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Comments
MSRP approx 59k
selling at 51k
mf.00016
residual 52%
3yr/12k miles
no money out of pocket except first months pmt of $695
$685 per month including MA sales tax
Plus they gave me all weather mats and another wireless headset
I think its a great deal
Lease customers, act soon, though as you may see the residual values being knocked down. Used large SUV's coming off leases are not selling at anything close to residuals
Keep in mind though that TFS places restrictions upon what options can be residualized. This makes it very difficult to calculate the actual dollar residual values for vehicles, so much so that Toyota provides dealers with lists of the residual values for the units that they have in inventory instead of having them calculate them on their own. As a result, it is difficult for consumers to estimate what lease payments should be on Toyota models.
Car_man
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Also, a lot can happen over the course of five years to make you want to get out of your lease, yet doing so will likely be very expensive. Your commute could change causing you to go way over your mileage allowance, your lifestyle could change causing you to need a different type of vehicle, gas could go to $6 per gallon causing you to pay an arm and a leg to fill up your Sequoia, or you could just plain get sick of it. I always advise consumers to stick to 36 to 39 month leases if possible.
Car_man
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The market for large SUVs is absolutely dead right now. If you are in an area that has a decent level of competition, I don't see why you wouldn't be able to get a Sequoia for right around dealer invoice minus any available cash incentives.
Car_man
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Car_man
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Keep in mind that TFS places restrictions upon which options can be residualized. This makes it much more difficult to calculate actual dollar residual values for vehicles that are leased through them than it is with most banks.
Car_man
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I'm in Texas
Thanks
Also on a lease how low should I be shooting for as a cap cost?
The market for large SUVs like the Sequoia is absolutely dead right now. If I was in the market for one I would shoot for a selling price that's very close to dealer invoice.
Car_man
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I've never leased before and have a question re: leasing an '08 Sequoia Ltd or Platinum. I'm in NJ, and am looking at whether or not I can swing a lease deal on either model while keeping to a payment of as close to $500/month as possible for a 36 month/15k lease. Can't swing much more than $6k down payment. From reading your comments, it sounds like "invoice" or slightly below is the best anyone can do right now. Can you pls confirm?
It's my expectation that we'll fall in love with this truck and probably want to buy it out at lease-end. Does this ever make good financial sense--especially if I haven't gone over on mileage?
Would prefer to buy, but just don't have that kind down payment at the moment.
TIA, Tim
I see that you are considering making a $6,000 down payment on your lease. Making large down payments like this on leases is never a good idea. Consumers who do so risk losing the money that they put down if their vehicle is stolen and never recovered or totaled in an accident. Even though it means that your monthly payment will be higher, you would be much better off keeping that money in the bank.
Dealer invoice before the application of any available cash incentives is definitely the price to shoot for on a Sequoia. In your area right now, I believe that Toyota is providing a $1,500 "bonus cash" incentive on this truck, which is compatible with its special lease program. Shoot for $1,000 to $1,500 under invoice after this cash is taken into account.
Whether you should purchase your truck at lease-end depends upon what its purchase option price is at the time and whether it is higher than what an equivalent used Sequoia would go for on the open market. There's no reason to pay significantly more for your truck at lease-end than you would have to pay to buy a used one.
Car_man
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I don't mean to monopolize the forum, but you've got me thinking that buying may be more feasible than leasing--assuming I wait until I can put down an add'l $10k.
Fyi, I'm looking at an '08 Limited with sunroof and Rear Entertainment System which TMV Pricing is showing as $46,724 (MSRP is $51,675 and Invoice is $45,849) not including any cash back or rebates. In addition to the $3000 rebate, I **believe** my dealer is also offering an add'l $1000-1500 "bonus cash" lieu of the 0% financing, although the Low APR vs. Cash Back calculator is still showing I'd save more money by going with the 0% APR option. Unfortunately for me, "Finance" is was never my strong suit....thank goodness for these calculator tools!
At the end of the day, I'm surprised Toyota isnt dealing more on these behemoths right now as let's face it--there's very few of us buying this type of vehicle right now, and the 2009's are on their way. Thanks again for your help...will keep you posted on my purchase. -Tim
Car_man
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Car_man
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Do I just hand them back the keys and pay for the overage? Or, should I just finance the remaining value? I'm not sure if that makes dollars and sense to finance more years. I like the Sequoia I have, but it lacks a few features I wish it had - second row captain chairs and a different paint color.
If I choose something like a Tahoe, should I just trade my leased vehicle into GM, providing they give me a decent trade in value?
My time is running out, and I don't know what to do. :confuse:
Car_man
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I need to call toyota and see what my options are!
thanks,
angela
Great time to buy but not lease, so if I were you I would wait until the market returns a bit and release.
Car_man
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I'm in PA and interested in leasing a 2008 Sequoia, either Platinum Edition (with Rear Seat Entertainment) or Limited Edition (with Navigation and Entertainment). I know I'd be better off buying at this time than leasing, but I have to lease due to business reasons.
I'm looking at 36 months (would do less if better lease offered), 15k miles/year. My question is, I've requested quotes from the 10 nearest delaers and have been quoted leases ranging from $1020/month (Platinum Edition, approximately $1000 due at signing) to $955/month (Limited Edition, approximately $1000 due at signing). Is this the best I can hope for, or is there a chance I can get down into the $800/month range with same amount due at signing?
I have a Land Rover LR3 ($735/month, paid about $1000 at signing) whose 2 year lease extension expires at the end of January, so I need to do something quick. My buyout on the Land Rover does not make sense in this market, plus I've had to have it serviced way too often to keep, so I am looking at something different. I need 7 seats as I have 3 small children. Was looking at the Infiniti QX56, but their lease rates were astronomical, so I turned to the Toyota Sequoia only to find they're not much better.
