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Toyota Camry Lease Questions

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    vgupta_98vgupta_98 Member Posts: 12
    How did I do? Got a Camry LE Lease

    MSRP: $22340
    Term: 3 years
    Mileage: 15K/yr - 45K total
    Down: $988 - Includes 1st mo, aquisition fees, etc
    Monthly: $223.90 (includes San Diego Taxes @7.75%)
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    rrt1rrt1 Member Posts: 9
    I am wanting to lease a new 2009 Camry LE. What should I expect to pay. This is my first lease so I am totally clueless. I need help so I dont get screwed. Thanks for any and all help. The one I am looking at is MSRP 22,344. Thanks again.
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    vgupta_98vgupta_98 Member Posts: 12
    Hi - I got the same Camry LE you are looking for in the message above. I put $988 down and payments including San Diego tax are $223.90. San Diego tax is about $16 / mo and the extra mileage (15K /yr) as opposed to 12K / yr is $13 / mo. Based on what I've seen, its a very good value.

    I have found that its best not to try to dig though all the numbers behind the scenes, but to negotiate the overall deal. Once you know exactly which Camry you like, I would call around the local Toyota dealers and negotiate over the phone the best lease deal before going into the dealer. Once you are at the dealer you lose the ability to negotiate.

    ASSUMING that Toyota Motor Financial has not changed the lease rates and residuals this month you should be able to get a very good value with the Camry.

    Here are the details of my lease with the Camry.

    MSRP including destination was $22344

    Negotiated Price or Capitalized Cost or cost if you bought the car: $18841.10.
    Gross Cap Cost (includes Aquisition fees (bank fees) - $19318.00. This is an area where the dealer will make the money.

    The residual (ending value) on the car is $12855, add 2% for 12K mileage. The dealer cannot manipulate the residual value of the vehicle.

    Lease Rate (Money Factor) - Basically cost of using Money - Around 3% - This is an area where the dealer can make some money. Marking up the rates.

    Hope this helps. Good luck finding a Camry.
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    mlang2000mlang2000 Member Posts: 18
    Today I was quoted for a 36 month 36k miles $0 down lease on an 09 Camry SE with almost all options except NAV with an MSRP of $30,225. The quote was $354 + tax. How good is this?
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    scottyatcscottyatc Member Posts: 1
    Here is the deal that expires on 9/2. Do you think it's a good one?

    Lease a new 2009 Camry LE 5 spd. automatic for $199 a month for 36 months with $1,999 due at signing, which includes first month’s payment, $1,800 down payment, $0 security deposit. Does not include taxes, license, title fees, insurance and dealer charges. Closed-end lease. Example based on model #2532. Total Manufacturer’s Suggested Retail Price including freight $22,084. Monthly payments of $199 total $7,164. Capitalized cost of $21,010 based on down payment and dealer participation, which may vary by dealer. Payment may vary depending on final transaction price. Lease-end purchase option is $13,160. Customer responsible for maintenance, excess wear and tear and $0.15 per mile over 12,000 miles per year.

    Scott
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi SergeyM. Toyota's current New York region buy rate lease money factor and residual value for a 24 month lease of a 2009 Camry with 12,000 miles per year are .00099 and 69%, respectively. The numbers for an otherwise identical 36 month lease are .00099 and 62%. Keep in mind though that TFS places restrictions upon what options can be residualized, making it difficult for consumers to calculate the actual dollar residual values for specific units.

    Car_man
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    wendiniwendini Member Posts: 2
    We are looking to lease the Camry and were made an offer of $395/mo (including sales tax) for 36 months. They want $1003 down and this includes the first month's payment. I am in Fairfield County, CT. Is there a better deal out there? We would also consider the 2009 Honda Accord EV-L V6 but the monthly payment offer for that was $450, which I don't understand because the MSRP is lower on the Honda. Also, what is the money factor and how do I use that to my advantage when working the deal?
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    rrt1rrt1 Member Posts: 9
    Can anyone help me figure out a lease payment? My negotiated price so far on a 2009 LE 4 cyl is 20,387 out the door. If my tax rate is 7.725%. Can you tell me a payment based on this? Is this a good deal? Thanks in advance!!
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi wendini. In short, money factors are used to calculate the interest portion of lease payments. You can get an idea of what sort of interest rate a money factor is equivalent to by multiplying it by 2400. So for example, Toyota Financial Services' current New York region (probably the region that Fairfield is in) buy rate for the 2009 Camry is .00099 for consumers who qualify for its Tier 1+ credit tier. This is equivalent to an interest rate of 2.38%, which is obviously very attractive. The lower a money factor is, the better. You can find out more information on money factors and how they impact leases by checking out the following articles that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rrt1. It is difficult to tell how good a deal the selling price that you were quoted is without knowing what this car's MSRP or its dealer invoice price are (either one will do). As far as calculating a lease payment goes, if it was any other brand I would be able to do it for you. However, unfortunately it is very difficult for anyone other than dealers to calculate lease payments on Toyota vehicles. This is because Toyota Financial Services places restrictions upon what options can be residualized. This makes it difficult to figure out what the actual dollar residual values are for specific models.

