2015 Toyota Camry Lease Questions

Michaell · April 2015

jay060 said:
What is the current MF and residual for SE, XSE and XLE for 24/36 months and 15k miles in Los Angeles? Is 24 or 36 months the better deal?

SE - 69% / 61%
XSE - 66% / 58%
XLE - 66% / 58%

MF is .00004 and there is $500 lease cash available

gtgtcobra · April 2015

I'm located in Massachusetts. I've just leased a brand new 2015 Camry Hybrid SE for $447.44 per month for 36 months/60,000 miles with only $1,500 cash down.

I would like to give to you ALL the detailed information related to this lease deal that I made including the scenario regarding my trade-in. I leased a 2012 Prius 2 Hybrid for 36 months/60,000 miles back in September of 2012. The lease is up on September 12, 2015. I just traded in the Prius at the Toyota dealership for the new 2015 Camry Hybrid SE because I had 71,300 miles on the Prius and I've gone +11,300 miles over the 60,000 miles that's on the lease contract.

The Prius was purchased as a trade-in by the Toyota dealership for $12,300 as the agreed trade-in value price. The payoff on the Prius was $14,301. I was basically $2001 in NEGATIVE EQUITY with the Prius during the time of the trade-in. The dealership did NOT charge me anything on the 11,300 miles overage that I put on the Prius when I traded it in for the new 2015 Camry Hybrid SE. At .15 cents per mile, I saved over $1,695 off the bat on the mileage overage that I didn't have to pay for when I traded-in the Prius for the new 2015 Camry Hybrid SE.

The MSRP on the new 2015 Camry Hybrid SE was $31,335. I was able to get a total of $3,758 cash rebate off of the MSRP price on the new 2015 Camry Hybrid SE that I leased bringing the MSRP price down to $27,577 for the Camry.
The $2001 negative equity that I had on the Prius trad- in was then ADDED to the $27,577 MSRP negotiated price as well as was another $395 was added on for the purchase of a remote starter bringing the total final MSRP price and agreed upon value of the new 2015 Camry Hybrid up to $27,972.
I also was charged a $650 acquisition fee, a $395 documentation fee, $112.50 for Title License and Registration fees, and I also purchased GAPP insurance for $695. I could've purchased the GAPP insurance for less thru my insurance company, but after doing some research on the GAAP that my insurance company offers I found out that it wouldn't have been as comprehensive as the one that Toyota offers, so I opted to buy the Toyota GAPP insurance instead. These are ALL of the EXTRA costs that I had to pay on top of the $27,972 negotiated deal on the new 2015 Camry Hybrid SE.

Because I drive over 20,000+ miles per year (I realistically drive 27,500 miles per year), I purchased 60,000 miles up front on the lease deal on the new 2015 Camry Hybrid SE. The residual value of the 2015 Camry Hybrid SE was calculated by the Toyota dealer to be at $16,276.95 at the end of the 36 months lease.

I only put a down payment of $1,500 towards the new Camry lease. With the trade in and with the rebate that I got on the new Camry and with the up front purchase of the 60,000 miles for the 3 year lease my monthly payments are $447.44 per month. Do you think that I got a good deal on this particular lease? Or do you think that I could've done better?

The way that I look at it is that I was upside down with a negative equity of $2,001 on my old lease on the Prius. Plus I had another 4 payments to go on the Prius which was another $1,619.56 that I didn't have to pay out of pocket when I got into the new lease with the new 2015 Camry Hybrid SE. The Toyota dealership paid off the $1,619.56 that I owed for the last 4 monthly lease payments PLUS they did not charge me for the extra $1,695 for the 11,300 miles mileage overage that I had on the Prius.

Do you think that I realistically saved $1,619.56 on the 4 remaining lease payments that I didn't have to make on the Prius and do you think that I also saved on the $1,695 that I didn't have to pay out of my pocket for the 11,300 mileage overage on the Prius? The 4 remaining lease payments and the mileage overage alone total to over $3,314.56 ($1,619.56 remaining 4 lease payments + $1,695 mileage overage = $3,314.56).

And do you think that the $3,758 rebate discount that I initially got off the new 2015 Camry Hybrid SE was good even though $2,001 of the negative equity that I had in the Prius trade in ate into the $3,758 and lowered that $3,758 cash rebate discount on the new Camry down to $1,757 ($3,758 - $2,001 negative equity in Prius = $1,757)?

Would the $1,619.56 savings on 4 remaining lease payments that I didn't have to make PLUS the $1,695 savings that I didn't have to pay out of my pocket on the mileage overage PLUS the $3,758 cash rebate that I received on the new Camry Hybrid SE "minus" the $2,001 negative equity that I had in my Prius trade-in be considered a good deal ($1,619.56 + $1,695 + $3,758 - $2,001 = $5,071.56 realistic cash discount on the new 2015 Camry Hybrid SE)?

Do you think that I got an overall good deal on the new 2015 Camry Hybrid SE lease with my trade-in and that my current monthly lease payment that I currently have of $447.44 is a good deal?

I'm sorry for making such a long post, but I needed to give you the exact scenario together with all the detailed information regarding this lease deal that I just consummated so you can tell me whether or not I received an excellent deal, or a good deal or a bad deal.
Please let me know.
THANK YOU

Michaell · April 2015

gtgtcobra said:
I'm located in Massachusetts. I've just leased a brand new 2015 Camry Hybrid SE for $447.44 per month for 36 months/60,000 miles with only $1,500 cash down.

I would like to give to you ALL the detailed information related to this lease deal that I made including the scenario regarding my trade-in. I leased a 2012 Prius 2 Hybrid for 36 months/60,000 miles back in September of 2012. The lease is up on September 12, 2015. I just traded in the Prius at the Toyota dealership for the new 2015 Camry Hybrid SE because I had 71,300 miles on the Prius and I've gone +11,300 miles over the 60,000 miles that's on the lease contract.

The Prius was purchased as a trade-in by the Toyota dealership for $12,300 as the agreed trade-in value price. The payoff on the Prius was $14,301. I was basically $2001 in NEGATIVE EQUITY with the Prius during the time of the trade-in. The dealership did NOT charge me anything on the 11,300 miles overage that I put on the Prius when I traded it in for the new 2015 Camry Hybrid SE. At .15 cents per mile, I saved over $1,695 off the bat on the mileage overage that I didn't have to pay for when I traded-in the Prius for the new 2015 Camry Hybrid SE.

