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Toyota Camry Lease Questions

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  • joeycapjoeycap Member Posts: 3
    Hi, I was just offered the following lease deal. I live in southern New Jersey.

    2008 Camry LE
    MSRP $21,934
    Sales Price $20,907

    $1,500 total out of pocket at signing
    $287 per month for 36 months with 12,000 miles per year

    Does this sound right?

    thanks
  • beopersonbeoperson Member Posts: 74
    Hi all,
    I'm back on this fantastic forum to share and find out new lease deal advertised by toyota. This time I'm shopping for my father.

    Here is the deal I got:

    2008 Toyota CE AT (36 month 12K)
    MSRP: 20,557
    Sale Price: 18,925
    Residual: 12,164 (60.3%)
    Money Factor: .00161

    Initial Payment $1,682 which includes:
    Bank Fee: $550
    First Month Payment $200
    Doc Fees $149
    Mot vehicle Fees $184
    Sales Tax (NJ) $601

    Monthly Payment: $249

    How this deal sounds like?
    Have anyone been able get better price/discount?

    Thanks in advance!
  • toyotaman21toyotaman21 Member Posts: 4
    Hey! I'm new to this whole lease idea and have a couple questions for you guys. I'm from Minnesota and just got a new car lease quote for a '08 Camry for $285/month for 36 months...This includes options of a moonroof and spoiler. Does this sound about right for you guys? He said that the MSRP was $21,934.00 selling it at invoice of $20,021.00. This includes $1500 down.

    Also, I always told myself that I would never buy a new car just for the fact of the depreciation that happens the first couple years. BUT, I do know that Toyota's, Camry's in particular, depreciate slower than a lot of other cars. I want to buy this car outright when the lease is up and drive it till the wheels fall off since these are such reliable vehicles and I don't want to have a payment every month of my whole life. Does this sound realistic to you guys? ...Or do you think it's a bad idea to lease a car like this with the idea of buying it at the end and keeping it till it dies? Thanks!
  • qualitygoodsqualitygoods Member Posts: 2
    Hey Car Man,

    I'm in Queens, NYC.

    I was offered invoice pricing of 20,500 and 20,200 for an '08 LE w/ sunroof, metallic silver color.

    My credit is 658 (the middle of the three) so one dealership said it was not worth it for me to lease and said the best moneyfactor they could do was .00369. Another dealership (I guess they must be hungry) is willing to give me money factor of .00261 which translates to about 6.26% APR, which would be only 2.5% points higher than the .00161 which is 3.86%.

    The residual is 13417 (I got the same residual value from 3 difft dealers, so I guess they use the same number from Toyota?)

    All the dealerships want to charge $550 acquisition fee, one of them wants to add tax to it.

    IS there any way to get a dealership to waive the acquisition fee?

    So with invoice price of 20,500 (08 LE w/ sunroof) residual $13416.50, money factor of .00266,
    Acquisition $550 + tax = 596
    w/ $1750 down my monthly payment comes out to $287. Which I think is not a bad deal.
  • qualitygoodsqualitygoods Member Posts: 2
    this depends on your credit, if your credit score is above 700, you can do better. If you're at 658 like me, that is a very decent deal. I got similar terms except mine comes with sun roof. I'm also putting down $1750, monthly payment of 287. so i guess i'm paying 80$ extra per year to have the sunroof over your package.
  • bigrich20970bigrich20970 Member Posts: 7
    Looking at a 2008 toyota camry se, 4 cyl., auto, with sport leather and moonroof packages. Haven't discussed "serious" numbers with the dealership, but the salesmen told me he was almost positive i could lease it for 36 months/12k miles, for "a little under" $300/month, after taking in my trade (2002 civic ex coupe with 50,000 miles) that the toyota dealership appraised @ $7,500, and there is no payoff on my trade....does anyone else think this is a bit ridiculous? I mean, for the SE v6 with same packages, maybe...but the 4cyl? btw, this is located in Bangor, Maine
  • toyotaman21toyotaman21 Member Posts: 4
    I can't believe that...I wasn't going to have a trade-in and my price was just a bit lower than that. Granted you are leasing an SE and I was looking at an LE, but still with that kind of trad-in you should be in the 225 range, maybe lower. Just think, if you sold that vehicle and got 7K for it, and put it all on a down payment on that lease....you'd be sitting at like a 150 payment. Tell them to go and screw themselves and sell your car outright, then get your camry. Dealers screw everyone over on trade-ins...

