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Toyota Tundra Lease Questions

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  • miller14miller14 Posts: 9
    I cannot believe all the excellent deals everyone on this forum is getting or being offered. I cannot find a dealer here in Tampa Bay, Florida to even come close to $299 a month for a Toyota Tundra Double Cab 4x2. The trucks I am looking at have around a $32,000-$33,000 msrp. One price I was quoted was $450/month with $500 down for a 36 month 15k miles a year. Another thing, I am reading on this forum that the residual is around 62% for this truck, but the dealers near me are saying that the residual is 52%. I am so confused and baffled by all of this. Why can I not get the deals that others on this forum are getting? Does anyone have any ideas?
  • sebring95sebring95 Posts: 3,225
    A few questions/things to consider:

    Is it possible the residual on the 4x2 is substantially lower than the 4x4? Most of the deals I've seen were on 4x4's. Around here, a 4x2 is worth significantly less on resale even considering the upfront cost savings.

    Are you looking at limited models? I believe most folks getting the low lease rates are buying SR5's. My fairly well equipped 4x4 SR5 stickered at $34,000 and I paid around $29,500. A 4x2 SR5 should be a lot less unless you're looking at limited models or adding NAV/RES to an SR5.

    Are they quoting you residuals/pricing through Toyota Finance? That is the only way to get the low money factors and residual used for the promotion.

    Is the lease promotion even still going on??

    What price are they using as the selling price? If they're selling for MSRP, that's another reason the price could be high. For ever $1,000 they come off MSRP, you save over $28 in payment/month. You should be buying at close to invoice IMHO, whether leasing/cash/financing. Some dealers try to pretend MSRP is the only price they can use on a lease, but that's pure bull.
  • retrocoretroco Posts: 1
    Hello, I love this forum, I have been highly enlightened on the subject of Lease vs Buying a truck, but I still need some help. Today I went to my Toyota dealer to talk about my 05 Tundra doublecab 2x4, I paid $29K for it 10 months ago. My payments with conventional loan is $574. I wanted to trade it in and get another truck for less $ per month. I was offered a 36 mo lease with my trade in truck for $569 a month with a value of $29K and at the end of the lease the value would be $16K something. to me, the smart part of this is that in three years time I can trade again and have a positive value of $16K. I'm not clear on negative equity carried over as one of my friends was telling me and of course NO one I spoke to has anything positive to say about leasing. What are the negatives can anyone tell me? And can you give me an 06 Toyota Tundra;access cab; v8 4wd stepside quote for Charlotte, NC thank you for any input!
    Retroco
  • sebring95sebring95 Posts: 3,225
    If your payoff on the current truck is higher than what they're going to give you on a trade, then you have to pay that difference somehow. That difference is considered negative equity. You could pay it in cash or roll it into the new lease. Leasing really isn't for everyone, and my opinion is if you're only doing it for a low payment, don't do it. Unless you have cash to invest other places or can take a tax deduction for your lease payments, you'll likely pay more for the vehicle by leasing (low payment not withstanding...). Toyota does have some attractive lease deals (if they're still offering them) but they also have decent rebates if you're buying. Trading out at 10 months is really bad financially.

    And no you won't have positive value of $16k in 3 years, you'll have nothing. You'll either turn the vehicle in or buy it for $16k.

    If you keep your current truck, it will likely be worth more than your loan balance in less than 3 years. THAT is positive equity. You're not likely to EVER have positive equity on a lease.

    There's a reason a lot of folks are negative about leases: It's easy to get burned and most folks are not happy when it's all said and done. They have very little flexibility and for someone without any cash they are more difficult to get out of early.
  • Car_man....finalized the numbers and am picking up my '06 Black Limited, crew cab, 4X4...MSRP $38,4XX. With $1000 down i'm at $319 for 3 yrs and 12K miles per year. $336 with GAP. I'm in the North East... :)

    Thanks again for all of this informaion...GREAT SITE!!!

    --Jericho88
  • ajgooseajgoose Posts: 1
    It now is 4/7/06, had read all the info here then, went to dealer last week they said leases were great on a crew 4x4 tundra TRD SR5, should be about 385 on a 15k/36month. Today they pull paper work a show a .00096 rate/ 59% residual and want 451/month with first month payment down. I mention the .00025 I was hoping for, they tell me that was last month and ended on the 4th. Was going to check other dealerships? I didn't mess with the the cap cost of 34k as I hope to get it down a bill or two but is the new rate gone up? I am willing to fly other places to buy my 3rd tundra as I would drive anything else but the dealer was pretty locked in.
  • sebring95sebring95 Posts: 3,225
    Either way, .00025 and .00096 isn't going to cost you the $66/month difference. The Cap cost will have the greatest effect on your payment and is the most negotiable figure when leasing. If they drop the price $2,000 that will pretty much get you right around the $385 figure.
  • Hi Car_Man, Its time to shop again!! This time, I'm helping a friend to deal on the outgoing 2006 Tundra. We are looking at the SR5 and Limited models. 4x4, doublecab. 36months/15K, I am in SoCal. What is the April lease program? Thanks for your help!!
  • adam9998adam9998 Posts: 1
    I am In SoCal and just leased a 06 Tundra Double Cab with all options MSRP 30,600 Lease was 0 Down 408 a month 12K miles a year
    Thanks for the posts very helpful this was my first car purchase or I should lease
  • awedioawedio Posts: 46
    Car_Man,
    2 questions:
    1) what is the current mf buy rate & residual for 12 & 24 mo on the '06 Tundra DC?