The MSRP on the new 2015 Camry Hybrid SE was $31,335. I was able to get a total of $3,758 cash rebate off of the MSRP price on the new 2015 Camry Hybrid SE that I leased bringing the MSRP price down to $27,577 for the Camry.
The $2001 negative equity that I had on the Prius trad- in was then ADDED to the $27,577 MSRP negotiated price as well as was another $395 was added on for the purchase of a remote starter bringing the total final MSRP price and agreed upon value of the new 2015 Camry Hybrid up to $27,972.
I also was charged a $650 acquisition fee, a $395 documentation fee, $112.50 for Title License and Registration fees, and I also purchased GAPP insurance for $695. I could've purchased the GAPP insurance for less thru my insurance company, but after doing some research on the GAAP that my insurance company offers I found out that it wouldn't have been as comprehensive as the one that Toyota offers, so I opted to buy the Toyota GAPP insurance instead. These are ALL of the EXTRA costs that I had to pay on top of the $27,972 negotiated deal on the new 2015 Camry Hybrid SE.

Because I drive over 20,000+ miles per year (I realistically drive 27,500 miles per year), I purchased 60,000 miles up front on the lease deal on the new 2015 Camry Hybrid SE. The residual value of the 2015 Camry Hybrid SE was calculated by the Toyota dealer to be at $16,276.95 at the end of the 36 months lease.

I only put a down payment of $1,500 towards the new Camry lease. With the trade in and with the rebate that I got on the new Camry and with the up front purchase of the 60,000 miles for the 3 year lease my monthly payments are $447.44 per month. Do you think that I got a good deal on this particular lease? Or do you think that I could've done better?

The way that I look at it is that I was upside down with a negative equity of $2,001 on my old lease on the Prius. Plus I had another 4 payments to go on the Prius which was another $1,619.56 that I didn't have to pay out of pocket when I got into the new lease with the new 2015 Camry Hybrid SE. The Toyota dealership paid off the $1,619.56 that I owed for the last 4 monthly lease payments PLUS they did not charge me for the extra $1,695 for the 11,300 miles mileage overage that I had on the Prius.

Do you think that I realistically saved $1,619.56 on the 4 remaining lease payments that I didn't have to make on the Prius and do you think that I also saved on the $1,695 that I didn't have to pay out of my pocket for the 11,300 mileage overage on the Prius? The 4 remaining lease payments and the mileage overage alone total to over $3,314.56 ($1,619.56 remaining 4 lease payments + $1,695 mileage overage = $3,314.56).

And do you think that the $3,758 rebate discount that I initially got off the new 2015 Camry Hybrid SE was good even though $2,001 of the negative equity that I had in the Prius trade in ate into the $3,758 and lowered that $3,758 cash rebate discount on the new Camry down to $1,757 ($3,758 - $2,001 negative equity in Prius = $1,757)?

Would the $1,619.56 savings on 4 remaining lease payments that I didn't have to make PLUS the $1,695 savings that I didn't have to pay out of my pocket on the mileage overage PLUS the $3,758 cash rebate that I received on the new Camry Hybrid SE "minus" the $2,001 negative equity that I had in my Prius trade-in be considered a good deal ($1,619.56 + $1,695 + $3,758 - $2,001 = $5,071.56 realistic cash discount on the new 2015 Camry Hybrid SE)?

Do you think that I got an overall good deal on the new 2015 Camry Hybrid SE lease with my trade-in and that my current monthly lease payment that I currently have of $447.44 is a good deal?

I'm sorry for making such a long post, but I needed to give you the exact scenario together with all the detailed information regarding this lease deal that I just consummated so you can tell me whether or not I received an excellent deal, or a good deal or a bad deal.
Please let me know.
THANK YOU

Wow ... that is a lot of information to digest

Let's break this down and look specifically at the lease deal of the new Camry. MSRP $31355, negotiated price $27577. 36/15 residual is 61% (we'll adjust that for the extra miles in a moment), MF of .00039.

15,000 extra miles at .20 per is $3000 - deduct that from the calculated residual of $19127 and you get $16127.

Plugging those numbers into my lease spreadsheet results in a pre-tax payment of $335.10. If the tax rate is 6.25% then the final payment is $356.04.

Your payment of $447.44 is $91.40 more each month, or $3290.40 over the 36 months. Which is pretty darn close to the mileage charges and remaining payments you had left on your Prius lease ($3314.56).

So, I'd say you did as well as possible given all the moving parts in this lease.

gtgtcobra · April 2015

In the previous post that I made here, I forgot to mention that the Gross Capitalized Cost of the new 2015 Camry Hybrid SE is $31,825.50 and that the Capitalized Cost Reduction is $1,707.70 and that the Adjusted Capitalized Cost is $30,117.80.

Also, the Residual Value is $16,276.95 and the "Depreciation and any Amortized Amounts" is $13,840.85 and the Rent Charge is $1,319.40.

With all of this given information that I've enclosed here "including" all the information that I gave above in my previous post that I made, the $1,500 Cash down payment that I put down for the new 2016 Camry Hybrid SE together with the trade-in of the Prius Hybrid, the TOTAL CURRENT MONTHLY LEASE PAYMENT on the new 2015 Camry Hybrid SE is $447.44 out of which $26.32 is the monthly/use/sales tax.
I obtained all of the above information from my Toyota Closed-End Motor Vehicle Lease Agreement that I signed when I did the deal.
Do you think that I received a bad deal, a good deal or an excellent deal with the total monthly lease payment being $447.44 on the new 2015 Camry Hybrid SE with the 60,000 miles that I purchased up front on it?
Please let me know.

THANK YOU

Michaell · April 2015

gtgtcobra said:
In the previous post that I made here, I forgot to mention that the Gross Capitalized Cost of the new 2015 Camry Hybrid SE is $31,825.50 and that the Capitalized Cost Reduction is $1,707.70 and that the Adjusted Capitalized Cost is $30,117.80.

Also, the Residual Value is $16,276.95 and the "Depreciation and any Amortized Amounts" is $13,840.85 and the Rent Charge is $1,319.40.

With all of this given information that I've enclosed here "including" all the information that I gave above in my previous post that I made, the $1,500 Cash down payment that I put down for the new 2016 Camry Hybrid SE together with the trade-in of the Prius Hybrid, the TOTAL CURRENT MONTHLY LEASE PAYMENT on the new 2015 Camry Hybrid SE is $447.44 out of which $26.32 is the monthly/use/sales tax.
I obtained all of the above information from my Toyota Closed-End Motor Vehicle Lease Agreement that I signed when I did the deal.
Do you think that I received a bad deal, a good deal or an excellent deal with the total monthly lease payment being $447.44 on the new 2015 Camry Hybrid SE with the 60,000 miles that I purchased up front on it?
Please let me know.

