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Toyota Sienna Lease Questions

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  • giroscgirosc Posts: 5
    Great question. Anyone aware of any strong lease programs incentives for March?
  • Hi Car_man,

    can you tell me the residual and MF for a
    Sienna LE 7 AWD, 36 months anf 15K miles,
    in New York?

    Thanks.
  • We have a 2003 Highlander (60 months/12K) with about 2 years remaining. We are wanting to move to a Sienna LE2 7 passenger with DVD upgrade ($1200) with a sticker of $27,131. We have been offered ~$365/month for another 60 month/15K lease. Reasonable? Not an ideal situation but "it is what it is". Is there typically a penalty assessed in this scenario? Just wondering what I'm up against. Located in Indianapolis. Great board.....wish I'd found this a few years back.
  • Anyone in the south (or even if you are not- you can give your opinion!!) think lease incentives will improve for April. ?? I am debating.. do I buy now at end of March or hope for better lease deal for April. Seems March was worse than FEb and they raised the price of the car.
    Here is what I have...
    2006 xle pkg6 with mats sale 30299.00 lease 36mo/15k yr for 413/mo.

    is this good...do i buy now or see if a 39mo lease with/without better rates is offered in April? scared to wait and scared to miss out if I buy now!!
    please help.

    THANKS!
  • is your highlander included in this price?
    Generally speaking, when you break a lease, you must pay for the remaining months left. However, maybe you meant Toyota was paying those remaining payments??
    If 369 is the price per mo. without factoring in your Highlander, I'd say that is not a good deal you have been given. Just my opinion.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi dad23. If you were to lease a 2006 Toyota Sienna XLE (not the Limited model) through Toyota Financial Services in its Denver region right now for 36 months with 12,000 miles per year, its buy rate lease money factor and base residual value should be .00145 and 61%, respectively assuming that you qualify for its Tier 1+ credit tier. I don't believe that Toyota is currently providing support on 39 month leases of this model, so if you were to lease one for that long its money factor would double.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello girosc. Toyota has a decent level of lease support on the '06 Sienna this month. Its exact lease program for this van varies depending upon which one of its twelve regions you are in, how long you want to lease it for, how many miles per year you need to be able to drive it, and the exact trim level that you want. I would be happy to give you an idea of what its current lease program is like if you provide me with this additional information. Talk to you soon.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'd be happy to help you out, simshapiro. According to the latest information that I have seen, if you were to lease a 2006 non-Limited Toyota Sienna through Toyota Financial Services in your area right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00133 and 59%, respectively assuming that you qualify for its Tier 1+ credit tier.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi indyhound. 60 months is way too long to lease a vehicle for. Toyota's special lease money factor for this van is only available for leases up to 36 months in length. By leasing for 5 years instead of for three, your interest rate will more than double. Not to mention the fact that it is usually fairly expensive to get out of leases before their scheduled end dates. The dealer that you are working with is probably rolling quite a bit of negative equity from your current lease into your new one, causing you to pay more than you should for your new van. Your best, least expensive option is to wait until the scheduled end of your current lease and them lease a new vehicle for 36 to 39 months.

    Car_man
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  • Car Man,
    What lease plan is the Southeast region having exactly? Each dealer here in NC seems to vary...
    Lease now or wait for April? I was hoping Toyota may try to give good deals to compete with Odyssey ranking #1.
  • dbratch1dbratch1 Posts: 1
    Hi Car_man,
    Could you look over my calculations and tell me if I'm correct? I don't know what the mf and residual is for Florida but I'm going to assume .00145 and 61% for 36 months with 12,000 miles per year. I'm looking at a 2006 Sienna LE 7 w/ LE Package #5. MSRP is $30,703 (includes $650 destination charge).
    $30,053 * .61 = $18,332 (Residual Value)
    The selling price is $27,562 (Cap Cost)
    (27,562 - 18,332) / 36 = $256.39 (Depreciation Fee)
    (27,562 + 18,332) * .00145 = $66.55 (Finance Fee)
    256.39 + 66.55 = $322.94 (Lease payment before taxes)
  • reddy4reddy4 Posts: 1
    Hi,
    Does this lease make sense?

