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Toyota Prius Lease Questions

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Comments

  • evahnulahmevahnulahm Member Posts: 19
    I got mine in Greer, South Carolina...sorry but not very close :(
  • delta737hdelta737h Member Posts: 626
    edited July 2010
    evahnulahm,

    The dealer isn't going to multiply the MSRP by the residual factor (or some %) and then arbitrarily add 2,400 unless there is good reason to do so. It sounds as though it could be a mileage adjustment. For instance, if the residual factor corresponding to 15,000 miles annually for a 3 year lease is 54% and the MSRP is 30,000, then the residual is 16,200. Now suppose, instead of 15,000 miles annually, the customer desires only 10,000 miles annually. If the mileage cost adjustment is, say, $0.16 per mile, then the total credit is

    0.16 x 3 x 5,000 = 2,400.

    So now, the adjusted residual is 16,200 + 2,400 = 18,600.

    Although, this does seem a bit strange to adjust a 15,000 mile residual as baseline residuals are based on 10,000 or 12,000 miles annually. I know of no baseline residual that's based on 15,000 as that's no longer the standard and hasn't been for quite sometime. So, here's another possibility...

    It may be that residual adjustments were necessary due to additional installed options. However, the cost of the additional options or, more likely a percentage of the cost of the added options (e.g., 2,400), would have been added to the MSRP to produce the adjusted MSRP. The adjusted MSRP, in turn, is multiplied by the residual factor to obtain the residual value. Assuming the 10,000 miles residual factor is 57%, we have...

    57% x (30,000 + 2,400) = 18,468.00


    I think I covered all the bases and hope this is helpful.

    John
  • tjpriustjprius Member Posts: 5
    Thank you to previous post by mdmdmd on the Prius IV.
    I just made the same deal in Manhattan Beach. They agreed to the deal over the phone. The Gross Capitalized cost on my contract was $28,095.36. The agreed upon value was $27,445.36. The residual is $18,713. The window sticker was a little over $30,000. Don't ask me what it means, I'm just trying to give you the numbers. I paid $750 which represented the first month payment and registration ($383) acquistion fees $45 and some other little fees. My remaining payments are $293 for 35 months and this includes tax. I qualify for the Tier 1 financing.

    Oh, I got the winter grey prius as well.

    Elway Toyota in Manhattan Beach made the deal and they were terrific. They stood by their word that they gave me on the phone. Call and speak to the bmc manager. I just called their 800 number. I know we can't post names here or I would. I shopped the deal that mdmdmd posted and Manhattan Beach was the only one that would do it, and gladly. Great guys to work with (and free popcorn). Give these guys a call they are serious about moving cars.
  • woderwheelerwoderwheeler Member Posts: 2
    Shucks! My coworker just got a new Prius IV + Navi from Manhattan Beach Toyota for an agreed price of $27130. Now I feel like I just got taken for a ride. In Buyer-remorse-dom right now.
  • hondaliferhondalifer Member Posts: 2
    Hello,
    I Leased a 2010 Prius II in the mettalic white color (adds $200) Is this a good deal for Virginia, or anywhere for that matter.

    Purchase price $22,350 (includes $200 color charge)
    No upfront fees other than first months payment of $259.
    36 month/36k miles $259/month
    Residual of $15,504

    I don't remember the money factor. Please let me know how I did!
  • mdmdmdmdmdmd Member Posts: 3
    Unfortunately I don't feel comfortable revealing that, but based on the other posts it sounds like going to Manhattan Beach may be the option. I didn't find the SM experience very good.
  • yellow578yellow578 Member Posts: 2
    edited July 2010
    Hi all... I'm in Southern California and the best deal I've received so far is:

    Prius III +navi + mats + Blizzard White

    MSRP = 27,090.00

    walkoff amount = 1678.00 mthly = 244 + tax

    plus the 2 yr maintenance program

    this is for a 3 year lease and 12k

    Is this a good deal? I need to buy by tomorrow end of month quotas u kno?! thanks all!
  • samramsamram Member Posts: 4
    Here is the offer I have been able to get (need to close tomorrow)
    Signoff amount 2500 (all inclusive and the first month payment included with tax etc)
    Monthly: 170 (inclusive of tax) for 35 months
    2 yr maintanance
    15k miles/year

    Havent been able to get the mats etc. What should I negotiate for?? Please advice..