THANK YOU

I think you did just fine. Enjoy your new Camry!

gtgtcobra · April 2015

I'm a little confused about something. Where did you get the 15,000 extra miles from? My lease contract is for 20,000 per year for a total of 3 years. So the lease contract is for a total of 60,000 miles for 3 years. And how did you get .20 cents per mile for your calculation? On my lease contract, it says that I will be charged .15 cents per mile if I go over the 60,000 miles.
Is the $447.44 monthly lease payment calculated by using .20 cents per mile for the 60,000 miles that I purchased up front?
Also, at looking at the lease contract, the "Basic Monthly Payment" without the "Monthly Sales/Use Tax is $421.12. The Tax is $26.32 per month making the total $447.44.

Was there anything that I could've done to make the payment any lower than $447.44 or do you think that this would've been hard considering the issue that I had with the mileage overage and being upside down $2,001 on the Prius Hybrid trade-in? The Toyota dealer initially gave me $500 MORE in cash discount on the new 2015 Camry Hybrid SE and the initial deal was at $27,077 instead of $27,577, BUT they had a problem with the numbers the way that they came out when they did all the calculations on me owing too much on the remaining 4 lease payments on the Prius and on it's valued trade-in that they gave me for it because the Prius was upside down not $2,001 to begin with, BUT $2,501. So what the Toyota dealer did was they "deducted" the $500 out of the $27,077 price on the Camry and they "ADDED" it on to the trade-in value of the Prius to "bump up" the Prius trade-in price from $11,800 to $12,300. This action made the purchase price of the new Camry go up $500, but it increased the trade-in value of the Prius by $500. So basically they "offset" that $500 by shifting it from the new lease vehicle to the trade-in vehicle.

Do you think that this deal could've been better tailored to make the payment lower than $447.44 considering that I had mileage overage and being upside down in negative equity in the Prius trade-in? I would love to hear your honest opinion on this.
My goal was to have at least the same exact payments for that new Camry Hybrid SE just like I was paying for the Prius Hybrid which was $404.89 per month. I had a hard time getting this deal because of the Prius being upside down and the mileage overage on it. Or did the Toyota dealer screw up the numbers on the lease and omit something which could've made my monthly payments on the new lease lower the same figure of $404.89 or lower than that or even lower than the $447.44 that they gave me? What do you think? I'm analytical about these particular things and I want to find out from you whether or not I "missed" anything or if I did anything wrong during the negotiations on the Camry Hybrid SE lease that I should've done to make my current $447.44 payment lower?

Michaell · April 2015

gtgtcobra said:
I'm a little confused about something. Where did you get the 15,000 extra miles from? My lease contract is for 20,000 per year for a total of 3 years. So the lease contract is for a total of 60,000 miles for 3 years. And how did you get .20 cents per mile for your calculation? On my lease contract, it says that I will be charged .15 cents per mile if I go over the 60,000 miles.
Is the $447.44 monthly lease payment calculated by using .20 cents per mile for the 60,000 miles that I purchased up front?
Also, at looking at the lease contract, the "Basic Monthly Payment" without the "Monthly Sales/Use Tax is $421.12. The Tax is $26.32 per month making the total $447.44.

Was there anything that I could've done to make the payment any lower than $447.44 or do you think that this would've been hard considering the issue that I had with the mileage overage and being upside down $2,001 on the Prius Hybrid trade-in? The Toyota dealer initially gave me $500 MORE in cash discount on the new 2015 Camry Hybrid SE and the initial deal was at $27,077 instead of $27,577, BUT they had a problem with the numbers the way that they came out when they did all the calculations on me owing too much on the remaining 4 lease payments on the Prius and on it's valued trade-in that they gave me for it because the Prius was upside down not $2,001 to begin with, BUT $2,501. So what the Toyota dealer did was they "deducted" the $500 out of the $27,077 price on the Camry and they "ADDED" it on to the trade-in value of the Prius to "bump up" the Prius trade-in price from $11,800 to $12,300. This action made the purchase price of the new Camry go up $500, but it increased the trade-in value of the Prius by $500. So basically they "offset" that $500 by shifting it from the new lease vehicle to the trade-in vehicle.

Do you think that this deal could've been better tailored to make the payment lower than $447.44 considering that I had mileage overage and being upside down in negative equity in the Prius trade-in? I would love to hear your honest opinion on this.
My goal was to have at least the same exact payments for that new Camry Hybrid SE just like I was paying for the Prius Hybrid which was $404.89 per month. I had a hard time getting this deal because of the Prius being upside down and the mileage overage on it. Or did the Toyota dealer screw up the numbers on the lease and omit something which could've made my monthly payments on the new lease lower the same figure of $404.89 or lower than that or even lower than the $447.44 that they gave me? What do you think? I'm analytical about these particular things and I want to find out from you whether or not I "missed" anything or if I did anything wrong during the negotiations on the Camry Hybrid SE lease that I should've done to make my current $447.44 payment lower?

Normal leases are usually for 15,000 miles per year ... or 45,000 for 3 years. You want 60,000 miles, or an "extra" 15,000 miles. Up front miles are usually charged .20 per mile. The .15 per mile you see is the penalty for going over the 60,000 in the lease

I don't think you could have done any better, given you were over miles on the Prius and had 4 payments left.

If you've signed the paperwork and taken delivery, there isn't much you can do about it now, anyway.

Just enjoy the new Camry!

gtgtcobra · April 2015

Okay, I see what you mean. I knew that Toyota charged extra for buying more mileage up front on their leases, but I didn't know how much it cost for each extra mile purchased. The .20 cents per mile for the extra miles purchased sounds about right. So for the extra 15,000 miles that I purchased, the cost of the lease over the 3 years is $3,000 (15,000 miles X .20 cents per mile = $3,000 extra spread over the 3 year lease) which is $83.33 MORE per month on the monthly payment. If I didn't have the extra 15,000 miles purchased up front and the $2,001 negative equity in the trade-in, I would've saved $83.33 on the 15,000 extra miles purchased and another $55.58 on the $2,001 negative equity on the trade-in ($2,001/36 months = $55.58).

So basically, if I'm calculating this correctly, I have $138.91 in extra monthly lease payments because of the extra mileage purchase that I made and the negative equity in the trade-in ($83.33 + $55.58 = $138.91).
Is this right? Is this the proper way that these calculations are done to calculate the added cost of monthly lease payments for the extra 15,000 miles purchased and also in determining the extra cost in the monthly lease payments with the 2,001 negative equity on the Prius trade-in?

