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Toyota Highlander Lease Questions

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Comments

  • cidchriscidchris Posts: 9
    Thanks Car_man, that was exactly what I was looking for!!
  • mokiavellimokiavelli Posts: 58
    Car_man, I live in San Diego and am looking to lease either a 4 or 6 cylinder 2WD Highlander NON-Hybrid, could you give me the money factor and residual percentage on those 2 vehicles? I am looking at 36 months, with 12,000 miles per year.

    One dealer offered me a lease of $238 a month for 36 months and 12k miles per year on a 2WD 4 cylinder base, with a MSRP of $25,664. Drive off is about $1k. I wonder how that deal is.

    Thank you so much for any help you can provide.
  • jmcmbzjmcmbz Posts: 44
    Car_Man,

    Would you kindly post the current Money Factors and Residuals on the NON-hybrid Highlanders? I am interested in the 4cyl AWD model for 36Month and 12K (or 15K) miles. As soon as you can would be great as I am looking to help my sister and family to get this vehicle in the next couple of days in Massachusetts. THANKS!
  • jmcmbzjmcmbz Posts: 44
    The dealer here in Mass has quoted me an unbelievable MF of .0001 for 36Mos w/ 12K miles and residual of 60% for a payment of $221/month. The MSRP is $28345.00 (base 4cyl w/ Sunroof, Alloy wheels, Mud Flaps, Privacy Glass and NE Emissions)and quoted CAP is $24500.00 (selling price). Drive off fees quoted at $930 and includes a $400 bank fee, $309 for Registration and $221 first payment. I am not sure if there is a security deposit but think it is waived. We are trading a 96 Jeep Grand Cherokee with 162K miles and using the equity for drive off fees so it's 0.00 out of pocket. Should we jump on it?
  • Well I probably got screwed but here's the info. It differs slightly from what I posted before.

    4-Dr LTD 4x4 V6 SUV
    GY Airbags
    HD heated seats
    LA Leather seat
    TD Tow prack
    W JBL Premium CD
    CF Mats

    MSRP- $35,874

    Agreed value $33,486
    tax $914
    Aq fee= $400
    Gross Cap cost= $34,143.41

    Cap cost red= $658
    Adj cap red= $34,143

    15k/yr, 36 mon
    Residual value $19,410

    monthy payment $428

    Can you tell me if this is a good deal and maybe some analysis? I don't know the money factor and the residual %.
    Also can you send me that spreadsheet to [email protected]
    Thank so much
  • Car_man, Can you check out my lease and let me know how it looks?

    Thanks
  • mokiavellimokiavelli Posts: 58
    2WD Base Highlander Hybrid in San Diego

    MSRP 33,912

    Z1- Preferred Accessory

    Sale price: 29,950
    Acq/Bank Fee: 400

    Total Drive off: $1,500, includes DMV fees, tax, 1st payment and $750 cap reduction.

    36 month, 12,000 per year
    $325.XX + $25.XX tax =$350.XX
    Residual: 56.5%
    Money Factor: .00075

    How does this lease sound?
  • jmcmbzjmcmbz Posts: 44
    We ended up getting the Highlander for the $221 per month (as posted above) with 0 out of pocket. At the last minute we were suprised with a finance manager saying that Gap Insurance would be an additional $11 per month. I have leased many cars (but no Toyota's) and this is the first time Gap has not been included. We ended up getting it for $9 per month for a total payment of $230 per month (including Mass 5% tax) but I was not happy that this was not disclosed to me. Also the fact that the price was negotiable made me wonder what the true cost is. Anyway, I hope we did OK. I know the MF of .0001 was unbelievable and the CAP of $24500 was good. This CAP price was in lieu of the $1200 rebate as I was told (and shown documentation from Toyota) that this was not applicable with the special MF. It was more difficult for me to negotiate this lease as this was not an advertised lease that I could check up on. We are pretty happy overall.
  • reorgreorg Posts: 3
    Can anyone give me the numbers on a 2006 Highlander Hybrid Ltd 2wd Texas lease? Dealer has stated that they will give us invoice on the vehicle (just bought a fully loaded Prius from them three days ago). Looking at a 60 month lease and 12K per year.
  • mokiavellimokiavelli Posts: 58
    I don't have the exact numbers on a 5 year lease, but Toyota is currently offering a special money factor of .00075 on a 36 months lease. So, right now, a 3 year lease might have lower payments than 5 year lease, plus you are not tied to the car as long.

