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Toyota Camry Lease Questions
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$750 does not stack
Residuals for loaded XLEs around here (Pittsburgh) are around 58.8-58.9%
What I got:
XLE V6, QE+QF+BM+CF
MSRP $31894
(MSRP is odd - should be $32019 with those options...)
Selling price $28600 before incentives
$1k college grad incentive
Residual $18757
$650 acq fee
9% tax
= $288/mo (36mo/36k)
Upfront $186 tags and doc fee
MSRP: 28,854
CAP: 28,354
RES: 18,768
Down: 378
Payment: 378
Please try to negotiate the total car price below Invoice price. Do not try to negotiate monthly payment, as stated in this site.
MSRP - $27,880.00
Invoice - $25,115.00
Discounted value of Vehicle - $25,575.89
Taxes - $783.33
Initial Title, Licenses and Registration Fees - $170.00
Acquisition Fee $650.00
----------------------------------------------------------
Total - $1,603.33
College grad. Incentive -$1,000.00
Adjusted Capitalized Cost - $26,179.22
Residual Value - 16,675.00
Depreciation and any Amortized - $9,504.22
Rent Charge - $15.62
Total of Base Monthly Payments - $9,519.84
Monthly payment - $264.44
No down payment, nothing at first month, no first month payment
Total payment - $264.44 * 35 months
We borrowed a friends RAV-4 and really liked it.
So we went to a Toyota dealer to check out a RAV-4 and also drove a Camry.
The Camry felt more luxurious, had no large hump in the back and was quieter than the Accord.
We ended up getting slightly better than the factory deal
$750 down-
that paid for
DMV - around $250
and $500 dealer "fees" (whatever you want to call them)
The monthly payment on a 2011 Camry LE in New Jersey
is $278 - 3 year - 15k miles (payment includes tax monthly 7.5%)
buyout is around $13,000
We had 6 payments left on our 2008 Pilot and that car was taken away from us for no charge (we were 2000 miles over and would probably have been 5000 over by lease end) We also did not need to make the upcoming Pilot payment of $335 due this week
SE V6 with EVP #1 & #2:
Sunroof
NAV
Bluetooth etc.
Mudguards
$ 950 Total out of pocket
$289 month /36 months
12k year
(NJ tax rate)
I was on my way to lease a 2010 Accord EXL V6 for $1500 out of pocket and $300 month but I was offered the above deal from Toyota. I had to pull the trigger on this. It is a newer model (2011) and it has NAV. MSRP was over $31k compared to the Accord's 29k. And I love the car.
I want to personally thank Car_man for always providing us with the info needed for us to land fair deals. I also want to thank sbs9 and poopy for posting their deals which helped me get more bang for the buck on the Camry.
I was eligible for the $1000 College Grad Rebate.
Also, mud guards could not be installed on the SE because of the skirt kit so I have a credit for another accessory.
Here is what the dealer offered:
2011 Camry
V6 XLE w/navigation
656 down
Residual $18,200
Payment $469
36 months 15,000 miles per year
2011 Camry
V6 XLE w/o navigation
656 down
Residual $17,400
Payment $425
36 months 15,000 miles per year
based on the previous posts I may not have asked the right questions...
Feedback appreciated!!!!
What is a good deal on an LE lease?
That deal seems too good to be true
Thanks
Don't complicate things - just do your homework beforehand
This is my first time sign-in, and first post. This is a great place to ask leasing questions.
I am offered this deal for 2011 Camry LE Automatic.
$169/month + tax (6%) + $640 bank fee + tags/title. = $6700 total payment for 36 months. 12K miles per year lease. $0 down.
What you guys think ? I am not a lease expert. Just want to lease something compact/mid size for 3 years near $150 per month.
2011 Camry 6 cylinder XLE 36 month lease for 15K miles/year: $309/month including the 6.75% tax. MSRP was $31900 (leather/push button start/remote engine starter/rear bumper applique); Money factor was .00002. Fort Wayne Indiana dealership. Only money down was $360 or so (which included the first month payment). No trade in involved; did not qualify for any incentives.
The gross capitalized cost is $22,384 after a $1,115 rebate
He added GAP protection for and extra $895
$650 Acquisition fee
The residual value is $14,268
6% sales tax
$0 down
Lease term is 36 months
I may be wrong, but I feel that the dealership burned my dad on this deal. I feel $287.09 per month is higher than what others are paying. I could be wrong. Someone please give me advice! Btw my dad has purchased 9 Toyotas and leased 1 from this dealership since 1984.
If your father didn't negotiate a very good deal, there really isn't anything you can do about that, after the fact.. Leasing cars is no different than buying them.. The price reflects what you negotiate.
If it makes you feel better, under $300/mo. to lease a mid-sized sedan is not a large amount.. Even if it wasn't a great deal, he isn't going to go broke on this one..
regards,
kyfdx
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Edmunds Moderator
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Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
I hate to be the bearer of bad news but, yes, your dad got a very bad deal for two reasons...
(1) The sell price is probably too high and
(2) The GAP coverage charge of $895 is way too high
Your insurance agent can add a GAP rider to your existing insurance policy at an annual cost of about 0.1% of the MSRP which is prbably around $23.
I would contact Toyota and see if they can issue a refund for the GAP. The dealer did your dad no favors by appending GAP coverage at such an outrageous rate.