Like you said in your post above to me, I don't think that I could've done any better on this particular lease deal either because of the overage in the mileage and the $2,001 negative equity that I had on the Prius.
I really couldn't do the new Camry Hybrid SE lease deal without purchasing the mileage up front. We drive a lot of miles every year and I needed to tailor the lease contract in a way that would accommodate the high mileage driving that we do. Overall, I think that we got a good deal considering that we purchased the 15,000 miles up front and with the negative equity with the trade-in.
I really love the new 2015 Camry Hybrid SE and I will enjoy driving it for the next 2 1/2 to 3 years :-)

If we didn't need the extra 15,000 miles and if we didn't have that $2,001 negative equity in the trade-in, maybe our monthly payments would've been $138.91 LESS per month like I calculated above. Is that right? What do you think?
If this was the case, then my monthly payments would be only $308.53. Is that right?
($447.44 current monthly lease payment - $138.91 =$308.53)

Let me know if all of my calculations that I made above are correct.

THANK YOU

Michaell · April 2015

gtgtcobra said:
Okay, I see what you mean. I knew that Toyota charged extra for buying more mileage up front on their leases, but I didn't know how much it cost for each extra mile purchased. The .20 cents per mile for the extra miles purchased sounds about right. So for the extra 15,000 miles that I purchased, the cost of the lease over the 3 years is $3,000 (15,000 miles X .20 cents per mile = $3,000 extra spread over the 3 year lease) which is $83.33 MORE per month on the monthly payment. If I didn't have the extra 15,000 miles purchased up front and the $2,001 negative equity in the trade-in, I would've saved $83.33 on the 15,000 extra miles purchased and another $55.58 on the $2,001 negative equity on the trade-in ($2,001/36 months = $55.58).

So basically, if I'm calculating this correctly, I have $138.91 in extra monthly lease payments because of the extra mileage purchase that I made and the negative equity in the trade-in ($83.33 + $55.58 = $138.91).
Is this right? Is this the proper way that these calculations are done to calculate the added cost of monthly lease payments for the extra 15,000 miles purchased and also in determining the extra cost in the monthly lease payments with the 2,001 negative equity on the Prius trade-in?

Like you said in your post above to me, I don't think that I could've done any better on this particular lease deal either because of the overage in the mileage and the $2,001 negative equity that I had on the Prius.
I really couldn't do the new Camry Hybrid SE lease deal without purchasing the mileage up front. We drive a lot of miles every year and I needed to tailor the lease contract in a way that would accommodate the high mileage driving that we do. Overall, I think that we got a good deal considering that we purchased the 15,000 miles up front and with the negative equity with the trade-in.
I really love the new 2015 Camry Hybrid SE and I will enjoy driving it for the next 2 1/2 to 3 years :-)

If we didn't need the extra 15,000 miles and if we didn't have that $2,001 negative equity in the trade-in, maybe our monthly payments would've been $138.91 LESS per month like I calculated above. Is that right? What do you think?
If this was the case, then my monthly payments would be only $308.53. Is that right?
($447.44 current monthly lease payment - $138.91 =$308.53)

Let me know if all of my calculations that I made above are correct.

THANK YOU

The logic behind your math is correct .. the extra miles adds to the monthly payment, the negative equity adds to the monthly payment, the buyout of your current lease adds to your monthly payment ... which is why I believe you did as good as possible given everything that was against you.

Leasing with so many miles is not always the best way to go, but you seem to understand the consequences very well...

gtgtcobra · April 2015

Okay, thank you for the clarifications. I appreciate that.
I agree that leasing with so many miles is not always best, but I've done a detailed cost analysis comparing buying and leasing for me and I find that I will pay less if I lease every 2 1/2 to 3 years rather than buying. The BIGGEST deciding factor on this is the amount of down payment that's needed when buying in order to make the 4 and 5 year loan payment low and affordable. Whenever I used to purchase a bran new vehicle, I would usually put down between $10,000 and $15,000 cash and have either a 3 to 5 year car loan that was under $330.

But back then when I used to do this, the vehicles that I purchased were much cheaper. Today a medium sized car like the Camry costs between $24,000 to $30,000 depending whether you select a hybrid or a gasoline model. The 2nd biggest deciding factor on buying and leasing is the high mileage that we drive that's associated together with the preventive maintenance costs and costs associated with wear and tear and unknown repairs that are not covered under the 3year/36.000 and 5 year/100,000 mile warranty.

The last vehicle that I used to own was a very dependable and reliable car and we never had any problems with it. But as soon as the car reached 70,000 miles, we started needing to do wear and tear repairs on it which ran an average of $600 to $700 for each repair. Also, as soon as the vehicle had over 100,000 miles on it, more and more wear and tear item repairs needed to be done to the vehicle (like tires, ball joints, timing belts, rotors, U-joints, transmission flushes, ect.). Each of these repairs just added on to the cost of owning the vehicle as we racked up the miles on it while driving it. We sold the car when it had 163,000 miles on it because it needed another $4,000 in repairs which were the same repairs that I've mentioned here in the parenthesis. The car needed a new timing belt, suspension work, rotors, balls joints, tires, ect..

During the last 3 1/2 years of ownership, we spent around $8,000 to $9,000 in wear and tear repairs on the car. We had the vehicle for a total of 9 1/2 years. When I totaled the cost of owning the car over these 9 1/2 years, I was shocked at the cost associated with buying. With the $15,000 down payment that we put down for the car PLUS the 3 year loan that we paid on the car including interest PLUS all the repairs that we did over a 9 1/2 years of ownership, we spent over $38,000+ towards this vehicle. And this does NOT include the gasoline costs, the insurance, the excise taxes and the registration fees.

That's when I started looking into leasing and I compared this $38,000 cost of owning with leasing. I found that my costs would be much less if I leased. WHY? Because I would save that $15,000 down payment that I would have to put down when buying to get the loan payments to be low and I would save thousands of dollars in the repair bills over a 9 1/2 period. The $15,000 down payment alone would've disappeared and been gone if we had to fork that type of money out to buy a new car. My cost analysis determined that leasing would save me many thousands of dollars and that I wouldn't have to worry about the expensive wear and tear costs when leasing a brand new car every 3 years with the high mileage that we put on the car. In 2 1/2 years, we put over 71,300 miles on the Prius that we leased. That's a lot of miles. In 6 years we would have over 165,600 miles on the Prius and the repair and maintenance costs for that car would be an unknown. Did I really want to take the risk of owning like I did with my other car that I owned for 9 1/2 years? I decided that I didn't want to keep putting money into a car for repairs. A car becomes a money pit once it reaches over 100,000 miles. Things can go wrong and if they do the repair bills are not cheap. So that's why buying wasn't attractive for me anymore. That's why I lease.

