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Toyota Highlander Lease Questions

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Comments

  • Well, we bit the bullet. We found a "base Limited"--about the only one in Northern Calif--that had only EVP7 and a few minor other options on it. Since the things we needed like power seats and backup camera were standard, we didn't want high-priced add-ons like navi, DVD etc. Was able to get it for $350 under invoice. Most importantly, my wife loves it! And wvgasguy, you're right--how often will I be in the back seats!
  • wvgasguywvgasguy Posts: 1,405
    Don't get me wrong, comfort in the second row seating was a critical factor for my decision, but the HH met all my needs, which basically was would I at 6'1" and 260# be comfortable riding there. I was. I don't think you'll regret the purchase. The HH will probably ride a little rougher but I'm pretty sure it will ride a lot better overall than the minvan.
  • Hi, I'm looking to make my first car purchase without the help of my parents. As an early college graduation gift, I wanted to buy myself a car. I've always loved Highlanders, but am in no position to buy a new one. I just wanted to get some feedback on a potential HH that is for sale at a dealership here in town and see if you guys thought it was a good buy or not?
    - Is that too many miles?
    - What is the battery life and have any of you experienced problems?
    - I appreciate any feedback!!! Thanks again!

    They are asking 18,871.
    2006 TOYOTA HIGHLANDER/HYBRID
    * Mileage: 73,894 Miles
    * Body Style: SUV
    * Exterior Color: Black
    * Interior Color: N/A
    * Engine: 3.3L V6
    * Transmission: CVT
    * Drivetrain: FWD
    * Doors: 5
    * Wheelbase: 107 Inches
  • mdhuttonmdhutton Posts: 195
    I'd question the huge mileage # in such a relatively short time. Was this owned by a private party or is it an ex-rental ?
  • Hi mdxlessee. A lease payment of $717 per month for a Toyota Highlander :surprise: . Holy Toledo that's bad. That's about three hundred bucks per month more than I would be willing to pay for this truck. Have you tried shopping around at other dealers? Clearly this dealer doesn't want your business.

    I would start by comparison shopping with other Toyota dealers for the Highlander that you are considering. If you are still getting quoted high payments, you may want to consider switching to a different model with a more attractive lease program.

    Car_man
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  • HI potential32. This particular discussion is for community members to discuss leasing the Toyota Highlander. You will probably have better luck getting an opinion upon the used Hihghlander that you are considering by posting this message over in one of the following discussions:

    "Toyota Highlander Prices Paid and Buying Experience"

    "Toyota Highlander"

    "Real-World Trade-In Values"

    Car_man
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  • tp21tp21 Posts: 11
    Car Man,

    Do you have the MF and Residual on a 09 Limited 4WD? 12k/36mo. Any dealer incentives this month? Thanks.
  • houston_manhouston_man Posts: 34
    OK, I have a lease question for you all. Lets assume my wife decides she likes our 2008 Highlander Ltd, and wishes to keep it after the lease ends. I personally like the way it drives/rides, the gas mileage just isn't exactly off the top of the charts.

    The calculated residual is 49.8% at the end of a 36 month lease, with an allowable mileage of 18K/year. I will be below 54,000 miles (allowable) at the end of the lease.

    Gross cap was $34K, and the purchase option at the end comes out to be roughly $17K. ALL maintenance costs were free for the life of the lease, as I negotiated that as part of the deal.

    Assuming the reliability of a Toyota, and the fact that my previous Camry got 275,000 miles before I sold it, does it mathematically come out over a 10 year period to be about a wash, or is it smarter to privately list it at the end of the lease? Only reason I ask is that every other car I have purchased, this is the first one I have leased.

    Thanks!
  • farrooq23farrooq23 Posts: 1
    Hi All-
    Just recently joined. I have a lease option for a 2009 Highlander - loaded with Nav and leather. With $2,000 down my payment would be about $560. Is that a reasonable price? They dealer tells me it would be cheaper to lease vs. buy at this point. Does that seem right??

    Any advice would be great.

    Thanks!!
  • starobinstarobin Posts: 6
    Hello , i am interesting to swab or sublease the highlander 2008 , any specification.

    thanks
  • starobinstarobin Posts: 6
    Hello everyone, does anyone know where can i get a sublease for highlander 2008? live in new york, thanks
  • I might possibly be interested, but I'm in GA. I get bored with cars quickly and have been feeling the new car burn a little lately. Got a 2008 HL Sport with only 8500 miles. I'm almost half way through my three year lease. Still a great car! Email me what you're thinking about. ;)
  • starobinstarobin Posts: 6
    hi, thanks, how do i contact you? thanks
  • rfm1237rfm1237 Posts: 2
    Car_Man,

    I am also looking for a Limited (loaded nav, dvd) 36m/12k. Any info on lease rates or residuals would be appreciated.