    SAM
  • yeahdickeyyeahdickey Member Posts: 9
    edited July 2010
    In South Florida .... just picked up the car after very difficult negotiations with several dealers internet depts.

    Finally, ended up taking the best offer that no one else would match ..

    Prius III w/Navigation Package, Leather, Mats, and Toyoguard Plus Protection Group.

    MSRP $29,202.00
    Sales Price $25,661.00
    $0 down 36 months 15k miles/ year $325 (including tax)
    Sign and Drive Lease with only 1st payment out of pocket ($325).

    Picked up the car a few hours ago and they threw in a tint job for me.

    I feel this is pretty good for South Florida ... but you South Cali guys are getting amazing deals!
  • mac213mac213 Member Posts: 2
    Just picked up my new 2010 Prius IV with NAV package. I think I did very well on the pricing, just looking for confirmation.

    MSRP $30,030

    Negotiation started at $372p/mo - $333p/mo - to finally $319

    $0 down 36 months 15k miles/ year $319 (including tax)

    $800 Due at signing including 1st month, Reg and Doc fees

    My potential savings with this Prius is over $400 per month between the difference in payment from my trade and gas savings. 1st tank has averaged 52.3mpg mostly hwy with some traffic, my previous car was 16mpg.
  • durniljrdurniljr Member Posts: 4
    Yellow578 - I am in SoCal and looking to lease a Prius - can you provide the name of the dealership/salesperson. Very much appreciated!

    I think the Toyota lease deals end today.
  • durniljrdurniljr Member Posts: 4
    SAM - Where are you getting this deal? Sounds really good. I am looking to lease a Prius today. Can you give me the whole run down?

    Thanks!
  • rleighrleigh Member Posts: 1
    I've been negotiating for the past few days and took a chance by waiting to see what today's new incentives would be. The money factor got better and the residual is 16445 (-200). This is a III, black/dk grey, nav+sunroof package. Zero down, OTD of first month only ($332). 36 mos, 45K, 2 yrs maintenance. Sales price 26000. I see a better deal above but that's FLA and I'm in Boston. How does this sound?
  • Kirstie_HKirstie_H Administrator Posts: 11,146
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  • sas9sas9 Member Posts: 28
    Hi all - I've had my 2010 Prius for 10 months and only drive in ECO mode - mostly for the best gas consumption. Can anyone tell me their experience with gas consumption between the two modes? Does the ECO mode really give better mileage versus POWER mode? Thanks,
  • tgr1978tgr1978 Member Posts: 5
    Hey everyone. Located on Long Island in NY. Went to a few different dealers online...my best deal for a IV (in blue, nav/roof, mats) is $379 total per month/36 months/15k miles. Down payment is 1st payment only and DMV fees.

    Sale price is $29,995
    Residual is $18,265

    How do you guys think I did? Looking to pull the trigger this weekend...went to 3 other dealers and no one was within $15 of the monthly price.
  • syracusenationsyracusenation Member Posts: 1
    I got approved for a 36 Month Lease is this a good deal?

    $0 Money Down.

    Tier 1 Credit Approved.
  • mac213mac213 Member Posts: 2
    I think you could do much better unless things have changed substantially after Aug 2. I just bought an identical prius IV for 36mo/15k miles @ 319p/mo including tax, just 1st payment and DMV at signing plus 2yr 25k mile free maintenance. Details listed in my post above. If you notice, the negotiation started about where you are now, in the 370s.