    Most people do not lease for 5 years. The conventioanl wisdom is to lease for the length of the bumper to bumper warranty (for example, 3 yr 36k miles for Toyota). You may consider financing it if you are planning to keep it that long. You would have paid most of the depreciation for Toyota in those 5 years, since they own the car during a lease. In financing, you may end up making larger payments in those 5 years, but after 5 years, the car will be paid off. In a lease, after 5 years, you may still owe about 45-50% of the original value.
  • mokiavellimokiavelli Posts: 58
    According to message #45, the residual is 34%, which means you would have helped Toyota pay 66% of the value of the car. The money factor in that message shows .00245.

    This is only an example for illustration purposes to show the diff bet a 3 year and 5 year lease, with the special money factor on the 3 year. MSRP of $39,351 and a cap cost of $36,000. On a 3 year lease w/ residual at 57% and MF at .00075, the payment is about $400/mo plus tax. On a 5 year lease with residual at 34% and MF at .00245, payment is about $500 a month.

    I believe on the Hybrid there is a special 3.9% financing for 5 years.
  • reorgreorg Posts: 3
    Okay, just got off the phone with Toyota of Richardson. Price on a fully loaded 2WD Ltd Hybrid plus DVD is 37830. The tax rate is 1.2% (they are applying a credit to sales tax), 36 month lease, .00075 money factor, 20,839 residual on 15,000 miles per year. They tell me the payments are going to be $644/mo (nothing down). I ran the numbers on the calculator on this site and get $563 +/-. They want me to come in and show them the numbers. Does $644 sound right? :confuse:
  • I wish someone would post Toyota's way of calculating lease payments. It seems like the prices are all over the map.
  • topgun7topgun7 Posts: 412
    644 is way high for the price you are looking at with the money factor of 0.00075. I think they probably charge you MSRP or more.

    Here is the formular for calculation 36 months lease in California where tax is added to each month of payment (for my city, it is 8.5%)

    Monthly payment = (rent + depreciation)*(1+tax rate)

    Depreciation = (cap - residual)/36
    rent = (cap + residual)*MF

    MF - money factor. look like it is 0.00075 for Highlander Hybride which translated to 1.8%

    Cap is the negotiated price for the vehicle+ all the misc. charge (document fee, license etc.) if it is not paid upfront.

    For 664, you should be able to get a lexus RX350 instead.
  • gmanusmcgmanusmc SoCalPosts: 699
    CarMan (or anyone who has the info). Would like to know the MF & Residual for this vehicle's 36 month, 12k & 15k Lease. Also as some others have asked, anyone know how Toyota figures the residual they use to calculate their leases? Kinda frustrating after years of leasing Honda products where the pricing and leasing terms are much more simplified.

    Thanks In Advance, Bill G
    2016 ES350 Lux/Atomic Silver
    2017 Accord Sport CVT Mod Steel Metallic
  • mokiavellimokiavelli Posts: 58
    I just calculated w/ a cap cost of 37830+400 acq fee= 38230. w/ MF of .00075 and residual of 20839. Pmt is $527 + tax.
  • reorgreorg Posts: 3
    My calculations came to be $563.36 (they are giving us a 5.05% credit against the 6.25% tax (i.e., the tax rate is 1.2%).
  • cidchriscidchris Posts: 9
    Hi Car_man,

    Do you know if the program has changed for July?

    Massachusetts
    3 Year
    15K/year

    Thanks!
  • dooley78dooley78 Posts: 5
    It looks like they have extended (in the northeast at least) the $199 36month 12k promotion. Are they still using the same depreciation/money factor numbers from las month?
  • po10lpo10l Posts: 1
    Looking to lease 2006 Highlander 2WD 4C in Wisconsin.
    3yr / 15K per year

    MSRP is $25824
    Dealer says invoice is $23,300 - Edmunds says $22954
    Dealer says residual is $13592
    Dealer says money factor is .00085 (another says .00075)

    What are the programs that you know of and money factors, residuals, etc?

