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Toyota Highlander Lease Questions

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Comments

  • jnkohjnkoh Posts: 37
    Update, got a counter offer from another dealer,

    same highlander, base 4wd option B.
    Cap cost 28000
    1434 due at signing (all inceptions, fees, first month payment, and taxes)
    $368 a month.
  • MF yesterday I was quoted this by a dealer in the Tampa Bay area:

    36 mo./ 12K per year:

    MF - 0.00143
    Residual - 49%

    Personally I'm waiting several more weeks this dealer and several others had loads of 08's on their lots. With the 09's coming in, and the current economic times I think you'll see either rates coming down or dealers wanting to slash prices on 08's. Toyota's US sales, including the Highlander, are waning.
  • I have to agree with medtech's comment regarding the Highlander.
    I'm currently renting a car in Denver,CO while waiting for Toyota prices to come down on the 2008 models. Local Denver dealers are sitting with a major surplus of 2008's and I'm still continuing to get lease numbers for a 4WD Sport in the mid $500's per month for a 3 year lease/12-15K miles/2000-3000K down.

    The real problem is I can't find a 2008 Highlander Sport with Navigation and cloth interior, and power rear door. I was told multiple times that such option/configurations don't exist. I find this completely and utterly absurd. If I'm paying for something, I should get want I want.

    The dealers I've been dealing with have been offering me vehicles with options I DON"T WANT! I don't want a sunroof, tow package or leather.
  • Please tell me you didn't lease a Highlander for $650 a month.
  • jk764jk764 Posts: 17
    heck no!

    went with a volvo xc90. experience at volvo also far superior.
  • Crisis averted.
  • Does anyone have the new MF and residuals for a FWD Limited 08 Highlander for 15K miles for 24 and 36 months? Also do they do 18K miles? I am in Texas. Why does it seem that the deals in other parts of the country are better than here? Thanks in advance.
  • Hi -

    Please help me evaluate the following:
    2008 Highlander 4x4
    MSRP=$40,898
    Negotiated Price=$36,603
    Lease Terms:
    36 months
    15k miles/year
    $905 down (includes taxes, etc)
    $699/month payment

    Good, bad, ugly?

    Thanks!
  • $699/month payment

    OH MY!! PLEASE tell me you played your pass card on that. At that figure, you'd be better off buying, or going somewhere else.
  • I completely agree, tourguide. Seven hundred bucks a month for a Toyota Highlander is absolutely nuts. That's BMW, Mercedes-Benz, Lexus territory. Definitely pass on this "deal."

    Car_man
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  • **OMG** Have I got a good one for you all. I am doing some preliminary shopping for Highlander, so I asked my local dealer to throw me some numbers for HiHy 12K/35 month - low to no money down and to throw me the same on a limited gasser. I wanted to just get a feel for where they were going to come in.

    Get this, for the HiHy - $975/month

    For the Sport (he said he couldn't find a limited) - $700/month

    No WAY would I accept those terms. EVEN at 7 franklins a month - I'd be owning that baby at the end.

    I may be looking for another dealer soon, when it comes time to get serious.
  • Just to give you an idea of what Lexus and Volvo are doing for leases. I have been looking at the xc90 and the rx350 (and decided to compare with the highlander tonight).

    2008 Volvo xc90 SE AWD (loaded with Navigation, backup camera, etc)
    $4500 down
    $515/mo

    2009 Lexus RX350 AWD (with Nav, etc)
    $3500 down
    $495/mo

    I don't see leasing a Highlander for $699 when you get get a much better deal on other suvs. Granted those are not hybrids but still.

    BTW - is the Highlander the same car as the Lexus GX470?
  • briegelbriegel Posts: 139
    The Highlander is essentially the same as the Lexus RX 350, or 400h as a hybrid.
  • Those monthly payments are more in line wiht what I'd expect to pay for a lease, though that is a LARGE amount of coin down. That helps reduce your monthly by quite a bit.
  • Holy Toledo, tourguide. Those are some crazy payments :surprise: . It's weird, too because Toyota's lease program on the '08 non-Hybrid Highlander is fairly attractive right now in most regions. Needless to say, you need to find a different dealer to work with. Thanks for the laugh.