If I didn't put that type of mileage on my car every year, then I wouldn't mind buying. If I didn't drive the many many miles that I drive each year, it would take a very long time span to put 50,000 and 100,000 miles on my car and I wouldn't need to do the wear and tear repairs in such short intervals of time, therefore spreading out the repair costs over a 15 year period. I would be able to hold on to the car for many years if this was the case, but I would still have to deal with the unexpected breakdown repair like computer modules, transmission failures, and major engine repairs that might cost thousands of dollars. And I would still have to fork out that initial lump sum down payment of $10,000 to $15,000 when I bought the car to bring the auto loan payment low enough for the next 3 to 5 years during the loan period.

Does this make sense? Do you think that the costs associated with buying are much higher when compared with leasing with the high mileage driving scenario that I'm presenting here with my own experience that I had when I owned my car and put high miles on it? The numbers didn't lie to me. It literally cost me much less to lease than to buy. The savings are at least $10,000 and more just for not having to put a down payment on buying and that's not including the repairs that are associated with breakdowns with high mileage driving.
What do you think? Is this a legitimate reason for leasing rather than buying?
I would like to hear your opinion on this.

THANK YOU

Michaell · April 2015

gtgtcobra said:
Okay, thank you for the clarifications. I appreciate that.
I agree that leasing with so many miles is not always best, but I've done a detailed cost analysis comparing buying and leasing for me and I find that I will pay less if I lease every 2 1/2 to 3 years rather than buying. The BIGGEST deciding factor on this is the amount of down payment that's needed when buying in order to make the 4 and 5 year loan payment low and affordable. Whenever I used to purchase a bran new vehicle, I would usually put down between $10,000 and $15,000 cash and have either a 3 to 5 year car loan that was under $330.

But back then when I used to do this, the vehicles that I purchased were much cheaper. Today a medium sized car like the Camry costs between $24,000 to $30,000 depending whether you select a hybrid or a gasoline model. The 2nd biggest deciding factor on buying and leasing is the high mileage that we drive that's associated together with the preventive maintenance costs and costs associated with wear and tear and unknown repairs that are not covered under the 3year/36.000 and 5 year/100,000 mile warranty.

The last vehicle that I used to own was a very dependable and reliable car and we never had any problems with it. But as soon as the car reached 70,000 miles, we started needing to do wear and tear repairs on it which ran an average of $600 to $700 for each repair. Also, as soon as the vehicle had over 100,000 miles on it, more and more wear and tear item repairs needed to be done to the vehicle (like tires, ball joints, timing belts, rotors, U-joints, transmission flushes, ect.). Each of these repairs just added on to the cost of owning the vehicle as we racked up the miles on it while driving it. We sold the car when it had 163,000 miles on it because it needed another $4,000 in repairs which were the same repairs that I've mentioned here in the parenthesis. The car needed a new timing belt, suspension work, rotors, balls joints, tires, ect..

During the last 3 1/2 years of ownership, we spent around $8,000 to $9,000 in wear and tear repairs on the car. We had the vehicle for a total of 9 1/2 years. When I totaled the cost of owning the car over these 9 1/2 years, I was shocked at the cost associated with buying. With the $15,000 down payment that we put down for the car PLUS the 3 year loan that we paid on the car including interest PLUS all the repairs that we did over a 9 1/2 years of ownership, we spent over $38,000+ towards this vehicle. And this does NOT include the gasoline costs, the insurance, the excise taxes and the registration fees.

That's when I started looking into leasing and I compared this $38,000 cost of owning with leasing. I found that my costs would be much less if I leased. WHY? Because I would save that $15,000 down payment that I would have to put down when buying to get the loan payments to be low and I would save thousands of dollars in the repair bills over a 9 1/2 period. The $15,000 down payment alone would've disappeared and been gone if we had to fork that type of money out to buy a new car. My cost analysis determined that leasing would save me many thousands of dollars and that I wouldn't have to worry about the expensive wear and tear costs when leasing a brand new car every 3 years with the high mileage that we put on the car. In 2 1/2 years, we put over 71,300 miles on the Prius that we leased. That's a lot of miles. In 6 years we would have over 165,600 miles on the Prius and the repair and maintenance costs for that car would be an unknown. Did I really want to take the risk of owning like I did with my other car that I owned for 9 1/2 years? I decided that I didn't want to keep putting money into a car for repairs. A car becomes a money pit once it reaches over 100,000 miles. Things can go wrong and if they do the repair bills are not cheap. So that's why buying wasn't attractive for me anymore. That's why I lease.

If I didn't put that type of mileage on my car every year, then I wouldn't mind buying. If I didn't drive the many many miles that I drive each year, it would take a very long time span to put 50,000 and 100,000 miles on my car and I wouldn't need to do the wear and tear repairs in such short intervals of time, therefore spreading out the repair costs over a 15 year period. I would be able to hold on to the car for many years if this was the case, but I would still have to deal with the unexpected breakdown repair like computer modules, transmission failures, and major engine repairs that might cost thousands of dollars. And I would still have to fork out that initial lump sum down payment of $10,000 to $15,000 when I bought the car to bring the auto loan payment low enough for the next 3 to 5 years during the loan period.

Does this make sense? Do you think that the costs associated with buying are much higher when compared with leasing with the high mileage driving scenario that I'm presenting here with my own experience that I had when I owned my car and put high miles on it? The numbers didn't lie to me. It literally cost me much less to lease than to buy. The savings are at least $10,000 and more just for not having to put a down payment on buying and that's not including the repairs that are associated with breakdowns with high mileage driving.
What do you think? Is this a legitimate reason for leasing rather than buying?
I would like to hear your opinion on this.

THANK YOU

I cannot fault your logic behind your decisions, and you seem to have a good grasp of the trade-offs between leasing and buying.

I suspect, however, that there will be folks who, when hearing your arguments, will disagree with you, especially on the maintenance costs after 100,000 miles. But, given the amount of miles you drive a year, having a newer car, in warranty, makes more sense.

I'm in a lease myself, and while I'm not driving the same number of miles you are, I expect to be over my mileage allotment by the end of the lease .. but I figure less than 10,000 miles over the 45,000 I'm allowed.

Thanks for taking the time to walk through all your calculations and your rationale for your choices. It also helps that you've chosen a brand (Toyota) that has both high reliability as well as high residual values - both of these help contain your lease costs as best as possible.

gtgtcobra · April 2015

Yeah, I know what you mean about how some folks may argue about the maintenance costs after 100,000 miles. I'm glad that you brought this topic up. These particular people who argue that a car will not break down or will not need high cost wear and tear maintenance after 100,000 miles are the types of people who never do preventive maintenance repair on their vehicles. They have no clue about how things like ball joints, u-joints, tires, rotors, transmission flushes, wires, spark plugs, ect. can cause other major problems that can result in many thousands of dollars in repairs. They are also the same type of people who might be home mechanics who know how to work on their cars by themselves that don't need to spend the hundreds or thousands of dollars to do major repairs to their own car.
Let's face it, any car which is driven high miles will need major repairs on wear and tear items. Some of these vehicles will need these repairs sooner and some later, but no matter what, they will eventually need to the repairs done at some point in time when the high miles are racked up on the odometer.