    Thanks in advance!
  • kcbsmbkcbsmb Posts: 1
    Does anyone know the lease information for a Highlander Hybrid Ltd. for Rhode Island? Is it the same as the Boston area? I am getting different answers from different dealers. One special ended on 7/5, now I am not exactly sure of the numbers.
  • No problem, cidchris.

    Car_man
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  • Hi mokiavelli. I believe that San Diego is in Toyota's Los Angeles region. If you were to lease a non-Limited, non-Sport, non-Hybrid 2006 Toyota Highlander 2WD through Toyota Financial Services in that area right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00075 and 57%, respectively assuming that you qualify for its Tier 1+ credit tier. I would be happy to give you my opinion on the specific offer that you have received if you let me know what selling price it is based upon. This is a very important number to know when leasing because it shows you how much of a discount you are being given.

    Car_man
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  • Hi jmcmbz. Toyota Financial Services' current 36 month, 15,000 mile per year buy rate lease money factor and residual value for a base 2006 Highlander AWD are .00075 and 57%, respectively for consumers who qualify for its Tier 1+ credit tier. This truck's 12,000 mile per year residual value would be 2% higher.

    Car_man
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  • Hey mokiavelli. The money factor that you were given is right in line with Toyota Financial Services' buy rate for this model. The selling price that you were given looks good too. I'd say that you got a good deal.

    Car_man
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  • Hi Bill. The way that Toyota Financial Services calculated vehicles lease payments is not as straightforward as the method that most other banks use. TFS' published residual values are for base vehicles. It limits the options that can be residualized and places caps on the values on the ones that it allows. As a result, its residuals are often not as attractive as they initially disappear.

    I would be happy to give you an idea of what this truck's current lease program is like if you tell me what state you are in. This is important because Toyota's lease program often varies depending upon which one of its twelve regions one is in.

    Car_man
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  • Hello cidchris. If you were to lease a 2006 Toyota Highlander Hybrid 4WD (not the Limited model) through Toyota Financial Services in its Boston region right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00075 and 56%, respectively assuming that you qualify for its Tier 1+ credit tier.

    Car_man
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  • Greetings po10l. Toyota Financial Services' current buy rate lease money factor for this truck is .00075 in your area for consumers who qualify for its Tier 1+ credit tier.

    Car_man
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  • Yes, kcbsmb, I believe that Rhode Island is in Toyota's Boston region. If you were to lease a 2006 Toyota Highlander Hybrid Limited 4WD through Toyota Financial Services in your area right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00075 and 55%, respectively assuming that you qualify for its Tier 1+ credit tier.

    Car_man
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  • laristondolaristondo Posts: 12
    Mr. Car-Man

    Thinking of a short term (3 yrs top) lease on a 4WD Highlander Hybrid (not LTD) from any NJ or NY dealership-- I am a Tier 1+ credit tier customer.

    What should be aiming for? Any incentives in NY/NJ area? IF the incentives are better in another region and I travel to that region am I eligible for those incentives -- or are the incentives limited to the residency of the leasee? Many thanks.
  • dsluckidslucki Posts: 8
    Carman - I'm in Southern California and I've been offered the following on a Highlander Hybrid Limited 2WD with NAV:

    Selling Price: 38,939
    Money Factor: .00075
    Residual: 21,240

    36 month lease, 12k miles.
    GAP not included
    0 down
    Drive off 916.15
    Monthly Payments including tax 593.40.

    Does this look like a good deal? If not what should be changed to make this a better deal?

    Thanks in advance.
  • cmw829cmw829 Posts: 19
    Just bought a 2006 HL 4WD w/ 3rd row seat with Option Pkg A - MSRP 30,929 for 26,640. We were offered a no-down pymt lease 36 mo. 15K/yr, 400 acquisition and 52% of full MSRP residual. MF was many zeros and a 1 (.00001% or thereabouts interest rate). Delivery tomorrow!

    After running the numbers, I decided not to take it. Edmunds said Buy. My heart said Buy. Last night, I laid awake thinking about what it would have cost me to acquire the vehicle at the end as we normally keep our cars a very long time.