    Car_man
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  • I'm looking into leasing a '09 Highland Sport AWD in Virginia. MSRP is $37,280 and includes upgraded stereo, Homelink, leather, power hatch, dual front a/c, auto rr a/c, sunroof, and tow package. Edmunds shows this car at $32,724 invoice and $34,925 TMV. I'm want to have a low monthly payment even if I pay more upfront. This is the first time I've leased and don't know how much is too much upfront. I looked into a '08 LTD AWD ($38,900 MSRP, 43% residual) model at a different dealership and their original offer including a trade was an astounding $862/mo with $1800 down. I got them down to $535 with $4k down based on a $34k sales price, but that payment was too high for what I want. I'm hoping the Sport and a different dealership may give me a more favorable residual and sales price. Any opinions on how low of a monthly payment I can get? Another question is on taxes. In VA, they charge you the entire tax of the car upfront (3%) and build this in. It seems to be different from the lease calculators that I've seen that charge a regular sales tax based on the lease payment.

    Any help would be greatly appreciated!
  • The standard advice on this forum is DON'T put loads of money upfront. If something catastrophic happens to the vehicle, that money is gone. So in order for a lease to be worthwhile it should be less than what you can buy for. The figures you were quoted were the same type of rediculous quote I was given. Look back and see the numbers I was thrown - no way would I go for that, or anything like that.

    IMO these vehicles are NOT a good lease bet right now. Toyota is hammering the residual right down into the basement - likely a forecast of fuel prices, and realistically they are probably right in that. Leasing these things used to be a great deal. Four years ago it was no problem to get a lease on a Higlander for ~$300 a month with no hassle and little to nothing down. Compare that to what you are being offered and consider that you can finance one of these for purchase over five years for the same lease payment they are offering - less in fact. You can pay for one over five years for about $670 a month (using 5.75% and an OTD price of 35000).

    Leasing needs to be a better deal than that (WAY better IMO) and NO MONEY DOWN, or it ISN'T a deal in any sense of the word.
  • Could someone please provide most recent MF and residual for a 3yr 36k lease (No. Cal.)

    Thank you.
  • BCD31BCD31 Posts: 4
    hi Carman,

    Can you please post the MF and residual percentage for a 36 month lease at 12k per year for both a 2008 sport and base highlander 4wd? Is TFS providing the best lease package at this point? I am located in the Northeast (CT). Is their more incentive to lease a 2009 in terms of MF and residual? Probably wont get more of discount on a 2009 than a 2008 in terms of cap cost.

    Thank you!
    BCD31
  • BCD - I gave up on the Highlander - Toyota is not budging on MF or residuals. Best deal to be had right now is the actually the RX350 - cheaper lease than the Highlander. I can't figure out why the "luxury" edition of the identical Toyota is less, other than a projected residual of 54%.
  • wvgasguywvgasguy Posts: 1,405
    I considered the RX but then found that it is the "old" Highlander competition and not upgraded like the new model Toyota. Not sure why they were not upgraded in the same model year.

    It's always been discussed as to why anyone would pay more for the Lexus when the differences were little but now with the new Highlander, you really just are paying for the prestige. I liked the new HH better than the Lexus for 2009.
  • Hi spingrinder. Toyota is not currently providing any lease support on the Highlander Hybrid. As a result, if you were to lease one through Toyota Financial Services right now, you would have to use its standard lease program. TFS' current buy rate standard lease money factor is .00295 for consumers who qualify for its top aka "Tier 1+" credit tier.

    Its current 36 month, 12,000 mile per year residual value for a base 2009 Highlander Hybrid is 57%. the problem is that TFS places restrictions upon what options can be residualized. This makes is difficult to figure out the actual dollar residual value for vehicles. So much so, that Toyota provides dealers with lists of the dollar residual values for the specific units that they have in inventory rather than relying upon them to calculate the resids themselves.

    Car_man
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  • pcantorepcantore South FloridaPosts: 131
    Hi Carman,

    I've got the following offer from a dealer for a 09 Model# 6942 Base 2WD 4 Cyl. Auto. with Towing Prep Pkg, Convenience Pkg, Manual Rear Air, Pwr Driver Seat, Daytime Running Light Pkg., Engine Immobilizer and 3rd Row Seat Pkg.

    Can you please provide the estimated monthly payment and TFS's Tier 1+ MF and residual percentage for a 48 month lease at 12k or 15k miles per year? I am located in the South (FL). Are there currently any incentives on 2009 Base 4 cyl.?

    Thanks for your help!