    Car_man
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    rrt1rrt1 Member Posts: 9
    Car man thanks, the msrp on the vehicle is 20387, they quoted me 241/month with 2620 due at signing. Or 316 no money up front.
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    godwheelgodwheel Member Posts: 25
    That seems like a lot down to me for a lease for that car. That is only about $114 dollars less a month if you were to buy the car outright... I would see if anyone can beat that, I'm willing to bet someone will.

    A friend of mine got an accord EX V6 with Leather for $299 a month and $2,000 down (15,000 miles).
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    njpathfindernjpathfinder Member Posts: 38
    Looking for residual and MF for 09 Camry SE 12K in Jersey for September. Thanks in advance
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    yooitscewlyooitscewl Member Posts: 3
    Hi there,

    I recently got into a total loss accident and need a car fast. I went into the dealership today, in NY, with some weapons of knowledge to shoot at the dealer. I went through the salesman and sales manager ( not finance mngr yet!) and they quotes me on an 09 Camry V6 SE with everything but nav and 18 inch rims for...365 a month for 36 months, 12k a year mileage, but with 2000 due at signing+ dmv fees. I repeatedly asked them for the selling price of the vehicle and the msrp and they continued to ignore my questions...but doing the math, it seemed right. Is this a good deal? I need to know ASAP as there is some urgency of me getting this vehicle!!!
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    mlang2000mlang2000 Member Posts: 18
    I take delivery this week on an 09 SE V6 with JBL, leather, moonroof, traction control, and spoiler. MSRP $30,225. 36 month lease 12k miles per year $368 a month including tax with $0 down.
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    yooitscewlyooitscewl Member Posts: 3
    So what should i do...because i believe putting 2000 down on this vehicle is ridiculous. I signed the initial application for credit form and also the buyer/dealer initial agreement. Should i pull out or try to get more mileage? now that you told me this i feel like i just got shafted. Any suggestions would be heavily taken into consideration!!!
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    mlang2000mlang2000 Member Posts: 18
    I'd do what I always do...contact another dealership and let them battle it out between themselves. Lowest offer on the same MSRP car wins.
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    yooitscewlyooitscewl Member Posts: 3
    i contacted another dealer and he said he would be able to save only 10-15 dollars a month. this still seems wrong according to ur deal. how did u get this deal? and is there ne one else with feedback???
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi njpathfinder. Are you getting a car to replace your Pathfinder, or do you just like to go hiking ;). Here's the information that you're looking for. Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Camry SE with 12,000 miles per year are currently .00099 and 62%, respectively for residents of your state who qualify for its "Tier 1+" credit tier. Keep in mind though that TFS places restrictions upon what options can be residualized, making it very difficult to calculate the actual dollar residual values, and in turn lease payments for its vehicles.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi yooitscewl. First of all, I personally would never do business with a dealership that refused to provide me with basic information like the MSRP and selling price of the vehicle that I was interested in when asked. Never leasing anything without knowing how much you are paying for it.

    Also, $2,000 is a lot to pay at lease signing. I always advise consumers not to make large down payments when leasing. Those who make them risk losing part or all of them if their vehicle is totaled. Even though it means that your monthly payment will be a little higher, you will be better off going with a zero down lease.

    Car_man
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    wease944wease944 Member Posts: 20
    I just purchased an 2009 camry se
    Sports pkg. Rims, spoilers 4cyl.. Final cost 22857( with tax and Lisc. Nj) origionally 24649. 12k a year 36 month . Total out of pocket $2000. Final lease amount is 257 a month. ( Both dealers started at $325). What do you think. It was very difficult to figure because of the residual and options . How Did I do?
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    lendanielslendaniels Member Posts: 1
    Hi Carman,

    So I went into the Toyota dealer here in Mass last night armed with the info you supplied; .00099/62% 36mo. The manager says, "oh that must be an offer for a different region, our rates are .0012/57% 36mo." (this was for the base model SE, and we qualified for tier 1) So is this just a line he was feeding me, or is he correct in saying that the deals vary per region?

    Also, have the October rates changed considerably?

    thanks!
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    thepostmanthepostman Member Posts: 49
    I am in Houston Texas and considering leasing a 2009 Camry XLE V6. Do you have the money factor and residual for my region? Looking at a 36mo./15k.