    ALSO, check out SAMSCLUBAUTO.com. When I get my vehicle I'm going to go through them I think. My girlfriend's parents bought a brand new Camry that way and got a HELLUVA deal. Check it out! :)
  • bigrich20970bigrich20970 Member Posts: 7
    I've listed my car for sale, asking $11k (a bit high maybe, but i'm willing to take less)...then will probably go and talk to the toyota dealership again and see what kind of numbers they can come up with...i may change my mind about which camry i want before then anyway, since I REALLY want an SE V6 ;)
  • bigrich20970bigrich20970 Member Posts: 7
    any idea what kind of lease payment i'm looking at for an 08 camry se v6 with moonroof package (no leather)
    3 year/36,000 miles lease
    preferably only about 1,000 down
    Thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi nomarbicicleta. Honda had been providing a very high level of support on the 2007 Accord to help unload dealers' leftover models prior to the arrival of the redesigned 2008 model. Unfortunately, you have missed your window of opportunity if you want to lease an '07 Accord. Honda is no longer running a special lease program on it. There still is a decent amount of dealer cash on it if you want to lease using its standard lease program, finance, or pay cash for it though.

    You would probably have to make a capitalized cost reduction of over $1,000 to get a Camry's monthly payment below $200. You would be better off having a slightly higher monthly payment and not putting any money down. Consumers who make large down payments on leased vehicles risk losing them if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'm glad that you are enjoying this discussion so much, ekorch. Toyota Financial Services' lease program for the Camry varies by term and mileage allowance. You never mentioned what either of these variables are, 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. TFS' current buy rate lease money factor and residual value in its New York region for a 36 month lease of a 2008 Toyota Camry CE with 15,000 miles per year are .00161 and 60%, respectively for consumers who qualify for its top credit tier.

    The problem with these numbers is that TFS is different than most other banks in that it places restrictions upon which options can be residualized. As a result, it is very difficult to determine what a vehicle's residual value should be for the purpose of calculating a lease payment. In fact, Toyota actually supplies its dealers with actual dollar residual values for every vehicle that they have in stock rather than relying on them to do the residual calculations themselves.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Ah ha, ekorch. I see that you provided the term and mileage in your next post. I was close ;). TFS' 12,000 mile per year residual values are 2% higher than its 15,000 mile per year residuals.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi joeycap. The car that you are interested in has a spread of a little over $2,200 between its full MSRP and its dealer invoice price. You are only being given a $1,027 discount on the unit that you are interested in. This puts you at over $1,000 over invoice. You should be able to do better than that in an area that has a decent level of competition like the one that you are in. Try stopping by the following discussion to see how much other community members have paid for similar cars lately.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome back, beoperson. The lease money factor that you were quoted is right in line with Toyota Financial Services' October buy rate for this model. The bank fee that you were quoted is right in line with TFS base fee, too.

    Now let's take a look at the selling price that you were quoted. The Camry that you described probably has a spread of around $1,700 between its MSRP and its dealer invoice price. The $1,632 discount that you are being given looks very attractive to me.

    If you like the car, I personally do not see any reason not to pull the trigger on this deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings toyotaman21. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Dealer invoice is an excellent selling price for a leased 2008 Toyota Camry. Now all you have to do is to make sure that the dealer that you are working with uses Toyota Financial Services' buy rate lease money factor to calculate your monthly payment. I am not sure exactly what it is in Minnesota right now, but I suspect that it is probably around .00161 for consumers who qualify for its top credit tier.