    PC
  • pcantorepcantore South FloridaPosts: 131
    This was the sale price offered: $26,950.
  • Hi pcantore. I see that you are located in Florida. Florida is the land of Toyota's independent distributor, SE Toyota. SE Toyota does not run leases through Toyota Financial Services. It uses its own captive finance company instead. Unfortunately, I have not seen SE Toyota Finance's lease program this month. sorry that I could not be of more help.

    Car_man
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  • Car man
    Can you please post the current lease numbers for Highlander Sport AWD in PA (Philadelphia area)? Also if there are any incentives for the 2008 left over there are quite a few in my area.
    Also was wondering is there any other incentives to purchase besides the 2K that is currently being offered. What kind of percentage rates will I be looking at?
  • AXM23AXM23 Posts: 64
    CAR MAN - can you tell me if the $2500 cash on the Highlander can go towards a lease? And is this cash only for 2008 models?

    What is the MF and Resid. on the Highlander Limited with Extra Value Package No. 1?

    36 months
    12k yr

    Thanks
  • AXM23AXM23 Posts: 64
    Is the reason why these posts on lease deals for the highlander dying because leasing rates are through the roof?

    I visited 2 local dealers in the northern NJ area for a Highlander Ltd. No nav
    Here are the quotes:

    36 months
    12k yr
    2000 out of pocket
    $689 w/ tax !

    2nd dealer:
    $639 a month

    Is anyone being quoted anything significanly different?
    Is the MF and residual this bad?
  • That's about right.....if you look at a 3 year loan for $30K @ 3.75%, the monthly payments are very close to that. My lease was no $$ down, for 36 months and 18K miles/year. Got them to throw in the maintenance, oil changes and tire rotations for the entire lease. My residual is 49.8% after 36 months and 54,000 miles. As one of the members said, which I will confirm that the Toyota Highlander LTD does NOT lease well....but I have had no issues with maintenance, I like the way it rides and drives. I doubt though, I will lease another. If you do decide to go with it, the Toyo 19" OEM tires are crap, and I had to replace them after only 16,500 miles.

    My .02 worth.....
  • AXM23AXM23 Posts: 64
    Thanks Houston Man. I am going to wait until March to see if there are any other better offers from Toyota. There is no way I am going to pay that kind of money on a lease for a Highlander.
  • Hi ljd1019. Unfortunately, I have not seen Toyota's current lease program for the '08 Highlander for your area recently. I will dig around and see what I can find out.

    On the purchase side, in its Central Atlantic region Toyota is currently offering $2,000 customer cash on the 2008 Highlander and $3,000 on the 2008 Highlander Hybrid, but no special financing alternative.

    Car_man
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  • Hi AXM23. The answer to your question is, It depends. Toyota's customer cash incentives are not compatible with its special lease program. However, it has stopped profiting lease support on the 2008 Highlander in a number of regions already. If you are in one of these areas and you want to lease this truck, you would have to use Toyota Financial Services' standard lease program. The customer cash is compatible with TFS' standard program.

    This truck's lease program varies depending upon which one off Toyota's twelve regions one is in. If you tell me what state you live in I will be happy to share what I know about Toyota's lease program there with you.

    Car_man
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  • Ah ha, I should have scrolled ahead. I see, AXM23, that you are in Toyota's New York region. Toyota is not providing lease support on the 2008 or 2009 Highlander in that area right now. As I mentioned, that means that if you want to lease one through Toyota Financial Services, you will have to use its standard lease program. TFS' current buy rate standard lease money factor is .00295 for consumers who qualify for its Tier 1+ credit tier.

    TFS' current published residual value percentage for a 36 month lease of an '08 Highlander Limited 2WD with 12,000 miles per year is 45%. In reality though, it is actually worse than that because TFS places restrictions upon which options can be residualized.

    I was actually in the market for a new SUV myself last month. I was planning on giving the Highlander serious consideration. Toyota's lease program has traditionally been very attractive on it. Alas, its current program is not nearly attractive enough and I took my business elsewhere.

    Car_man
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  • AXM23AXM23 Posts: 64
    Lol. Thanks for the chuckle Car Man. Yes, unfortunatley I am in a region where there is no lease programs on the Highlander. Their lease program is atrocious. I am also considering going elsewhere. The Pilot is in high contention.

    The problem is - I started researching rates at the end of December when every company had excellent programs. I was too new to jump on the first few deals I saw so I waited. After Jan. 5th, I kicked myself in the rear for not pulling the trigger on several deals.

