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Toyota Highlander Lease Questions



  • I just leased (36m/12k) almost the same vehicle (Limited with NAV, but no DVD). MSRP was $40,310. I also neg. a hitch receiver for a bike rack we have at no additional cost (about $200 of additional value). I paid $37,888 with $1557 total out of pocket (including first month's payment).

    The residual was exactly the same - $19,974. Money factor is .00117 and payment is $599 per month.

    I am in lower CT (NYC area).

    So I think your price of $37,171 is good and the money factor is great (is this TFS or another lessor? Rates do vary by region so maybe they are better in MA), but how much do they want out-of-pocket? Be careful they don't try to add-on bogus fees.
  • mdhuttonmdhutton Posts: 195
    I got HL Ltd w/Nav & Sirius on 5/31. Sticker 40,979, paid 36,600. Also got 19,974 Residual with 36/12K lease, so that appears to be the going %. Brian Bemis Toyota in DeKalb, IL...awesome experience !!
  • Just curious - what was your out-of-pocket and what was the money factor?
  • mdhuttonmdhutton Posts: 195
    Actual $$ out-of-pocket was zippo, I applied some of my trade allowance to cover fees & 1st mo pmt (total $1656). MF was .00133.
  • yesdog99yesdog99 Posts: 7
    When looking at for lease specials, it says:
    Highlander for 289/mo with 3399 down.
    Does not include tax, title, lic.

    So that basically means I would have to come up with the 3399 plus say 2300 more? 5500+ out of pocket seems to be a bit much no??? Can I expect to do any better than this?

    I want to do no or little out of pocket, so does that mean I will be paying 500 a month? Yikes
  • paul106paul106 Posts: 1
    My company is leasing me a vehicle for 3yr 36k. I am looking at he highlander sport with leather. I have never leased a car before so I have no idea what a good deal is. Our company credit they said was perfect Tier1 ?? They quoted me $1500 down and $475 month with a $18560 residual. Does this seem to be a good deal?

  • a6_to_m35a6_to_m35 Posts: 43
    I too am buying a Highlander Sport fully loaded in NJ or PA and I cannot get a dealer to quote a percentage residual value. They will only come up with a number.

    For a car with a 40k MSRP, residual value has been quoted by one dealer at $19196 or about 48%, and another at $18564 or about 46.5%.

    These are very, very low numbers and I can't seem to be able to negotiate them. I have never seen this before. Can anyone shed any light on this subject?

    I've also been told that Toyota Finance does not include GAP insurance for its leases and was quoted $525. Sound right?

    Also can the $550 aquisition fee be negotiated away or is it a must?
  • ocautoseekerocautoseeker Posts: 425
    For a car with a 40k MSRP, residual value has been quoted by one dealer at $19196 or about 48%, and another at $18564 or about 46.5%. These are very, very low numbers and I can't seem to be able to negotiate them. I have never seen this before. Can anyone shed any light on this subject?

    Toyota sets a different residual value on each vehicle based on it's options - it's not a set 50%, 55%, 68%, etc. like some manufacturers. Whatever residual value they are quoting is what they have - it's non-negotiable.

    I've also been told that Toyota Finance does not include GAP insurance for its leases and was quoted $525. Sound right?

    Yes, but negotiate that somewhere between $200 - $400.

    Also can the $550 aquisition fee be negotiated away or is it a must?

    No, this is a one time fee that goes to TFS for originating the lease. Dealers can and have been known to mark this up, so be sure that it stays at $550. You can pay it upfront or cap it into your lease payments.
  • rhhudsonrhhudson Posts: 1
    Need some help. These are the figures I am being giving by the dealer on a 15k/36 month 08 Base Highlander lease:
    MSRP: $ 27679.00
    Sale price :$25350.00---cap cost w/acquisition fee: $25,945.00
    36 months w/15000 miles yr.
    money factor .00219
    residual rate .48
    monthly pymt. $377.17
    up front money at time of signing :$393.67

    I really like the deal, but my figures show that the payment should be closer to $420 before taxes. What gives?
  • ocautoseekerocautoseeker Posts: 425
    Yeah, something is amiss with their numbers. I'm showing ~$437/mo (not including tax) with the numbers you provided. You might wanna' give them a call and ask them to run through the structure with you again.

