Dealer miscalculated Residual

awarren82

I was looking at my old 2012 Camry XLE (36/10k) lease sheet and now that I'm an educated buyer, realized the #'s don't add up on their residual value and fear I've been paying way too high of a payment for the last 30 months. The MSRP $29,722 and the residual value of $15,890.48 don't lend to a clean residual % or one even remotely as high as a Camry should be. The financial department of my dealer told me that not all of the extras on my car are used as the true MSRP to calculate the residual and that they may even take a portion of the leather cost to calculate it. Is that true? I still can't find a combination of taking off convenience package, leather, navigation, wheel, new carpet, and delivery fee IN ORDER to get to a clean residual that makes sense. I thought residuals and how they are calculated off the final MSRP is very regulated. Am I missing something? Anyone have any experience here on my rights and what to do? Thanks in advance!

Camry XLE 2012, 36, 10k
Final MSRP: $29,722
Base MSRP: $24,775
+
Convenience: $1,195
Navigation: $1,050
Leather: $1,650
Wheel: $67
Carpet: $225
Delivery: $760
=
Residual Value: $15,890.48

Pa Sales tax of 9%
MF: 0.0000099
Monthly Payment: $316.98 (nothing down)
Negotiated Price: $26,344.46

kyfdx

awarren82 said:

I was looking at my old 2012 Camry XLE (36/10k) lease sheet and now that I'm an educated buyer, realized the #'s don't add up on their residual value and fear I've been paying way too high of a payment for the last 30 months. The MSRP $29,722 and the residual value of $15,890.48 don't lend to a clean residual % or one even remotely as high as a Camry should be. The financial department of my dealer told me that not all of the extras on my car are used as the true MSRP to calculate the residual and that they may even take a portion of the leather cost to calculate it. Is that true? I still can't find a combination of taking off convenience package, leather, navigation, wheel, new carpet, and delivery fee IN ORDER to get to a clean residual that makes sense. I thought residuals and how they are calculated off the final MSRP is very regulated. Am I missing something? Anyone have any experience here on my rights and what to do? Thanks in advance!

Camry XLE 2012, 36, 10k
Final MSRP: $29,722
Base MSRP: $24,775
+
Convenience: $1,195
Navigation: $1,050
Leather: $1,650
Wheel: $67
Carpet: $225
Delivery: $760
=
Residual Value: $15,890.48

Pa Sales tax of 9%
MF: 0.0000099
Monthly Payment: $316.98 (nothing down)
Negotiated Price: $26,344.46

Toyota doesn't use straight residual percentages... Some options aren't residualized. The residual numbers are on the dealer invoice of each individual unit, and are generally lower than whatever percentage number they quote.

It's very opaque, and one reason I never leased a Toyota.

awarren82

oh wow, interesting. thank you for your help.

isellhondas

Did you have aftermarket leather installed? If so, that can't be residualized.

Sounds like Toyota does some screwy things with their leases. I wouldn't lease one either!