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Toyota Sienna Lease Questions

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Comments

  • metmdxmetmdx Member Posts: 270
    Other important info.....3yr/12k per year miles :)
  • siennamisiennami Member Posts: 116
    I don't know squat about leases, but I will tell you this: you are getting a heckuva better deal than I did! ;)
  • bimmer_manbimmer_man Member Posts: 3
    We need to get the minivan fairly soon. Does it make sense to wait till the 08s are out because their residual will be higher or pull the trigger now since the prices are good with the rebate? Does any one know when the 08s are supposed to be out?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi metmdx. The Sienna's lease program varies depending upon which one of Toyota's twelve or so regions one is in. I really need to know what your home state is to give you an accurate idea of what this van's current program is like.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • caprovocaprovo Member Posts: 7
    Car man...are these still the money factor and residual value for NY? A local Rochester, NY Toyota dealer is offering a 2007 Sienna LE package 1, 12k miles per year with $0 down and 0% interest plus $0 payment for 90 days, MSRP of $27,359 for $319/month. The only money due is first payment plus acquisition fee of $595.36. Does this line up with what you have as the MF and RV to make it a pretty good deal?

    Thanks,
    Carl
  • metmdxmetmdx Member Posts: 270
    Hi Car Man:
    NY area. Also pls give me #'s for AWD XLE MSRP 36,299, selling price 31,500 after rebate. Thx
  • abwjbwabwjbw Member Posts: 2
    I am looking to buy or lease an '07 (or '08) Toyota Sienna XLE AWD with pkge #7 (don't need the navigation system, moonroof or Bluetooth)and live in the Columbus, OH area. I can handle figuring the payments for buying, but leasing is totally confusing to me...always feel I am getting taken. I need 15K/year in mileage and would lease for 3 or 4 years. Can you help me figure this out? What are people paying in this area of the country? Also, should I wait for 2008 since they look the same in cost and the residual should be higher. If it matters, I prefer the Slate Metallic color. Thanks a million!
  • rothsranrothsran Member Posts: 8
    Car man, I live in Northern NJ. Do you happen to know what is the residual, as well as the money factor for an 08 XLE Limited AWD? I would do either 10k or 12k and somewhere between 36-42 months. Thanks so much.
  • tjohntjohn Member Posts: 14
    Don't get sucked into the money factor/residual game that they play!!!

    If I'm going to pay $400 a month for 36 months, thats $14.4k towards lets say a $41.4k 07 Limited pk#3 with the Arctic Frost paint that carries an invoice of $36.7k. Thats leaves $22.3k as a residual. Considering the credit crunch and mortgage mess going on now, if you have excellent credit this should be the deal. If not walk away.

    Also, no money down other than taxes - thats pure profit to the dealer. Forget about money factors and what they say the residual is - you determine that by the payments you make for the lease period. Those factors are there for there profit - on top of the profit they make when they sell the car to the leasing agency. If the dealer is selling the car to a Leasing Agency at $1800 below invoice - they are still taking away a nice profit. There are hidden incentives that we don't know about for leasing transactions.

    happy motoring :)

    I almost forgot, Always do your car business on the 2nd to last or last day of the month...always.
  • 64221306422130 Member Posts: 47
    I am in Philly area. There is apparently a new special lease on 07's. I am interested in an LE FWD for 36 or 48 months with 12K. Does anyone know residual and money factor on this special?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Carl. The lease program that was mentioned in the post that you replied to has expired. Toyota publishes new incentives for its vehicles every month. Toyota Financial Services' latest buy rate lease money factor and residual value for a 36 month lease of a 2007 Sienna LE with 12,000 miles per year are .00113 and 56%, respectively for consumers who pay a security deposit at lease signing and qualify for its Tier 1+ credit tier. Make sure that this is the money factor that the dealer you are working with is using to calculate your lease payment. Make sure to find out what this van's selling price is as well. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without knowing the selling price, it is difficult to tell if there is any room left to negotiate. You should be able to get an idea of what sort of price you should pay for this model right now by visiting the following discussion: "Toyota Sienna Prices Paid and Buying Experience".