    Funny thing: the bus mgr sounded so disappointed when we called to say we'd buy. Then I knew there must be more in it for the dealer than for me. BTW, who gets the rebate? Then I realized I'd probably been set up. We had called to say we were coming in; the mgr we were to see wasn't around. We announced ourselves and another salesman wandered over and started to chat us up about leasing and how with the low pymts we better invest our money. Then the mgr came by, greeted and turned us over to this same salesman. Maybe I'm paranoid, but...
  • kenrosenkenrosen Posts: 5
    The lease sounds fine but you can get a 2wd from Carsdirect.com in Northern CA for 2k less. It might be worth the drive.
  • russotomrussotom Posts: 3
    I am interested in leasing a Highlander Hybrid with Package #1 and other equipment, sticker is $37,082, invoice is $32,991 and wholesale is $32,302.

    Any idea what the best lease rates are for the NJ area? I am a Tier I credit individual.

    Looking for 36 months, no money down, GAP included, prefer 15,000 miles a year.
  • 54325432 Posts: 4
    Can anyone tell me what the money factor and residual would be for a Highlander Hybrid 4WD in MN?
  • Hi

    This forums gives alot of information. Thank you.
    I am planning to buy a HH 2wd or 4x4 and here's my problem
    I have a 2004 Honda Civic 4dr and i was thinking of Trade-in for HH. Please advise and how much can i expect the Capital cost after Trade-in.
    Any good New York Toyota dealer if someone can recommend.

    Thanks
    Arun
  • I would say that is quite high. You can negotiate the price of the vehicle to lower your payment. I got a 2WD w/o Nav for $365 including tax in San Diego. Includes GAP. You should be able to get about 3,500-4000 off MSRP.
  • Car-man,

    Please help before we commit...TFS approved us to assume a Hybrid lease, car is in Michigan and we are in NJ. My apologies for this long email.

    Since we assume the exact Lease as original lease-holder, please tell me if the Lease was a good deal? :confuse:

    CAR: 2006 LTD 4wd-i V6 (model 6966A)
    NAV, Running Board, carpet/cargp, 50 state emission, leather, etc. Current miles: 7,200 since 8/27/05.

    DEAL: The info below is from the 3 yr. & 12k mileage Lease Agreement:
    MSRP $39,290 ($40,114 w/ Running boards & carpet/cargo mat set)
    $2000 in down payment (cap cost $1075 + 1st monthly payment $657 + title fee $15 + license fee $8 + tax on cat cost reduction $64.52 + doc fee/tax $180.20)
    Gross cap cost: $42,951
    Agreed upon value of car: $42,551
    Cap cost reduction: $1075.28
    Adjusted Cap Cost: $41,875.72
    Residual value: $25,639
    Decreciation: $16,236.72
    Rent charge:$8976.41
    Monthly payment: $657 (including $37.99 Michigan tax) GAP NOT INCLUDED.

    If we assume the payments on 9/2006- our total 24 month payments from 9/06 to 9/08 would be $14,880. ($620 x 24)

    Many, many thanks. linda and paul
  • Can I re-negotiate the existing terms of a fully signed Lease Agreement? Do I try to re-negotiate the MSRP with the current dealership or TFS?

    Thanks again.
  • Russotom,

    We are in northern NJ interested in the same type deal and also have Tier1 credit.

    Any leads in NJ for best lease rates? Any value in approaching a NJ dealership with 2 leases?

    just thinking.... linda
  • Greetings laristondo. Toyota is not currently providing any cash incentives on leases of the 2006 Highlander in your area, but it does have a special lease money factor. Toyota Financial Services' New York region buy rate lease money factor for a lease of a 2006 Highlander is currently an attractive .00030 for non-hybrid models for consumers who qualify for its "Tier 1+" credit tier. This is equivalent to an interest rate of only 0.72%. There's no need to travel because this is about as good as this truck's money factor is going to get, besides I believe that you have to be an actual resident of a particular region to qualify for its incentives anyhow.

