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Toyota Yaris Lease Questions

CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
edited May 2014 in Toyota
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota Yaris. Thanks.

Car_man
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    mrcheap666mrcheap666 Member Posts: 7
    Hey Car_man,

    I wanted to get the MF and residuals for leasing a Yaris 2Dr Hatch AT, as well as the 4dr S level Sedan AT.

    I'm in Houston, TX and would need a lease for 24mths, with 15,000 miles/year.

    Thanks
    MrCheap666
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    jrsaccatojrsaccato Member Posts: 1
    When you lease a car do you have to purchase comprehensive insurance too?
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings mrcheap666. Toyota is not currently providing any sort of lease support on the Yaris. As a result, if you were to lease one through Toyota Financial Services right now you would have to use its standard lease money factor. Its standard lease money factors vary depending by region, but its buy rate standard factor should currently be around .00265 for consumers who qualify for its Tier 1+ credit tier. Toyota Financial Services current buy rate lease money factor for a 24 month, 15,000 mile per year lease of any 2007 Yaris is 59%.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jrsaccato. Banks that lease vehicles usually do require consumers to have certain levels of insurance coverage. The exact level of required coverage varies from bank to bank.

    Car_man
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    lori1011lori1011 Member Posts: 1
    Hi there. I'm looking for peace of mind, and your blessing or comments on the lease deal I'm being offered would help a lot.

    New 2007 Yaris Hatchback, Automatic, ABS Brakes, Keyless Remote, Power Package, Floor Mats.

    Here are the numbers:

    MSRP: $12,335.
    Max Advance Adjustments: $14,420.00
    BaseValue MSRP: $11,850.00
    Residual Value: (59%): $6,991.50
    Residual Value Adjustments: $625.
    Annual Miles: 12,000
    Mileasge Adjustment: +2%= 237
    Adjusted Residual Value: $7,853.50

    CustomerCash Down: $1,000.00
    Total Cash / Rebate Equity: $1,000.00
    Inception Fees: $657.95
    Excess Cash / Rebate / Equity: $342.05
    _______________

    Selling Price: $14,420.00
    Assignment Fee: $400.

    Payment Recap:
    36 months at $246.29 + 9.00% = $268.45

    ?? Is this a good deal? Or are some of those line items "fluff" or inflated numbers that I can negotiate out or reduce.

    Looking forward to your reply,

    Yourfuture Yaris Slave Girl :blush:
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    lhansonlhanson Member Posts: 268
    I don't know anything about leases, but I don't think that any of the options you have listed would be considered to be fluff items. They are all factory Toyota installed options. I think that the MSRP a lot more than $12,335. The $14,420 sounds about right.
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    pebirdpebird Member Posts: 2
    YSG:

    I calculated the power package combo you selected (w/ABS) at $1,700 - price of $14,420 - 620 delivery - 11,950 Yaris Auto - 150 floor mats). I don't know if that is the right price for that combo package, can't find it on Toyota's site (haven't guessed the right zip code yet).

    Some good info on leasing can be found at:

    www.leaseguide.com, www.carbuyingtips.com, and www.fightingchance.com. The Fighting Chance folks will sell you a service for $35 that includes their help on the phone (bring your cell) while you are at the dealer reviewing the paperwork, they will tell you what money factor and residual you should be getting.

    If you want an Excel sheet to try out different numbers, try the worksheet at www.carbuyingtips.com/regm.xls.

    I've plugged these numbers into my spreadsheet:

    Cap Cost: $14,420
    Lease Acquisition: $400
    Gross Cap Cost: $14,820
    Lessee Cap Reduction: $342.05
    Residual: $7.853.50 (which is 55.3% of $14,420)
    Term: 36 months
    Money Factor: .00279 (equivalent to about 6.7% APR)
    Monthly Payment (before tax): 246.32

    So, your payment of $246.29 looks about right.

    But if you really were to get a residual of 59% - 8507.80 (I don't have the black book of residuals, and it's kind of a guess anyway), you would have a monthly payment (before tax) of $229.97. Might be worth finding out what the Yaris 3 year residual rate is (not public knowledge).

    I assume your 9.0% is your sales tax rate.

    Remember that when you lease a car you pay the 1st month's payment and title fees up front. Also, you pay sales tax on any cap reduction ("down payment") you make.

    But, what about the $1,000? What is in that? Well, it includes your cap reduction ("down payment"), the first payment (including sales tax), estimated registration/title fees and security deposit. Lets assume registration fees of $200, I come up with out-of-pocket of about $841 (342.50 cap reduction, 30.78 sales tax on cap reduction, 1st payment of 268.45 and registration of 200). So the dealer is adding on "fluff" fees of about $160 (or more, depending on what registration fees are).

    Sorry for the long note - but a lot of dealers mess around with little charges here and there and will lie to your face about it being a state fee, or this or that, especially with leases, since they don't have to disclose the money factor and residuals are hard to get.

    Good luck.
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    wallynmuwallynmu Member Posts: 1
    Not great. Any lease you only deal on the monthly payment. Dont worry what other numbers they tell you.
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    Kirstie_HKirstie_H Administrator Posts: 11,148
    IMO, you've just given very bad advice. Members can decide for themselves, but this is contrary to almost every other bit of advice offered.

    MODERATOR /ADMINISTRATOR
    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.
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    onuzjonuzj Member Posts: 11
    So in May of 2008, I bought a pre owned 2007 FJ Cruiser w/ 16000 miles for around 24k plus warranty n stuff came out to around 27K. I had a $487 payment for 72 mos. A year later, i noticed that the vehicle had depreciated so much and that i was under and thought it wasn't worth it. in an attempt to get out of it, i leased a new 2009 yaris, which i am now paying $450 a month for 60 months, with $4000 down. Is there any way out of this [non-permissible content removed] lease? I thought of posting on lease trader but who would pay $450 a month for a yaris? any insight as to how i could've done this or what i still can do?
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    canonikoncanonikon Member Posts: 1
    it's only $79/month for 60 months for the 2009 yaris. how come you're paying so much?

    http://www.bayridgetoyota.com/vehicle_new.asp?v=782633
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