    The Camry makes a good vehicle to lease, but don't lock yourself in to purchasing your car at lease-end. Near the scheduled end of your lease, place a call to Toyota Financial Services to see exactly how much it will cost you to purchase your leased Camry. If it is equal to or less than what you would have to pay for a similar used vehicle on the open market, go for it. If the purchase option price is higher than what an equivalent used Camry would cost just turn your car back-in and walk away.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi qualitygoods. Toyota Financial Services charges a $550 acquisition fee on every vehicle that it leases. Individual dealers are not allowed to waive this charge. You can either pay it at lease signing or add it to your car's capitalized cost to bake it into your monthly payment.

    Dealer invoice is an excellent selling price for a 2008 Camry. With a credit score of 650, you will not qualify for Toyota Financial Services' best money factor. I don't know exactly what the factor should be for this car for your credit tier, but .00266 sounds reasonable to me.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You are absolutely right, bigrich20970, slightly under $300 per month with a whopping $7,500 down payment for a 2008 Camry SE 4-cylinder is ludicrous. There's nothing wrong with trading in vehicles when leasing a new one, but you would be better off having the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a down payment for your lease. Consumers who make large down payments on leases risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.

    The best way to get a good deal on a lease is to negotiate as low a selling price as possible on the car that you are interested in and then have the dealer calculate your monthly payment using its buy rate lease money factor. Make sure to find out exactly how much this dealer is trying to charge you for the Camry that you want before proceeding.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi bigrich20970. It actually is fairly difficult to calculate the monthly payments for vehicles that are leased through Toyota Financial Services. This is because it places restrictions upon what options can be residualized. The calculation of vehicles' residual values is so complex that TFS actually provides dealers with lists of the actual dollar residual values for every vehicle that they have in stock rather than having them calculate them using residual value percentages like most other banks do.

    The best way to get a good deal on the Camry that you are interested in is to negotiate as low a selling price as possible and then have the dealer calculate your monthly payment using TFS' buy rate lease money factor. The Camry's lease money factors vary by region. If you tell me what state you are in, I would be happy to give you an idea of what it should be like in your area right now.

    Car_man
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  • bigrich20970bigrich20970 Member Posts: 7
    Car_man, I'm in Maine.....am actually going to the dealership tomorrow afternoon to look at a couple different camrys on the lot....they just got an 08 se v6 with leather and moonroof packages in....if the payments not ridiculously high, i'll hopefully be driving it home!
  • toyotaman21toyotaman21 Member Posts: 4
    What about Minnesota (Twin Cities area). I don't want a payment over the $215 range on a lease. Also, any thoughts about going to samsclubauto.com, which is going through Sam's Club to buy your vehicle. Has anyone done this? I've heard that you can get some real good deals!
  • toyotaman21toyotaman21 Member Posts: 4
    K, whoever can answer this it would be much appreciated. I'm not exactly a car guru when it comes to invoice price and stuff but I have done some research. Here is my scenario.

    ...I went to a dealership and he quoted me an invoice price on an '08 basic (without the additional options you can add)LE Camry at almost 22K. I really didn't know much about what the invoice price was running on this car (should have done more research going into the dealership to have some ammo to back up anything I said or questioned)so I didn't say anything about it. When I got home and did some research, I found out the invoice on that vehicle was about 18.9K, and some were even lower than that (Samsclubauto.com). I told him about that, and even showed him proof of it, and he still said that wasn't right and basically told me I was an idiot for believing it. I think I caught him in his own lie and he didn't want to come clean...Admit that he was wrong?!

    What do you guys think?
  • vehiculavehicula Member Posts: 42
    Hi all. This is my first post!

    I'm shopping for a new 2008 Camry in the Boston area, trim level as yet undecided. I'm trying to decide between a lease and Toyota Touch Preferred Option (TTPO) financing. This should tell you that I'm not planning to own this car for more than 3 or 4 years, so I only want to pay for the 'portion' of the car I use.

    For those unfamiliar, TTPO is Toyota Financial Services' name for a purchase with a balloon note. On the surface, TTPO looks similar to a lease: You amortize a portion of the cost and have a residual value. But there are differences. Here are the differences that concern me:

    * A TFS lease has a (non-negotiable) $550 acquisition fee; a TTPO contract does not.

