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Toyota Camry Lease Questions

Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota Camry. Thanks.

Car_man
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Comments

  • lmacmillmacmil Posts: 1,758
    I leased a Camry in April. Just a bit of info. Toyota "residualizes" the options differently than just about everyone else. They use a different residual factor for the options than for the base car. Not a big deal but makes the lease calculation more complicated if you're trying to figure it out yourself from the standard formula.
  • I found that out yesterday after I called a dealer a liar. He told me that the residual was off the base MSRP and not the sticker MSRP with the destination included. Problem was that I looked on Edmunds, MSN, leasing guide, and called the 3 other area dealers and they all said that the dealer was wrong. Turns out he wasn't but he was still a liar about MANY other things so it made it easier to walk.

    Why the hell does Toyota do it this way? Essentially you pay a lot more than you would with other cars.
  • lmacmillmacmil Posts: 1,758
    Who knows why they do it like they do? Even the finance guy at the dealership thought it was stupid. I think it resulted in about $20/month more on my lease payment. That's not all that much compared to the overall cost. Certainly not a deal breaker.
  • "Why the hell does Toyota do it this way? Essentially you pay a lot more than you would with other cars."

    And therein lies the answer.
  • Car_man,

    Any news on the September specials for the 05 or 06 Camry's? I would like to know the money factor and residual for Tier 2 credit.

    Thanks,

    Chris 9/5/05
  • Excellent point, lmacmil. Toyota Financial Services' option residualization policy is indeed different from that of most other banks. It makes calculating lease payments on Toyotas more difficult.

    Car_man
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  • Hey crandleman. I would be happy to try to give you an idea of what Toyota's September lease program is like on the 2005 and 2006 Camry. However, in order for me to do so I need you to tell me how long you want to lease one for, how many miles per year you need to be able to drive it, and what state you are in.

    Car_man
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  • Car_man,

    2006 for 36 months 12,000 miles with Tier 2 credit in Iowa.

    Thanks
  • Hey crandleman. I have not seen Toyota's specific lease money factor for the 2006 Camry in your area, but in every area of the country that I have seen it for Toyota Financial Services' buy rate lease money factor is .00190. Its 36 month, 12,000 miles per residual value for the '06 Camry is currently 56%.

    Car_man
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  • Can i get the November lease rates for a camry 4 cyl LE in southern cali for 36 months/12k miles a year?
  • the money factor is .00004 and resdidula 54 percent
    Kille MF. Just leased 2 camry for 239mo 0 down sign and drive
  • that MF is unheard of, unless there is a catch....
  • Hey ogbuffguy. If you were to lease a 2006 Toyota Camry LE 4-cylinder sedan through Toyota Financial Services in its Los Angeles region right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00190 and 56%, respectively for consumers who qualify for its Tier 1+ credit tier.

    Car_man
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  • czrczr Posts: 7
    Hey Car_man,

    What is the residual and money factor for a 2006 camry in the metro nj area for 36 months 12,000 miles for tier 1 and tier 2 credit?

    Would it be cheaper to get an 2005?

    thanks in advance
  • Hi Car_Man,

    I just finished leasing a BMW for myself and now I'm helping my father to lease a Camry.

    In BMW lingo, there's a "MACO" marketing fee and "Training Fee" that the dealers are charged (and is added to their invoice). Does Toyota have equivalents? There's a bank fee called "Acquisition Fee" to get a lease started, it's $625. Does Toyota have something similar?

    In order to get the best money factor, BMW requires a refundable deposit (roughly a month's payment). Does Toyota require the same?

    My father wants to get a 4 Cylinder XLE. Do you happen to know the residual and money factor for that car in Northern California (San Francisco area)? Is there a site where it is all posted?

    I heard that the options on Toyota's have a different residual value than the base car, is that so? If so, do you have those numbers as well?

    And lastly, once I build the spreadsheet with all this data, what kind of deals should he expect to get in terms of markup from the invoice?

    Thanks so much in advance!!!
  • polo1polo1 Posts: 1
    Hey Car_man.

    I am in Miami area. I have no experience in lease, today at a Toyota dealer, they offered me a Toyota Camry 4 cylinder for $18,900, if I want to lease this car, how much could be my monthly payment.

    By the way, what is he meaning of "rate lease money factor" and do you use it.