    Thanks
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    ebettyebetty Member Posts: 12
    quote: I am in Houston Texas and considering leasing a 2009 Camry XLE V6. Do you have the money factor and residual for my region? Looking at a 36mo./15k.

    I am looking at the same in Ohio w/NAV- does anyone have the lease numbers?
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ebetty. Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Camry XLE V6 Sedan with 15,000 miles per year in its Cincinnati region are .00140 and 59%, respectively for consumers who qualify for its Tier 1+ credit tier. Keep in mind though that TFS places restrictions upon which options can be residualized. This makes it very difficult to calculate lease payments for vehicles.

    Car_man
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    amazonqtamazonqt Member Posts: 1
    Help me nego a good rate on a 2009 Camry LE or SE. What are the rates for the Milwaukee, WI area? I usually just take in an ad I find in the paper and see if the dealer will match it. Must will match the deal but they don't budge on anything else! They try to act like they aren't making ANY money off the deal. I never nego based on the residual rates. I'm really not familiar with that part of the deal. How do I go about getting a better deal that way?

    One dealer is offering $225 with 875 down includes 1st payment and acquisition fee plus tax, title, license. Other dealers want about $2K due at signing!!! :mad:
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    arvanarvan Member Posts: 6
    How does this deal sound. In upstate NY, Camry XLE with leather package, 4 cyl, no nav, MSRP 28780, 3x36 for $373 with 500 down. All taxes included.
    Please help with comments!
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    njpathfindernjpathfinder Member Posts: 38
    Car man - Please post the residual and MF for an 09 Camry SE v6 12k in NJ. Thank you
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    shahranshahran Member Posts: 6
    This sounds very good to me, what is the MSRP? Is it the Camry LE? The deal they have right now is $259 a month for 36 months with a $909 drive off 12k miles per year and that doesn't include tax. Is yours $225 a month with tax a,d 12k miles per year?

    If we could find out the MF and residuals on the LE it would be great.
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi amazonqt. The best way to get a good deal on a lease off a Toyota Camry right now is to shop around with a few dealers for the lowest possible selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. The Camry is a high volume vehicle that most dealers will be willing to blow out at around dealer invoice. You can look up the invoice price of the exact Camry that you want over in the New Vehicle Pricing section of Edmunds.com.

    Once you arrive at a selling price that you are happy with, have the dealer calculate your car's monthly payment using its buy rate lease money factor, which is probably right around .00129, and you're in business.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi arvan. The best way to evaluate this deal would be to look at this car's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how much over dealer invoice, and in turn how much room for negotiation there is left in this deal. Let us know what the selling price is and I am sure that either myself or another knowledgeable community member will be happy to give you their opinion on this deal.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for, njpathfinder. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2009 Camry SE V6 with 12,000 miles per year in your area are .00129 and 61%, respectively for consumers who qualify for its Tier 1+ credit tier. The problem with this residual value is that TFS places restrictions upon what options can be residualized. As a result, it is difficult for anyone other than dealers, who are given lists of actual dollar residual values by Toyota for the units that they have in inventory, to use them to calculate lease payments.

    Car_man
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    shahranshahran Member Posts: 6
    Can you please post the residual and MF for the Camry LE for 36m with 12k miles per year please?

    Thank you!
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    secondleasesecondlease Member Posts: 8
    Hi,
    I'd like to ask how to get out of lease(2008 camry) early? it is 36 months lease with 20 months left. monthly payment is $295.74. current mileage is 15,800.
    Thanks in advance.
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    arvanarvan Member Posts: 6
    The SP was $27100 for the xle 4cyl with everything except nav and push start ( the last is not available unless it is v6 anyways). Final comes to first month down and $364/mth including taxes for a 3x36 lease. Thanks!
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    KevCamryKevCamry Member Posts: 4
    PLEASE HELP.. I have know idea if this is a good lease deal or not.

    For a 2009 Camry LE with floor mats and Vehicle Stability options added on, I was offered:
    $211.89 for 36months
    $20,950 negotiated price
    $2899 down payment

    all after taxes and fees

    I was told that the Residual Value was $13,457
    Money factor 0.001

    I am confused because toyotas leasing special is $209+tax with $2899 down payment but when I read through this forum it seems people are putting A LOT less money down.

    Any assistance would be greatly appreciated. Thanks

    When I look on edmunds.com with these options I get an MSRP of $23,219 and an Invoice of $20,742
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    shahranshahran Member Posts: 6
    I don't know how much the stability control is, but I got one with out it and my price came out to $19,700 including floor mats. I dealt with them and got the car for $550 total drive off and $255 a month including tax. I don't think I could have brought them down a whole lot lower, maybe a dollar or two but it doesn't really make a big difference.