    Any historical data you can share from previous years that would indicate better programs in March?
  • I'm trying to get out of my lease on a 2006 Highlander Hybrid Limited AWD because I need to lower my monthly car payment. My payoff is about 3k more than the TMV, and I have around 14 months left on the lease.

    I tried the method listed in this article -> http://www.edmunds.com/advice/leasing/articles/45858/article.html, under section #2."How do I buy my car at the end of the lease?" It suggested calling my leasing company and negotiating a payoff price different from the listed payoff because it's to the leasing company's benefit for me to buy it so they don't get killed at auction if I turn it in. That didn't work, they said payoff is non-negotiable.

    My monthly payment is pretty high (because I was stupid, and upside down in my trade-in) so I'm not sure whether listing on LeaseTrader or Swapalease will do any good.

    Is my best option just trying to get the best trade-in price possible?
  • wvgasguywvgasguy Posts: 1,405
    Just a thought but if you're already $3K more than TMV how would you expect to obtain another vehicle with significantly lower payments. You'll have to eat at least $3K.
    It appears the car may be worth a lot less than TMV at the end of the lease and if so you may be better off eating the payment for a year than taking the $3K loss.

    If I absolutely needed to lower monthly cost and if the car is OK I would rather buy the car and finance it for a longer period of time rather than lose $3K up front. I assume if you have $3K in your pocket that the extra $$$'s mo for 14 months shouldn't make that much difference.
  • wvgasguywvgasguy Posts: 1,405
    My monthly payment is pretty high (because I was stupid, and upside down in my trade-in)

    Just a word of fatherly advise. Don't make the same mistake twice, which is where you're heading on this.
  • AXM23AXM23 Posts: 64
    CarMan,

    Can you advise what the MF and Resid is on the Limited for 36 months, 12k and 15k per year? Did these rates get better than previous months. I can't imagine lease rates getting any worse than they have been for the Highlander.
  • No problem, AXM23. Unfortunately, I believe that looking at the historical patterns of lease programs probably won't help much in the current environment. Companies are pulling the plug on lease support left and right because they are getting killed by the residual values that they overestimated years ago. Major recessions are like Chuck Norris to the value of used vehicles. They have fallen off of a cliff lately and many banks have taken a bath.

    Toyota's March lease program for the Highlander is definitely more attractive than its February program was, but it would be very difficult to predict where it will head from here.

    Car_man
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  • Hey AXM23. I did it again. According to the latest information that I have seen (this may vary some by region), Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Toyota Highlander Limited 4WD with 15,000 miles per year are .00099 and 47%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Keep in mind though that the residual value percentages that TFS publishes are for base MSRPs. It places restrictions upon what options can be residualized. Doing so makes vehicles' effective residuals lower than its published numbers, not to mention difficult to calculate.

    Car_man
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  • Hi,
    I'm new here, first post. My 2006 Rav4 Sport lease is ending in 3 months. The dealer I leased at has already called me to come in and look at new cars. Am I going to get a better deal for being a repeat customer?

    I'm in NYC. I'm looking at Highlander 4x4 (either base or Sport). I trying to get a ballpark figure of a lease payment for a 36/10 or 36/12, with no money down. I'm looking at ones with MSRP around $30-32k. I have excellent credit.

    What are the MF and residual? Can those be negotiated or are they given by the dealer? Is the Highlander really popular in this area? Are dealers willing to negotiate much? I can't find this info. :confuse:

    Thanks for your help.
  • sjmom23sjmom23 Posts: 1
    Good Deal???
    2009 Base Highlander (v6 fwd)
    cold weather package
    blu logic
    extra value package
    daytime running lights
    dealer installed dvd player

    36 month lease with $1500 down $452 month (including tax).
    residual value $13,874. Negotiated price $27,956
    Appreciate any thoughts you might have! Thanks!
  • iamknottiamknott Posts: 82
    Just to throw more fuel on the fire..........

    A week ago, I asked a dealer in Central Ohio for lease quotes on both the Highlander and the RAV4, 3 yrs, zero down, 12k miles. The payments were about what everybody here has experienced. What shocked me were the residuals:
    Highlander, MSRP $37,600., residual $17,515.
    RAV4, MSRP $30,255., residual $17,815.
    I guess that tells you something about the leasing company's expectations for larger SUVs.
  • It's not just on trucks and SUV's, it's on cars as well. Toyota has for the most part been responsible and better yet, "realistic" when setting their residual values. They did their homework and didn't get greedy by oversubsidizing their leases like (for example) Nissan in the early 90's, which nearly bankrupted them 'cause they were getting killed on all their returns. My good friend up in the bay area at SFO Toyota and I had this discussion, and if you've ever wondered why you can sometimes lease a BMW less than a Toyota, here's a prime example.