    Car_man
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  • Hello dslucki. The money factor that you were quoted is right in line with Toyota Financial Services' current buy rate for the 2006 Highlander Hybrid in its Los Angeles region. This is a good thing because it means that the only aspect of your deal you have to focus on is the selling price. It is difficult for me to comment on the selling price that you were quoted without knowing this car's full MSRP or dealer invoice price. The MSRP will show you how much of a discount of a discount you are getting and better yet, the dealer invoice price will show me how much over invoice you are paying. If you provide me with either one of these numbers I would be happy to give you my opinion on this truck's price. You also may want to stop by the following discussion to see how much other community members have paid for similar vehicles lately: "Toyota Highlander: Prices Paid & Buying Experience".

    Car_man
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  • Hi russotom. Toyota Financial Services' current buy rate lease money factor for a lease of a 2006 Highlander non-hybrid in its New York region is .00030 for consumers who qualify for tier "Tier 1+" credit tier. Its money factor increases to .00040 for consumers who only qualify for its "Tier 1" tier. For the '06 Highlander Hybrid, the money factor increases to .00075 for Tier 1+ and .00085 for Tier 1.

    Car_man
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  • Hi 5432. I believe that Minnesota is in Toyota's Chicago region. I have not seen this truck's lease program for that specific area, but I can tell you that in every other area that I have seen its lease program for, Toyota Financial Services' current buy rate lease money factor for the 2006 Highlander Hybrid is .00075 for consumers who qualify for its "Tier 1+" credit tier. This is probably this model's money factor in your area as well.

    Car_man
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  • Hi Arun. The allowance that you get for the Honda Civic that you trade in will vary depending upon a number of factors including the exact trim level that you have, its condition, and its mileage. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values".

    There's nothing wrong with trading in your current car when leasing a new one, however you would be better off having the dealer that you are working with cut you a check for your trade than using the proceeds from it as a capitalized cost reduction for your lease. I always advise community members against making large down payments on leased vehicles because if your leased car or truck is totaled in an accident or stolen and never recovered, your down payment essentially disappears.

    As far as the capitalized cost off the Highlander that you are considering leasing goes, you should be able to get an idea of how much you will have to pay for it by visiting the following discussion: "Toyota Highlander: Prices Paid & Buying Experience".

    Car_man
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  • Hi Linda and Paul. If I was in your situation, I personally would look into how much it would cost to lease a brand new Highlander Hybrid in your area right now before committing to assume someone else's lease. Even with the $1,000 capitalized cost reduction that was made on this truck, you may find that you are able to get a similar brand new truck for the same payment, or even less. I suspect that there is a very good chance that this is the case. Not only have the prices for hybrid models softened a little bit since they were initially introduced, but if I recall correctly the lease program for the Highlander Hybrid is significantly better right now than it was this time last year. If I am reading the information that you posted correctly, it appears as though whoever originally leased this truck paid over full MSRP for it. You should be able to get a much better selling price and money factor for this truck now. Take a look around and see how much you could lease a similar brand new truck for. There's lots of competition in New Jersey. You may find that you can get a brans new one for less than this used one. If not, you can always proceed and assume this lease.

    Car_man
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  • Hi laristondo. I am sorry to say that once you have signed a lease of a vehicle and have physically taken delivery of it you cannot renegotiate your deal. You're basically stuck. If you feel as though you should have gotten a better deal, chalk your current lease up as a learning experience and do more research before your next lease.

    Car_man
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  • Thanks, Car-Man,

    Just for me to be clear on your answer..there are no financing deals (money factor, cash incentives, etc) on Hybrids?
  • Car Man,

    Thanks for the information and the links.
    I tried the Market value and i got - $11,130/
    Since i still have loan on my car around $13,000/- I will have negative equity after Trade-in Value and I was wondering if i can pay the diff as a down payment?
    The dealer is telling me that for every $1,000 i put in the interest rate goes down by .25% is that possible?
    and they r having a sale with $389/month of for 36 months.
    I am getting this from Sunrise Toyota in Long Island,NY.
    Please let me know if someone has any experience with this dealer?

    Do you think its worth going for it?

    Thanks
    Arun
  • Contemplating a purchase of new 2006 Highlander Hybrid Limited with Nav in the north central area. Have negotiated price down to 41.6k, tax and title included-out the door, and can't seem to get it any lower.

    Am I in the ballpark or should I continue looking?

    Appreciate your opinions.
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