The other thing that these people think is that these cars will last for 250,000+ miles without doing anything to them. I have a friend who owns a such car that they put 200,000 and 250,000 miles on it without doing anything to it. They never do any preventive maintenance to their vehicle, not even a simple transmission flush every 30,000 miles or change the wires and plugs on their car. They think that they don't need to do anything to their car because it hasn't given them any problems. I believe that these people are taking a huge gamble when they don't do any preventive maintenance because they run the risk of something major breaking on their car that will cost them many thousands of dollars. I don't understand why these people are so ignorant? They like to argue with me that I will have a car lease payment all my life by leasing a new vehicle every 3 years.

What they don't understand is that I would be paying a whole lot more if I owned the car because of all the repairs that I would need to do to the car like I did to my other car that I used to own when I drive 165,000+ miles every 6 years. They have no clue that things start breaking and wearing out on a car after it reaches 100,000+ miles. They think that Toyotas and Hondas don't need anything done to them after 100,000, 150,000 and 200,000 miles. This is not true. They have no idea what they are talking about. Just because the vehicle is a Toyota or a Honda doesn't mean that it will not break down or that it will not need any wear and tear maintenance repairs. There are plenty of people here who are members on this forum and on the other forums on the internet who own Toyotas and Hondas who have had problems with their cars and they had to spend thousands of dollars for major repairs. These people who think that these cars don't ever need anything or don't ever break down when they have high mileage on them have no clue what they are talking about. Sooner or later a computer module will blow or something else might happen to the vehicle. I myself had an issue with my 2012 Prius Hybrid when the vehicle had 70,600 miles on it. The O2 sensor was no good and I had to spend $518 to replace it. That's not a cheap repair. Imagine if other computer modules like sensors and such start failing on a car like the Prius. The cost to replace these items will run in the many hundreds and possibly in the thousands of dollars.

The people who argue with me and who tell me that I will have a car payment for all my life if I choose leasing. But that's not true because I would still have to continuously spend money for a new down payment and on 3 and 5 year auto loans and on major car repairs and on unknown car repairs when my vehicle reaches high miles. They don't understand that I would have to fork out over $10,000 to $15,000 and more every 6 to 8 years to buy a new car so I could have a low car payment under $400 and that I would also be paying interest on top of that. That $10,000 and $15,000 down payment that I have to fork out every 6 to 8 years when purchasing will disappear and be gone. It will never be seen again. Imagine that I had to do this every 6 to 8 years. That means that I will need to fork out between $20,000 and $30,000 or more every12 to 16 years to buy a brand new car. Plus I would have a car payment for 3 to 5 years with interest on top of that. Then on top of that, I will have the maintenance repairs and the unknown repairs when something breaks on the car when the car is out of warranty. Do I really want to spend all my money on all these things? It's just a huge waste of money. I would rather keep my money in the bank and invest it in something that will give me a return on my investment. These people who argue with me don't see things like this. They don't take into consideration all these factors that I presented here in this paragraph. They still insist that buying is better than leasing. They psychologically think that they don't "own" anything at the end by leasing. So what? It's much worse when you have to fork out $10,000 and $15,000+ or more every 6 to 8 years to buy a new car and have 3 to 5 year car loan payments and to have to spend thousands of dollars repairing the vehicle once the high miles are racked up on the car. They feel more comfortable spending more money thru buying/owning than making the educated decision and saving all their hard earned money by using the leasing alternative.

I think that you understand what I'm talking about here. I hope that we can enlighten people to understand that it's not worth it to buy a new vehicle when one drives the high miles that I drive. Many more people that are in my situation can save many thousands of dollars on the down payments and on interest charges and car loans and on major repairs by leasing their vehicles. And they can still put high miles on them without having to worry about spending a fortune on leasing. I hope that we can enlighten this crowd of people who are clueless about the great benefits that leasing has when compared with buying. I wish that more financial advisers would talk more about the benefits of leasing. A lot of them seem to have the same mentality that leasing is no good because the driver doesn't own anything at the end. These financial advisers who say this don't look at the real picture and they don't take the things that I talk about in this post into consideration. What I do know is that the car leasing business is booming and that about 45% to 65% or more of people are leasing vehicles nowadays rather than buying because it's cheaper to lease. If only the financial advisers and the people who like to argue with me about this can see the whole picture and understand that leasing has many more benefits and savings than buying does.

What is your view on this? Do you agree with me? I would love to hear your detailed opinion on this?

THANK YOU

Michaell · April 2015

gtgtcobra said:

Yeah, I know what you mean about how some folks may argue about the maintenance costs after 100,000 miles. I'm glad that you brought this topic up. These particular people who argue that a car will not break down or will not need high cost wear and tear maintenance after 100,000 miles are the types of people who never do preventive maintenance repair on their vehicles. They have no clue about how things like ball joints, u-joints, tires, rotors, transmission flushes, wires, spark plugs, ect. can cause other major problems that can result in many thousands of dollars in repairs. They are also the same type of people who might be home mechanics who know how to work on their cars by themselves that don't need to spend the hundreds or thousands of dollars to do major repairs to their own car. Let's face it, any car which is driven high miles will need major repairs on wear and tear items. Some of these vehicles will need these repairs sooner and some later, but no matter what, they will eventually need to the repairs done at some point in time when the high miles are racked up on the odometer. The other thing that these people think is that these cars will last for 250,000+ miles without doing anything to them. I have a friend who owns a such car that they put 200,000 and 250,000 miles on it without doing anything to it. They never do any preventive maintenance to their vehicle, not even a simple transmission flush every 30,000 miles or change the wires and plugs on their car. They think that they don't need to do anything to their car because it hasn't given them any problems. I believe that these people are taking a huge gamble when they don't do any preventive maintenance because they run the risk of something major breaking on their car that will cost them many thousands of dollars. I don't understand why these people are so ignorant? They like to argue with me that I will have a car lease payment all my life by leasing a new vehicle every 3 years. What they don't understand is that I would be paying a whole lot more if I owned the car because of all the repairs that I would need to do to the car like I did to my other car that I used to own when I drive 165,000+ miles every 6 years. They have no clue that things start breaking and wearing out on a car after it reaches 100,000+ miles. They think that Toyotas and Hondas don't need anything done to them after 100,000, 150,000 and 200,000 miles. This is not true. They have no idea what they are talking about. Just because the vehicle is a Toyota or a Honda doesn't mean that it will not break down or that it will not need any wear and tear maintenance repairs. There are plenty of people here who are members on this forum and on the other forums on the internet who own Toyotas and Hondas who have had problems with their cars and they had to spend thousands of dollars for major repairs. These people who think that these cars don't ever need anything or don't ever break down when they have high mileage on them have no clue what they are talking about. Sooner or later a computer module will blow or something else might happen to the vehicle. I myself had an issue with my 2012 Prius Hybrid when the vehicle had 70,600 miles on it. The O2 sensor was no good and I had to spend $518 to replace it. That's not a cheap repair. Imagine if other computer modules like sensors and such start failing on a car like the Prius. The cost to replace these items will run in the many hundreds and possibly in the thousands of dollars. The people who argue with me and who tell me that I will have a car payment for all my life if I choose leasing. But that's not true because I would still have to continuously spend money for a new down payment and on 3 and 5 year auto loans and on major car repairs and on unknown car repairs when my vehicle reaches high miles. They don't understand that I would have to fork out over $10,000 to $15,000 and more every 6 to 8 years to buy a new car so I could have a low car payment under $400 and that I would also be paying interest on top of that. That $10,000 and $15,000 down payment that I have to fork out every 6 to 8 years when purchasing will disappear and be gone. It will never be seen again. Imagine that I had to do this every 6 to 8 years. That means that I will need to fork out between $20,000 and $30,000 or more every12 to 16 years to buy a brand new car. Plus I would have a car payment for 3 to 5 years with interest on top of that. Then on top of that, I will have the maintenance repairs and the unknown repairs when something breaks on the car when the car is out of warranty. Do I really want to spend all my money on all these things? It's just a huge waste of money. I would rather keep my money in the bank and invest it in something that will give me a return on my investment. These people who argue with me don't see things like this. They don't take into consideration all these factors that I presented here in this paragraph. They still insist that buying is better than leasing. They psychologically think that they don't "own" anything at the end by leasing. So what? It's much worse when you have to fork out $10,000 and $15,000+ or more every 6 to 8 years to buy a new car and have 3 to 5 year car loan payments and to have to spend thousands of dollars repairing the vehicle once the high miles are racked up on the car. They feel more comfortable spending more money thru buying/owning than making the educated decision and saving all their hard earned money by using the leasing alternative. I think that you understand what I'm talking about here. I hope that we can enlighten people to understand that it's not worth it to buy a new vehicle when one drives the high miles that I drive. Many more people that are in my situation can save many thousands of dollars on the down payments and on interest charges and car loans and on major repairs by leasing their vehicles. And they can still put high miles on them without having to worry about spending a fortune on leasing. I hope that we can enlighten this crowd of people who are clueless about the great benefits that leasing has when compared with buying. I wish that more financial advisers would talk more about the benefits of leasing. A lot of them seem to have the same mentality that leasing is no good because the driver doesn't own anything at the end. These financial advisers who say this don't look at the real picture and they don't take the things that I talk about in this post into consideration. What I do know is that the car leasing business is booming and that about 45% to 65% or more of people are leasing vehicles nowadays rather than buying because it's cheaper to lease. If only the financial advisers and the people who like to argue with me about this can see the whole picture and understand that leasing has many more benefits and savings than buying does. What is your view on this? Do you agree with me? I would love to hear your detailed opinion on this? THANK YOU

I think there are other discussions here at edmunds where you should post these opinions. Would stir things up quite a bit!

gtgtcobra · April 2015

I know what you mean.
What counts the most here is that I got a decent lease deal for the next 2 1/2 to 3 years on a brand new and MUCH BETTER, MUCH SPORTIER and MUCH NICER LOOKING car than I was driving and that I also got out of the old lease contract 5 months earlier and got rid of the Prius trade-in which had 11,300+ mileage overage on it that I was $2001 upside down in.
I will be picking up my new 2015 Camry Hybrid SE later on this afternoon at my Toyota dealership. I'm VERY EXCITED about this car and I'm looking forward to driving it and enjoying it for the next 2 1/2 to 3 years during the duration of the lease.
I would like to thank you for answering all of my detailed questions here.
THANK YOU VERY MUCH :-)

Michaell · April 2015

gtgtcobra said:
I know what you mean.
What counts the most here is that I got a decent lease deal for the next 2 1/2 to 3 years on a brand new and MUCH BETTER, MUCH SPORTIER and MUCH NICER LOOKING car than I was driving and that I also got out of the old lease contract 5 months earlier and got rid of the Prius trade-in which had 11,300+ mileage overage on it that I was $2001 upside down in.
I will be picking up my new 2015 Camry Hybrid SE later on this afternoon at my Toyota dealership. I'm VERY EXCITED about this car and I'm looking forward to driving it and enjoying it for the next 2 1/2 to 3 years during the duration of the lease.
I would like to thank you for answering all of my detailed questions here.
THANK YOU VERY MUCH :-)

You are most welcome .. you should head over to the "Chronic Car Buyers Anonymous" discussion and post your thoughts on buying versus leasing. Should stir up some good discussion.

gtgtcobra · April 2015

Okay, I will definitely do that. I will educate educate everybody there with my findings and convince them that leasing is better than buying.

Michaell · April 2015

gtgtcobra said:
Okay, I will definitely do that. I will educate educate everybody there with my findings and convince them that leasing is better than buying.

You may have an uphill battle, but I look forward to the discussion.

MZA212 · April 2015

Sorry posted in the wrong forum. I need April numbers for the SE 4cyl 24 and 36 month lease 12k miles per year in South Florida. Also if there are any cash back deals ? Thank you.

Michaell · April 2015

mzia said:
Sorry posted in the wrong forum. I need April numbers for the SE 4cyl 24 and 36 month lease 12k miles per year in South Florida. Also if there are any cash back deals ? Thank you.

I provided the 2015 numbers for you, even though you posted in the 2014 forum.

Got to get that cleaned up.

skipcashflow · April 2015

Does anyone have the MF for a 24month and 36 month lease in Massachusetts?

Michaell · April 2015

skipcashflow said:
Does anyone have the MF for a 24month and 36 month lease in Massachusetts?

What trim level? How many miles per year?

skipcashflow · April 2015

Sorry SE and 15k per year

Michaell · April 2015

skipcashflow said:
Does anyone have the MF for a 24month and 36 month lease in Massachusetts?

skipcashflow said:
Sorry SE and 15k per year

69% and 61%. MF is .00014 and $1000 lease cash (I think - Toyota numbers are highly regional).

MZA212 · May 2015

Are the April numbers still valid ? If so, till what date ? Thanks.
I need 36 month 12k miles numbers for the SE and XSE 4 cylinder.