    * With a lease you only pay sales tax on the monthly payment; with a TTPO you pay tax on the full cost of the car. [You are purchasing the car.]

    It sounds like an easy enough decision: Will the extra sales tax in a TTPO contract exceed $550? If so, take the lease. But wait...

    Currently, and until December 3, 2007, TFS is offering a promotional money factor for 3-year leases of 0.00190 (for "Tier 1+" lessors). That works out to an interest rate of 4.56%. But the promotional interest rate for three-year purchase financing is 3.9%!

    Taking all the above into consideration, by my calculation a 3-year purchase with a balloon note comes out to a smaller monthly payment than a three year lease for the same amount financed. Not by a whole lot, mind you.

    I don't know for a fact that the 3.9% interest rate is available with TTPO - it may only be available for a full amortization loan.

    I spoke with the finance manager of a well-known Toyota dealership in my area, who told me that his dealership does not offer TTPO financing, and he doesn't know of any dealership that does, "because it doesn't benefit the customer."

    My problem - and therefore my question for the group :confuse: : Is this true? Why would Toyota Financial Services offer TTPO if "it doesn't benefit the customer"?
  • kiawahkiawah Member Posts: 3,666
    Check out the online pricing at www.fitzmall.com

    That will give you a good understanding of the actual pricing structure for the different models and features.
  • talmy1talmy1 Member Posts: 55
    I haven't gotten involved with financing discussions since I've never financed a car purchase, however I've found your post intriguing for the TTPO "doesn't benefit the customer" comment from the dealer.

    Anyway I can think of two reasons TTPO doesn't benefit the customer. 1)Loans with balloon payments mean that more dollars in interest are paid (because the principal isn't being paid down during the loan). 2) The longer period of negative equity and potentially zero or negative equity at the end of the loan makes it more difficult/expensive to purchase the next car.
  • kiawahkiawah Member Posts: 3,666
    I would investigate the sales tax ramifications a little closer. Typically when you buy a vehicle in many states, you pay tax on the 'difference',....between the purchase price of the new car, and the tradein value of your old car.

    In your case, you have assumed that you will pay the full tax amount on the first purchase (which you may if you don't have a tradein). I think you also assumed that in 3-4 years with your next purchase that you would have to pay the tax again on the full amount of the next car. This may not be the case in your state.

    You have indicated that the lease alternative has less tax paid than the balloon purchase plan, which it would. However, the purchase plan would then be advantaged over the lease alternative when the '2nd' purchase is made.
  • vehiculavehicula Member Posts: 42
    Hi talmy1:

    Thanks for replying.

    While it's correct to say that loans with balloon payments incur more interest because a portion of the principal isn't being amortized, I believe the same is true of a lease.

    Negative equity would be a concern if I wanted to buy the vehicle at the end of the financing or lease period, since residual values and balloon notes are often artificially high so the dealer can offer lower monthly payments. (GAP insurance steps in if the car is stolen or totaled.) In my case, I have decided to exchange trade-in value later for lower monthly payments now. (And I'd rather avoid haggling over the value of the car in the future.)

    I suspect that the dealer made the 'doesn't benefit the customer' statement because TTPO doesn't benefit him, i.e., no factory-to-dealer incentive on a TTPO financing.
  • vehiculavehicula Member Posts: 42
    Hi kiawah:

    Thanks for replying.

    Perhaps I didn't make it clear enough that trade-in value is not something I'm concerned about. There are different ways to look at driving a car. I'm one of those people who prefers not to make an investment in a depreciating asset. I know not everyone agrees and it's not my desire to open that can of worms here. I also don't relish the thought of haggling over the value of a car years down the road.

    I suspect that the dealer said that TTPO 'doesn't benefit the customer' because TTPO doesn't benefit him, i.e., no factory-to-dealer incentive on a TTPO financing.
  • talmy1talmy1 Member Posts: 55
    I suspect that the dealer made the 'doesn't benefit the customer' statement because TTPO doesn't benefit him, i.e., no factory-to-dealer incentive on a TTPO financing.

