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Toyota Camry Lease Questions



  • smarty666smarty666 Posts: 1,503
    as long as your happy that is all that really matters!!! enjoy your camry!!!
  • Thanks, I will try to do that. :)
  • I went into a dealership last night in Virginia. I looked at the Camry LE and after driving the car and talking with them they told me all the profit had been stripped off the car at an MSRP of 20,908.84. At a 3,300 downpayment (thats including processing fee and taxes, DMV, etc.) my monthly payment would be $179. When I told them I needed my payments around $200 with nothing down all they did was move that downpayment into my payments giving me a downpayment of $2500. All in all, they took me into their office and showed me their "gross profit sheet" assuring me that they only make $250-300 bucks on each special lease deal and did not have much room to work. At an original MSRP of 22,850, a residual of 62.30% ($14,235), what kind of deal should I be structuring here? I would like to put down a very minimal amount, if anything..

    Thank you
  • wsc3wsc3 Posts: 3
    Went to the dealer (Southern Connecticut) today and got a price on 2010 Camry LXE w/Navigation and loaded with all of the bells and whistles.
    MSRP: $28,892.0
    Down Payment: $2000.00
    Money Factor:0.00050
    Monthly payment $294.01
    Is it worth it? Thanks!
  • lb518lb518 Posts: 1
    I too am being told by TFS that I owe over $300 for personal property tax on an old lease that expired in 2004. This was the second car I leased from them and I do not recall paying personal property tax. Does anyone know about this, I live in Ohio if it makes a difference.
  • 2010 v6 XLE with Navigation
    Msrp 31693.
    cap cost is 100 over inv = 28980

    $400 / mos for 24 mos. $850 down


    Thanks in advance.
  • It all works out the same except if your car gets stolen or totalled. In that case you are out $2K and have to scramble to re-lease another car.

    Plus it goes against the whole point of leasing. You don't throw $2000 at the car rental guy do you?
  • victor23victor23 Posts: 201
    My understanding is that you are out $2k only if you are upside down that much. Not sure how often is this the case. Actually, $2k is just an upper limit of your loss, but you may not necessarily incur it even if the car is totalled.

    It is not the whole point of leasing, not to pay any money until you absolutely have to. One usually doesn't mind to make a downpayment on a loan, or cut the loan term short to save on the interest. The situation is not much different here. The comparison to the rental is not entirely accurate: if I rented for 36 months and if they charged me interest, I would throw $2k at the rental guy.

    The only difference (in financial terms) between a lease and a loan, and the whole 'financial' point of leasing, is that you pay only for the part of a car which you actually use (~40-45%), and don't lock your cash in that part of a car which you never use but rather trade-in every time you change a car (residual value,~55-60%). How exactly do you handle this, it's of minor importance. Naturally, you try to lose as little money as possible in the process, and prepayment is legitimate, although carries some risk.

    Probably, for many people the whole point of leasing is not even financial, it is the convenience of a guaranteed no-haggling riddance of the old vehicle.
  • nvnick1nvnick1 Posts: 9
    Looking at 36 month, 10k or 12k miles/yr with Sport leather package in Indiana.
  • bit2bit2 Posts: 1
    I went into Hartford Toyota in Hartford , CT last week to lease a brand new Camry. They had a TV ad (you can view it on their website) stating a $5,000 minimum trade in for your vehicle (the only fine print was that your vehicle be under 12 years old and have less than 150K miles). I went in with my 2001 Buick LeSabre ready to go. I was immediately told that base Camry's have no power windows or locks. Of course I did not want this so I inquired about the LE ( i later found that there is no such thing as a powerless Camry) I was told I would only get $3,600 for my Buick as it was not worth the $5,000. I was told the $5,000 included a $1,000 student rebate and a $400 military rebate. I was then told that I could get the $5,000 only if I bought a new "Toyota Rep" Camry. It is a 2010 Camry SE V6 fully loaded (moonroof, leather, nav, bluetooth, ipod, etc) with 9,894 miles. When asked why they stated that as the car cost more they could afford to lose on the trade in. (God only knows why my bells did not go off there). So I was told with the $5,000 my lease payment would be $419/mo. I told them I could not do more than $299 (why so high? I'm an idiot). After three trips to the sales manager they came back saying they could do it for a 3 yr/36,000 mile lease. Of course I now realize some of the numbers were off. First off the window sticker stated the cost of the vehicle was $30,900 and in the lease it says $32,400. They state that with a lease they must use the MSRP of the vehicle and that the price could not be changed. I am also now sure I do not have GAP insurance nor did they bring it up at all during the financials. I went home and realized (of course after signing ) that I would reach a point in my lease where I would have no warranty. After much argument (the next morning) I was given a signed letter by the general manager that they would honor a bumper to bumper for me (the dealership) through 45,000 miles to make up for the mileage the vehicle had. My wife also owns a Scion and I took advantage of the 2yr Maintenance plan Toyota is advertising. Well, I sent an email to Toyota ExtraCare as the dealership seemed confused as to whether the maintenance would be covered to 25,00 miles on the odometer or 25,000 miles from the 9K miles. Toyota ExtraCare responded that the 2yr maintenance is on a New Car and as my car has mileage it is not a new vehicle. What?! How can the dealer lease it as a new vehicle but it's not new to Toyota? The funny thing is that the finance guy repeatedly stated that Toyota sees an unregistered vehicle as new and that it does not lose value or is ever considered used as it is not registered. I pretty much now feel like they took my trade in and I am paying them to take it off my hands. Or is this a good deal? Any thoughts out there? Thanks
  • victor23victor23 Posts: 201
    It seems you have been had this time. Good thing is that you yourself understand this, you will do better next time, and after all this was not a heckuva price for a lesson.
  • gtgtcobragtgtcobra Posts: 268
    edited March 2010
    It sounds like you got hosed.
    I leased a brand new 2010 Camry LE back in the beginning of December 2009 and got an excellent deal by putting down $2,800 and getting 18,000 miles/year/54,000 miles total over 3 years of the lease. My current monthly payment is only $156.01.
    This evening I calculated that I may drive about 65,100 to 65,500 miles in my Camry, which is 11,100 to 11,500 miles over the total 54,000 contracted miles after the 3 year lease period is over. At .15 cents/mile, I would have to pay an extra $1,665 if I go 11,100 miles over the contracted 54,000 miles.