    2006 LE 8 seater - BZ package

    $2000 Down (1st mth included) + Tax + DMV
    then 250 for 35 mths
    Reddy
  • poenypoeny Posts: 4
    I am currently looking at a 2006 Toyota Sienna XLE AWD for a 36 month 15K miles/year lease in Buffalo, NY. Are the April values different than the March ones? Thank you.
  • bgeesebgeese Posts: 2
    I just worked with (and turn down) a dealer in Laurel, MD to lease a 2006 XLE Limited FWD with the Option Combo A and carpet floor mats. The MSRP was $38779 (includes freight of $565) with a 36 month residual quoted as $20199 (only about 52%). This seems low compared to numbers I've seen on this forum. The MF was good 0.0018 but the unexpectedly low residual pushed the payments out of my reach. Is this a reasonable residual or is Toyota playing with the residual to offer the good MF?
  • bgeesebgeese Posts: 2
    I forgot to mention the lease was for 12k miles a year.
  • Hi,
    My current lease on a 2004 Sienna is up May 28. I would like to lease a 2006 Sienna (beginning in early June). for 36 months, 15,000 miles a year, zero down, Sienna LE 7 seater, with pkg #1. I live on Long Island, in New York (Nassau County or eastern Suffolk County are fine). Does Toyota have any deals? Can you suggest a best leasing price? I assume monthly payments are based on gross capitalized cost, residual value, depreciation, and rent charge. Also, I think the dealer will want to buy back the car, saving me the disposition fee on the current leased model.
  • ck90211ck90211 Posts: 129
    Carman, Thanks for great site. Your info (on Honda Pilot Leasing) also helped me negotiated a Pilot 7 months ago (unbelievable, $ 289/mo nothing down for '06 EX-L). Now I am hoping to lease a Siena LE or XLE (or Honda Ody) to replace an aging Previa. Many SoCal dealers advertise Siena at good prices, so I hope you can give me May's SoCal MF and Residual % for 36 months, 12K miles. And if there is a Memorial Day weekend special rates, please let me know too. Thanks again.
  • graff48graff48 Posts: 3
    Carman - what are the current rates for a Sienna LE for 36 months in Ohio?
  • svw1svw1 Posts: 2
    We're looking at a 2006 XLE with package 7 (leather, moonroof,dvd--but no navigation) on a 36 month lease. Current offer is 498/mo for 12,ooo miles or $509/mo for 15,000. $2,000 total at signing. These figures include all taxes and fees. MSRP $36,519, price $31,798 if buying with our own financing or $32,798 with 3.9% for 60 months.

    First of all, is the price a good price? Second, if we lease, are they suppose to use the cash price of 31,798 or the financing price of 32,798 to calculate the monthly? We've never leased before, but hate having to sell a car, never seem to get what they're suppose to be worth and hate dealing with it. Currently have a 2000 Volvo S70.

    We Live in PA, but the Sieena model and color we want is available in Delaware. So now we have that to consider, as well. Don't know how tax situation is different in regard to bringing into PA from DE, and what the differences are in regards to leasing in DE vs. buying in Del for a PA resident.

    Any advice you could share would be greatly appreciated. We could purchase if it was a much, much better way to go, but considering what we got for the last two Volvos that we sold, which were both in great shape with low miles, tan leather, white, sunroof, just doesn't seem worth putting a big chunk of cash down when it seems you just barely get it back in the end... Please let us know how the numbers look to you, and which way seems to be the best way to pursue things.

    THANKS FOR SHARING YOUR EXPERTISE!!!!
  • graff48graff48 Posts: 3
    Fitzmall.com (Gaithersburg, MD) is advertising the same XLE pkg 7 van at a no-hagggle price of $30883 (MSRP $36440).

    Regarding your lease offer, the dealer uses both MSRP and the "cash price" to calculate the monthly payment.

    Suppose you were to put enough money down to cover any fees associated with the lease (security deposit, document fees, etc.):

    For example, I'll use a residual value of 52% and money factor of .0018 (both of these figures are negotiable, BTW).

    MSRP: $36440
    Capitalized Cost ("cash price"): $30883
    Residual: $36440 x .52 = $18948
    Rent (i.e. how much the car depreciated): $30883 - $18948 = $11935
    Monthly Rent: $11935 / 36 = $331.52
    Interest: ($30883 + $18948) / .0018 = $89.70
    Monthly payment before tax: $331.52 + $89.70 = $421.21

    Sales Tax (7% for example): $421.21 x .07 = $29.48

    Total payment: $421.21 + $29.48 = $450.69

    I'd say your current offer isn't so great. Use the cash price above and plug in the dealer's money factor and residual % to figure how what your payment should be.
  • svw1svw1 Posts: 2
    Thank you for you reply--your assistance is appreciated!
  • roxie1298roxie1298 Posts: 2
    Car_man:

    Looking for your help on info for the following in Western Upstate New York region (8% tax)

    LE8 w/BZ package

    I'm told the MSRP is $28,574
    want to lease for 36 months, 15,000 miles/year
    [may need to go to 18,000 miles/year - what changes in the calculation when doing that? - is it better to get 18,000 miles up front or pay for additional miles later?]

