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Toyota Sequoia Lease Questions

CarMan@Edmunds[email protected] Posts: 38,515
edited January 2019 in Toyota
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota Sequoia. Thanks.

Car_man
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Comments

  • I was looking at a Honda Pilot and found the leasing thread for that car very helpfull so I hope that this one takes off. For anyone currently looking at the Sequoia this is what I was recently offered on leasing, it is a incentive program running through 12/05/05 and is for CBR>730.
    Acquistion Fee $400.00
    Doc Fee $250.00
    Title $150.00
    License $39.50
    Money Factor .00064 which is 1.536%
    Residual 62% of MSRP for 36 month /15000 year
    One thing of on the residual, not all options are included in the residual but the packages are.

    Hope this helps someone, and gets more people to give a little feedback.

    Good Thread Car_man
  • Thanks for taking the time to stop by and share the details of the lease that you were offered with everyone, kraftj.

    Car_man
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  • I am searching for an '06 Sequoia SR5, with a few options the MSRP is $41,560, with an inv of $37,090. When I do the math on $37,090 (which is what the dealer said he'd sell it to me for), I get $363/mo including 5% sales tax.
    But the dealer runs the numbers and comes up with $449/mo for 36 months.

    All I'd like to put down up front is $500 towards the fees you mentioned.

    Whose numbers are closer to the real thing? I'd be willing to lease an SR5 with a $37K invoice for $410/mo, am I being unrealistic?
  • Dave,

    With the same fees that I was charged, ($839.00) you will be raising you net cap since the lease usually requires a payment in advance, plus maybe a security deposit depending on your credit score which will eat up almost all of your $500. So lets say you are buying the truck for $37,090 on the low lease here is how it would have to break down to get to a payment of $390.00 without tax.

    LCPP $37090
    Fees $840
    Total $37,930

    Money Factor .00064
    Desired Payment $390

    Residual required to get to that payment $25,340

    Have the dealership tell you what the residual is and we can work off of that, also remember I have been told that the current cash rebate is in lieu of the low lease charge so make sure you are not taking this and the low money factor. Also the dealer may be including GAP insurance in his number.
  • I believe the residual the dealer showed me was $24,200, which is closer to a 58% residual than the 62% you mentioned in another post. How much of a charge does the GAP insurance come to each month? Thanks.
  • At a lease price of $37,930 and a residual of $24,200 with a money factor of .00064 your payment would be $420.95 plus tax or $442 with 5% tax.
  • dad23dad23 ColoradoPosts: 479
    I was wondering what the current residuals and money factors are for a 36 month/12K mile lease in Colorado on an SR5 4WD. Is there some place we can go to find them ourselves? Thanks in advance!
  • Greetings dad23. I haven't seen Toyota's specific lease program for your area, but in most of the country Toyota Financial Services current buy rate lease money factor and residual value for a 36 month, 12,000 mile per year lease of a 2006 Sequoia SR5 4WD should be .00100 and 63%, respectively.

    Car_man
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  • I am in the market for a new Lease and i cannot seem to find a dealer who wants to deal with me on a Sequoia Lease. My company insists on qualifying at 36 months, 15,000 miles and zero down (except first month and tag). The latest incentive from Toyota provides for a 39 month lease. Can i get them to work the deal on 36 months? The best I have been able to get so far is a dealer who is willing to pay the last three months.... But obviously he is rolling the cost into the lease! I am also having difficulty getting disclosure on the deal! I can get the sales price and residual, but it is hard getting full disclosure... any suggestions? The last dealer I tried working with got me so mad with the salesman bouncing back an forth between the "manager" only to bring back different information than I was asking for, that I finally ended up demanding to see the manager direct or else I was walking out. Got so much song and dance from the salesman, I walked! He has called four times since and I refuse to answer the phone!
  • Does anyone have the numbers? I'm looking at 15,000 miles per year for 3 years. Also do you have to pay a security deposit or acquistion fee?

