Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





Toyota Tundra Lease Questions

123578

Comments

  • I ended up going with the deal. Drive offs were $0, cap was $33000, residual was $17,500, I was told .00059 MF because my wife was Tier 1+ and I was Tier 3, 36 month, 15K miles per year, $489 per month. How did I do with my first Toyota deal?
  • The deal's been made... just enjoy your new truck now. Congrats!
  • Does anyone know if the lease money factors are going to also be available in March?
  • stef3stef3 Posts: 25
    Hi Guys, I need a little feedback on this offer.
    Toyota Tundra Double cab, Limited, 4x4
    MSRP $39985
    Initial Cap Cost $38412
    Adjusted cap cost $38907
    Lease term 36 months, 12000 miles/year
    Money factor 0.00059
    Residual 52.33%
    Down payment $0
    Tax rate 7.75% (Los Angeles Area)
    Monthly payment $576 including tax.

    Is this a good deal? I got so confused that I can not see it anymore ....

    Thank you for your help!!!
  • rlaryrlary Posts: 18
    No, I wouldn't say that was a great deal. Heard of much better. The rebates have been better than that. Last I Heard 2750.00 in rebates and most dealers discounting at least that much again. Your looking at 40k limited. I think you can work much better deal. Residual also seems low. Usually around 56%-57%. The lower residual will raise your payments but make it more attractive if you decide to buy it, or perhaps you could see a little trade equity next time around. Lease rate isnt bad but I have seen .0002x. I would shop around big time.
  • stef 3,

    They need to knock at least another $1000 off the cap cost to put you right around invoice.

    The residual you stated IS accurate and with TFS's special money factors, you DO NOT get the rebate.

    Get me the VIN and I can pull the invoice for you.

    Is your credit over 730? What dealer are you working with?
  • stef3stef3 Posts: 25
    Thank you all for your help.

    As far as credit, I have 744, pulled just 3 days ago, and I am confident about this number ... I have leased from Toyota my previous 2005 Tundra, and I am leasing 3 other cars so I think I qualify for any promotion they might have.

    I have this quote from Crown Toyota in Ontario California, but I think I would get a better and easier deal with Longo Toyota.
    I just found a truck I would be interested in on their website:
    VIN: 5TFBV58148X053419
    It is listed with MSRP $$40,503
    Here is the link to the car: http://www.longotoyota.com/VehicleDetails/914545334

    I would appreciate your help with this truck. When I finish the deal I promise to leave the deal details as reference for all you guys.
  • stef3stef3 Posts: 25
    Thank you,
    I will do more work on this and let you know.
  • I am enjoying the truck so far. A bit of an adjustment coming from Chevy's.

    But I was really looking for some feedback on the deal. As I have friends/family members in the market for a new truck as well and wondered if I should refer them to this dealer or have them shop elsewhere.
  • Invoice on this truck is $36,993. 36/12k residual is $20,273 (50%)

    Assuming a cap cost of invoice.

    .00059 = ~$537/mo .00029 = ~$520/mo (figures includes sales tax)

    If you roll in the acquisition fee, 1st month payment, and dmv fees so you have $0 drive offs:

    .00059 = ~$579/mo .00029 = ~ $560/mo (figures include sales tax)
  • stef3stef3 Posts: 25
    ocautoseeker , thank you for your time and help.

    Today I found the perfect truck Tundra Double Cab Limited 2x4
    The dealer was nice, but from start he pushed the numbers high and asked me to make a counter offer.

    Here are the data for this truck:

    Tundra Double Cab Limited 2x4
    VIN: 5TFRV58188X049100
    The sticker is $38502 including options and delivery:
    ======================================
    OF, - TRD offroad
    BL, - BedLiner
    C4, - Carpeted Floor Mats
    C8, - Convenience Package - Stainless exchaust tip, pedals, shift knob anodized
    RB, - Stainless side steps
    5J, - Rear view monitor with parking sensors
    7J, - Licence plate bracket
    Delivery $685
    ======================================

    The lease terms I asked for 36months/15000miles.

    At this request the residual he gave me was $18812(by the book)
    The money factor was 0.00059
    Drive off $1120 (including all fees and first month)
    The local tax rate is 7.75%
    His offer was $643 including tax.

    I know already this is out of question and I do not feel playing games for hours to get the numbers more realistic.
    I do not know how to calculate the lease in detail but I think with this drive off, I should be around $500 including tax and still give the dealer something over the invoice.