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi metmdx. It's good that you know both this vehicle's MSRP and selling price. The best way to get a good deal on a lease is to negotiate the selling price first and then have the dealer calculate your monthly payment using the buy rate lease money factor. You mentioned that the selling price you were quoted includes the rebate that Toyota is offering on the Sienna. Unfortunately, this incentive is not compatible with the special lease program so your actual selling price for a lease of this model through Toyota Financial Services will be higher. Make sure that the dealer you are working with uses TFS' current buy rate lease money factor of .00113 (for Tier 1+ customers in the New York region) to calculate your monthly payment.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rothsran. Toyota is still providing lease support on the 2007 Sienna in your area (its New York region), but it does not have any lease support on the 2008 model yet. That means if you were to lease one through Toyota Financial Services, you would have to use its standard lease money factor. I haven't seen it lately, but it is normally around .00260 to .00280. Toyota Financial Services' current 36 month residual value for the 2008 Sienna XLE Limited with 12,000 miles per year is 55%. I don't believe that it offers 10,000 mile per year leases. The problem with TFS' residual value percentages is that unlike most banks that allow the residualization of most options, TFS does not. Its residual value percentages are for base vehicles. It places restrictions upon what options can be residualized, making it difficult to calculate the actual dollar residual values for specific models.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • wainwrigwainwrig Member Posts: 1
    Hi Car Man. I'm looking at leasing an 07/08 Sienna in the boston area. Since the 07 has a $2000 cash back through the end of Sept. I assume there is also good lease support, but it'd be great to have the numbers. Also, a dealer told me there is now aggressive lease pricing on the 08s, which surprised me. Have you seen any advantageous pricing on the 08 leases?

    Thanks a lot!
  • svofan2svofan2 Member Posts: 442
    Host, maybe you can help...I am looking at an 08 Sienna Limited AWD with a window sticker of $39504..(this includes towing,and I think it is called option 1,no nav)..what or how do I know what is a fair lease deal?...how much down?..want to keep payment around $400..notice I said fair since there are no bargains with TOYOTA..I am in Northen NJ..
    Thank you for your help...I have been on these forums (EDGE and MAZDA CX 9) for a while...now my wife is definitely in for the Sienna...
  • hause7hause7 Member Posts: 153
    If i were to lease, how does it exactly work. i know i can get a nicer car for a lower monthly payment, but how does it work in the long term, when the the lease is up, do you have to turn in the keys or can you buy it? and how much do you pay at the end of the lease?
  • svofan2svofan2 Member Posts: 442
    Yes you can get more car for less money...yes you can turn the keys at the end of lease...or...you can buy the vehicle,but why would you buy a used car?...go into another lease,on leases you pay for the usage of the vehicle...you usually don't pay any extra money at the end of the lease unless you have termination fees or any other fees that disclosed at the begining of the lease. I am no expert and I am sure you will get a very good explanation here much better than mine since in this forum you have plenty of people that really know about leases. As you noticed I am asking the HOST for some advise myself...good luck to you
  • svofan2svofan2 Member Posts: 442
    ...I posted in another section of this forum, but maybe it should be here. My appologies....

    ...XLE LIMITED AWD with EVP #1,beautiful...sticker is $39,504.00...local dealer offered at $36,950..I wonder if it is a fair price. I am dying to get out of my EXPI 05 lease and I still have 5 payments plus $250 termination fee...I was given 3 yera lease 12k,$8000 down $482 monthly including tax and gap insurance....any one care to opine?...please do...
  • toyovantoyovan Member Posts: 1
    Does anyone know the current residual value % and money factor in Baton Rouge, La. Looking to lease 2008 Sienna XLE. Would like to have a ball park figure before I go in there. Thanks in advance.
  • rlmiller9rlmiller9 Member Posts: 48
    Someone made this comment a ways back and I believe it bares repeating. The residuals and money rates can really get you wrapped around the axle (if you excuse the punn), the important things (by far) are how much are you putting down and what are your monthly payments.

    Do not keep/buy the car when you are done, I have only known a couple of folks that have done that and both have regretted it.

