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Toyota Sienna Lease Questions

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  • tishntishn Posts: 4
    I'm thinking of leasing a Sienna XLE Lease- with AVP#1. I'd like 12K a year for 36 mos with no money down. If I negotiate a price on the car of 28,800...what would the lease work out to be? Monthly fee plus taxes (%6). I know the factor and residual are governed Nissan but I don't know what how to figure what the bottom line with be. Any help is GREATLY appreciated. Tks!
  • tishntishn Posts: 4
    Oops..meant to say governed by Toyota. Tks again :)
  • dabelesdabeles Posts: 1
    What am I doing wrong here...

    I'm trying to figure out the finance fee (rent charge) on a 2008 Toyota Sienna LE (option package #1). Gross Cap Cost roughly $26,585.

    The dealer told me the residual is $14,790 and the Money Factor is .00093.

    If I put down $1,000.00 that would make the Net Cap Cost 25,585, right?

    So, using the Edmunds formula, If I add the Net Cap Cost of $25,585 to the residual ($14,790) that gives me a sum of $40,375. Multiply that by the Money Factor of .00093 and you get 37.54. What am I doing wrong?
  • hause7hause7 Posts: 153
    Thinking of getting a Sienna Limited to get rid of our 08 Accord. We are also looking at leasing a 08 IS350 and posted that in the IS forum. Please help me out with monthly payments.

    We are looking at
    36 months
    12K miles a year
    0 down
    8.8% sales tax
    Excellent credit

    What monthly payment would that be?
  • coupedncalcoupedncal Posts: 252
    "So, using the Edmunds formula, If I add the Net Cap Cost of $25,585 to the residual ($14,790) that gives me a sum of $40,375. Multiply that by the Money Factor of .00093 and you get 37.54. What am I doing wrong?"

    Shouldn't you be subtracting residual from net cap cost? In lease, you only pay for the usage and in this case, usage is $25,585 minus $14,790 = $10,795. Add the money factor to this to get your monthly payment.
  • hause7hause7 Posts: 153
    What is the Sienna Limited FWD's lease residual value? what is the money factor for top tier credit?

    I want to figure out monthly payments.
  • maweissmaweiss Posts: 6
    Just sharing my experience on today's purchase :D

    2008 Sienna XLE FWD - 7 passengers
    Color: Gray Metallic
    Options: EVP Package# 3, 17" Alloy Wheels
    Lease for 36 Months
    15K Miles/year
    $800 OTD including first month's payment
    Monthly Payment: $499 including 7% Local Florida Sales Tax

    I believe this is a great deal for a car with MSRP of ~$34K.

    Good luck everyone!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi hause7. Toyota Financial Services' lease program varies depending upon which one of its twelve regions you are in. You never mentioned what state you are shopping in, so for now I will provide you with Toyota's New York region program for the Sienna. If you let me know where you are, I can tell you what this van's exact program is in your neck of the woods. You never mentioned what term and mileage allowance you need either, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different.

    Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Sienna with 15,000 miles per year in its NY region are currently .00023 and 50%, respectively for consumers who qualify for its Tier 1+ credit tier. Keep in mind though that unlike most banks, TFS places restrictions upon what options can be residualized. This makes it very difficult to calculate vehicles' actual dollar residual values and it renders its residual value percentages practically useless.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on getting your new Sienna, maweiss. Thanks for taking the time to share the details of your lease with everyone. Make sure to stop by the Dealer Ratings & Reviews to share your thoughts on your recent dealer experience as well. Enjoy your new ride :shades: !

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CARMAN: I live in Ohio and this is the offer I got on 2008 Sienna XLE Limited: MSRP:$ 40,323.00 sale price $35,789.00. For 36 months the payment is $596 a month with 12K miles a year with your fronts due a signing which amounts to $922.46. The front are your first payment, tax and tags. I need 15k a year for the miles. This look high to me. What should the lease payment be?
    Thanks alot for all you do!
  • eddieb5eddieb5 Posts: 1
    Can anyone provide the current best lease money factor available in eastern MA on a 2008 Sienna Ltd.
    Thanks.
  • aseetaseet Posts: 8
    just got a brand new 2008 sienna le evp #2 lease at south coast toyota from dave in internet sales 562-230-7690. what an honest gentleman!!! with 0 down only 404 per mo! for 36 mos, 12kmi, 15cents after that. the residual is super low too at $13700 in case we want to buy it or trade it in for some equity at the end of the lease. the deal is so good that once we did the math it didn't make sense for us to buy it even if we want it for more than 3 years.

    i checked out every other vehicle under 50k with 3 rows of seats, this is by far the best one out there - it is kinda the only one out there that met our requirements (easy and safe for our kids, easy to drive, comfortable ride, space for us and our gear even with all seats in use). all of the suv's were a disappointment and the honda is not as nice as the sienna. plus it has toyota's newer 3.5v6 that is silky smooth and powerful.

