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2017 Toyota Tundra Lease Questions

CarMan@Edmunds[email protected] Posts: 38,515
edited May 2017 in Toyota
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota Tundra. Thanks.

Car_man
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«1345678

Comments

  • Can you please provide the residual rates for a Tundra for a 24 month lease on an '05 and/or '06 as well as the corresponding money factors? Any current lease incentives available? I didn't see a forum for the Tacoma (largest crew cab they make) model, I could use the same information for the Tacoma as well. I normally buy American, but this time I'm looking outside the borders. Thanks. Hassen
  • moving this reminder from SMart shopper lease questions

    Is the 2006 Toyota Tundra lease program out? (Sept 7th)
    Trying to find residuals and depreciation pct for MSRP $27645 4WD, V8, access cab. 24 month.

    thanks
  • Hi Hassen. I need some additional information from you in order to give you an idea of what this truck's current lease program is like. This information includes the exact model that you want, i.e. a 2005 Tundra Regular Cab 2WD, a 2005 Tundra Double Cab 4WD, as well as what state you are in. I need the same information on the Tacoma as well. I only started specific discussions for the most popular vehicles that consumers ask lease questions about. The Tacoma is not a popular vehicle to lease because Toyota has not been providing any sort of lease support on it.

    Car_man
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  • Thanks for moving your post, 108flat. Yes Toyota's new September lease program for the 2006 Tundra is available. I need some additional information from you in order to give you an idea of what this truck's current lease program is like. This information includes the exact model that you want, i.e. a 2005 Tundra Regular Cab 2WD, a 2005 Tundra Double Cab 4WD, as well as what state you are in.

    Car_man
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  • 2006 Tundra 4x4 Access Cab SR5 V8 5-Speed Auto base price $27,645
    Delivery, Processing Handling Fee: $565
    Option Combination #B $2,100
    gross cost $30310

    in Kentucky
    thank you for your time
  • You're welcome 108flat. I believe that Kentucky is in Toyota's Cincinnati region. According to the latest information that I have seen, if you were to lease a 2006 Toyota Tundra Access Cab SR5 V8 4WD through Toyota Financial Services in your area right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00082 and 65%, respectively.

    Car_man
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  • Back in Sept of 2001 I went out looking for a new Toyota truck :) and came across what I was hopping to be a nice buy, a Tundra 2wd. :)
    The sale-man was just telling me O'h leasing was just wonderful (the best thing in town) I'm coming to the end of my lease now and coming to find out that the salemen was NOT up front with me at-all :mad: :mad:

    This truck will have 30,000 buy the end of this mo. yes I do alot of driving as you can tell. Still has the same show room tires.. It's had 2 recall's 1 front end and this last one was dealing with the exhust system..

    I have done a lot of talking to the managers at Toyota of Concord CA all to know avail. Come Dec. 2005 my last invoice will have a $18,000.00 last payment Due notice :confuse:

    So the Salemen can do on wrong it seem's I am holding the bag. Is there anything that I can do?
  • kyfdxkyfdx Posts: 148,473
    Are you sure you have a lease? If you have an $18K payment that is not optional, then it sounds like a balloon payment loan..

    And 30,000 miles? That doesn't sound like much over 4 years... Do you mean 300,000 miles?

    You might want someone independent from the dealer to look over your paperwork.

    regards,
    kyfdx
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  • I am sorry to hear about your situation, mike101a. I suggest that you place a call to the bank that your lease or balloon note for your Tundra is through. Even balloon notes nowadays usually give consumers the option to just turn their vehicles in at the end of their contract rather than forcing them to purchase them. There is a good chance that you can walk away from your truck in December, just having to pay any excess mileage and wear and tear charges. The recalls that your truck has had should not be a problem. Vehicles have them all the time. It would be a good idea to get them taken care of, for your own safety more than anything, but you will not be fined if you don't. As far as the tires go, if you have not rotated them on a regular basis, there is a chance that you will get hit with an excess wear and tear charge if there is not much tread left on them. I agree with kyfdx that 30,000 miles is not very much. Is that a typo? If not, you probably will not have to pay an excess mileage charge on your truck.