    Just my $.02
  • rlmiller9rlmiller9 Member Posts: 48
    Very very well said, I have repeated your words a few times now. I think all of that stuff is put there to confuse us :)
  • urbannomadurbannomad Member Posts: 14
    I would like to get navi, it is a must.. I see that evp 2 is a good option since it has back up sensors.
    I would like to pay minimim down(inception)
    what should be the monthly numbers like for a 36 or 42 month lease..
    I see varying invoice prices from 35-38K..
    live in Northern NJ, and dealing with car salesmen is not very charming..what are your experiences..
    Thank you in advance
  • svofan2svofan2 Member Posts: 442
    I went to Glen Toyota and dealt with Bob (I can get yu his last name ) a good person not pushy and this what he offered me....XLE LIMITED AWD EVP#1,towing.....
    $36900,3 year lease 12k a year and $485 including gap and taxes. I don't think it will include TTL or reg...let me know how you do. I would have taken it but my 05 EXPI is not due until April 08 and I will probably give in towards the end of the year,that Limited in silver was really nice..
  • urbannomadurbannomad Member Posts: 14
    Glen toyota is very close to me.. Can you give me his last name . I may get the EVP#2. what was the price diff of evp#1 vs#2? anyway..I am also collecting quotes from other dealers at the moment but leasing is a totally different game. They may get you if you are not careful:-)
  • svofan2svofan2 Member Posts: 442
    ..It is Bob Baran and he is the used car manager..like I said very nice guy...if you see him do not mention the numbers I gave you since it may be a better deal since you are buying...i don't know about the EVP#2 pricing...but let me know how you do I would appreciate any info for my near future.....
  • urbannomadurbannomad Member Posts: 14
    I will keep you posted.. thx for the info..is is a real hassle to get good pricing from the dealers.
    I really dislike the experience.
  • urbannomadurbannomad Member Posts: 14
    where can I find those..dealers are very reluctant to share those figures ,
    thanks in advance
  • sunnyvalisunnyvali Member Posts: 33
    This site has the MSRP and invoice prices. Check the home page - edmunds.com
  • urbannomadurbannomad Member Posts: 14
    2008 Sienna XLE Ltd. AWD with evp#2
    msrp 40804
    sales price $37237
    term 36 months
    miles per year 12K
    payment $549 (with approved credit)
    inception fees $1658
    Lease program - all taxes and fees included.
    No vehicle termination or disposition fees due
    at the end of the lease. 1st month payment included in inception fees.
  • svofan2svofan2 Member Posts: 442
    ...sounds good to me....where are you?....
  • svofan2svofan2 Member Posts: 442
    ...let me know your email...so we can be in touch..I live in the Paramus/Maywood area (Bergen Mall)
  • urbannomadurbannomad Member Posts: 14
    I sent you a message on your carspace page.. reply me I will give you every detail..We live very close
  • svofan2svofan2 Member Posts: 442
    I did that already and provide you with my email address...thanks a lot..

    Ralph L.
  • svofan2svofan2 Member Posts: 442
    I just signed for a Limited AWD,evp # 1 (nonav) on a lease that I think has to be mostly subsidised by TOYOTA...I paid $1643 at inception,12k miles,and $534/monthly. The inception covers first month payment,reg and plates,the $534 (35 payments) covers tax and GAP insurance. i believe that it is a great deal for Northern NJ, if anyone wants info let me know,great people no hassle no pressures...glad I did business with.
    I have to give credit to nomad,great guy that did put me to this great deal. I was going to plunge into $8k initial payment and then $485/month but that before Oct 1st and my new friend Bali. good luck to all of you.
    Toyota sales for the vans are 23% down,can't figure why since the Honda does not have as many bell and whistles but I think that is also cheaper..
    Well being on this forums was a valuable expirience and profitable too..
  • kmurray5kmurray5 Member Posts: 3
    svofan2 - do you know what your residual % and money factors are? Im beginning neogitations on a Limited AWD, EVP # 2 in NJ, and was given a residual of 54.6% (seems low - bad) and a money factor of .00128 (~3% - very good). This is big net positive compared to the Acadia we are cross shopping where the residual is 63%, but the lease rate is 8.5%.

    Running these the 54.6%/.00128 on your deal, I calculate that your capitalized cost was $2k over invoice, which is ok. Of note, calculating your deal with the Acadia's residual % and lease rate increases your pmt by $60/month.
  • urbannomadurbannomad Member Posts: 14
    we have almost the same deal w/svofan. I leased 1 week before him. I posted my numbers before for the car you were about the lease. Limited awd w/evp2.
    The money factor is around 0.0026.
    With the money factor ( I think it is a teaser rate) that you mentioned what they do is, they mark the car up at least 1-1.5K invoice or more..
    If you can get that type of deal with sales price $500 over invoice with the money factor you mentioned, you gonna have a slam dunk deal as your monthly payments should be at least $40-50 below my monthly payment.
  • kmurray5kmurray5 Member Posts: 3
    Thanks. You are right, my deal would be $508/month if I could get them down to $500 over invoice, but not sure they will go this low. I would consider anywhere b/w $525-$550 a good deal. What dealer did you use?