    I thought of that, but strictly speaking from a financial point of view, it doesn't benefit the customer to pay out more interest than he would with a traditional loan. Considering how many people end up with severe financial problems taking balloon loans (not just on cars), the dealer is doing the customer a favor by not offering it.
  • vehiculavehicula Member Posts: 42
    "...from a financial point of view, it doesn't benefit the customer to pay out more interest than he would with a traditional loan..."

    No disagreement there, but a lease is no different. (You pay interest on the residual value.)

    If you want to own the car, neither balloon note financing nor a lease makes financial sense. If you want to rent the car a lease or balloon note financing is the way to go.
  • stlpike07stlpike07 Member Posts: 229
    I guess it just depends on what people are interested in.

    I personally lease new cars. This way I don't have to take out a loan, I don't have to pay interest on the loan, and I don't have to worry about being "upside-down" on the loan. I look at it as paying for the "portion" of the car I am going to use. Also, I generally only drive a car for around three years, so I think leasing makes more sense.

    I don't really see any benefits to actually "buying" the car (in my situation). As a matter of fact, my purchase payment would have been around $65 more a month with tier 1+ credit and no money down.

    Can you tell me some benefits of purchasing vs. leasing? I'm not really sure about the differences and no one can ever explain both in any detail. Thanks in advance if you can clarify.
  • vehiculavehicula Member Posts: 42
    Hi there.

    Purchasing vs. leasing is a very big topic that deserves more than a forum post to understand. The Edmunds website has great information for you and a web search will also provide lots of information.

    Just so you know: Legal technicalities aside, a lease is a form of loan, and you are paying interest, only in a lease it's called a money factor. And you can be upside-down in a lease just as you can in a loan.

    Update for the group: I've e-mailed several Toyota dealers in the Boston area, and no one wants to talk about the Toyota Touch Purchase Option. My best guess: There's not enough money in it for them.
  • stlpike07stlpike07 Member Posts: 229
    Can you explain how you can be upside-down in a lease?
    Do you mean if someone didn't have gap insurance and got into an accident or had their vehicle stolen?

    I understand you pay interest on a lease, but its included in the monthly payments. In my state, Missouri, (unlike Illinois for example), I do not have to pay full sales tax on my lease, whereas in Illinois you do have to pay the full sales tax on a leased vehicle like you do on a purchased vehicle.
  • vehiculavehicula Member Posts: 42
    A theft or being totaled will likely leave you upside-down in a lease - that's why there's GAP insurance. Plus: If you decide to buy the car from the lessor before the lease is over you may find that your buyout is more than the vehicle is actually worth.

    Sorry, I'm not knowledgeable on sales tax in any state aside from Massachusetts.
  • stlpike07stlpike07 Member Posts: 229
    Thanks for answering my questions. I appreciate it....I am a younger consumer.

    I'm hoping my vehicle will be worth more than the residual or "buyout" price when my lease ends. That way I may be able to work out a better deal on my next new car (if its a Toyota). I leased my car for 36 months and 45,000 miles. I've had it for about a year and only have around 11,000 miles. I will likely be way under on miles, so we'll see what happens.

    That situation happened to my brother on his Acura and the dealer "paid" him a few thousand dollars when he turned his vehicle in because his miles were low and their residual was way off.
  • vehiculavehicula Member Posts: 42
    Here I am, back again with a new question:

    I'm shopping for a new 2008 Camry XLE 4-cylinder base model with vehicle stability and traction control.

    What lease deals are people getting or being offered for this (or a similarly equipped) car in the Northeast?