    Also, those prices you got online might change when you actually get to the dealer, so check there first.

    I would choose a dealer that has a good service reputation since you'll bring it there for the free maintenance - oil changes, etc.
  • tgr1978tgr1978 Member Posts: 5
    Mac213:

    Where are you located? Is it possible the difference in price could be a regional thing? I can't imagine that, but wondering.

    My thinking too is that it was high, but the other 2 dealers I solicited where at the exact same number (which they are telling me is $250 above invoice).
  • sibra74sibra74 Member Posts: 7
    edited August 2010
    I'm located in the SF Bay Area and went with true, sign and drive, absolutley $0 down. P4 with solar, pmt is $349 a month inc tax and $400 for gap insurance during the lease. 36 months, 12k miles a year.

    Originally they wanted around $870 down and $321 (inc tax) a month, I opted for nothing down and the increase in pmt.
  • woodman944woodman944 Member Posts: 3
    I got the following quote from a NY dealer:

    $245/month for 3 year/12k lease or $259.20 for 15K lease on Prius II, with cargo mats and nothing else.

    Money factor is .00001 and residual percentage is 65% or $15,496. Selling price is $21,008 and MSRP is $23,840. I tried to calculate the monthly payment but I come up with $164.75 (not sure if I am including everything). My tax rate is $7.35%. What information as I missing.
  • delta737hdelta737h Member Posts: 626
    edited August 2010
    woodman944,

    You've indicated the selling price but failed to mention amounts financed (i.e., capitalized) as well as cap reductions, if any. Also, do those payments include or exclude tax? Is the 65% residual factor for a 12K or 15K mile lease? I'm guessing 12K. What, specifically, are you paying upfront? Taxes? Acquisition fee? Doc fee? Too many unknowns. Also, are you sure about the 0.00001 money factor? Seems very low to me.

    The payments do seem extraordinarily high to the tune of about $60 assuming the 0.00001 money factor and residual are correct. Are you financing negative equity? Assuming that you're financing NY sales tax and the acquisition fee, it appears that an additional $2,000 is being capitalized (i.e., financed) which may include the dealer doc fee, DMV fees, and God only knows what else.

    I suggest that you ask the dealer for their LEASE WORKSHEET. This is a computer generated document that contains all relevant information. This will eliminate confusion and misunderstanding. Do not let them give you numbers over the phone as that's a piss poor way to do business. INSIST that they provide you with their lease worksheet as it will answer a lot of questions. There is absolutely no reason for them not to give it to you. If you like, email it to me at

    diffeq@zoominternet.net

    and I'll be happy to analyze it for you.

    John
  • woodman944woodman944 Member Posts: 3
    Thanks for the offer. I am asking for the lease worksheet now. They seemed very eager to write up the deal.
  • delta737hdelta737h Member Posts: 626
    Eager, huh? Gee, I wonder why? I'm curious to see how they react to your request for their lease worksheet. Should be interesting.
  • woodman944woodman944 Member Posts: 3
    John - dealer first refused to give me lease worksheet as propietary but they did fax me something. I tried your e-mail but couldn't get it to work. Do you have a different one?

    woodman
  • abird2002abird2002 Member Posts: 1
    Hi Guys,

    Just looking for some mindshare. Been shopping around and got the following lease deal from a SoCal dealer:

    Prius IV + Navigation
    0 down, $290 (+tax) per month, + DMV fees, 2 yrs free maintenance, 3yrs / 12k.

    Let me know what you think or if i can get them lower by shopping around further.
  • mleomleo Member Posts: 10
    Is this a good deal for a white ("special color" - $200?) Prius II

    Price: 21,738
    term: 36
    residual: 14,820
    mi. per year: 15k
    acq fee: 650
    Gov fee: $68
    taxes: $777
    doc fee: $120

    Zero down
    Initial payment: $261
    35 mo. thereafter $261
    All taxes and fees rolled in.
  • atlpriusatlprius Member Posts: 1
    I'm about to sign on a Prius III with Nav, mats and solar sun roof. 12k, 36 months for $300/mo and $500 down. So, $800 drive off.