    BTW, my local GMC dealer quoted me $769/month on a loaded Acadia which implies a cap cost of $500 above MSRP. This is despite the manager knowing that I have bought 5 vehicles from the dealer over the last 12 years (has several brands). The Acadia lease works out to $8k more over 3 yrs than what the Sienna will cost me despite the Acadia having an MSRP of only $2.9k more.
  • urbannomadurbannomad Member Posts: 14
    So your GMC dealer wants to lose you as a client:-)
    You should be able get those vehicles thousands dollar below invoice(rebates, holdback etc) and he quotes $500 over MSRP? Good luck in his future endeavours:-)
    After seeing Sienna, I would never think about buying an SUV..
    Give me your e-mail and we will arrange you to get a Toyota Sienna like my new buddy svofan..
    The key is to cut the deal with the business development manager/internet sales manager.. If you call sales people, you will most likely get bad quotes..
    By the way it was my easiest/quickest car leasing/buying experience in my 20 years of driving:-)
  • svofan2svofan2 Member Posts: 442
    WRONG!!!!!!!!!!!!!!!!!!!!...mine was the easiest,it only tok me 10 minutes (about 5 less than you) and that was because YOU did all the work and I rode your coat tails. Do you think Toyota is subsidising these Sienna leases?...the guy from FitzMall wrote to me and said that that deal is IMPOSSIBLE!!!...I responed ok....I am picking up my Sienna Limited AWD with towing and EVP #1 on Saturday...
  • urbannomadurbannomad Member Posts: 14
    First of all dealer is making money from the 2% MSRP holdback. Second they should be using the half of the money factor internally that they gave it to their tier one credit customers. It is a good money on a 3 year span.
    Also they make $500 over invoice..
    Add all these figures up, it is still good profit.
    I am sure there are other incentives for the dealers that we do not know.
    Things will only get worse to the end of the year so I am sure there will better deals in Siennas but we needed the car pronto.
  • svofan2svofan2 Member Posts: 442
    I am happy andso are you...I always believed that bird in hand is worth more than..(you know the rest)
  • finwifefinwife Member Posts: 6
    Hi..Was just catching up on all the great posts..I need help..Am looking for at 08 Sienna LE w/EVP # 2 from Edmunds, which has a different MSRP from Toyota (27605) vs Edmunds 27125 (TMV=26020)..How much theoretically could I spend on a 36 mo/ 15k/yr lease...I tried to use an online calculator with the money factors/residual value listed and came up w/ $ 179/month...obviously I did something wrong :)..Any help would be greatly appreciated..
  • svofan2svofan2 Member Posts: 442
    where are you located?.....if in Nj please read my previous post...I was so happy with Glen Toyota that I can stop recommending them. In my many years of car buying and lately leasing I have never encounter such a great bunch of guys...no pressures and excellent prices,of to those that know their numbers...
  • hause7hause7 Member Posts: 153
    Im thinking of Leasing an XLE with Extra value pkg. 4 then purchasing it after the lease, should i do that? I can pay a lot lower every month that way.
  • finwifefinwife Member Posts: 6
    Hi..I am at at the shore..my "local" dealer is DCH- galaxy- had a good experience with them 3 years ago on purchase of a Solara...by I was just curious where the numbers could end up with the car I wanted priced out. 4 years ago I leased a 04 LE 8 pass for $450/month..I know I got ripped..I just don't want history to repeat itself.. I have time before this lease is up and feel obligated to get the BEST deal! Driving up to Glen is not out of the question- but would prefer to deal locally if possible..TY!
  • biffsterbiffster Member Posts: 7
    I've been talking with one Northern California territory dealer about a remaining 2007 XLE AWD with the relatively rare Package 9 (Nav and DVD entertainment).

    The TFS lease money factor without cash back is a pretty good 0.00158 (~3.8%), but the residual on the 38,200 cap cost is a dismal 46%. With such a low residual, the advantageous lease MF gets eaten away.

    Is this just an example of Car Man's admonitions here that TFS has restrictions on what options can be residualized? Or is this a case of a dealer hitting the wrong keys on the financing screen?
  • svofan2svofan2 Member Posts: 442
    With the 08's out already and deals being worked out,why do you want an 07?....I have not seen any 07 in Northern NJ
  • biffsterbiffster Member Posts: 7
    In my TFS territory there aren't any special lease deals for the 2008s yet. I suppose a few more 2007s need to be sold before the 08s will get more incentives.

    I suspect that the special 2008 leases some other territories are getting now will come to ours soon, perhaps early Novemeber. At least I can wait!

    Still curious about the low 2007 residual, though.
  • coupedncalcoupedncal Member Posts: 252
    07 has extra year of depreciation.
  • biffsterbiffster Member Posts: 7
    I understand that 07 is now at end-of-model-year, and economically residuals should go down. I was just curious, given what Car Guy stated in #112 above -- that a 2007 LE in another region only a few weeks ago was at 56% depreciation for 36 mos/12k miles. This would be a drastic reduction since then!
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