    Thanks!
  • paunchpaunch Posts: 7
    Car_Man,

    I too am in the market for a Highlander Hybrid and would like to know the current lease rates offered by Toyota. I see that there are lease deals being run now on a base Highlander Hybrid with an MSRP of $39,070. This SUV would lease out at $459+tax, 36 mon, 12K/year, $4,109 drive-off. Deal expires June 1st. Can you or anyone else tell me the residual and money factor used for this deal? I'm assuming there is some $$ off of MSRP and I'm not sure out of the $4,109 drive-off how much is cap reduction so it makes it difficult to guess the residual/money factor being offered. Just trying to work some other scenarios.

    Any help will be greatly appreciated.

    Regards
  • Hi tp21. Toyota's lease program varies by region. I need you to tell me what state you are in to give you an accurate idea of what its current program is like. For now I will post the Los Angeles region program for you, but keep in mind that A) this is the May program which is only scheduled to run through today...June 1st and B) Toyota's lease program varies significantly by region.

    Toyota Financial Services' Los Angeles region May buy rate lease money factor and residual value for a 36 month lease of a 2009 Highlander Limited 4WD with 12,000 miles per year are .00007 and 51%, respectively for consumers who qualify for its Tier 1+ credit tier.

    One thing that is important to be aware of when discussing TFS' lease program is that its residual value percentages are based upon vehicles' base MSRPs. It places restrictions upon what options can be residualized. This makes it very difficult for consumers to figure out what the dollar residual values for specific units should be.

    Car_man
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  • Hi farrooq23. It would be easier for everyone to evaluate this deal if you provided us with this truck's full MSRP and its selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number it is difficult to tell how much of a dealer discount you are being given. Let us know what these numbers are and I'm sure that either myself or another knowledgeable community member will be happy to give you their opinion.

    Car_man
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  • Hi starobin. Have you tried the sites that are out there like swapalease.com? That's where I would start looking. You might be able to find someone who is looking to have someone assume their lease on sites like craigslist as well.

    Car_man
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  • Greetings rfm1237. Toyota's lease program varies by region. I need you to tell me what state you are in to give you an accurate idea of what its current program is like. For now I will post the Los Angeles region program for you, but keep in mind that A) this is the May program which is only scheduled to run through today...June 1st and B) Toyota's lease program varies significantly by region.

    Toyota Financial Services' Los Angeles region May buy rate lease money factor and residual value for a 36 month lease of a 2009 Highlander Limited 4WD with 12,000 miles per year are .00007 and 51%, respectively for consumers who qualify for its Tier 1+ credit tier.

    One thing that is important to be aware of when discussing TFS' lease program is that its residual value percentages are based upon vehicles' base MSRPs. It places restrictions upon what options can be residualized. This makes it very difficult for consumers to figure out what the dollar residual values for specific units should be.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi paunch. Toyota Financial Services' lease program varies by region. As you mentioned, Toyota's incentives are only scheduled to run through today...June 1st. If you tell me what state you are in, I will gladly give you an idea of what the new program is like when I see it.

    Car_man
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  • paunchpaunch Posts: 7
    Thanks Car_man!! I'm located in Southern California. I called around to a couple of dealers before June 1st and got some interesting but varied data. Both dealers told me that the money factor was 1% or 0.00042. One dealer told me the residual was 47% and another dealer told me the residual was 53%. Both vehicles were base Highlander Hybrids with the PopularPlus/EVP2 option package putting the MSRP up to around $40K. The money factor differs significantly from what you reported for the SoCal region of 0.00007 or a money factor of around 0.17. Do you think the sales people just don't know, pulling a fast one or these numbers really vary within the same region for Toyota Financial (I can't imagine that this is the case). I know you said that the residuals vary with MSRP (just to make it even more complicated for consumers) but I can't imagine that they vary that much.