    If is not too much to ask please run the numbers for me so I will be more confident making a counter offer.
    What do you think shoud be a decent amount over the invoice?
    What is the 0.00029 money factor ? I have seen it on his list and in your calculations as well.

    Thank you again.
  • stef 3,

    That joker (dealer) hit you at full tilt on that quote!! Toyota also has a $550 acquisition fee, which most dealer's just roll into your payments, but I'd recommend paying it upfront in your drive offs - up to you, though.

    Now, with your excellent credit, you should get the "buy rate" mf of .00029, and assuming a cap cost around invoice at approx. $35,000, you should be out-the-door for ~ $502/mo. I'll get the actual invoice numbers for you in the morning, but it's gonna' be right around the numbers I just posted.
  • Is the .00029 MF with a Security Deposit or something?...or is that the current rate?

    Trying to run some numbers on various 08 Tundra CrewMax 4x4 Limited configurations. Can you please tell me the MF and residual for Tier 1 / Tier 1+ credit for 36 months / 15,000 MPY?

    Looking to make this happen this weekend. Thanks!
  • newtoy08,

    From your numbers, it looks like $33,000 is your adjusted cap cost which rolls in the 1st mo. payment, dmv fees, and acquisition fee which would roughly equate to around $1400 in which you would have paid up front in drive offs.. If this is the case, and again, I don't have enough information from your post(s), but guessing this is the scenario, it would appear that your initial gross cap cost was right around invoice, so yes, you did good.
  • I think that's what's happening. 3 different dealers have told me .00059 is the best on the CrewMax.

    Let me know what you find out.

    Thanks!
  • If .00059 is the base factor on your model, then paymenst would be, $623.27/mo

    If .00029 is the base factor on your model, then payments would be, $602.16/mo

    Again, let me double-check on the numbers and see how and if they differ from certain trim levels and I'll get back to you shortly.

    Apologize for any confusion.
  • OC,

    This is the current deal I have:

    2008 Tundra Crewmax 4x4 Limited -

    Factory Installed Accessories: FE AL KG NV RL SR BL CF

    MSRP - $47,046

    My price - $42,368

    He's telling me the residual for 36 Months/15K MPY is $22,931 and states there is no .00029 Tier 1+ rate. Is this right?

    Can you tell me what kind of payment I will be looking at with the .00029 and .00059 MF respectively? Assume I will pay all drive offs up front and tax rate is 7.75%.

    Thanks!
  • Let me confirm with my leasing source and my local toyota contact on the numbers and I'll get back to you with the current mf.

    My numbers show that tier 1+ customers qualify for a base rate of .00029, but Toyota can be weird and limit it to certain models and trim levels (i.e DC, not Crewmaxx, 2wd, not 4wd, etc...)
  • stef3stef3 Posts: 25
    ocautoseeker , ....

    If I consider all the other fees related to the lease and the first month payment, you are right, the numbers do not add up so the dealer rolled in the aquisition fee in the lease. I will double check as soon as I will have your answer on this truck.

    Thanks,
  • OC,

    Did you get a chance to confirm that info?

    Thanks!
  • My leasing source states that the buy rate money factor is .00029 through TFS and requires Tier 1+ status = 720 FICO or higher. I confirmed this with my Toyota contact, so I'm not sure where they are coming up with .00059.

    Again, my numbers only break it down in tiers and don't specify if the rates apply to all models.

    I will say this... even if they for some reason don't honor .00029, .00059 is still an awesome rate, as it's well below market.

    Push for that .00029, though.

    Tier 1+: .00029 - base rate
    Tier 1: .00039 - base rate
    Tier 2: .00074 - base rate
    Tier 3: .00134 - base rate
  • stef 3,

    Here's the bottom of the invoice for your truck....

    Total Accessories ...........................: $ 2107.00 $ 1468.50 $ 2107.00
    Destination Charge ..........................: $ 685.00 $ 685.00
    TDA .........................................: $ 391.00
    Gasoline ....................................: $ 10.00
    Dealer Holdback .............................: $ 714.00
    Whsl. Financial Reserve .....................: $ 357.00
    --------- ---------
    Total .......................................: $ 34871.50 $ 38502.00

    Residual Value ...: 36 mo
    ------- ------- ------- -------
    STD (12k): 18,812
    LOW (15k): 15,805
  • stef3stef3 Posts: 25
    ocautoseeker

    WOW ... this is what I call help. Thank you !!!

    Please correct me if i am wrong ....
    Offering the dealer $35000, his profit is $1199.5 on a vehicle sitting on the lot.
    Do you think this is something a dealer will accept?