    Msrp is $29,423.00 sale price was $24,something.

    Good deal?
  • yellow578yellow578 Member Posts: 2
    I got the same car minus the solar sun roof 12k, 36 mths, 260/mth (including tax) and 1278 drive off...
  • venividiviciiivenividiviciii Member Posts: 3
    hey abird,

    could you give me the name of the dealership you got this deal from. that's a really good deal.

    thanks
  • venividiviciiivenividiviciii Member Posts: 3
    hey Durniljr,

    could you please let me know the name of the SoCal dealership you went to to get a good deal.. looking to get a prius in the next few days

    thanks
  • dangsdunksdangsdunks Member Posts: 5
    I'm looking to get a Type 3 with Solar in the SF Bay Area, what do you guys think of this? 12/36

    $269.77 + 26.30 taxes = $296.07 monthly payment
    $737 Drive Off

    Residual is $16921.

    Thinking of getting it tomorrow, i would really appreciate your help.
  • pinenutzpinenutz Member Posts: 2
    not many options, pretty much just bluetooth and sat radio and a better stereo.

    leased for 500 down and 247 a month including taxes.
  • venividiviciiivenividiviciii Member Posts: 3
    which dealership? looking to get one with the exact same pkg. thanks
  • pinenutzpinenutz Member Posts: 2
    manhattan beach toyota. was actually a great car buying experience.
  • iuguy79iuguy79 Member Posts: 2
    I'm also shopping for a prius 3 (no nav) for a 36k/3yr lease. Best quote I've gotten so far is as follows:

    MSRP: $25,039
    Selling Price:$23,493
    Residual: $15,946
    Other Capitalized Items (not sure what this includes) $849 - Cap Cost Reduction 183.41 + Tax on Cap Cost Reduction $12.84 = Adjusted Cap Cost $24,158.59
    Money Factor .00065
    $254.20 per month + $17.79 sales tax (7%) = total payment $271.99
    $650.00 acquisition fee
    $166.20 state & local fees

    I feel like I'm missing something, just not sure what. Pre-tax payment of $254.20 per month just doesn't seem all that outstanding. Any feedback is appreciated.
  • birdlivsbirdlivs Member Posts: 18
    Hey Carman,

    Please post the Sept Lease rates and residuals for 36/12k on the Prius III and IV. Also let us know of any special rebates etc. Thanks!
  • pokiepoohpokiepooh Member Posts: 1
    Is $1500 down and $299/mo (inc tax) a good deal for Prius II with free 2-yr maintenance for 3-yr lease? I have very low credit score.
  • dave64njdave64nj Member Posts: 4
    Not sure what your credit rating is, but the current money factor is .00001 for well qualified buyers. The other big piece to remember to negotiate is the Gap insurance. Toyota does not include it in their lease rate. The dealers I spoke to say it ranges anywhere from $500 to $895. I was able to negotiate the following for a Prius III base (only floor mats):

    36 mos/12K miles
    Gap insurance included
    $1,357 inceptions
    $1,000 cap cost reduction (to be matched with another $1,000 from Toyota)
    $181 per month
    If you load in up front payments into monthly payments, per month cost is $246.47 fully loaded.

    Dealers will be anxious to make deals this weekend with current incentives ending Tuesday. Good luck.
  • delta737hdelta737h Member Posts: 626
    Never buy GAP insurance from a dealer if the fund provider doesn't offer it in their lease contract, or provides it at additional charge, because the cost is grossly inflated. Check with your insurance carrier and, whether you buy or lease, your carrier can attach a GAP rider to your existing insurance policy. The annual cost, as a rule of thumb, is roughly 0.10% of the vehicle's MSRP. So, if the MSRP is $49,590, then your annual GAP premium is roughly... 0.10% x $49,590 or about $50 annually.