    In any case, I would greatly appreciate any help with leasing numbers for June. On a related but different topic, I read on another thread that someone got 0% and someone else got 2.9% financing from Toyota Financial. I called a dealer and they said the best they can get from Toyota Financial is 6.8%??? I can get way better than that from my Credit Union. It really makes trying to be an informed consumer very frustrating.
  • eardoceardoc Posts: 4
    Please comment on this deal -
    12K/36 months lease on Toyota Highlander Limited 4 WD 2010(no nav/no DVD)
    Sale price 35565
    MF0.00001
    Residual value 49-53%
    549/mo with 1200 OOP at inception
  • indecisionindecision Posts: 22
    How does this sound?

    12000 mi/36 mos
    2009 Highlander Sport
    0 down, 460 per month including taxes
    In NY
  • lsnhclsnhc Posts: 11
    $549 seems like a lot of money... My wife's 2006 4Runner Limited's lease expires at the end of the month (we've been paying $508/month incl tax - V8 w/nav)) and while I realize that neither the residuals nor the leasing options are nearly as attractive as they were 3 years, ago, I'd be hard pressed to spend $549 for a Highlander with a sticker substantially less than the 4Runner (and no nav). I think that the problem is that Toyota's deals right now pale in comparison with a number of the alternatives. We have loved our vehicle, but it looks like a new lease would be out of our range. We are exploring the option of extending the current lease for another year.
  • womblewomble Posts: 28
    hi car man, wonder if you can comment on the following offer in so cal for a 2009 highlander hybrid limited with nav, based on discounted price of $43,250 (sticker was mid $46,000)

    36 mths,
    12,000 miles,
    0 down/cap red,
    drive off of $1229
    monthly payment $682 + tax

    Based on residual of 50% but I don't have the money factor used to compute these numbers.

    It looks like a good deal to me. What are the drive off costs for toyota? acquisition fee and security deposit? Where can I find these? Thanks you!
  • paunchpaunch Posts: 7
    I'm in the market as well. I've been told that the money factor offered by Toyota Financial for this month is an extension of the deal they offered last month and it's 0.00042 or 1%. Using your numbers for MSRP, negotiated price, residual and using this MF, I get a monthly that is more like $583+tax so your number seems quite high. Also, you might check carsdirect.com. I plugged in a set of options on a Limited that puts the MSRP up at $45,785 and the price that they offer is $42,823. In my experience, when you get routed to a dealer internet department via this site, they will match that price. If you shop that price, often you can beat it so the opportunity to go even lower exists.

    Good luck.
  • womblewomble Posts: 28
    thanks, paunch. I've actually leased two other cars through carsdirect.com and had an amazing experience there. I went to the toyota dealership to drive the car but, of course, got the whole sales pitch and its easy to see how people make snap decisions when they just show you they've knocked thousands off sticker. Confused re basic drive off costs though. $800?
  • I have excellent credit and live in Texas. I like to change my car every 2-3 yrs, but drive a lot of miles. I was told that I should lease... I wanted to know if this is a good deal (offer from private lease company -- see below) or can someone tell me what deal I should expect for credit score of 785? I wasn't able to negotiate this down any further...

    New 2009 Highlander Limited FWD Lease Offer
    Options: Navi pkg (pkg #8), floor and cargo mats, mud guards, wheel locks, window tint
    MSRP: $38,488
    Purchase Price: $35,597
    Dealer Invoice: $35,347
    Lease for 48mos/60K (cuz of my driving habit)
    Money Factor: 6.84% (I think this is high)
    Residual Value of $11,670
    First payment of $728 ($728/mo lease)

    Note: I plugged in the numbers provided to me with Acq fee of $795, Doc fee $50, Title fee of $180, I didn't get the $728 pmt quoted by the lease agent (it was roughly $700).

    I keep on hearing that we shouldn't put money down on a lease. However, I can get a 2.99% balance transfer rate until paid off with my credit card with a maximum transfer fee of $100. Note: I have an excellent credit and pay my bill on time. Should I consider this option as a down payment (it looks like I will save on finance charge)? If so, how much should I put down.
  • wease944wease944 Posts: 20
    2009 Highlander limited...Extra value package...spoiler..wheel locks..mudguards and cargo net
    Msrp39,475.....Reduced to 36,000
    12k miles..36 months
    Rate.00001
    Residual 18015
    Total Init Pmt 3484.33
    Monthly Payment of $491.79
    Is this a good payment? I would love to have it in the mid 4's...
    Help......
  • Here is an interesting lease vs. buy article in the Money section of USA Today on Friday......

    http://www.usatoday.com/money/autos/2009-06-25-lease-buy-car_N.htm?loc=interstit- ialskip
  • AXM23AXM23 Posts: 64
    Does your sport come with any options or packages? Are you in NYC?
  • AXM23AXM23 Posts: 64
    Which dealer quoted you this deal? I am looking for the same vehicle (also in northern NJ) and am beginning to hate all Toyota dealers in the area....