    How do you see a good scenario to lease this vehicle 36months / 15000miles?
    How much down (drive off - including what) and what do you esimate as monthly payment including tax (7.75%).

    Regarding the money factor I asked 2 dealers today and all gave me the 0.00059 (ends 3/3/08) for credit score 744 - TransUnion.

    The residuals you state, are correct but I do not understand why the dealer told me $18,812 on 15K miles .... Do we have different residuals for Limited editions or he did a mistake. Is it possible to negotiate the residual?

    I am using some formulas to calculate the payment but I would like to check with you because you are very well informed about fine detais, fees, and othes BS included in lease terms.
    I know I am a pain in the butt but, if we started and got this deep I would really appreciate your feedback to the end.
    Maybe our discussion will give other people more accurate ideeas about lease calculations and what it takes to get a fair deal.

    Thank you again ...
  • stef 3,

    You're NOT a pain in the but... this is the whole idea of the forum - to help people get great deals and gain knowledge before entering the dealership.

    I'm exhausted right now, but I'll run the numbers for you tomorrow (Friday), and then send you a reply.

    Hang tight...
  • stef 3,

    Sorry , was tired and made a mistake on the residuals when I posted.

    Here are the correct ones for your truck.

    STD ( 15k) 18,812
    LOW (12k) 19,526

    As for your truck, I'd really aim for them to cap the cost at about $400 below invoice. So, assumimg a cap cost of $34,471 ($400 below invoice), you're looking at monthly payments of $467.23 + $36.21 (7.75% tax) = $503.44/mo

    Drive offs would include: 1st mo payment of $503.44 + License Fee of ~ $250-$300 + Registration of ~ $15-$25, Ca Tire Fee of $8.75, Doc Fee $45-$55, Lease Acquisition Fee of $550. You're looking at ~$1400 in total drive off fees.

    If you cap the $550 acquisition fee into your lease payments, you'd be at $482.83 + $37.42 (7.75% tax) = $520.25/mo. Your drive offs would be ~ $900.

    Numbers are based on a 36 month/15k-mi/yr lease term.

    Good Luck... hope this helps.
  • stef3stef3 Posts: 25
    Thanks ocautoseeker
    For all DIY people, I hope this discussion was helpful.

    1) in order to get the right information, provide the specifics of the vehicle and lease terms.
    2) do not negotiate from MSRP down. Use the invoice to set the price you are to pay (CAP Cost)
    3) know your credit before calculating rates
    4) ask multiple dealers about the money factor and residual for your terms.

    Things I have learned with the help of ocautoseeker:

    1) Using KBB or Edmunds, figure the invoice of the base vehicle.
    2) From the KBB invoice subtract Dealer Holdback (2%) and Wholesale Financial Reserve (1%) - (from KBB invoice substract the Destination charge as well)
    3) To this number add the Toyota Dealer Advertising fee, Gasoline( price of 3 gallons) and Destination charge.
    4) To this result, from KBB, add the invoice of the options you want on your vehicle.

    Using this approach you will have a number close to the dealer invoice.

    If you offer the invoice as a negotiated price, the dealer has a profit
    of DHB+WFR ~$1000-$1200 on a car sitting on the lot.
    This, I think, is acceptable from the dealer side but depends on the demand.
    If you want to pay more(???), just add the amount to the calculated invoice and
    present the new offer.
    Dealers will accept with no much push a $500 over the invoice, generating for them $1500-$1700 profit.

    As a lease scenario I would take ocautoseeker advise:

    Drive off = 1st month payment, License Fee, Registration, Tire Fee, Doc Fee, Lease Acquisition Fee
    Use a car lease calculator to figure your monthly payment, subtracting from the financed amount the 1st. month payment.
    Add to your monthly payment the tax, and you will be close to what you should pay.
    If you feel comfortable with this payment, try to knock off another $5 just for fun and take the car.

    Please feel free to correct or add to this anything you might think will help a more accurate calculation.