Michaell · May 2015

mzia said:
Are the April numbers still valid ? If so, till what date ? Thanks.
I need 36 month 12k miles numbers for the SE and XSE 4 cylinder.

The residual numbers are valid until 7/6; the MF through today (5/4/15).

That said, we do have numbers for May for SE Toyota.

SE - 63%
XSE - 60%

.00098 MF

mnaji · May 2015

What's the RV & MF in SoCal for Camry:
- LE 24 x 12k & 15k?
- SE 24 x 12k & 15k?

Thanks!

Michaell · May 2015

mnaji said:
What's the RV & MF in SoCal for Camry:
- LE 24 x 12k & 15k?
- SE 24 x 12k & 15k?

Thanks!

LE - 68% / 60% for 15K
SE - 69% / 61% for 15K
Add 2% for 12K
.00001 and $750 lease cash

mnaji · May 2015

Michaell thank you very much! No one since yesterday have quoted me those numbers so far but I'm still trying!!! Hope can find one soon

eclipse1998 · May 2015

Looking for the RV and MF for 2015 Camry XSE 4 cylinder for Syracuse, NY. I am also wondering if there area and any rebates or incentives. 24months/30k miles and 36months/45k miles. Thanks!

Michaell · May 2015

eclipse1998 said:
Looking for the RV and MF for 2015 Camry XSE 4 cylinder for Syracuse, NY. I am also wondering if there area and any rebates or incentives. 24months/30k miles and 36months/45k miles. Thanks!

24/15 - 66%
36/15 - 58%
.00014 MF and $1000 lease cash

shmike · May 2015

What are the RV & MF for the SE and XSE in South Florida?

24 - 12 & 15

36 - 12 & 15

Thanks!

Michaell · May 2015

shmike said:
What are the RV & MF for the SE and XSE in South Florida?

24 - 12 & 15

36 - 12 & 15

Thanks!

24/15:
SE - 69%
XSE - 66%

36/15:
SE - 61%
XSE - 58%

Add 2% for 12K

24 month MF - .00047

36 month MF - .00098

MZA212 · May 2015

Is there no more lease cash available for MAY, in south florida ? SE 36/12k. Thanks

Michaell · May 2015

mzia said:
Is there no more lease cash available for MAY, in south florida ? SE 36/12k. Thanks

$1500 dealer cash available

MZA212 · May 2015

Is that applicable to leases as well ? Cause dealer I went to last night says that it is not applicable to leases so today I sent him the $750 student discount as well

Michaell · May 2015

mzia said:
Is that applicable to leases as well ? Cause dealer I went to last night says that it is not applicable to leases so today I sent him the $750 student discount as well

Dealer cash is factory to dealer incentive .. they are not obligated to pass it along to the customer, though many dealers will.

Perhaps you need to engage more dealers to find one willing to work with you.

MZA212 · May 2015

Thank you.

MZA212 · May 2015

Do you have information on credit score range that is used by toyota and honda for the lease numbers you provide on edmunds ?
Thanks.

Michaell · May 2015

mzia said:
Do you have information on credit score range that is used by toyota and honda for the lease numbers you provide on edmunds ?
Thanks.

Toyota does not publish the scores that correspond to the credit tiers, just that tiers 1 and 2 qualify for the best MF.

My guess, and that's all it is, is that tier 2 goes down to 670-680.

MZA212 · May 2015

Thanks.

econfail · May 2015

What do you guys think of this lease I just signed? First time leasing a car, thought it was a decent deal.

2015 Toyota Camry LE
$2,000 down
$99/ month payment
36 months/ 12k miles annually
3 years free maintenance

Residual is $14220

Michaell · May 2015

econfail said:
What do you guys think of this lease I just signed? First time leasing a car, thought it was a decent deal.

2015 Toyota Camry LE
$2,000 down
$99/ month payment
36 months/ 12k miles annually
3 years free maintenance

Residual is $14220

Do you know the MSRP and selling price? Where are you located - Toyota numbers are highly regional.

Also, how did the $2000 at signing break down?

econfail · May 2015

MSRP $22,970
Selling Price: $20,173
$2,000 down ($500 rebate).

2015 Toyota Camry LE
$2,000 down
$99/ month payment
36 months/ 12k miles annually
3 years free maintenance

Residual is $14220

Michaell · May 2015

econfail said:
MSRP $22,970
Selling Price: $20,173
$2,000 down ($500 rebate).

2015 Toyota Camry LE
$2,000 down
$99/ month payment
36 months/ 12k miles annually
3 years free maintenance

Residual is $14220

Interesting ... if I plug the MSRP of $22,970 and a net cap cost of $18,173, MF of .00001 and residual of $14,220 into my calculator, I get $110/mo before tax.

$99/mo looks like a pretty good deal by comparison. However, the $1500 down really means your payment is closer to $141/mo ($1500/36 = $41). Still, a decent payment for a $23K car.

econfail · May 2015

Sorry, it was actually like this:

MSRP $22,970
Selling Price: $20,173
$2,499 down ($500 rebate).

2015 Toyota Camry LE
$2,000 down
$99/ month payment
36 months/ 12k miles annually
3 years free maintenance
Adjusted Cap $17,758.91
Residual is $14220
MF: 0.00004

Based on your calculation, it is realistic to see a $110/ month $0 down lease. I have not seen anything even close available...hmmm.

Michaell · May 2015

econfail said:
Sorry, it was actually like this:

MSRP $22,970
Selling Price: $20,173
$2,499 down ($500 rebate).

2015 Toyota Camry LE
$2,000 down
$99/ month payment
36 months/ 12k miles annually
3 years free maintenance
Adjusted Cap $17,758.91
Residual is $14220
MF: 0.00004

Based on your calculation, it is realistic to see a $110/ month $0 down lease. I have not seen anything even close available...hmmm.

My $110/mo assumed $1500 down (per your previous message). Every $1000 down reduces your pre-tax payment about $28/mo.

kyfdx · May 2015

Dirt cheap, no matter how you slice it..

Michaell · May 2015

kyfdx said:
Dirt cheap, no matter how you slice it..

Might have to consider one for myself, if those deals still exist in 18 months when my current lease is up.

econfail · May 2015

Ah, gotcha. Very cool - glad I jumped on it.

MZA212 · May 2015

Finally signed up. Camry SE 36 month/ 12k miles
$239 due at sign up and $239.88 inclusive of FL 6% tax per month.
After I had set up the price, dealer had to give me a car with a $630 upgraded audio system (Entune plus) for the color combo I wanted. And oh i also managed to get them to tint the car

Thank you very much Michaell ! You and this forum has always been a great help !

2015 Toyota Camry Lease Questions

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