    Thanks!
  • Hi soccerdad2. You definitely should be able to lease a Toyota Sequoia for 36 months. In fact, in most of its regions Toyota is pushing 36 month leases of this truck right now. Toyota's exact lease program for this truck varies depending upon which one of its twelve regions you are in. If you let me know what state you are in, I'd be happy to give you an idea of what its current lease program is like. For now, I can tell you that Toyota's buy rate special lease money factor for tier 1+ customers is currently .00100 in most of its regions. I can give you an idea of what the residual value is for the truck that you want if you provide me with a detailed description of it. Whatever you do, make sure to get the dealer that you are working with to provide you with the full MSRP and selling price of the truck that you want. The selling prices of leased vehicles are negotiable, just as if you were paying cash for them. Without knowing these numbers you won't know how much of a discount you are being given and will not be able to estimate what your truck's lease payment should be.

    Car_man
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  • Hello seekup2. Toyota's lease program for this truck varies depending upon which one of its twelve regions one is in. In most areas though, if you were to lease a 2006 Sequoia Limited 4WD through Toyota Financial Services right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00100 and 54%, respectively. I believe that TFS charges an acquisition fee of $400 on every vehicle that it leases. It charges a security deposit equivalent to your vehicle's monthly payment rounded up to the nearest $25 increment as well, but it often waives its deposit requirement on special leases.

    Car_man
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  • seekupseekup Posts: 3
    Thanks for the info Car_man!
  • Thanks for the reply. I am in Florida. The truck i am looking at is an SR5. The MSRP is $38,022. The followint info is off the WEB site of the Dealer:
    Base $32,820
    Options $4,552
    Manuf. Delv, Proc & Hndlg $650
    Subtotal $38,022

    Documentation Fee $500
    Total $38,522
    Options Installed
    Fuel Surcharge $20
    Rear Aerodynamic Spoiler-CX90 $438
    50 State Emissions-FEAT $0
    Front fog & driving lamps-LFAT $110
    Rear Side Passenger Door Privacy Glass-PGAT $80
    Roof Rack w/Rails-DRAT $220
    Convenience Package-CQAT $255

    Sequoia Keyless Entry-KE10 $245
    JBL AM/FM/Cass/6 CD Changer w/10 Speakers-EJAT $750
    Daytime Running Lights-RLAT $40
    4-18" BBS Alloy Wheels/Tire Upgrade-WP20 $1,735
    Toyoguard Plus Protection Group-XY70 $699

    Once I get your feedback I will approach the dealer again and nail down the residual, and selling price!

    I appreciate your help!
  • dad23dad23 ColoradoPosts: 479
    Hey Car_man,

    Can you tell me the MF and residuals for 36 months and 12,000 miles? Just curious, I called a local dealer and was told they don't do percentages any longer, each vehicle has it's own LEV, but it's obviously a percentage of the MSRP, do they just not want to give that info out? Thanks
  • I am being told by dealers(in Florida) that the residual on a 2WD SR5 is 63% of MSRP. However, so far I am being led to believe that the money rate is 0.00249 instead of the 0.001 you have indicated. This will be a lease picked up by my company therefore credit rating is exceptional! Are they just trying to work the deal to squeeze a little more out of it?
  • stillystilly Posts: 7
    I am receiving the same money factor (they like to say 2.49, however is .00249) and the dealers are advising they have a special residual "enhancement" that brings the residual from 58% to 63% (or more). I would like to know how to get the .001 money factor indicated in other posts.
  • txgirl17txgirl17 Posts: 1
    I am talking to a national leasing company about leasing a SR5 with most options. He is recommending a 48-51 month lease. I noticed everyone else is getting quotes for 36 months. What are pros and cons of this longer lease?

    I am a leasing virgin so don't want to be taken advantage of and I don't know all the right questions to ask. Any advise would be very helpful.

    Thanks for your assistance!
  • You're very welcome, seekup.