    Thanks so much in advance!!!
  • I am considering a Camry LE 4cyl 4 DR Auto. According to the toyota web site, $229/Mo. – 36 Month Lease. $2,399 due at lease signing. Lease Factor .00120 Lease-end purchase option $11,410. The manufacturer’s suggested retail price for the 2006 Camry 4-Door Sedan LE Model 2532 is $20,101. I am in Cleveland Ohio Questions:

    1. I want alloys. the dealer is saying it will cost me $1000 and does not residualize. It will cost me $30 a month extra. Is this correct? I really want them, but its not worth $30 a month.

    2. I am using the $1000 toyota newspaper ad that can be applied to my best deal. I am trading in my 02 highlander 4x2 4cyl that has a buyout of $11,995. THe dealership is willing to give me $13,000, so I will get an extra $1000 down. What should my monthly payment be with 0 down? THey are telling me $268.
  • Hi Car_Man:

    My toyota lease is up next month, do you know if Toyota Finance negotiating residual value?
  • Hi, I just talked to a dealership in Phoenix area. They offer me the 06 Camry LE model with the following leasing program.

    1) Monthly payment $220 (including tax which is 8.1% here)
    2) The residual value is about $11,400 (I dont negotiate on the car price, but the MSRP is $21,100)
    3) My down payment is $2,500.
    4) I have a 98 Ford Excort ZX2 to trade in and they give $2,500 for the trade in value. (Car with fair condition but good mileage which is about 89,000 miles)

    I have done a simple calculation in order to get the basic figure of this leasing offer.

    If I use the residual value of $11,400 with the 56% of residual percentage, the car price will be $20,357. And with $220 (including 8.1% of sale tax) monthly payment, the money factor will be about 0.000826.

    So, I wonder if it's a good deal or not. Sounds to me is fair but dont know if this applies for a 06 Camry which is the last year model of this generation.

    Thx.
  • mi_satmi_sat Posts: 42
    I don't know about the payment specifics in your area, but the rate lease money factor, in my opinion, is just a way to confuse the prospective lessee. It's not nearly as mysterious as it may sound.

    Here's the truth: Take the lease money factor, multiply by 2400, and you get the interest rate. So, a money factor of 0.00190 equates to an interest rate of 4.56% (0.00190 x 2400).
  • lmacmillmacmil Posts: 1,758
    It's generally not a good idea to put money down on a lease. It has the benefit of reducing the payment but if the car should be wrecked (and totalled) before the end of the lease, you essentially lose whatever you put down.

    Btw, the residual is always based on the MSRP, not what you actually pay for the car. Whatever price you negotiate below MSRP reduces your monthly payment.
  • Hi davidlni. You never mentioned the selling price of the car that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion on this deal if you let me know this car's selling price is.

    One thing that I noticed about this lease is the large down payment that you are considering making. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Camry would be exactly the same, regardless of whether you had put $2,500 down, or had made absolutely no down payment at all. You can still trade in your Escort is you want to, just have the dealer cut you a check for it rather than using the proceeds from it as a down payment on your lease.

    Car_man
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  • jamujamu Posts: 2
    I have leased a 2006 camry for 36 months with trade in value of $3000 down. it has been only 2 months and i am willing to buy the car because of too many restrictions with leasing. what should i do to terminate and change to buying options. please advice me the right thing to do with this situation. i thank you in advance for all your help.
  • kyfdxkyfdx Posts: 148,658
    Hi, jamu

    It is usually very expensive to exit or buyout a lease before the term is up... If it is your intention to eventually own the car, why not just take the lease to the end of the term, and then purchase it?.. Assuming your lease terms were decent, it shouldn't cost any more to do it that way, than to buy it out now... and, may actually be cheaper..

    If you purchase the car at the end of the lease, you won't be liable for any mileage or wear and tear charges.

    regards,
    kyfdx
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    Did you get a good deal? Be sure to come back and share!

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  • jamujamu Posts: 2
    can i turn in the car and say i dont want this car. what are the advantage and disadvantage of getting rid of your lease completely. it has been less than 3 months of my purchase date. can i go to the dealer and tell them i dont want this car. would i be penalized for terminating the lease.
  • kyfdxkyfdx Posts: 148,658
    No.. you can't turn it in before the lease is up... The penalties would be very heavy..