    Only $393.67 due at signing? Cheap registration in your state??
  • pmelanc1pmelanc1 Posts: 7
    Does anyone know the current MF and Residuals for 2008 Highlander Limited FWD?

  • Hi pmelanc1. Toyota's lease program varies by term, mileage allowance, and region. You never mentioned what any of these variables are, so I'll make some guesses just to give you a rough idea of what this truck's current program is like. For now I will assume that you are interested in a 36 month lease in Toyota's New York region with 15,000 miles per year. Let me know if you want something different. TFS' current buy rate lease money factor and residual value for a 36 month lease of an '08 Highlander Limited 2WD in its New York region with 15,000 miles per year are .00087 and 50%, respectively.

    As was mentioned above, keep in mind that TFS places restrictions upon what options can be residualized and caps on the ones that it allows. This makes it difficult to calculate the actual dollar residual values for specific units from the percentages.

    Prices Paid: Buying & Leasing Experiences Forum
  • I was quoted around the same MSRP 28,105, and sale price of 25,572 (base 4x2).
    toyota guy would not give me a residual percentage but rather a dollar amount of 14,400 (decent). 36m 12K was around 394.00 with taxes with about 500.00-600.00 down. According to my calculations should be around 405.00-410.00 a month. Just outside of Philadelphia, so I am not sure either.
  • marinitemarinite Posts: 40
    Hi CarMan,
    Any chance you have the current stats on the same car for Northern California/Bay Area?

    Highlander Ltd, 2wd and/or awd, 36mo lease w/12k/yr miles.

    Thanks much!
  • Hi Car man.

    Interested in the current residual, money factor and any incentives on a lease in northern NJ for a 2008 Highlander 4WD at 36 months and 12,000 miles per year. Interested in the Limited andLimited Hybrid.

    Many thanks.
  • kasey36kasey36 Posts: 1
    I'm hoping I can get some opinions on a lease quote I just received via the internet. I'm new to leasing and have been searching for a Highlander Sport for a while now. I'm on Long Island and qualify for Tier 1 financing. The quote I received was for $435 a month, with taxes, titles, etc. out of pocket. Is this a good deal? Thanks for any help.
  • sim24sim24 Posts: 1
    I got a quote today for a Ltd with all options except rear DVD for $585 no money down (Long Island area). After reading some other quotes, this seems decent, but I still think its's too high for a lease. The msrp is $40,650, and the purchase price I negotiated is $35,500. I'm thinking of purchasing instead of leasing. Any thoughts?
  • chuckjrchuckjr Los Angeles Posts: 87
    Car man or anyone else that can add some color to my dilema,

    What will happen to the residual values on the 08 highlander when the 09 hits the lots? Is that a number set by toyota based on the calendar or the year model.

    Our 05 XC90 lease is up at the end of the month and because of the near zero money factor on the volvo lease we haven't been able to get as much SUV for our dollar.

    I have been looking for deals but haven't seen a lot of promise on the pilot or highlander.

    We're most likely going to extend the volvo in hopes that better deals come up as the end of the year approaches.
  • Hi thechairman1. If I was in the market for a new SUV, this is probably the one that I would go for right now. Toyota Financial Services' current New York region buy rate lease money factor and residual value for a 36 month lease of a 2008 Highlander 4WD with 12,000 miles per year are an amazingly low .00001 and 54%, respectively for consumers who qualify for its Tier 1+ credit tier. As I always say when talking about TFS leases, keep in mind that it places restrictions upon what options can be residualized. This makes it difficult for anyone but dealers who are given the actual numbers by TFS to calculate the dollar residuals of specific units.

    TFS' residual value for an otherwise identical lease of a 2008 Highlander Hybrid 4WD is 57%, but not surprisingly Toyota is not currently providing any lease support on it. That means if you lease a hybrid version through TFS, you will have to use its standard lease money factor. The last time that I saw it, TFS' standard was .00265 for Tier 1+ customers.

    Prices Paid: Buying & Leasing Experiences Forum
  • Hi chuckjr. Toyota Financial Services publishes new residual values every quarter. So, its current resids for the 2008 Highlander will remain the same through September 30th. I suspect that its fourth quarter residual values for this model will be lower for a number of reasons, including the fact that resids naturally fall as the model year progresses, the introduction of the '09 model, and the general pressure that banks are under to lower vehicles' often inflated residual values in the current environment. How much they will drop is the question. Toyota came out this week and said that it plans to continue offering aggressive leases on its vehicles, so I don't anticipate its resids falling off of a cliff.