    it would be a mistake not to call dave in internet sales at south coast toyota in costa mesa, ca - he will give you the deal over the phone on the car your want. i needed a ride there and he picked me up (nobody wants to go car shopping on a friday night).
  • jengenejengene Posts: 1
    HI all
    New to the forum . I thought maybe you can help .
    My 2004 Sienna lease is up at the end of august ..
    Right now i pay $396.00 a month for the 48 months ,
    i called leasing company .. Buyout was 14,000.00
    however financing the vechile out would be $ 299.00 or 305.00
    I guess my question would be SHould we keep this car or just give it back and get a new one . (Finance a new one )
    MY point being is why pay 305.00 a month for a 4 year old car when i could pay 400 a month for a brand new one. ..
    ANother question is . Now when/if i give back my car to the leasing company not TOYOTA ..Can i do like a trade in or that has nothing to do with a lease..
    My husband keeps sasying if we give back the car now It was like we were renting it for tha last 4 years ..
    PLease help
    thanks in advance .. NOt sure what to do .
    jen
  • sienna13sienna13 Posts: 2
    HI Car Man

    My lease is up on my 2005 Sienna XLE LTD AWD. We had a great lease back in 2005 for with a very low lease factor. Currently, in the east bay, northern California, Toyota is offering a lease factor of .00093 which isn't bad, but it's not as good as the one I got back in August 2008. Do you know if there is a trend for lease rates to get better in August? The current lease factor of .00093 is only good until July 31st, so I don't know if I should lease now or take the gamble and wait until August for a better lease factor. Any suggestions?

    Thanks
  • hause7hause7 Posts: 153
    What is the residual value of a Sienna XLE? and the lease factor?
  • sienna13sienna13 Posts: 2
    the dealer told me the residual value on a XLE Ltd. AWD is about $ 18,000 after 36 months and the lease factor is .00093 which is about 2.23%
  • ix007ix007 Posts: 23
    Hey Car Guy,

    This forum is amazing and you and all the members are doing everyone an incredible service. That being said we are among the hundreds out there down-sizing from our full size SUV into a more economic mini-van segment. We are trying to decide between the Honda Odyessy EX-L NO RES and the Toyota Sienna EXL FWD

    36/months
    12K Miles/year

    MSRP $33,264
    Edmunds has the invoice at $29,391 (with destination)
    Includes:
    QH XLE Extra Value Package #2
    EJ JBL w/6-CD Changer, Bluetooth, Satellite
    TO Tow Prep Package
    PC Optional Color
    And some other option I can't remember but only $100-$200 or so

    CAP COST $30705
    +$795 Destination and $389 Doc Prep
    MF is .00103
    Residual is 50%??
    Supposedly it is 50% on the EXL but 52% on the Limited
    AND they are telling me they can NOT use the $2,000 dealer cash in combination with the low money factor.
    PAYMENT is $479+tax
    OTD $1,000 Down Payment

    I realize the math doesn't work with the down payment so I can tell they are trying to overcharge me there but I more concerned about the lower 50% residual (did it drop from last month?) and the over invoice CAP COST. How much room do dealers really have on 2008 Sienna's as compared to invoice and can they use the $2,000 dealer cash combined with the .00103 MF?

    If my wife didn't like the Sienna and how it drove so much more than the Odyssey, we would be buying the EX-L with a $32,845, $27,200 CAP COST, 55% residual and .00163 at MF, $0 Down and $425/month

    Thanks for all the input Car Guy.....And if any other members have some feedback, that would be welcomed as well. Thanks everyone
  • I was hoping some of you might be able to share your experiences returning your leased sienna to Toyota. We are returning our first leased car and I'm super stressed about fees that they might charge us.

    We leased a Sienna LE in 2005 for 36 months ($376/month, $0 down). We have made our last payment and we need to return it this month. We are in the process of getting another car from Toyota, probably a Highlander, either buying or leasing it.

    What has other people's experience been returning their leased toyota in, in regards to charges and fees for excessive normal wear and tear? We have scratches on the outside (you can feel them in the paint), two of which are from being keyed by a rude neighbor. Inside, the upholstery looks pretty good, I used some spot remover on a few spots and I think it's in very good condition. The carpet is stained from living in the northeast during the winters. But what has me concerned the most are scratches/gauges in the hard plastic that covers the inside of the trunk/cargo area. I don't know how to fix them ourselves.

    Have other people taken their car in to be detailed before returning it at the end of the lease? We were just going to clean it as much as we could ourselves. Also, we have had regular oil changes on it, but we didn't take it in for the maintenace/tune ups like we should have (not planned- we bought the van because we had twins, and one of the twins has several medical problems, so all our money has been sunk into her medical bills). Will they charge us for that?

    I guess what I'm wondering is how picky toyota is with excessive wear charges if you are buying/leasing another vehicle from them?

    Would love to hear anyone else's experiences/charges, so I have a better idea of what to expect with this process... and the bill that I'm dreading will be sent our way.