    2) when should we expect to see the new '07 Tundra at dealers
  • golfdude1golfdude1 Posts: 12
    Car man, I'm working a lease and want to see if you can tell me if this is a good deal or not and how much would payment e .

    06 Tundra double cab 4x2
    MSRP: $29,083
    Purchase price $25,787
    MF .00152
    Residual ($15,540 or 53% )
    15k
    36 months

    Thanks
  • golfdude1golfdude1 Posts: 12
    Car man, I'm working a lease and want to see if you can tell me if this is a good deal or not and how much would payment e .

    06 Tundra double cab 4x2
    MSRP: $29,083
    Purchase price $25,787
    MF .00152
    Residual ($15,540 or 53% )
    15k
    36 months
    zero down

    Thanks
  • dkquinndkquinn Posts: 4
    Jericho88, that is an awesome price. Where in the Northeast? I am in NJ and looking for the same lease deal. 36 month, 15K a year.
  • I am dealing with a few dealers in Massachusetts. I am at 12k miles/yr. $2500 down and about $350 per month based on some of the numbers I am seeing it seems like I am getting the raw end of the deal... what do you think?

    This is for a crew cab 4x4 Limited. No nav or dvd player.
  • jericho88jericho88 Posts: 8
    Dkquinn,
    i'm in Eastern Massachusetts. I went to 3 other dealers and none of them would go below $380 with Gap. i thought for sure that when i got into the finance office they were gonna hit me with some crazy charges or story that would require more money down or a higher payment but it never happened. $1000 total out of pocket expenses and that was it. I must say though, i did have to do quite a bit of wheeling and dealing to get there...Afterall, their orignal payment with $1000 down was 495/month :confuse: .

    Jericho88
  • mbrsmc27mbrsmc27 Posts: 1
    i called my local toyota dealer on the cape and got the following information for a base SR5 double cab 4wd lease (36 months) in MA.

    Purchase price (Cap cost) = $28,250
    Initial Down Payment = $2400
    Monthly Payment = $242.49
    Mileage Allowance = 15k per year
    Residual (purchase price at end of lease) = $18,969

    This sounds like a heck of a deal, but I am new to leasing, am I missing something? Any advice would be greatly appreciated.
  • Car_man, i leased a tacoma 05 dc last year in May. on a 5yr lease. Sticker price $26,600.
    down payment of 1,300
    monthly payemt of 480.00
    anuual mileage of 12,000 (currently have 9,500 miles)
    residual at the end of 5yrs is $11,000

    I want to know whats the best thing for me to do? I really regret getting into this lease. :cry: I would like to get rid of and get something else. i have a 720 credit score. Please help!!!!! thanks......
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi king_taco. As you have noticed, five years is really too long to lease any vehicle for. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle. Again, I'm sorry that I don't have better news for you.

    Car_man
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    Prices Paid Forum
  • bmwk75sbmwk75s Posts: 18
    Car_man, I've been looking at 2 different Tundra's and wanted to get your opinion on the offers.
    Option 1
    2006 Double Cab 4x4 SR5 - JBL stereo w/8 Speakers, All weather package, Remote keyless entry, Limited Slip, TRD, Privacy glass, Moonroof, Carpet floor mats & bedliner.
    MSRP $34,166
    Sale Price $31,902
    Amt down $4,000 to cover sales tax, lic, etc...
    36 month lease @12,000 miles
    Residual $20,518
    Money Factor $.00001
    Net Payment $237.90

    Option 2 - Dealer demo with 5,000 miles
    2006 Double cab 4x4 Limited - JBL 6 disc changer, All weather package, Leather w/heated seats, Rear audio, Overhead console, Running boards, moonroof, VSC & traction control, Cargo net & Wheel locks.
    MSRP 38,883
    Discounted price $34,541.84
    Down payment $4,000
    36 month lease @12,000
    Residual $23,174
    Money Factor .00001
    Net Payment $265.43
  • sebring95sebring95 Posts: 3,225
    I'd skip the downpayment with a money factor that low. Of course, I'd skip the downpayment on any lease.
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