    Car_man
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  • Toyota has had a $269 / month lease offer out for two months now on a 2006 Tundra Double Cab SR5 V8. This is for 12K miles a year for 39 months.

    The cars that fall in line for this are targeted at $27,600. (extra accessories mean a greater payment ...) The buyout afterwards is around $20K.

    This sounds like a really good deal. Almost too good?
  • pam6pam6 Posts: 2
    The offer in my area is either: $199 month for a Tundra Regular Cab, 36 months with $698 due at lease signing, or $269 month for 36 months with $768 due at lease signing. This does sound like a great offer and we have never leased before. I would love to hear any feedback including pros and cons. This truck would be for my husband who usually drives under 9,000 miles per year.
  • Hey Car_Man,

    I was wondering what you think of this lease.I got a quote on a 06 Tundra double cab 4wd today that I think is a good deal.The sticker price is $33,100,and the truck is a double cab 4wd SR5 w/ all weather package,JBL stereo,alloy wheels,color keyed fenders,keyless entry,limited slip,fog lights,privacy glass,bedliner,exhaust tip finishers,and carpeted floor mats.

    The deal is $291 a month including 5% sales tax,and a buyout of $21,116.The money factor is .00025,but I am not sure of the selling price.the sales guy told me it was invoice,so I could figure that out.All I would need to come up with upfront is $459.15 which is first month,and DMV fees for plates,and such.This is a 36 month 12K miles per year lease.Does this sound good to you?I need to act before the end of the month if I want this deal.Thanks in advance.

    Chris
  • 06 SR5 Double Cab 4x4, MSRP - $33,500, selling price $29,900. Invoice showed $30,500. Options: AA, DJ, KG, LD, KE, JZ, JC, LF, CK, PG, FE and a bedliner. Lease payment $295 (incl 6% tax), zero down. 36 months, 12k a year. Residual $20,000.
  • Car_man,
    Any chance you can give me lease numbers on a Tundra Double-cab 4WD in Colorado. They are advertising a $249 pm lease on this truck with a couple of grand down for 36 months. I'm trying to figure out what I should be paying after I negotitate the cap cost a little. I'm also looking for similar numbers on the Tacoma truck too, again, double cab 4WD
    Thanks
    Paul
  • I just bought mine on 1/31/06.Same truck except mine doesn't have the JBL stereo and the exhaust tips. 3 year/36 month/16,000 miles per year,$1000 equity from trade,nothing down except for 1st payment.$349.45 per month.
  • Hi Chris. You never mentioned the selling price of the truck that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion on the lease that you were quoted on the Tundra that you are interested in for you if you let me know what its selling price is. For now I can tell you that the money factor that you were quoted looks very attractive and it is in line with Toyota Financial Services' current base lease money factor for the '06 Tundra in many regions.

    Car_man
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  • I sure can, Paul. If you were to lease a 2006 Toyota Tundra Double Cab 4WD in Toyota's Denver region right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00025 and 61%, respectively. The Tacoma's lease program is much worse right now because Toyota is not providing any sort of lease support on it. The numbers for an otherwise identical lease of a 2006 Tacoma Double Cab 4WD should be .00265 (yuck) and 67%.

    Car_man
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  • Congratulations on your new truck, cyclone7. Thanks for taking the time to share the details of your lease with everyone.

    Car_man
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  • the reason toyota can offer that aggressive of a lease on the tundra is beacuse of the low money factor, high residual value and since they are redesigning the truck in 2007 they are offering a 3 year lease using a 2 year residual... if you qualify for leasing this deal is unbeatable!!
  • coolfbcoolfb Posts: 1
    Using the options from the Toyota website for the truck that qualifies for the $269/$669 due at signing, I cannot duplicate that payment with a .00025 money factor and a $20,400 residual. Sticker with the options listed on the the site is $33,377. Can anyone offer some insight? Thanks in advance. By the way the dealers are playing dumb in my area with this lease deal.
  • miller14miller14 Posts: 9
    I cannot believe all the excellent deals everyone on this forum is getting or being offered. I cannot find a dealer here in Tampa Bay, Florida to even come close to $299 a month for a Toyota Tundra Double Cab 4x2. The trucks I am looking at have around a $32,000-$33,000 msrp. One price I was quoted was $450/month with $500 down for a 36 month 15k miles a year. Another thing, I am reading on this forum that the residual is around 62% for this truck, but the dealers near me are saying that the residual is 52%. I am so confused and baffled by all of this. Why can I not get the deals that others on this forum are getting? Does anyone have any ideas?
  • sebring95sebring95 Posts: 3,241
    A few questions/things to consider:

    Is it possible the residual on the 4x2 is substantially lower than the 4x4? Most of the deals I've seen were on 4x4's. Around here, a 4x2 is worth significantly less on resale even considering the upfront cost savings.

    Are you looking at limited models? I believe most folks getting the low lease rates are buying SR5's. My fairly well equipped 4x4 SR5 stickered at $34,000 and I paid around $29,500. A 4x2 SR5 should be a lot less unless you're looking at limited models or adding NAV/RES to an SR5.

    Are they quoting you residuals/pricing through Toyota Finance? That is the only way to get the low money factors and residual used for the promotion.

    Is the lease promotion even still going on??

    What price are they using as the selling price? If they're selling for MSRP, that's another reason the price could be high. For ever $1,000 they come off MSRP, you save over $28 in payment/month. You should be buying at close to invoice IMHO, whether leasing/cash/financing. Some dealers try to pretend MSRP is the only price they can use on a lease, but that's pure bull.
  • retrocoretroco Posts: 1
    Hello, I love this forum, I have been highly enlightened on the subject of Lease vs Buying a truck, but I still need some help. Today I went to my Toyota dealer to talk about my 05 Tundra doublecab 2x4, I paid $29K for it 10 months ago. My payments with conventional loan is $574. I wanted to trade it in and get another truck for less $ per month. I was offered a 36 mo lease with my trade in truck for $569 a month with a value of $29K and at the end of the lease the value would be $16K something. to me, the smart part of this is that in three years time I can trade again and have a positive value of $16K. I'm not clear on negative equity carried over as one of my friends was telling me and of course NO one I spoke to has anything positive to say about leasing. What are the negatives can anyone tell me? And can you give me an 06 Toyota Tundra;access cab; v8 4wd stepside quote for Charlotte, NC thank you for any input!
    Retroco
  • sebring95sebring95 Posts: 3,241
    If your payoff on the current truck is higher than what they're going to give you on a trade, then you have to pay that difference somehow. That difference is considered negative equity. You could pay it in cash or roll it into the new lease. Leasing really isn't for everyone, and my opinion is if you're only doing it for a low payment, don't do it. Unless you have cash to invest other places or can take a tax deduction for your lease payments, you'll likely pay more for the vehicle by leasing (low payment not withstanding...). Toyota does have some attractive lease deals (if they're still offering them) but they also have decent rebates if you're buying. Trading out at 10 months is really bad financially.

    And no you won't have positive value of $16k in 3 years, you'll have nothing. You'll either turn the vehicle in or buy it for $16k.

    If you keep your current truck, it will likely be worth more than your loan balance in less than 3 years. THAT is positive equity. You're not likely to EVER have positive equity on a lease.

    There's a reason a lot of folks are negative about leases: It's easy to get burned and most folks are not happy when it's all said and done. They have very little flexibility and for someone without any cash they are more difficult to get out of early.
  • Car_man....finalized the numbers and am picking up my '06 Black Limited, crew cab, 4X4...MSRP $38,4XX. With $1000 down i'm at $319 for 3 yrs and 12K miles per year. $336 with GAP. I'm in the North East... :)

    Thanks again for all of this informaion...GREAT SITE!!!