    In particular, what money factors and residuals are people getting or being offered?
  • apprehensiveapprehensive Member Posts: 14
    I've heard that Toyota Finance rarely ever negotiates buyout price if that's what you're looking to do. I have an 05 with 35K to be turned in next month with a $10,500 Resid. Id kinda like to but it out but it's a manual so I'm not sure a resell would be favorable later. You need to call then 2-4 months before the lease is up to try. Good luck.
  • apprehensiveapprehensive Member Posts: 14
    Dear anyone,

    Interested in getting into a new 08 camry 36mo 12k mi/yr, (IN APRIL!) I turn in my previous camry lease then. I thought I got a good deal on my last one but after reading your posts I have no idea! I got the base model with black mirrors (gasp). Got it for $2K down (all inclusive w/1st payment) then 35 more payments of 175/mo. 12K miles/ yr, GAP included. The bus. manager cleared with the gen manager to get me into what they said is a loss leader (in the paper ad to get you in the door to buy up). The bus. manager then turned the screen and said they were actually losing some $ on the deal. He said he rarely ever sees camrys go for under $200, of course, this one has the black mirrors! I haven't seen any of these ads hit the papers yet with the sick cheap lease pricing (maybe cause there are 07's still around). Is there any hope for me to get a similar payment?

    I want the lowest no frills model, even if it's a manual tran. Seatbelts would be nice.

    I'm reading to negotiate the price then have the dealer work numbers, how do I know they aren't changing mf or adding any other bs? I'd like to go 0 down this time (except I guess the first payment/acq/sec (in other words no cap cost reduc?)
    My wife and I still have tier 1 credit.
    Thanks very much, also I live in Merrimack NH (southern, close to Boston area)
  • vehiculavehicula Member Posts: 42
    AT LAST I have a definite answer.

    A call to Toyota Financial Services cleared up the mystery: The Preferred Option is no longer offered in most states, including my state of Massachusetts. With the Preferred Option the customer is obligated to take the vehicle at the end of the financing period; with a lease the customer has the choice to keep the vehicle or to turn it in and 'walk away'.
  • talmy1talmy1 Member Posts: 55
    Now I'm mystified! You first said "TTPO is Toyota Financial Services' name for a purchase with a balloon note." It's not a lease, but a purchase, so of course the customer is obligated to take the vehicle at the end of the financing period -- he owns it! OTOH, you say for a lease " the customer has the choice to keep the vehicle or to turn it in and 'walk away'" which isn't quite true. The customer has no equity in the vehicle and is given the option to buy (not keep) the vehicle. Now it may look the same because the customer with TTPO must make a large payment at the end, like the lessee would do to keep the car, but it's fundamentally completely different.
    Of course this begs the original question about being "good for the customer." Balloon payment loans are almost never good for the customer. That most states don't have TTPO available might mean that they were pressured not to offer it for ethical concerns.
  • vehiculavehicula Member Posts: 42
    Whomever I spoke with at TFS was wrong.

    From the Toyota brochure:

    "At the end of your contract’s original term, you can elect to satisfy your final payment in one of three ways... 3. Return your vehicle to your Toyota dealer. Notify TFS in writing at least 30 days prior to your final payment due date."

    Called TFS back and said (politely) WTF? No one could explain the practical difference between the Preferred Option and a lease. So I'm no better off than before.

    But I did get this information: The Preferred Option is only offered in a limited number of states: AK, LA, NM, NJ, NY, RI, MD, CT and possibly one or two others that I can't remember offhand. I'll probably never get my answer but the question is moot, since I live in MA.

    I'm guessing that it has something to do with variations in state law.

    I'm not going to argue with you, talmy. If it was available in MA, the Preferred Option would have been less expensive than a standard lease, although not by much.
  • uncle_eazyuncle_eazy Member Posts: 1
    Hi all,

    I'm not new to leasing (I've leased through Ford and BMW), but I feel the Toyota dealer is trying to take advantage of me. Initially, a '08 Camry Hybrid with the upgrade package was presented to me with a sale price of $25,998. With $2000 down, they said my payments were going to be $443/month. That about blew me backwards out of my chair. I mean, my lease payment on my '06 BMW 325 is only $350! And, of course, this price was only good on the cars they had in stock.

    They offered me another car that had leather and heated seats and a few other things for around $27,500. With around $3000 down, my payments would be around $390. This still seems incredibly ridiculous. Not a single lease calculator I've been to comes anywhere near this price.

    Also, they charge a $199 "Doc" fee and wanted a whopping $800 to purchase and install the Sirius brain for the car.