    I think for that car you should be able to negotiate and get about $600 total drive off and $270 a month including tax. The negotiated price is good, but you should be able to bring them down to $20,400 if you try hard in of.
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    toyoman8toyoman8 Member Posts: 114
    ok here it goes guys

    . I live in Houston,TX and I have never purchased a new car for over invoice. My 1st question for people who know: does Toyota dealers gives 2009 camry XLE 6cyl or any other camry's away for an invoce price.

    Also my credit is 695 what would my mony factor be for XLE 6cyl.

    I belive that they have $1000 rebate on camrys, is that so?
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    toyoman8toyoman8 Member Posts: 114
    ok here is what I did: MSRP $29,400 for XLE 6cyl Invoice $26300, say if I get it down to $26500 + $3000 trade in+$1000 rebate+8%tax $300 aqisation fee which is unknown to me with 59% residual and .002 money factor since my credit score is 695

    the 36mos lease came out to $289.75 mos.

    sounds right guys? doable?
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    toyoman8toyoman8 Member Posts: 114
    4 options buddy:

    1. Terminate the lease early and pay the fine not sure what it is
    2. Find someone to take over the lease (not recomded) on Leasetrader.com (if you want to know why not recomened let me know)
    3. The best option in some cases (depeds what is the buy out) SELL the car, find a buyer just as if you had it financed payoff the bank and you all set.
    4. ride it out
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    toyoman8toyoman8 Member Posts: 114
    did you buy the car yet?
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    toyoman8toyoman8 Member Posts: 114
    is the rebate on camry XLE v6 is still $1000??
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    toyoman8toyoman8 Member Posts: 114
    I hate dealers ok here is my quote

    MSRP $31080
    Sell Price $28200 same is the invoice that they show me
    Residual $16643
    Money Fact .00185
    Acqu. Fees $1000 ( I just made that number up)
    Rebate $1500
    Cash Down $3000
    Title$Reg $200 (my number)
    Tax 6.25% Texas

    36mos 12k lease

    guess what the payments comes out according to them $430 yeah ok
    according to me they should be around $320 or less
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    bc012001bc012001 Member Posts: 2
    Carman or anyone for that matter,

    Can you please provide Toyota's Money Factor and Residual Value for the month of December for a 2009 Toyota Camry SE Automatic 4cyl with Leather interior (LA80 Option) for 36 moths 15,000 miles

    Thanks.
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    magyck0nemagyck0ne Member Posts: 2
    Hello everyone; this is my first post and I'll get straight to the point/question:

    Last weekend my truck was totaled and I needed a vehical right away so
    I signed a lease for a brand new 2009 Camary... I wish I had not.

    I filed bankruptcy in 05 and since then have brought my average credit score back to about 640. I am paying $480 per mo on this 36 mo lease. The dealer did not ask for a down and this appealed to me... so I signed.

    One day later, the finance manager contacted me and asked if I could put any money down (after the contract was signed... no down payment was discussed or included in the contract) Of course I said absolutely not. The finance manager said to take the car home for the night and would contact me the next day.

    I think the dealeship jumped the gun and now Toyota financing is asking for the down payment. Personally, I am hoping that tomorrow the dealership will just ask for the car back and we will cancel the contract (I have put less than 30 miles on the car so far)

    Does anyone think that they will indeed just void the contract if I do not offer a down?

    Any thoughts on this matter would be greatly appreciated.
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi shahran. Toyota Financial Services' current residual value for a 36 month lease of a 2009 Camry LE with 12,000 miles per year is 61%. This residual value is available nationally. The money factors, however, are a different story. Toyota's money factors vary depending upon which one of its twelve regions one is in. They range anywhere from .00070 to .00175. If you tell me what state you are in, I may be able to give you an idea of what the exact factor is in your neck of the woods.

    Car_man
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    bc012001bc012001 Member Posts: 2
    Carman or anyone for that matter,

    Can you please provide Toyota's Money Factor and Residual Value for the month of December for a 2009 Toyota Camry SE Automatic 4cyl with Leather interior (LA80 Option) for 36 moths 15,000 miles.

    I am in Florida. (Fort Lauderdale)

    Thanks.
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    th83th83 Member Posts: 164
    Hey Car_man,

    What is the residual value of a 2009 Camry SE V6 for a 36 month/12k mile per year lease (do they offer 10k per year?)? And what's the money factor for the region I'm in (North Carolina)? Thanks a bunch! :)
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi secondlease. 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. Given the complete implosion of used vehicle values that has occurred over the past year, chances are that you will be much, much better off waiting until the scheduled end of your current lease to get something new.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for the additional information, arvan. The car that you described probably has a spread of around $3,200 between its full MSRP and its dealer invoice price. You are only being given a discount of $1,680. That's probably around $1,500 over invoice. You should be able to do much better than that on a Camry right now. I personally would shoot for a selling price of at most $500 over invoice.

    Car_man
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