open market. It wouldn't hurt to check and see what its purchase option price is, bur chances are it will be less expensive for you to turn it in and pay the penalty.

    Car_man
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  • Thanks for the advice. I guess that final value is what I'm worried about. I think my guaranteed value is around $22-$23,000, but the market for these has fallen apart! I checked Blue Book, and it listed it around $12,000 for trade in. I certainly don't want to buy it for $23,000.

    I need to call toyota and see what my options are!
    thanks,
    angela
  • You may even want to consider having them extend the lease a bit until the market comes back. Trade in values are horrible right now (so your buyout would be much higher than market value). Also, lease residuals are the worst I've seen in years. I was quoted 35% residual on the Sequoia yesterday (down from something like 52% last spring). I opted to purchase using the 0% financing in lieu of the $3K cash back since it was a better deal in the long term. I paid $1K below invoice.

    Great time to buy but not lease, so if I were you I would wait until the market returns a bit and release.
  • You're very welcome, Angela.

    Car_man
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  • Hi Car Man (and everyone else),

    I'm in PA and interested in leasing a 2008 Sequoia, either Platinum Edition (with Rear Seat Entertainment) or Limited Edition (with Navigation and Entertainment). I know I'd be better off buying at this time than leasing, but I have to lease due to business reasons.

    I'm looking at 36 months (would do less if better lease offered), 15k miles/year. My question is, I've requested quotes from the 10 nearest delaers and have been quoted leases ranging from $1020/month (Platinum Edition, approximately $1000 due at signing) to $955/month (Limited Edition, approximately $1000 due at signing). Is this the best I can hope for, or is there a chance I can get down into the $800/month range with same amount due at signing?

    I have a Land Rover LR3 ($735/month, paid about $1000 at signing) whose 2 year lease extension expires at the end of January, so I need to do something quick. My buyout on the Land Rover does not make sense in this market, plus I've had to have it serviced way too often to keep, so I am looking at something different. I need 7 seats as I have 3 small children. Was looking at the Infiniti QX56, but their lease rates were astronomical, so I turned to the Toyota Sequoia only to find they're not much better.

    With that said, in addition to my question above, any recommendations for an SUV that comfortably fits 7 (i.e., SUV's like the Audi Q7 are way too cramped, yet I don't need a tank!) and has decent lease rates/deals I can take advantage of by the end of January (technically February 3rd)? I know the residual rates are driving these lease rates up and Car Man has advised others he would look for SUV's in the 45% and up residual rate category, but I can't seem to find those SUV's that fit my needs.

    Sorry to be somewhat general about my situation, but I'm pulling my hair out and feeling stressed!!! Can anyone help!

    Thanks in advance, I appreciate it!

    C
  • Hi calogero1. If you want to lease a new truck right now, the Sequoia probably is not the model for you. Toyota is not providing lease support on the '08 Sequoia any longer. As a result, its money factors are not great and its residual values are terrible. $1,000 a month, or anything close to it, for any Toyota is absolutely nuts. There are a ton of luxury SUVs out there that you could lease for less than that.

    While some are not enamored with its looks, if you want an SUV that comfortably fits seven people, take a look at the Mercedes-Benz R-Class. I've been in the back on one before and I was extremely surprised at how roomy it was. Mercedes- lease program on the R is not as good as it was, but it's still better than the crazy payment that you were quoted on the Sequoia.

    Car_man
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  • Hi Car man,

    I know this has been asked a lot of times already. My lease on my SR5 2006 Sequoia is going to be up in May of this year and I know you have mentioned that the residual values are terrible right now on the 2008. So I'm wondering if it is just best wait it out till the lease is actually due to see if Toyota makes some kind of change and then make a decision. Since it doesn't look that good right now it looks like I should wait. I do like the new Sequoias and it has been dependable so I would like to stay with the Sequoia. But I don't want to get slammed with a horrible residual. I'm self-employed so I do right off the lease. I can buy out the 06 for $23195.00. I'm in San Jose, CA.
  • massguy2massguy2 Posts: 4
    Hi have 07 Lmted 4wd Seq. - have a little over 2 years left on lease (5 year lease) - paying $605/month - I am still not over my mileage allotment and love the car - does it make sense to try and buy it out now - or even roll over to a new car - not a sequoia but a sienna - family expanding again.