    If you landed this deal in the mid 400s please let me know.

    Thanks
  • brentpbrentp Posts: 7
    Lease is up next month on a 2006 Highlander. I think the car is clean (few chips, scratches less than an inch, etc.) and will be under the allowed mileage. That said, this is my first lease and we will be turning it back in to Toyota - no replacement.

    Does Toyota publish what is considered "normal" for wear and tear?

    What are your experiences with returning a lease through TFS - are they reasonable? Just don't want to be surprised in a few weeks after the inspection to find they want big bucks. If it helps, we live in the New England area.

    Besides pre-return photos - any other tips for lease returns?

    Return to any Toyota dealer - or is there a benefit to returning it to the original dealer (80 miles away)? I have gotten different opinions on this.
  • a64marca64marc Posts: 21
    carman: wondering if you can tell me current m/f and resid. for

    current highlander ltd (fwd) 3 years 12k miles per year

    I had thought it was .0007 and the resid should be above 45% (but I have a jerky socal dealer telling me it's 38%) loaded with just the nav/mnrf pkg and msrp'ing at 37,779 what would be a decent sales price to you in So California?

    and rather than post a separate message could you also tell me what it is for the mazda cx-9 grand touring fwd same miles and years w/nav and mnrf as well

    big thanks
  • hooopshooops Posts: 64
    Car_man,

    Can you please provide the lease numbers on the Sport and Limited models on a 36month, 15k mi/yr lease. Do you know if there's any additional support?

    Thanks
  • gouclagoucla Posts: 32
    Car_Man,

    Could you please provide current mf and RV for Highlander Ltd AWD and Highlander Hybrid Ltd AWD, 36 month/12k. Also, please confirm if there are other incentives in addition to $1500 & $750 customer cash? Can these cash incentives be combined with the lease rates?

    Thanks,
    Brian
    San Fran, CA
  • Would like to know this too!
  • I am looking to lease right now and would also like to know the information posted by goucla. I live in northern NJ.
  • Hi brentp. On its Web site, Toyota Financial Services says the following about excess wear and tear on leased vehicles:

    "Excess wear and use may include the following:

    * Inoperative mechanical and electrical parts
    * Damage to the body, lights, trim or paint
    * Damaged, broken or tinted glass
    * Torn or damaged interior
    * Damage from flood, water, hail or sand
    * Tires with less than 3/32 inch of tread remaining
    * Missing equipment, parts, or accessories
    * Excess mileage
    * Excess wear and tear"

    Most manufacturers' captive finance companies are fairly reasonable when evaluating the condition of vehicles at lease-end. As long as you can find a dealer that is willing to take your car back from you, there really is not any advantage to returning your car to the dealership that you originally leased it from.

    Car_man
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  • Hello a64marc. I have not seen Toyota's specific lease program for Southern California yet, but I suspect that Toyota Financial Services' buy rate lease money factor for the 2009 Highlander there is pretty close to zero.

    The 45% residual value that you mentioned is correct for a 36 month, 15,000 miles per year lease of an '09 Highlander Limited 2WD through TFS, however keep in mind that TFS calculates leases differently than other banks do. The residual value percentages that it publishes are for base vehicles. It places restrictions upon what options can be residualized, which essentially make the effective residual lower than its published percentage.

    Here's the info that you requested in the CX-9. Chase's (Mazda runs its special lease program through them) current buy rate lease money factor and residual value for a 36 month lease of a 2009 CX-9 Grand Touring FWD with 15,000 miles per year are .00081 and 45%, respectively. Unlike TFS, Chase does not place any restrictions upon the residualization of factory-installed options.

    Car_man
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  • Hey hooops. Toyota's lease program varies by region. You never mentioned what state you are in, so for now I will throw a dart at a map and assume that you live in the...New York region. Let me know if you live elsewhere.

    Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Toyota Highlander Sport 4WD with 15,000 miles per year in that area are an amazingly low .00001 and 47%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier. The numbers for the Limited 4WD model are exactly the same.

    Toyota is providing cash incentives on the '09 Highlander, but they are not compatible with its special lease program.