    In your first post, it sounds like you want to keep the car.. What is the problem you have with the lease?

    regards,
    kyfdx

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • jb_turnerjb_turner Posts: 702
    If jamu turns his car in before the end of the lease and not make the required payments will that be considered as a repossion? If jamu purchases the lease now he will have to pay considerably more than purchasing it new.
  • jaxs1jaxs1 Posts: 2,697
    Does Toyota or other manufacturers have any lease programs for covering more than 15K miles per year at a lower cost than paying the 15 or 20 cent per mile mileage penalty for going over mileage or is it always better to purchase rather than lease if you are very likely to need to drive the vehicle over 15K miles per year?
    I may be looking for a minimum of 20K miles per year and maybe 25K miles per year on a 2 or 3 year lease.
  • can someone please tell me if getting a loan to buy a car is useful or not. its either that or i hav to wait another three months to buy it
  • Hi jaxs1. The highest mileage allowance that Toyota Financial Services publishes residual values for is 15,000 miles per year. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty. So the cost of each additional mile will probably be less than the $0.15 to $0.20 that you mentioned, but you will still have to pay on a per-mile basis.

    Car_man
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  • Hi gotroot. I'm not sure that I understand your question. Are you asking if there are any advantages to getting a loan on a new vehicle? One advantage of getting a loan on a car is it helps to build up your credit. If you do not have much of a credit history, your interest rate on your new car will be high. However, the loan will help boost your credit rating for when you need it, like when you want to buy a house and apply for a mortgage.

    If you are able to get a very low interest rate on your new car, like the the special 3.9% rate that Toyota is offering on the 2006 Camry right now, another advantage would be the money that you can make by collecting interest on the cash that you would have laid out if you had paid for your car upfront. Let's say that you invest your money in a CD and get 4.5% on it or put it in the stock market and anticipate getting a return of 8% on it. You end up saving the difference between these rates and the 3.9% by financing. You need to compare this savings to the customer cash that you are giving up by opting to go with the special finance rate to see if you come out ahead by financing.

    Car_man
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  • jaxs1jaxs1 Posts: 2,697
    Yes, I understand that there is some extra charge for the extra miles, but don't they publish per mile rates for miles purchased beyond 15K miles?
    Also, are the extra miles purchased in Toyota's lease program refundable? I know some manufacturers refund extra miles purchased if not used, but don't know the details concerning Toyota leases.
  • andy2812andy2812 Posts: 68
    Car_man

    Can I please have the MF and Residual for a 2007 Camry LE, 4 cyl.

    Thanks
    Andy
  • Hi Andy. I haven't seen Toyota Financial Services' new residual values for the 2007 Camry yet. I have not seen any mention of it having any lease support available on it either. IF TFS truly is not providing lease support on the '07 Camry and you were to lease one through TFS, you would have to use its standard money factor of .00265. Even if Toyota doesn't have support on this car now, it definitely will in the near future. Toyota is going to sell a billion new Camrys and it won't be able to do so without an attractive lease program. If I was considering this car right now, I personally would wait a month or two to see what happens with its lease program.

    Car_man
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  • I am coming off a 3 year Camry LE lease. I had put $1000 down in 2003 and have been paying $331.00 per month.
    My question is - I am going to lease a 2007 LE and I am really not sure if the deal I got in 2003 was that good and therefore, would any take a guess as to what the lease payment of a 2007 LE auto would be in the New York City area with $1000 down.
  • mariabmariab Posts: 2
    I am hoping to lease a 2007 XLE with Navigation, Stability Control, Smart Key and Heated seats. What deal can I expect in Florida?
    Thanks for your help.
  • djpdx1djpdx1 Posts: 30
    Speaking of the 2007 Camry, if you want a hybrid, don't lease it! The Feds are granting a $2600 tax credit (rebate next year when you file) on the hybrid Toyota Camry at least through September 30th, 2006, then it drops to 50%. ($3100 on the Prius) Many states offer additional tax credits-my state is $1500, for a total of $4100. But only if you purchase--leases are excluded. It makes absolutely no sense to lease a hybrid at least for this year.
  • jack210jack210 Posts: 4
    can someone tell about the felt lining that in under the rear wheel wells of the new 2007 camry xle.ask dealers, but they don't seem to know.is it sound proofing.
  • citymomcitymom Posts: 8
    Anyone in the Atlanta, GA area with lease pricing or recommendations for where to go for a 2007 XLE fully loaded with EVERYTHING!!!!!!!!!!!!!!!!! would like to pay less than $400....
  • djpdx1djpdx1 Posts: 30
    Go to consumerreports.com and read their advice on leasing vs purchasing. Remember that you should go in with invoice price, available on many sites such as edwards.com, and then go in and offer about $300 to $500 above--start low. If they won't deal, advise that you are going to another dealer, then do so if they won't deal. Once you have secured a price, only then discuss what they will give you for your trade. Don't pollute the bargaining of the vehicle price w/ trade-in. After you agree on a price, THEN discuss lease or fiance. Lease prices are subject to negotiation as much as a new car.