    Thanks for any insight and/or experiences. I am in Massachusetts.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sequoiahunter. If you really have your heart set on leasing a Sequoia then you don't have a lot to lose by waiting. Toyota's lease program on it certainly won't get any worse between now and the end of May (its residual value percentages are quarterly). While unlikely, it is possible that Toyota would introduce lease support on the 2009 Sequoia in the near future. If the program doesn't change it doesn't make a whole lot of sense to lease to me to lease one.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi massguy2. If you love your Sequoia, why would you buy out the lease now? Chances are it would be fairly expensive to do so. Banks are much more likely to be willing to negotiate the purchase prices of leased vehicles at the end of their term. There's virtually no chance that Toyota Financial Services, or whichever bank you are leasing your Sequoia through, will work with you now.

    Furthermore, the fact that you are leasing your truck actually provides you with some protection. In your Sequoia is involved in an accident at some point over the next two years and you're still leasing it, you can just return it to TFS at lease-end and let them take the hit for diminished value. If you own your truck, you will have to take the hit.

    Also, who knows what will happen over the next two years. The price of gas could spike up a couple of dollars again and you might decide that you want a more fuel efficient vehicle than the Sequoia. Getting out of it in the event of a return of high gas prices will be a lot easier if you are leasing it.

    What I'm trying to say is that continuing to lease provides you with flexibility that purchasing your vehicle doesn't.

    Car_man
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  • nohojonohojo Posts: 1
    I have a 2006 Sequoia SR5 with leather, Rear DVD entertainment, many other options with 38 K miles. I'm getting conflicting messages from a couple of local dealers (southeastern PA) about the value of this car on the market. The residual value per contract is $23500. Adding taxes and fees I would need to pay $25K. Is it a good deal?
  • maf1maf1 Posts: 15
    Car Man, have the leases for Sequoias improved for June? Do you know the RF and MF and if there is any support for the dealers? Thank you
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi maf1. Unfortunately, Toyota still is not providing lease support on the 2010 Sequoia. As a result, if you were to lease one through Toyota Financial Services right now, you would have to use its standard lease program. TFS' current buy rate lease money factor is .00265 for consumers who qualify for its top aka "Tier 1+" credit tier and pay a security deposit at lease signing.

    this truck's residual values vary by trim level. If you describe the exact Sequoia that you are interested in, I would be happy to give you its current resid.

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  • Car_man,

    I am looking at leasing a base model 2010 Sequoia SR5 4x4 and was wondering how the residuals are as compared to past years. I was hoping that residuals were decent enough to allow me to lease this vehicle -- otherwise I'm gonna have to look at the...yawn....Sienna. Is Toyota throwing anything behind these vehicles either via boosted residuals or subsidized money factors?

    Thanks!
  • jac1304jac1304 Posts: 33
    Seems like all the Sequoia's are sitting on lots around here. Any idea on thought if incentives are coming down the road in near future. Can't be a huge market for these with the price and no incentives. Thanks
  • Hi, My 2006 Sequoia is coming off lease in December. I love this car and can buy it for $23K. I am not sure if that is a good deal or not. I was quoted around $850/mo to lease a new one. What are other good leasing alternatives for an SUV this size? I don't want to go over $500/mo.
  • Hello edpliutx. Toyota's residual values are definitely much worse today than they were several years ago. Back then, most automakers were significantly overestimating the residual values for trucks, causing them to realize millions of dollars in losses when these vehicles came back off-lease.

    Toyota is not currently providing any lease support on the Sequoia. As a result, if you were to lease any 2010 Tree through Toyota Financial Services right now, you would have to use its standard lease money factor, which the last time I checked was .00265 for consumers who qualify for its top aka "Tier 1+" credit tier.

    TFS' current 36 month, 15,000 mile per year residual value for the 2010 Sequoia SR5 4WD is 50%.

    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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