    Prices Paid: Buying & Leasing Experiences Forum
  • mlees33mlees33 Posts: 2

    I live in San Diego and am interested in Highlander Limited 2WD or Sport 2WD, for 36 months at 12k or 15k per year. Is TFS running a similar money factor in my region on the 2008s? Should I wait for the 2009s?

  • Car_man,

    Do you know the residual and MF for a 2008 Limited AWD in Colorad region?

    Thank you very much!
  • Car Man-
    I will be leasing or purchasing a 2008 Highlander LTD or Hybrid LTD on Sept. 20 in either Tuscaloosa, Ala. or Atlanta, Ga. Can you please provide me with TFS's third quarter money factor and residual for each assuming a 36 mo/12k lease term? Earlier in this forum I saw you posted a .00001 MF on the LTD but that seems too good to be true. Was that a typo?

    I was also told by the dealer in Atlanta to expect a $3000 cash back incentive to be announced on Sept. 3, and was wondering if this applied to leases as well as cash/financing?

    Thanks in advance.
  • jk764jk764 Posts: 17
    I was offered the following for a fully loaded 2008 Limited (7passenger) - 36mth lease at 12k per year:

    MSRP: $42,350
    My price: $39,537
    Residual: $18,669
    MF: .00001
    Zero down, monthly payment (excludes taxes) is $642.

    Question: Is this a good deal? And should I consider trying to get a lower price and buying instead?

  • your numbers don't add up. with the numbers you gave you should be at $595 + taxes. The money factor I am sure is .00080.
  • Does this sound way out of whack?
    I was just quoted by my local Toyota dealer:

    2008 Highlander LTD 2WD:
    36 mo/12k 43% resid., .00279 MF
    48 mo/12k 37% resid., .00279 MF

    2008 Highlander Hybrid LTD:
    36 mo/12k 49% resid., .00279 MF
    48 mo/12k 39% resid., .00279 MF
  • jk764jk764 Posts: 17
    I agree. Should be $620/mth which inc. taxes.

    My calculation is as follows:

    Depreciation = $20,868 / 36mths = $579.66/mth + 7% tax of 40.58 = 620 / mth. That's assuming MF is .00001.

    If I can get Cap cost down to 37,000 or 37,500 would be happy. Will post results ... assuming don't go w/ an XC90.
  • Hi wareagle1997. The amazingly low money factor that I mentioned earlier is correct. However, it is not available in your area. I believe that the places that you are considering leasing your vehicle in are in Toyota's Southeast region. SE Toyota is an independent distributor that uses its own captive finance company instead of Toyota Financial Services to lease vehicles. Unfortunately, I have not seen its specific lease program for this truck recently.

    I think that the dealer you spoke with was overly optimistic about the Highlander's cash incentives. According to the latest information that I have seen, Toyota is currently providing $1,500 customer cash on the '08 Highlander in your area in September.

    Prices Paid: Buying & Leasing Experiences Forum
  • carman,

    Thanks for this forum. I am about to lease an 08 Highlander Limited. What is the current MF in FL for this vehicle? Are there any hidden costs I should be aware of?
    Here are the specs on my vehcile:
    Base: 32900
    Options: 6198
    Handling: 745
    tow prep
    rear a/c
    Mats w/o SDAT
    heated seats
    power rear door
    roadside assist
    MSRP is $39,893, quoted MF is .00229 on 365 months

    I think my sales price should be around $36,500, what do you think and what should I expect for a realistic MF?
  • jnkohjnkoh Posts: 37
    Here is an offer i got in Northern NJ
    2008 Highlander Base 4wd Option B

    MSRP 31,655
    Cap Cost 28,655
    Residual 15,794
    MF 0.00001
    Inceptions/Fees/First month Payment: 1595
    Monthly Payment:$361
    Tax is $966, paid up front

    So far the best deal I have been quoted. I am wondering if dealers are willing to go less than that on Cap Cost, According to Edmunds invoice on this car is 27854, so they make about 801 on the car plus their fees. Is it unreasonable given the low demand for SUV's now to get invoice pricing?
This discussion has been closed.