    John
  • jackk1jackk1 Member Posts: 9
    I am being told by a dealer that the Residual Value is set by Toyota. I thought that it was based on a percentage. Is it possible for someone to confirm that Toyota Financial Services has a fixed residual value on a 2010 Prius IV w/Solar? Or if it is not please confirm the Residual for August 2010. I thought it was supposed to be 65% based on other posts.

    Thank you.
  • dwynnedwynne Member Posts: 4,018
    The residual is set by the lease bank and can't be changed by you or the dealer. In this case it is a TFS lease so they set the residual. TFS does not treat options as the they do the whole car. So a car with no options may have a 65% residual, but only for the CAR (not including destination) and the options (like solar roof) will be at a lesser rate. On the dealer's invoice is the TFS lease residual - actually there are two, high mile (15k per year) and low mile (12k per year). That is going to be some odd percentage of the MSRP of the car and options. That is the number they will use. If the dealer puts down the wrong number, TFS will not fund the lease.
  • jackk1jackk1 Member Posts: 9
    Thank you very much for the reply. That helps me understand the TFS numbers better. Does anyone have the numbers on a Prius IV solar for me to compare. I am being given: MSRP $32,235 Cap Cost $30,199 and Residual of $18,797 with $840 down and $367/mo for 36mos at 12k/yr. for silver ($7/mo extra for Blizzard), and I was also quoted $1081.17 down and $311.19/mo. for 36mo. 12k/yr. for Blizzard Pearl. It seems like there is quite a bit of difference between the two and I don't know where there is room to negotiate.

    Thanks again.
  • cygnus_x1cygnus_x1 Member Posts: 11
    I bought one from Toyota of North Hollywood. 3 year lease, 12k miles, $15.2k residual, no money out of pocket, 2 years maintenance, and they make the first payment.
    $249 plus 9.75% tax and I rolled the $350 license fee into the lease. Payment is $290 a month. I was in and out of that place in a flash.
    I bought it for my ex wife and after driving it around there's no way I could give up my Avalon for one of those lol. Not bad for the price though.
  • dwynnedwynne Member Posts: 4,018
    You can figure invoice right here at Edmunds (and other places) by looking up everything on the window sticker and the cost. Get the MSRP to add up and then see the invoice. It should be around $30,343 for a car with a MSRP of $32,235. So your price would appear to be a little under, which is good. Some dealers are offering a good bit under invoice, so there may be room to move on your price.

    I don't know where you live and what the taxes and fees are like, but you need to get a breakdown of where the money is going in both lease deals to see if you are being offered a decent deal or the shaft.
  • priusleaserpriusleaser Member Posts: 3
    Hi - did you get this Prius III? I am getting $252 per month with $2000 down for a total 36 month (15K miles per year) amount of $11,072. I don't have the solar roof though. If you leased it already, which Bay Area dealer did you get it from? Thanks in advance!
  • dave64njdave64nj Member Posts: 4
    Thanks for the info. My insurance carrier in my state doesn't offer GAP insurance. The dealer through the GAP insurance in AFTER I had gotten the price down as an enticement to accepting his offer over a competitor's dealer.
  • tukerstowntukerstown Member Posts: 1
    I am looking into a Prius III and would like some information before I start going to dealerships. Can someone please let me know the residual % on a 15k mile lease as well as the current money factor? It would be greatly appreciated.
    Thanks
  • dbenyaminydbenyaminy Member Posts: 5
    I got a black prius IV , nav , maintenance, sunroof 15k/year, msrp 31900... 875 down , 355/month including taxes ... any advice is appreciated . thank you
  • cosanostracosanostra Member Posts: 91
    If you could give some additional details such as residual, money factor, the base cap cost (what you negotiated the price to) it will be easier to let you know.
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