With that said, in addition to my question above, any recommendations for an SUV that comfortably fits 7 (i.e., SUV's like the Audi Q7 are way too cramped, yet I don't need a tank!) and has decent lease rates/deals I can take advantage of by the end of January (technically February 3rd)? I know the residual rates are driving these lease rates up and Car Man has advised others he would look for SUV's in the 45% and up residual rate category, but I can't seem to find those SUV's that fit my needs.
Sorry to be somewhat general about my situation, but I'm pulling my hair out and feeling stressed!!! Can anyone help!
Thanks in advance, I appreciate it!
C
While some are not enamored with its looks, if you want an SUV that comfortably fits seven people, take a look at the Mercedes-Benz R-Class. I've been in the back on one before and I was extremely surprised at how roomy it was. Mercedes- lease program on the R is not as good as it was, but it's still better than the crazy payment that you were quoted on the Sequoia.
Car_man
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I know this has been asked a lot of times already. My lease on my SR5 2006 Sequoia is going to be up in May of this year and I know you have mentioned that the residual values are terrible right now on the 2008. So I'm wondering if it is just best wait it out till the lease is actually due to see if Toyota makes some kind of change and then make a decision. Since it doesn't look that good right now it looks like I should wait. I do like the new Sequoias and it has been dependable so I would like to stay with the Sequoia. But I don't want to get slammed with a horrible residual. I'm self-employed so I do right off the lease. I can buy out the 06 for $23195.00. I'm in San Jose, CA.
Thanks for any insight and/or experiences. I am in Massachusetts.
Car_man
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Furthermore, the fact that you are leasing your truck actually provides you with some protection. In your Sequoia is involved in an accident at some point over the next two years and you're still leasing it, you can just return it to TFS at lease-end and let them take the hit for diminished value. If you own your truck, you will have to take the hit.
Also, who knows what will happen over the next two years. The price of gas could spike up a couple of dollars again and you might decide that you want a more fuel efficient vehicle than the Sequoia. Getting out of it in the event of a return of high gas prices will be a lot easier if you are leasing it.
What I'm trying to say is that continuing to lease provides you with flexibility that purchasing your vehicle doesn't.
Car_man
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this truck's residual values vary by trim level. If you describe the exact Sequoia that you are interested in, I would be happy to give you its current resid.
Car_man
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I am looking at leasing a base model 2010 Sequoia SR5 4x4 and was wondering how the residuals are as compared to past years. I was hoping that residuals were decent enough to allow me to lease this vehicle -- otherwise I'm gonna have to look at the...yawn....Sienna. Is Toyota throwing anything behind these vehicles either via boosted residuals or subsidized money factors?
Thanks!
Toyota is not currently providing any lease support on the Sequoia. As a result, if you were to lease any 2010 Tree through Toyota Financial Services right now, you would have to use its standard lease money factor, which the last time I checked was .00265 for consumers who qualify for its top aka "Tier 1+" credit tier.
TFS' current 36 month, 15,000 mile per year residual value for the 2010 Sequoia SR5 4WD is 50%.
The problem is that Toyota's published residual values are for base vehicles. It places restrictions upon what options can be residualized that make it difficult to calculate the actual dollar residual values for specific units, so much so that it provides dealers with a list of the actual dollar residuals for the units that they have in stock.
Car_man
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We have a 2006 Toyota Sequoia, drove it off the lot new 01/2006. Mileage on it is 53K (03/01/2010) and our lease is up in 11 months now. Our monthly is $712.31. Upon reviewing our lease it has a Residual Value of $16,601.72.
Just before I sent off another payment I got these figures from TFS. If we were to buy out the lease TFS website shows $21,691.04 due even though our straight math 12 payments X $ 712.31 = $ 8,547.72 plus the Residual Value of $16,054.00 shows our balance owing should be $24,601.72. There is a $ 2,910.68 difference to our favor.
Currently a similar vehicle in :shades: California where we live (mileage make etc) was selling at a dealership for $22,774, another for $23,995.
A Kelly Blue Book Private party price with excellent condition on the vehicle lists it if Excellent $23,510 and if Good $22,260
The vehicle seems to have retained a good portion of its value since new 2010 Sequoias are selling for $39,980 (California).
Here are my questions:
We like the Sequoia, correction: make that love it (don't ask me about our Jeep :lemon: , or Ford Explorer :lemon: )
Would we be able to walk into the dealer in 11 months with a Cashier Check's in Hand at a firm $13,000.00? Or maybe a loan from our Credit Union still $13,000?
or is the $16,054.00 price etched in stone? We could just walk away from the dealer at the end anyway. I realize that were talking about almost a year's time but it is never too early to plan. We would like to keep the vehicle but are not "desperate" to do so either.
Any insights would be greatly appreciated.
If your initial contact at TFS isn't willing or able to negotiate, you may have better luck working your way up the ladder to a manager. There's no guarantee that TFS will lower your Sequoia's purchase price, more often than not banks won't, but you don't have anything to lose by trying.
Car_man
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Can you provide the residuals and money factors for Platinum @ 36 mos. and 39 mos. w/ 12,000 miles?
TFS' current 36 month, 12,000 mile per year residual value for the 2010 Sequoia Platinum 4WD is 41%. This truck's resid drops to 38% for 39 month leases.
The problem with these residual values is that they are for base vehicles. TFS places restrictions upon what options can be residualized, making it difficult for anyone but dealers to work up payments on specific units.
Car_man
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