    Thanks in advance,
    Uncle Eazy
  • arm_janarm_jan Member Posts: 13
    I helped my dad lease an XLE over the weekend. Here are the details. I did not have enough time to do extensive research so the deal could have been better, but here it is. The car was leased from a Sacramento, CA dealer.
    Base XLE with floor mats 36 months 12k

    Base MSRP: $25660
    Floor mats and some other things $199
    Actual MSRP: $25859
    Cap Cost: $24000
    Edmunds Invoice: $22910 without floor mats
    They claimed they add advertising fees and their invoice is arround $23500 ($400 over edmunds)
    Residual: 15250 (59 %)
    MF: .00123
    Bank fee: $575
    Monthly: $308 + $22 tax = 330.00

    Drive off was first month + license and doc fees, I think arround $575.

    I could probably have done better negotiating the selling price. Any comments are welcome.
  • 86Barn86Barn Member Posts: 31
    Okay, i need some rates and residuals on an 08 Hybrid.

    im not to worried about prices, but i would like to know some rates and residuals.

    zip: 44023
    mileage: 18k
    length: 36/39 mnth

    money down will probably be F&F.

    (in response to the post above me, yes some dealers do have advertising fees that arent on edmunds, in GM speak, its 65a and 237 iirc)

    thanks in advance
  • nacho2nacho2 Member Posts: 82
    Hello,
    I went to lLongo Toyota today and dealt with the fleet mgr, this is the deal that I was offered, please let me know what you think.
    2008 Toyota Camry LE MSRP $21,93, $13067 is the residual(60%), with a cap cost of $19734, he say' selling price is $700 back of invoice, he is using a selling price of $19,184. Now with $494 down for 36months, 12k per year, I have a payment that comes out to $248.76 including tax. He also says that gap insurance has to be bought separate. for something like $699. My accord has gap included, do I have to buy it, or can I check with my Allstate Insurance. Also the LE does not have an alarm system. I told him I heard of people getting $19,000 OTD, and even $20.000 OTD from Longo he said no, perhaps it was last month maybe but no that is incorrect. I went next door to Honda because my lease ends tomorrow and I told the lady who works there, she used to work at a Toyota before and said you could get the LE for $200 including tax. Do you think I can get the payment including tax for $220 a month. Thanks in advance for the help, greatly appreciated.
  • nacho2nacho2 Member Posts: 82
    Also Money Factor used is .00136 which is the special on the camry le for Tier 1 credit..
  • 86Barn86Barn Member Posts: 31
    2008 Toyota Camry Hybrid
    $500 over invoice
    buy rate of .00099 (tier 1 lease)
    36 month
    18k miles

    $448 per month without nav, should be about $465 a month with nav.
    first payment due. Tax IN
  • novahnovah Member Posts: 1
    For comparison, Here in CT, I might soon go with my best offer,
    a standard no extras 2008 camry se 1500 down, 15,000 miles and 36 monthsfor $303/month. I have no idea if this is good or not, it seems okay. any thoughts?
  • apprehensiveapprehensive Member Posts: 14
    It seems a bit high but then I haven;t priced anything with 15 k miles. plus, I got a quote for a camry... on a 12k lease seemed for $248/mo with 500 down

    For what it's worth... just saw a commercial Boch Toyota (Mass)

    Zero down 178 mo for accord lx

    42 month lease didn't see the mileage alowance.
  • apprehensiveapprehensive Member Posts: 14
    ph yeah, just saw a commercial for a toyota camry 2000 down, 199/mo 36 month 12 k miles a year, didn't catch the dealer, I think it was a Toyota corp commercial. Only thing is that this was for an 08 Camry.
  • sniderwsniderw Member Posts: 1
    Just leased an '08 Camry in Cleveland. It's an LE 4 cyl, Auto with no other options.

    36 month lease, nothing out of pocket at signing. Money factor was .00099, residual was 62%. Paid $250 under invoice, (dealer kept $250 of the $500 rebate). Had a trade-in, but it was a net-zero.

    Monthly payments are $277.50.
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