    Car_man
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  • No problem, soccerdad2. Ahhh, I see that you fall in Toyota's dreaded Southeast region. As you may or may not be aware, because of agreements that were struck many moons ago, the Southeast is one of the few areas that Toyota does not distribute vehicles directly to consumers. In your area it does so through a distributorship. This distributorship acts as a middle man, adding a little extra profit to deals like including options on vehicles that most consumers wouldn't want and even using its own bank, SE Toyota Finance, rather than Toyota Financial Services. If you were to lease a 2006 Toyota Sequoia SR5 2WD through SE Toyota Finance right now for 48 months, its buy rate lease money factor should be .00249. I am not sure what SE Toyota Finance's residual value for this truck is right now though. When negotiating your deal on this truck, make sure to take the $2,000 lease cash that is available on it in your area into account. It will help you to negotiate an attractive capitalized cost.

    Car_man
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  • Hi dad23. I've heard that Toyota does not provide dealers with lists of residual value percentages for vehicles any longer as well. If one looks hard enough, they can find the list though. Most dealers just don't bother to keep it because they have their own computer program that tells them the actual dollar residual value for units that they have in stock. These dollar values are much more accurate than the percentages because of the strange way that Toyota Financial Services calculates residual values. It places limits on which options can be residualized and places caps on the amount of money that can be residualized for them.

    Toyota's lease program varies depending upon which one of its twelve regions one is in. If I remember correctly, you mentioned in another post that you are in Toyota's Denver region. If you were to lease a 2006 Sequoia SR5 4WD through TFS in that region right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00100 and 63%, respectively, assuming that you qualify for its Tier 1+ credit tier.

    Car_man
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  • Hi txgirl17. The problem with leasing this truck for four years is that it only comes with a 3 year / 36,000 mile basic warranty (though its powertrain coverage is 5 years / 60,000 miles). This means that if you lease for longer than 36 months, you will have to pay out of your own pocket to fix anything that breaks on your truck (other than a powertrain component). Furthermore, a lot cam happen during the course of four years and leases are very expensive to get out of early. For instance, you could move or get a new job causing you to have a longer commute and go way over your mileage allowance. Or gas prices could soar over $3.00 a gallon again and you would have to pay an arm and a leg to fuel your Sequoia. Or you might just get plain sick of driving the same vehicle for so long and want something new. I personally tell consumers not to lease for more than 36 to 39 months, unless the difference in payment for a longer lease is huge.

    I usually find that consumers are able to negotiate better leases on their own by dealing directly with dealers than by going through brokers. Shop around with a few dealers and get lowest selling price that you can on the Sequoia that you want and then have them calculate its lease payment using its buy rate lease money factor.

    Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Car_man
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  • caritas1caritas1 Posts: 2
    Car_man, you seem to have lots of insight with regard to leasing issues and terms but I've found a couple of disconnects as I've tried to execute a lease on a new 2006 Sequoia - SR5 or Limited - in recent days. Please clarify a couple of things from this last post.

    Specifically, I've not been able to get any Dallas-area dealer to confirm that they will offer the terms of the widely advertised Toyota "Special Lease" to me as the potential lessor of a new Sequioia. Secondly, I was told by a dealer just today, that the $1800 cash back only applies to purchases and not to leases. You indicate that there is 2K Lease Cash available. Do both the Lease cash and the special money factor+residual subsidy apply?

    BTW, I've been pretty disappointed, as a consumer in Texas, that this region is dominated by Gulf States Toyota and its policies, both with regard to options/configurations and selection. :mad:

    I am hoping to execute a lease by this weekend at the latest, so I appreciate your quick reply.
  • djones07djones07 Posts: 3
    i am new to leasing and just got a 2006 sequoia sr5 4 x 4 for 359.63 a month. for 3 year 36,000 mile lease. the mspr was 41118 and the residual was 22,921.05 i negotiated a price of 36,700 and put 5000 down which includes the sales tax of 8 percent, my money factor was .001 and there was a 400 acquistion fee. i now toyota has a lease special of 359 for 3 yr 36000 mile, 2999 down and excludes tax, title , reg and acquistion fee. and security deposit is waived. not sure how my deal compares
    dealer also said i wasn't eligible for $1800 rebate
  • caritas1caritas1 Posts: 2
    Djones, in what city is that dealership located?
  • djones07djones07 Posts: 3
    albany ny
  • cartime1cartime1 Posts: 2
    I am still trying to negotiate a lease and have decided to look for a Sequoia rather than a Highlander to enjoy a little more room. Can you help me with suggested lease payment for SR5 4dr 4WD (4.7L 8cyl 5a) with following options: PT, AH, GY, KE would like the bluestell mica. MSRP is $41,430, invoice $36,571. The current money factor in MA seems to be .00075. Can you help me walk into the residual value and resulting 36 mos. lease payment with $1000 down? Much appreciated!
  • Hi, I'm in Northern California (Bay area) and I'm looking into leasing a SR5 with the following options.

    Alloy Wheel Package #2 ( AG)
    Convenience Package (CQ)
    Driver & Front Passenger Side Airbags (GY)
    Integrated Fog Lamps/Driving Lamps( LF)
    JBL AM/FM/Cassette/CD w/10 Speakers (DJ)
    Keyless Entry( KE)
    Roof Rack( DR)

    Looks like its runs about $35170.00 from a web site a dealer quoted me $35440.00

    What should the Money Factor and Residual be. Also does any one know if Toyota is going be be offering incentives Leasing or others during the Memorial Holiday.

    I Also heard that it is possible to get a better deal in Southern California if so does that effect how and if a lease occurs. Thanks for any input.
  • bigjoelr3bigjoelr3 Posts: 26
    I went into a Los Angeles area Toyota dealer today thinking I was going to lease a 4x4 Limited with NAV, DVD , Luxury package and other typical options. MSRP was 51984, with a selling price of 46500 (they were going to go down to 45900) the residual was a jaw dropping 47% on a 36 month/15k lease, money factor was .00100 and a $400 acquisition fee.

    Monthly payment was 757 with 8.25% tax. They would not budge on the amount.

    I was thinking I was going to get a lease payment around $628/mo and thought residual was supposed to be 54% which still is not all that great.

    Any thoughts on how to find a lower payment? If I purchase, pay tax and license, my payment for 60 months with 3.9% incentive financing is only $845, why lease.

    They tried to quote $1015 for a 24 month lease tried to say I couldn't use the 2000 off incentive and I said that lease rate for 24 months has no incentive, it should apply.
  • bigjoelr3bigjoelr3 Posts: 26
    Went to another LA dealer after getting the $757 lease quote. This one makes no sense.

    I got them to a price of 46599 on a 51984 MSRP 4x4 limited, they said they were going to give me the $2000 incentive and the .00100 lease factor incentive, which are not supposed to be able to combine. So purchase price is 44599. Residual was 54% (28071) instead of the 47% quoted at the other dealer.
    Somehow with a 36month/15k miles they came to 686/mo. I used leaseguide's lease calculator and found it should be $584.

    They could not tell me why the difference.

    Car_Man a little help here. What is the current residual money factor etc for 24 and 36 month leases for a 4x4 Limited Sequoia. Also, do you know the residuals for the 4x4 SR5?
  • milkenmilken Posts: 10
    I was in looking to lease an Limited 4x4 etc. the MSRP was $52,400 and I was quoted a money factor of 0.001 but the residual was 46% which I thought was absolutely ridiculous. Is that accurate? I was always under the impression that the Sequoia had one of the best residual values.
  • Hi bigjoelr3. It's strange that the dealer you are working with quoted you such a low residual value for this truck. I believe that Toyota Financial Services' 36 month, 15,000 mile per year residual value for an '06 Sequoia Limited 4WD should be more like 59%. The money factor that you were quoted is right on the money, the residual value is way off. This is strange because individual dealers do not have the authority to alter banks' residual values. Did they tell you that the residual value was "47%" or are you calculating it? Toyota Financial Services has a strange residualization policy for leases. Most manufacturers' captive companies allow the full residualization of vehicles and all of their factory installed options. However, TFS places limits on which options can be residualized and places caps on their values. Toyota's strange policy on this matter often makes vehicles more expensive to lease than one would initially think. Perhaps this accounts for the difference.