    Thanks again ocautoseeker
  • I'm in the process of tryinig to sell my car, so I missed out on the lease deals for Feb. Does anyone know what the money factors are going to be for March? Will Toyota carry over the old rates?
  • pcantorepcantore South FloridaPosts: 55
    Stef3,

    According to ocautoseeker's rule here's a lease scenario I ran for a 39 X 12.000 miles 2008 2WD Toyota Tundra CrewMax SR5 V8 4.7L 5 1/2 ft 5-Speed Automatic (8260) I'm interested on:

    KBB Invoice: 26,854.00
    dealer holdback (2%) 537.08
    Wholesale Financial Reserve (1%) 268.54
    destination charge 685.00
    25,363.38
    Dealer advertising fee (3%) 805.62
    Gasoline (3 gallons) 10.95
    destination charge 685.00
    Invoice price: 26,864.95
    Deck Rail System SR5 : 108.00
    Fog Lamps : 88.00
    Daytime Running Lights : 32.00
    Radio, JBL w/6-Disc CD Changer in Dash : 780.00
    Running Boards : 276.00
    Wheels, Aluminum Alloy : 816.00
    Total invoice price: 28,964.95

    AGREED UPON VALUE (SELL PRICE) 28,560.00
    Lease Acquisition Fee : 550.00
    Processing Fee : 45.00
    License Fee : 250.00
    Registration Fee : 15.00
    Doc Fee : 45.00
    1st Month's Payment : 312.60
    Gross Capcost : 29,777.60
    Cap Reduction : 0.00
    Residual Factor : 56%
    Money Factor : 0.00029
    Lease Term : 39 months
    Base Monthly Payment (w/o Tax) : 294.93
    Broward Sales Tax Rate : 6.00%
    Taxable Payment : 294.46
    Monthly Sales Tax : 17.67
    Monthly Payment (w/ Tax) : 312.60

    Are these numbers right?

    Thanks for your help

    PC
  • stef3stef3 Posts: 25
    I do not know exactly what kind of incentives apply to the CrewMax 4.7 but I will try to do some numbers. If the deal you present at the end is an actual offer from your dealer I don,t know what to say because I came up with different things here ...

    Starting from KBB invoice of $27,539, dealer cost of this car with the options($2100) you want should be around $28000
    The advertising fee (TDA) is $391 so the invoice will be around $30000 (includes Destination, Dealer Hold back, Wholesale Reseve, TDA and Gasoline)
    From this about $800-$900 is the Dealer Hold back and Wholesale Reseve.

    If you offer the dealer 30,000 (invoice) his profit will be around $800-$900 (Dealer Hold back and Wholesale Reseve)

    As far as the accuracy of this calculation I am not 100% sure but I hope ocautoseeker will help us out.

    I did a basic estimate of the lease with $905 in fees as total of drive off for 39 months, and based on your stated 56% residual (I am not sure about this) and 0.00059 money factor (the 0.00029 I do not think is right) your monthly payment shoud be around $380-$390 including tax.

    One more time .... I am trying to figure out this calculation approach and any feedback would be apreciated.

    ocautoseeker ... please help us if you are not too tired :))))
  • Hold on people... let's not make things too complicated here.

    First, the KBB and Edmund's invoices already include the Destination, Holdback and Financial Reserve. Whether it includes the $10 fuel charge is really insignificant as ten bucks isn't going to break anyone. The only discrepency you should see from an internet invoice and a dealer invoice is the advertising fee (TDA). This fee will vary from manufacturer, but Toyota's is ~ 1.25% of the BASE invoice. Some will question as to whether this fee is legit, but most manufacturers factor the cost of advertsisng into their products and dealers typically don't like to haggle on this fee.

    For Toyota: the holdback is 2% of the BASE MSRP and the Financial Reserve is 1% of the BASE MSRP. The destination is set and non negotiable, so don't even bother.

    Below is a partial factory invoice from stef 3's ideal truck. I highlighted the important parts to better illustrate how the fees are itemized. The bottom line is this: when negotiating, knowing how much the dealer has in holdback and financial reserve is a great tool if you're looking to get really, really, really aggressive, and hit them at the right time of the month.

    Retail Dealer
    Vehicle Base Model ....................: $ 35710.00 (Base MSRP) $ 31246.00 (Base Invoice)

    --------- --------- ---------
    Total Accessories ...........................: $ 2107.00 $ 1468.50 $ 2107.00
    Destination Charge ..........................: $ 685.00 $ 685.00
    TDA .........................................: $ 391.00
    Gasoline ....................................: $ 10.00
    Dealer Holdback .............................: $ 714.00
    Whsl. Financial Reserve .....................: $ 357.00
    --------- ---------
    Total Invoice/MSRP .......................................: $ 34871.50 $ 38502.

    So, basically, the total invoice you would see here on Edmunds would most-likely read $34,480, which is only less the the $391 TDA fee. Make sense??
Sign In or Register to comment.