    Also remeber that many credit unios will lease or offer a purchase payment deal comparable to a lease. You have many options--explore them. Consumer reports is non-profit and commercial free.
  • trojietrojie Posts: 1
    Any updates on what the money factor and residual is for the 07 Camry hybrid??
  • what could I expect to pay for a 2007 camry lease on lower end model per month in KY with normal mileage requrements and little up front money for 24 or 36 months? Thanks, never leased before!
  • cvpacguycvpacguy Posts: 14
    Anyone have the current residual and money factor info for a 24 month/12k and a 36/12k lease on a 2007 Camry XLE 4-cyl with no extra options? Thanks!
  • tedr3tedr3 Posts: 5
    For those interested in comparing, yesterday I received the following "first offer" from a Philadelphia area dealer for a 2007 XLE V6:

    36 mos./36,000 miles
    MSRP: $29,640
    Cap Cost: $27,999
    MF: .00265
    Residual: 59%
    Payment: $410
    Payment w/tax: $447

    I think that the money factor is about right, but from reading other websites I expected a higher residual (I saw 63% quoted for May). As I was walking out, the salesman assured me he could get the total payment (incl. tax) under $400.
  • jaxs1jaxs1 Posts: 2,697
    You list "payment" without saying how much money you need to pay up front nor what is the disposition fee and excess miles rate at the end of the lease.
    You could get any monthly payment you want by just putting more and more money upfront.
  • tedr3tedr3 Posts: 5
    Jaxs1, I'm sorry you did not find my post helpful. I'm well aware that down money will reduce your payment. Here's (some) of the information you are interested in:

    Cap. Cost Reduction: $0 (I assumed this was understood unless I stated otherwise)
    Out of pocket: $1,019

    Because I was not ready to negotiate, I did not discuss the breakdown of the out of pocket with the dealer, although I did see that there was no security deposit.

    I did not discuss the excess milgage charge or the disposition fee with the dealer. But you raise an interesting point, does Toyota credit charge a disposition fee and if so how much?
  • sgtslatesgtslate Posts: 16
    Hey Ted,

    What dealer was this. I am looking for the same vehicle right outside Philly and have been getting higher quotes. $485/month for loaded XLE V6 with nav, smart key and remote start. The main problem is that nobody seems to have this car in stock!

    Slate
  • tedr3tedr3 Posts: 5
    It was Conicelli on Ridge Pike in Conshohocken.

    I don't recall seeing any cars with Nav on the lot.

    BTW, I have now read that Toyota does not calculate the residual as a straight percentage of MSRP. Apparently, there is specific residual for the base model, and dollar amounts are added to that number for particular options. Maybe Car_man will tell us whether this is in fact true.
  • Welcome villebillies. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Toyota is not currently providing any sort of lease support on the redesigned 2007 Camry. As a result, if you were to lease one through Toyota Financial Services right now, you would have to use its standard lease program. Its buy rate standard lease money factor probably varies slightly by region, but it should be around .00265 for any length lease for consumers who qualify for its Tier 1+ credit tier right now. By normal mileage requirement, I assume that you mean 15,000 miles per year. Let me know if you only need 12,000. If you were to lease a base '07 Camry through TFS right now for 24 months with 15,000 miles per year, its residual value should be 68%. The number for an otherwise identical 36 month lease should be 62%.

    Car_man
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  • Hello cvpacguy. If you were to lease a 2007 Toyota Camry XLE through Toyota Financial Services right now for 24 months with 12,000 miles per year, its buy rate lease money factor and residual value should be around .00265 and 69% for consumers who qualify for its Tier 1+ credit tier. The numbers for an otherwise identical 36 month lease should be .00265 and 63%.

    Car_man
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