    Car_man
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  • Hi milken. Please see my previous post as to why this truck's residual values seem so low. Let me know if you have any other questions after checking it out. Thanks.

    Car_man
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  • kmreecekmreece Posts: 1
    I am leasing a Toyota Sequoia. The dealer tells me the payment will be the $389 per month as advertised. How are taxes normally paid for a leased vehicle? Up front on the $389 for 36 months, or in the monthly payment? Thanks
  • bigjoelr3bigjoelr3 Posts: 26
    Car Man, that is what I got from most dealers here in Los Angeles. It wasn't 47%, that is what is was calculated to be.

    The residual for the 51984 MSRP was 24261, they had a higher one that was something like $25k and change. At one point they were going to give me a residual of $28,071 (which is 54%)

    They all came back with the same $750 and change per month for the 36 month/15k lease, with a minimum drive off of about $1,200.

    I was bummed. Needless to say I went and leased a 2006 LR3SE for $610 per month with 15k miles.

    Please tell me where you get the 59% residual. I would have leased the Sequoia in a second for 36 months if they gave that to me. Would have been dirt cheap.
  • bigjoelr3bigjoelr3 Posts: 26
    Car_Man, the Sequoia where the residual calculates out to 47%, is the fully loaded package with NAV, JBL system, Luxury Package, Running Lights and Rear Spoiler. I guess they don't allow any residualization of any of the installed options. Guess I should have stuck to a stipper model.
  • Hi kmreece. Different states use different methods for calculating sales tax on leased vehicles. There are three main methods of doing so (I suppose that you could say that there are four if you count the states that don't charge sales tax at all). In the first, the state taxes the payment and down payment. Most states, including Florida, Georgia, Missouri, Connecticut, and California use this method. The second way is to tax the entire selling price of the vehicle. This is how sales tax is calculated on leases in states like Illinois, Texas, and Ohio. Lastly, some states only tax the depreciation portion of leases. This is tax is calculated on leased vehicles in New Jersey. If you tell me what state you are in, I can try to help you find out how sales tax is calculated in your area.

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  • Hey bigjoelr3. The residual value that I provided you with is accurate. The problem is that Toyota Financial Services' calculates vehicles residual values differently than most other banks. Its published residuals are for base vehicles. It places limits on which options can be residualized and caps upon the values of the ones that it allows. As a result, its vehicles' residuals are not as attractive as they initially appear.

    Car_man
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  • kntknt Posts: 4
    I am looking at a 2006 SR5 Sequoia with side curtain airbags, keyless entry, fog lamps, sunroof, roof rack, heated mirrors, 6 CD player and a few other minor options.

    I've been quoted $39,250 (which includes $1500 cash back - the $3000 cash Toy is offering minus the negative equity on the vehicle I am turning in early), 48 mo/12k miles, $555/mo. + tax, money factor .00265 with residual $18,600.

    The money factor seems high, although the residual seems low. Is there any way to predict if the money factor will get better in next month's incentives?

    Should I be trying to negotiate more off the initial price?