    Car_man
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  • Is that the same on the highlander hybrid limited?
    thanks!
  • I just ended a painful session attempting to lease this car in Plano, TX. This Limited came with the extra value package #8, car mats, body side moulding, vehicle shield package and a destination charge of $855. MSRP - $38,028. Edmunds shows invoice amount for this car with $800 destination charge as $33,918 ($29,762 + 2,952 + 180 + 125 + 99 + 800). I offered $34,250 and they countered with (purchase price negotiations started after lease negotiations) $36,950. I shared all my Internet-obtained information with the sales manager and increased my offer to $34,800, and he countered with a best and last offer of $$36,900. The best offers I could get for a lease were the following based, according to the sales manager, on a residual of $13,417 and money factor of 0.00285 (6.84%): 48 months - 598/month, 12K miles, 2,500 "down pymt" plus pre-pmt of last month's rent and pmt of license and registration fees; 60 months - 560/month, 12K miles, 2,500 "down payment" plus pre-pmt of last month's rent and pmt of license and reg fees). Using the sales manager's residual and money factor amounts, I calculated and offered to lease this car as follows:

    33,070 - 13,417 = 19,653 divided by 48 = $409.44
    33,070 + 13,417 = 46,487 times 0.00285 = $132.49
    409.44 + 132.49 = 541.93 times 6.25% (sales tax in TX) = $33.87
    Monthly pmt = $575.80, no "down payment" but pre-pmt of first month's rent and pmt of license and reg fees with 12K miles

    I also offered $542 per month for 36 month lease with same terms as above but using residual of 47% and money factor of .0001 calculated as follows:

    33,070 - 15,542 + 17,527 divided by 36 = $486.86
    33,070 + 15,542 = 46,487 times 0.0001 = $4.86
    486.86 + 4.86 = 491.72 times 6.25% = $30.73

    Excuse for the foregoing terms ran the gamut for low inventory due to cash for clunkers, Toyota going low with residual amounts given the economy and prior experience with cars coming back off of lease, and a desire to make "just a little bit of profit".

    Was my experience atypical of what others are experiencing or have experienced? Also, were my offers out of line and/or unrealistic? Any guidance will be much appreciated.
  • Can anyone confirm the current '09 Highlander lease available in NY please? I believe it is .00001 money factor w/ 47% residual for 36 months 12k or 15k miles. Thanks.
  • Car_man,

    What are the 24 and 36 month lease numbers on a Highlander Sport and Limited models with 4WD. I'll need 15000 miles a year on the lease.

    Thank you
  • benneybbenneyb New JerseyPosts: 16
    Car_Man,

    I'd like this information as well, if available.
  • toledo73toledo73 Posts: 170
    I've leased my share of cars and have never seen such a low residual. It is too low to make a reasonable deal. May be better to get a good internet price, take the 2.9% financing and just buy the thing. The Venza with a residual of over 60% and a .00265 money facor is a much better deal now.
  • I live in Southern California and am negotiating with a few dealerships on a 2010 Highlander Sport w/ Navigation and Leather, 36 months @ 15k miles/year.

    The MSRP for the particular model is $36,689, one dealer quoted my price @ $34,290. Current Money Factor here is .002% & the residual for this model is $18,828.00 (51%). Payment is $572.75/mo (incl. 8.75% tax) with zero ($0) down and $1,151.00 drive off (1st mo. / tax / tags).

    My question is: Do you think the dealer can get any more aggressive than $34,290? or is this as good as it's going to get? and, the drive-off @ $1,151 seems high, what are your thoughts?

    Thanks for your help!
  • Hi benneyb. Toyota's lease program varies depending upon which one of its myriad of regions you are in. It would be easier for me to give you an idea of what this truck's current money factor is like if I knew what state you are in.

    Toyota Financial Services' residual values are national (other than the Southeast) so I can give you an idea of what those are like. Toyota Financial Services' current residual value for a 36 month lease of a 2010 Highlander Sport or Limited 4WD with 15,000 miles per year is 57%.

    The problem is that Toyota's published residual values are for base vehicles. It places restrictions upon what options can be residualized that make it difficult to calculate the actual dollar residual values for specific units, so much so that it provides dealers with a list of the actual dollar residuals for the units that they have in stock.

    Car_man
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  • Hi Car Man,

    Do you have the updated residual values and money factors for 2010 Toyota Highlander Sport? Also, I'm not sure if you could lend your opinion on post #405, but I'm hoping that I'm getting a fair deal from the dealerships.

    Thanks for your time. :)
This discussion has been closed.