    When I did all the calculations to find the "true" monthly payment for my lease, I calculated that I would be paying ONLY $275.69/month if I drive the extra 11,100 miles if I go over the contracted 54,000 miles when the lease ends.

    I got the $275.69/month by incorporating the $2,800 down payment that I put down for my Camry together with the 35 months of the current monthly payment of $156.01/month that I am currently paying right now PLUS the extra $1,665 that I would have to give to Toyota at the end of the lease term for the extra mileage that I put on the car. I think that $275.69 is not bad for a monthly payment for a brand new 2010 Camry LE considering that I can drive the car for over 65,100 miles over a 3 year lease period.

    I would never pay $419/month for a Camry. Especially for one that's allowed to only be driven for 12,000 miles/year. The 12,000 miles/year is NOTHING for driving mileage. I would want be able to drive the car for at least 54,000 to 65,000 miles over the 3 year period of the lease and I would never want to pay anymore than $275/month for this type of mileage on a lease on a brand new 2010 Camry.
    So yes, you definitely got hosed big time on you Camry lease. Next time, if you lease another brand new Camry, try to do the same type of lease deal that I did when I leased my car. You are currently paying way too much for your lease. You need to be currently paying "under" $280/month and you also need to be able to drive your car for at least 65,000 miles in the 3 year period of your lease in order for your lease to be an excellent deal.

    I also noticed that you are located in Hartford, CT. You are not located very far from me. I'm located in Massachusetts. You are about 1 1/2 hours away from where I live. If you want a good deal on a brand new 2010 Camry lease, I can send you to the same place where I leased my car so you can get a good deal if you like.
  • ez2beme00ez2beme00 Posts: 14
    edited March 2010
    What was the money factor on your lease? Did you get an extended warranty on the car? If not you will be paying for repairs on a car that you don't even own. Do you have gap insurance? If not, any money you put down will be lost in the event the car is a total loss. The insurance company will only pay replacement value. Is your lease a subsidized TFS lease?
  • gtgtcobragtgtcobra Posts: 268
    The money factor on my lease was excellent, but I forget the exact figure. The money factor was one of the reasons why I was able to get such a good deal on the lease.
    And yes, I do have gap insurance on my Camry. The only thing that I didn't purchase was an extended warranty. I didn't feel that I needed an extended warranty. I believe that whatever repairs that I will more than likely be doing on my Camry from now until it reaches the 54,000 to 65,000 mile mark will be repairs that will occur from wear and tear (brakes, tires, ect). My car has the 3 year/36,000 miles bumper to bumper warranty and the 5 year/100,000 mile engine and powertrain warranty. I believe that this is more than sufficient. If the engine or transmission goes on my car it will be covered. As for other small things, I doubt very much that anything major will break as long as I adhere to the service schedule.
  • nvnick1nvnick1 Posts: 9
    edited March 2010
    I'm looking at a 2010 SE V6, but the residual quoted seemed low @ 58.6% ($17,521 on a MSRP of $29,899). The advertised $179/mo lease on a Camry LE I4 is 62.3%. Can anyone share their residual numbers please? Also, is the $750 incentive available on leases? Thanks!

    BTW, the money factor on the Camry for March is 0.00001, or 0.02%. That's the lowest figure I've ever seen. It matches the rate Toyota used on the latest version of the Tundra a few years back. The current rate on the RAV4 is very low also, at 0.00002, or 0.05%.