If you have any other questions (e.g., early lease termination), please email me at
autoleasegeek@zoominternet.net
All the Best,
John
I think there still was some room for negotiation.
$25,225 MSRP
$23,804 Value of the Vehicle (see below math)
$25,967 gross cap cost
$1,149 cap cost reduction (see below math)
$24,818 adj cap cost
$14,735 residual value 58.42%
$10,083 depreciation
$14.40 rent charges
$10,098 total of based on monthly pymt
-------------------------------------
$280.50 pymt - 36 lease term
$1,000.00 rebates
$1,000.00 cash down
$233.20 reg fee
$280.50 first month
$249.00 doc fee
$007.5 tire fee
-----------------------------------
$1,149.00 cap cost reduction
$23,804.62 agreed Upon Value of the Vehicle
$618.32 taxes
$895.00 guaranteed Automobile Protection
$650.00 Acquisition Fee
---------------------------------------
$25,967.94 Gross Capitalized Cost
0.00001 Money Factor
58.42% Residual Value
$25,225 MSRP
$23,804 Value of the Vehicle (see below math)
$25,967 gross cap cost
$1,149 cap cost reduction (see below math)
$24,818 adj cap cost
$14,735 residual value 58.42%
$10,083 depreciation
$14.40 rent charges
$10,098 total of based on monthly pymt
-------------------------------------
$280.50 pymt @ 36 lease term
$1,000.00 rebates
$1,000.00 cash down
$233.20 reg fee
$280.50 first month
$249.00 doc fee
$007.5 tire fee
-----------------------------------
$1,149.00 cap cost reduction
$23,804.62 agreed Upon Value of the Vehicle
$618.32 taxes
$895.00 guaranteed Automobile Protection
$650.00 Acquisition Fee
---------------------------------------
$25,967.94 Gross Capitalized Cost
Depreciation Fee = ( $24,818.59 – $14,735 ) ÷ 36 = $280.10
Finance Fee = ( $24,818.59 + $14,735) × .00001 = +$00.393
Monthly Lease Payment = $280 + $.40 = $280.50
Depreciation Fee = (Net. Cap Cost - Residual Value) ÷ 36 =
Finance Fee = ( Net. Cap Cost + Residual) × Money Factor =
Monthly Lease Payment = (Depreciation Fee + Finance Fee) =
The sticker breakdown is:
$22,325.00 BASE PRICE
$200 for floor mats
$760 for delivery and process handling
Please let me know if there is any more room for negotiation.
Thank you in advance.
===================================
Lease terms: 36 months and 15,000 miles/year
MSRP: 33,683 (Pretty loaded model)
Residual Value: 53.5% (18,022)
Lease Money Factor: 0.00001
Cap Cost: 31,403 (*They claim this is Invoice + $300)
Total Add Caps: 1,049
Adj Cap Cost: 32,452
Customer Cash Down: 463 (Amount due at signing)
Total Monthly Payment: 433.83
===================================
I would appreciate if you would let me know if any or all of these figures are accurate and fair, particularly the quoted invoice of $31,103. They are taking a pretty firm position that they will NOT lease at or below invoice. Also, they are suggesting I better take advantage of the LMF (.00001) because it may change for the worse after February 28 (this Monday). Again, your thoughts on all of the foregoing would be greatly appreciated. Maybe I am out of touch but I did not think this was a "smokin' deal." THANK YOU!
As you know, RV is typically expressed as a percentage (e.g., 53.5%), and we are told that this figure is set by the bank. My 2-part question is...
1) Is it true that the RV is non-negotiable? and
2) What is the RV a percentage of, MSRP or the negotiated Cap Cost?
When working a lease deal, we are told that the Lease Money Factor (LMF) and the RV are established/set by the leasing institution and that neither is negotiable. If this is true, then it seems as though the only things we can negotiate are the Capitalized Cost and possibly the miscellaneous fees (Destination charge, doc fees, etc.), stated as "Total Add Caps (W)" on my Lease Info printout that the dealership gave me.
I look forward to your reply. Thanks!!!
RV is a % of MSRP
Your goal is to get the selling price as low as possible, and then get any available incentives on top.
After a $500 rebate and rolling $1017 in fees in with $0 down , including sales tax, my monthly payment was ~$282/mo.
The money factor is outstanding and the residual is good...my particular issue is that with an MSRP of $23,490, I was offered a sale price of $22,643.
That discount is only 3.6% and too low for me to accept.
Any idea what would be a more reasonable offer in the marketplace (I am in Fairfield County, CT) ??
I ended up with a SE w/ cloth MSRP of $26,011. The negotiated price of the car was $1650 under invoice which came out to $22,378. They did charge the $650 acquisition fee for the lease and an administration fee of $156.00. Because I qualified for tier 1 financing I was able to get the .00001 money factor (equals .26%) and the security deposit waived. Also got the Toyota care 2 year maintenance for free. Total payment came out to $247.00/ month with sales tax included.
All in all I am very happy with the deal, would have preferred the leather but was not willing to lose the 3.5% in residual value and since there are not to many of them out there the dealers were not willing to go as far under invoice on those cars. Hope this helps some of you out there looking at the Camry's.
Here's my deal:
Camry SE w/ sunroof
MSRP - $25K
Sign and Drive $225/month on 36/36
Very Happy with this deal. I traded in a Camry LE lease that I was paying $250 on (was sign and drive as well)