    What would the money factor, residual and payments be? (assuming I am at the top credit rating).

    I'd like to get the variables going into the lease calculation (for 15,000 and 18,000) and then the payment amount so that I can do it myself to see if I get it right.

    Also -
    Have never leased a Toyota:
    - is there an aquisition fee
    - is there a dispostion fee
    - is there an end of lease excess damage waiver? (like Honda's $1500 waiver? - just had my final end of lease inspection for Honda Odyssey and it went really well, even with many little dents and scrathes - and even one dent I thought they would charge me for - and I think they will even waive two tires that need to be replace)

    Thanks a lot!
  • What credit score you need to be Tier 1?
  • betty65betty65 Posts: 5
    Any help would be appreciated on my first potential lease. How much should I be paying for a lease payment for a 36month Sienna XLE p6 12K. Excellent credit rating.
    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi roxie1298. 15,000 miles per year is the highest mileage allowance that Toyota Financial Services publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to to do at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

    If you were to lease a 2006 Toyota Sienna LE through Toyota Financial Services in its New York region right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00170 and 58%, respectively assuming that you qualify for its Tier 1+ credit tier. I can't calculate an approximate monthly payment for this van without knowing its selling price.

    The last time that I checked, Toyota Financial Services charged a $400 acquisition fee on every vehicle that it leases. You can either pay this fee at signing or have it added into your van's capitalized cost to make it part of your monthly payment. I'm not sure if TFS charges a disposition fee. I don't believe that it has a damage waiver like Honda Finance does.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey supercar4me. I believe that consumers need a score of something like 730+ to qualify for Toyota Financial Services' Tier 1+ credit tier. This tier provides its most attractive money factors. Tier 1 would be below that to some sort of floor that is probably in the high 600's.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings betty65. This van's monthly payment will depend upon its MSRP and selling price. If you provide me with these numbers I can try to provide you with an estimate of what its monthly payment should be.

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  • betty65betty65 Posts: 5
    Great! The MSRP including delivery, processing and handling is $34,633. The selling price is 30,366.
    This is for a 3 year 15K. Thanks for your help.
    P.S They add a $599.50 Doc fee to your first months payment. Is that a fee that is standard?
  • Hi There,
    sorry for the posting again.. I did not realise there was a dedicated leasing sub forum..

    I was wondering how I did..with my lease.

    I leased it in California, Daly City, from city Toyota.

    Leased a 2006 Sienna LE with package #2 for
    $1888.00 down(1st month+tax+reg+doc etc) and $279($259+tax)/month for 36 months, 15K miles per year. $14600.00 option to buy after 36 months lease exp. I think I see $24,500.00 as the price on the invoice somewhere.

    I leased it on the 4th of july week when they were having a special money factor (0.00098) for lease on the sienna.

    I walked into the dealership wanting to lease a RAV4, ended up leasing the sienna though.

    Did I make a good decision.. was I taken for a ride..

    I did test drive the Honda..like the toyota better..

    If anyone wants, I can give out the phone number for the sales person who helped me make this lease.

    Personally I think I did allright with this deal..not really sure though. I sometimes feel the van should have been $22500 or so.

    -Chris
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey betty65. I just realized that you are in Toyota's Southeast region. Toyota sells vehicles through an independent distributor in your area, Southeast Toyota. SE Toyota uses its own bank rather than running its leases through Toyota Financial Services like Toyota does in all of its other regions. I have not seen SE Toyota's current lease program for this van so I can't work up a payment on it for you. Sorry that I can not be of more help with this aspect of your deal. I can tell you that $599.50 is way too much to pay for a doc fee. Doc fees are really nothing more than a way for dealers to add additional profit to deals. Make sure that you take this fee into account when you look at this van's total price. If you feel as though the total price that you are being charged for this van is too high, shop around with a few other dealers and see if you can get a better deal.

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