    Carman, are you out there???
  • ez2beme00ez2beme00 Posts: 14
    I'm dealing on a lease on a 10 Camry XLE 4cyl.. MSRP is $28,179,I am getting it for $24,700. The $750 cash back does'nt apply to leases,but you should be able to get a deep discount off MSRP. TFS figures the residual based on the model and options,but the final price is always negotiable,.......if the dealer tells you it isn't,go to another dealer.
  • nvnick1nvnick1 Posts: 9
    Thanks, ez2beme00. Went to another dealer today that didn't have SE V6, but had an XLE V6, with residual of LE is 62.3%, XLE V6 is 61.5%, so I cannot believe SE residual is only 58.6%. Will have to find another dealer with a 2010 to verify...most around here do not stock the SE.
  • ez2beme00ez2beme00 Posts: 14
    The car that I am turning in is a leased 08' SE, and it was a great car and fun to drive,but we are looking high end this time because of the great prices and lease rates. Don't be afraid to haggle on the cap. cost, because there are still quite a few 10's around,and the dealers are getting pressure from Toyota to increase March sales.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi nvnick1. I don't recall seeing the specific lease program for your region, but in the vast majority of the country Toyota Financial Services' buy rate lease money factor for the 2010 Camry is currently an amazingly low .00001.

    TFS' current 36 month, 12,000 mile per year residual value for the 2010 Camry SE V6 is 63%. Keep in mind though that TFS calculates vehicles residual values differently than other banks do. Its published residual value percentages are for base vehicles. It places restrictions and caps on what options can be residualized. This makes its effective residuals lower than its percentages initially appear.

    Prices Paid: Buying & Leasing Experiences Forum
  • pier28pier28 Posts: 1
    Has anyone ended a lease with Toyota in the last couple of months?

    My 3 yr lease for a 2007 Camry is up the first of June, 2010, (it was a part of the recall, and I have had the suggested work done)

    I tried negotiating a lower Purchase Buyout Price, but apparently Toyota does not negotiate.

    I would think with the current state of Toyota products, the fact that they will most likely get a lower used car or auction price, that they would really want me to keep the car.

    Has anyone been able to buy their lease for a lower buyout price than on a Toyota contract or does anyone know a better way to have them see the light on why, in my opinion, it would be better to try and keep me in the car and be a happy customer?

  • Hi all. I am new to these forums. I am deciding between a Camry LE and a Prius III to lease for 3yr. I may drive a little over 36k; so I may not need 18k/yr. I got a 680 drive off + 215 p.m all inclusive offer for Prius III. That means I can get a Camry LE for at least 680 drive off + 185 p.m if not better. Is that a good deal? The other dealer in my town may better that but I am waiting. How hard should I push them? Please advise.Thanx!!
  • I'm returning a leased Camry with under 3/32" of tread wear. Has anyone done so and can tell me what fees they will charge you? I'm thinking that if it is high, I'll just go and get some used tires and replace the ones on my car.
  • nestibnestib Posts: 1
    Anyone know the current money factor and residual for 2010 Camry LE (4 cyl), 36 months, 12k miles per year?

    If location matters, in the Atlanta area.


  • dcf1955dcf1955 Posts: 34
    Anybody have the April lease numbers (mf rate, residual) on a 2010 camry SE V6? Also, does anybody know what the 2011 numbers look like?
  • audieddyaudieddy Posts: 37

    Looking for the residual and money factor rates on a base Camry (automatic) for a 12k. 36 month lease. Also is there any incentive from Toyota if you're turning in a toyota lease?

    Thanks for your help, these forums are in valuable!
  • carzcarz Posts: 24
    edited April 2010
    I am looking at a 2011 Camry SE, 4-Cylinder, with 36 month lease 36,000 miles sign and drive. The car has:
    Sport Leather Pkg
    Moon Roof Pkg
    Sport Convenience Pkg
    Carpet Mat Set
    VIP Security Pkg
    Sticker $27,418 Invoice $24,763
    Any feedback on the lease rate, MF and residual would be welcome.
  • jchorsjchors Posts: 2
    edited April 2010
    Here's the deal I got:
    Base 2011 Camry 4cyl. with automatic and carpet set (my commuter car).
    36 mo. lease with zero drive-off costs.
    $210/mo.including tax/license (apx. $191/mo. w/o tax/license) for 35 months. Gap insurance $6/mo.
    12K mi/yr. $.15/mi for excess mileage.
    Residual $13143 (option to buy)
    Purchased at Frontier Toyota, Valencia, Ca. on April 1, 2010.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Bryan. I'm glad that you mentioned what state you are in because it makes a big difference. Toyota's lease program varies depending upon which one of its twelve regions you are in. Unfortunately, you are in Toyota's Southeast region. SE Toyota is an independent Toyota distributor that packs vehicles with all sorts of options that most consumers don't want or need.

    SE Toyota's current buy rate lease money factor for a 36 month lease of a 2010 Camry LE 4-cylinder is .00057. Make sure that the dealer uses this factor to calculate your car's payment.

    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi dcf1955. I have seen Toyota's lease program for both the 2010 and 2011 Camry. Unfortunately, its program varies by region and you never told us what state you are in. Let me know and I'll try to give you an idea of what this car's current program is like in your area.

    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You,re very welcome, audieddy. Thank you for the kind words. I have seen Toyota's lease program for both the 2010 and 2011 Camry. Unfortunately, its program varies by region and you never told us what state you are in. Let me know and I'll try to give you an idea of what this car's current program is like in your area.

    Prices Paid: Buying & Leasing Experiences Forum
This discussion has been closed.