    Thanks,
    R. Garand
  • awinnerawinner Posts: 22
    So what are the new lease specials in the so cal area.
    FWD, 3.5-Liter V6, XLE 7-passenger, 5-Speed Automatic $29,725
    Option C $4,390
    Exterior:Slate Metallic
    Interior:Stone Leather
    3 year lease, 12K miles,...what do you think should be fair.
  • Ditto for the same van - except in NoCal... anyone have info? Money factors, residual ranges?

    Thanks,
    Marinite
  • awinnerawinner Posts: 22
    Here is what I am Looking for
    2009 XLE Sienna
    Package #C
    Grey exterior/Leather interior
    3 year lease
    12k miles year
    $1,000 total drive off
    $475/month including tax
    Is this doable in the So Cal area?
  • Northern NJ
    Looking at 2009 Sienna CE
    500 down
    12k / year
    36 months

    Any ideas ballpark?
    Thanks
  • Hi mkzone. I can't tell you exactly what your lease payment should be on this van, but I can provide you with the necessary information for you to negotiate a good deal on one.

    The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Shop around with a few dealers in your area for the lowest possible selling price. Given how slow the market is right now and how much competition there is in your neck of the woods, I personally don't think that you will have much trouble finding a dealer that will sell you an '09 Sienna for around $500 over dealer invoice. You may want to stop by the "Toyota Sienna Prices Paid and Buying Experience" discussion for additional feedback on how much you should pay for this model right now.

    Once you have arrived at a selling price that you are comfortable with, have the dealer calculate your Sienna's monthly payment using its current buy rate lease money factor of .00075 (for Tier 1+ customers in its New York region) and you're all set.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Thanks for reply
    There are saying the lease money factor is .00166 (3.9%) and you are stating .00075 (1.9%) is this a fixed number? or each dealership makes up numbers? does it vary for different types of cars? I am tier 1 rated.
  • We're shopping leases comparing an '09 Honda Odyssey EX and '09 Sienna XLE. Honda's initial offer is invoice and a 0.00191 money factor on a 36 month lease with $2000 at signing. One Toyota dealer said they could not compete and didn't even offer a quote.

    In explaining their inability to compete the dealer said they could compete on a purchase but not a lease. This makes little sense to me. Isn't purchase price independent of lease or buy? If they should be able to something near invoice are the NC money factors so high that they can't compete?

    What should money factors be for both Honda and Toyota in this area?

    Thanks much,
    Allan
  • 03qx03qx Posts: 19
    Car Man, could you please give me the residuals and money factors for a 2009 Sienna Limited w/ RES in both AWD & FWD on a 36 mo 15k lease in Southern California. Thanks !!
  • You're very welcome, mkzone. Yes, the .00075 money factor that I mentioned is available on all 2009 Sienna trim levels at all dealers in your state to consumers who qualify for Toyota Financial Services' top aka Tier 1+ credit tier. If your credit is in great shape, the only reason why this van's money factor would be higher is if the dealer that you are negotiating with was trying to mark it up to add additional, hidden back-end profit to your deal.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi Allan. Honda Finance's current buy rate lease money factor for a 36 month lease of a 2009 Odyssey in your area is currently .00161 for consumers who qualify for its top aka "Super Preferred" credit tier and pay a security deposit at lease signing.

    While I haven't seen the lease program for the 2009 Sienna in your area because you are in Toyota's Southeast region which is an independent distributorship, I suspect that the dealer was implying that lease program for the Sienna in your area is not competitive with the Odyssey's, but that he could use the cash incentives that are available in your area and a significant dealer discount to offer you an attractive purchase price.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • I was paying around $298 per month for my no money down (I think it was like $600 at signing - first month and security) and recently asked for a new lease as this is coming up in January.

    Credit is 800+

    This will be our third 3 yr lease in a row with Toyota.

    I was quoted the high $400s because of "low residuals."
    So I am considering
    1) other options for a lease for a Sienna - am I getting shafted?
    2) buying the car as it is in good shape. If residuals are really low, can I negotiate a lower buyback price? My guess is Toyota does not want the car.
    3) Is Honda any better?

    thanks,

    matcohen
  • skopsskops Posts: 5
    Car Man or anyone else -

    My question is buy vs lease -

    2009 Sienna XLE package 4 with some other misc options. Specifics of MSRP, invoice and selling price are not critical to my question.

    I have a lease quote of approx $520/month for 36 mos and 12k/yr with only 1st month and tags at signing. I can purchase the same vehicle with a payment of $590/month for 60 months at 2.9%. My question is, if I plan to drive the vehicle 10-12k miles per year, is there a clear cut decision to make? Historically, I have always leased and like to get a new car every three years but with the trend in lower residuals coupled with the deep discounts and low interest rates for purchasing, the monthly payment for buying and leasing has narrowed and I am now thinking that even if I buy and then decide to sell the vehicle after three or four years, I might be in a better position than leasing. Your opinion is appreciated. I have used these forums for my last two leases and I made out very well in my opinion. Thanks.
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