    Any help would be appreciated, Car_Man.
  • Put car and options into TMV calculator to determine what people are paying...that is the most you should pay. I've been able to whittle local dealers here in Philly to give me $500 under factory invoice PLUS the $2500 rebate. I would recommend looking online for financing..try leasecompare.com. The residual should be about 51% and I've seen money factor around .00241 with good credit. Work deal on Sequoia separately THEN discuss trade in...again use TMV to tell them what you will take for your car. Good luck.
  • apa1128apa1128 FloridaPosts: 12
    I am currently leasing an 06 Sequoia SR5 2WD that's fully loaded. However, the seats are killing my back, and I want something else. Why do these finance companies make it so difficult to get out of your situation? I'm extremely frustrated. :sick:
  • hooopshooops Posts: 64
    Car_man,

    Do you know what the residual and money factor are for oct on a 36 month / 15 k mi/yr lease? I'm intereseted in a sr5 4x4. Do you know if there are any current incentives and how the residual would be effected based on the option pkg selected? I see that Toyota configures the sr5 with 3 different pkgs priced at $575, $3285 and $6245.

    Thanks a lot
  • hooopshooops Posts: 64
    Car_man,

    Can you also provide the numbers on the vehicle for 24 months with 15 k mi /yr.

    Thanks
  • I'm looking at an 2wd SR5 with an MSRP of $38913 and a negotiated price of $35213. I'm trading in my current vehicle and getting $8750 all of which I'm applying to the Sequoia. Can someone please tell me what kind of payment I'm looking with a money factor of .00155 and a residual of $20571? I'm almost embarrassed to say the value I've come up with, but it's about $150 less than what the dealer is telling me. Thanks for any help.
  • Numbers NYS:

    MSRP 41,000
    Lease Price 36,200
    Residual 49%
    End of Lease Buyout 19200
    48 Month Lease
    12000 per year
    530 Per Month

    Carman How does this look?
  • sbuhlersbuhler Posts: 109
    Carman or anyone else can you help?

    How does this look for a 2007 Sequoia Lease
    I am located in New Orleans, LA

    MSRP: 37838
    Internet Price that dealer quoted (have not negotiated): 34292
    money factor: 0.00150
    Residual Value @ 12 K per year 36 mos: 21,234
    Residual Value @ 15 K Per year 36 mos: 20,571

    Can I do much better? Do you suspect that there will be better lease and/or financing incentives in the next few months (like the 2006 tundra) since there will be a new Sequoia for 2008?

    Thanks
  • Hi apa1128. I am sorry that the seats in your truck are bothering your back so much. Have you tried getting a back pillow to help ease the pain? This would be a much cheaper solution than trying to get out of your lease early. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. 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". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

    Sorry that I don't have any easy way for you to get out of your Sequoia now.

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  • Hey hooops. Here's the latest lease information for the truck that you're interested in. Toyota's lease program varies depending upon which one of its twelve regions you are in. In most of the country, outside of its Southeast region, Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2007 Sequoia SR5 4WD with 15,000 miles per year are .00179 and 58%, respectively for consumers who qualify for its Tier 1+ credit tier. Unfortunately this residual value percentage is for a base model without any options. TFS places restrictions upon which options can be residualized and caps on the ones that it allows. The way that it calculates the residual values for options makes it difficult to figure out vehicles' actual residuals. So much so, that TFS actually provides dealers with a list of the actual dollar values for vehicles that they have in inventory so that they don't have to calculate them themselves.

    Toyota is currently providing customer cash on the 2007 Sequoia in most regions, but this cash is not compatible with the aforementioned special lease program.

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  • Ahhh, I see that you want the 24 month numbers for this truck as well, hooops. Its money factor would be the same, but TFS' 24 month, 15,000 mile per year residual value for the 2007 Sequoia SR5 4WD is currently 64%.

    Car_man
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  • Hi evans23. A base 2007 Toyota Sequoia SR5 4WD has a spread of around $4,000 between its full MSRP and dealer invoice price. You were quoted a discount of $4,800 on this truck. This is an outstanding price if it is not taking any customer cash into account. The $1,500 customer cash that Toyota is currently providing on the '07 Sequoia in its New York region is not compatible with this truck's special lease program. Make sure that the dealer that you are working with uses Toyota's special lease money factor of .00179 (for customers who qualify for its Tier 1+ credit tier) to calculate your vehicle's monthly payment and you're in business.

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