    The one nice thing about a realistic residual is that if per chance you fall in love with your car and want to buy it out at lease-end, chances are that on a Toyota, the residual will be pretty close to what the market's fetching.

    Like Car_Man has said numerous times, Toyota sets a residual for each individual vehicle and not just one percentage straight across the line. People often think that by adding equipment like NAV and rear dvd systems etc. will increase the resid, when in fact, it usually lowers it.
  • Hi orangeman99. Toyota is not currently running any loyalty programs, so there really isn't any advantage to being a returning lessee.

    Toyota Financial Services' new New York region buy rate lease money factor for the 2009 Highlander is a very attractive .00028 for consumers who qualify for its top aka "Tier 1+" credit tier. This is the lowest money factor that the dealer is allowed to charge you.

    Highlanders are popular vehicles, but dealer grosses on them are low...particularly in the retail environment that we find ourselves in today. If I was in the market for an '09 Highlander right now, I personally would shoot for a selling price of slightly over dealer invoice. You should be able to get pricing feedback from other consumers who are in the market for similar vehicles by visiting the "Toyota Highlander Prices Paid and Buying Experience" discussion.

    Car_man
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  • iamknottiamknott Posts: 82
    I guess that explains my experience when I leased my 07 Avalon. I wanted the top-of-the-line Limited model, but it's residual was lower than the next-lowest model (XLS), which made the payment significantly higher. However, the lessor was a local credit union, not Toyota Finance. Maybe they went to the same leasing school.
  • Residuals will always vary from bank-to-bank, but most often, you'll find the best terms through the captive bank, and in terms of Toyota, that would be TFS. Case-n-point: Banks are in the business of buying and selling vehicles, so it behooves Wells Fargo, Chase et al to set a realistic residual, otherwise they're gonna' get killed upon return if the market value is way off. This was happening for years until banks finally realized that despite the interest they were making on your lease, they were giving it all back when trying to unload the vehicle to a buyer.

    Extra bells and whistles are always nice, but when it comes time for a dealer to try and pick that vehicle up from an auction (where it usually goes after your lease), many times, those "amenities" don't add squat to the value of the car, and the dealers/wholesalers looking to buy know that. Most people that buy used want a clean car that has a solid engine and tranny, and has convenient features like a/c power windows and locks etc, but the rear seat entertainment systems, nav, and other "overpriced" features when new just don't hold up well in the resale market - thus the dip in residual. Especially when you can by a Garmin or Tom Tom for $150 and move it between vehicles, as opposed to the $2000 factory nav.
  • mdxlesseemdxlessee Posts: 10
    Car_man: I am looking to lease a Highlander Limited with bells and whistles. My final price quoted here was $35.8K but for the 12K 36 month lease, the money factor used was very high, 0.0295, and the residual was very low at 42%, resulting in a lease payment of $717 with just first month's payment down. From your March post, the money factor and residual appear to have been are .00099 and 47%, which are very good. What can I do to negotiate better lease terms? Thanks very much for your help.
  • Hi Car Man and others). Really appreciate the help you give on this forum. We're older folk in Northern Calif. We're looking at purchasing a Highlander Limited w/no navi or DVD. Negotiated good offer of $350 below invoice. The vehicle is perfect for us in terms of options, color, etc.--in that sense our dream vehicle! We have excellent credit and and could buy outright.
    BUT: we've never owned an SUV, and the ride in the rear seat(s) seems a lot harsher than we're used to in our 2000 Sienna XLE. Making me nervous about plunking down $$36000 (out the door price) when we're not sure how satisfied we'll be with it. SO: does a short lease make any sense? We would probably buy it off of lease (or during lease if that's possible?) if we like the vehicle as much as we hope. Perhaps it would make more financial sense to buy it and then sell in a year or so if for some reason we didn't want to keep it? Thanks for the help. We have to make a decision within 48 hours--it's hard to find a Limited like this without tons of expensive bells and whistles we don't need.
  • wvgasguywvgasguy Posts: 1,405
    So, how often do you ride in the second row? The highlander is one of the best for comfort that I've found in mid-size SUV's with plenty of leg room, foot room and reclining seat backs. Then again I never ride back there (but it was a priority)
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