    --Jericho88
  • ajgooseajgoose Posts: 1
    It now is 4/7/06, had read all the info here then, went to dealer last week they said leases were great on a crew 4x4 tundra TRD SR5, should be about 385 on a 15k/36month. Today they pull paper work a show a .00096 rate/ 59% residual and want 451/month with first month payment down. I mention the .00025 I was hoping for, they tell me that was last month and ended on the 4th. Was going to check other dealerships? I didn't mess with the the cap cost of 34k as I hope to get it down a bill or two but is the new rate gone up? I am willing to fly other places to buy my 3rd tundra as I would drive anything else but the dealer was pretty locked in.
  • sebring95sebring95 Posts: 3,241
    Either way, .00025 and .00096 isn't going to cost you the $66/month difference. The Cap cost will have the greatest effect on your payment and is the most negotiable figure when leasing. If they drop the price $2,000 that will pretty much get you right around the $385 figure.
  • Hi Car_Man, Its time to shop again!! This time, I'm helping a friend to deal on the outgoing 2006 Tundra. We are looking at the SR5 and Limited models. 4x4, doublecab. 36months/15K, I am in SoCal. What is the April lease program? Thanks for your help!!
  • adam9998adam9998 Posts: 1
    I am In SoCal and just leased a 06 Tundra Double Cab with all options MSRP 30,600 Lease was 0 Down 408 a month 12K miles a year
    Thanks for the posts very helpful this was my first car purchase or I should lease
  • awedioawedio Posts: 57
    Car_Man,
    2 questions:
    1) what is the current mf buy rate & residual for 12 & 24 mo on the '06 Tundra DC?

    2) when should we expect to see the new '07 Tundra at dealers
  • golfdude1golfdude1 Posts: 12
    Car man, I'm working a lease and want to see if you can tell me if this is a good deal or not and how much would payment e .

    06 Tundra double cab 4x2
    MSRP: $29,083
    Purchase price $25,787
    MF .00152
    Residual ($15,540 or 53% )
    15k
    36 months

    Thanks
  • golfdude1golfdude1 Posts: 12
    Car man, I'm working a lease and want to see if you can tell me if this is a good deal or not and how much would payment e .

    06 Tundra double cab 4x2
    MSRP: $29,083
    Purchase price $25,787
    MF .00152
    Residual ($15,540 or 53% )
    15k
    36 months
    zero down

    Thanks
  • dkquinndkquinn Posts: 4
    Jericho88, that is an awesome price. Where in the Northeast? I am in NJ and looking for the same lease deal. 36 month, 15K a year.
  • I am dealing with a few dealers in Massachusetts. I am at 12k miles/yr. $2500 down and about $350 per month based on some of the numbers I am seeing it seems like I am getting the raw end of the deal... what do you think?

    This is for a crew cab 4x4 Limited. No nav or dvd player.
  • jericho88jericho88 Posts: 8
    Dkquinn,
    i'm in Eastern Massachusetts. I went to 3 other dealers and none of them would go below $380 with Gap. i thought for sure that when i got into the finance office they were gonna hit me with some crazy charges or story that would require more money down or a higher payment but it never happened. $1000 total out of pocket expenses and that was it. I must say though, i did have to do quite a bit of wheeling and dealing to get there...Afterall, their orignal payment with $1000 down was 495/month :confuse: .

    Jericho88
  • mbrsmc27mbrsmc27 Posts: 1
    i called my local toyota dealer on the cape and got the following information for a base SR5 double cab 4wd lease (36 months) in MA.

    Purchase price (Cap cost) = $28,250
    Initial Down Payment = $2400
    Monthly Payment = $242.49
    Mileage Allowance = 15k per year
    Residual (purchase price at end of lease) = $18,969

    This sounds like a heck of a deal, but I am new to leasing, am I missing something? Any advice would be greatly appreciated.
  • Car_man, i leased a tacoma 05 dc last year in May. on a 5yr lease. Sticker price $26,600.
    down payment of 1,300
    monthly payemt of 480.00
    anuual mileage of 12,000 (currently have 9,500 miles)
    residual at the end of 5yrs is $11,000

    I want to know whats the best thing for me to do? I really regret getting into this lease. :cry: I would like to get rid of and get something else. i have a 720 credit score. Please help!!!!! thanks......
  • Hi king_taco. As you have noticed, five years is really too long to lease any vehicle for. 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. Again, I'm sorry that I don't have better news for you.

    Car_man
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  • bmwk75sbmwk75s Posts: 21
    Car_man, I've been looking at 2 different Tundra's and wanted to get your opinion on the offers.
    Option 1
    2006 Double Cab 4x4 SR5 - JBL stereo w/8 Speakers, All weather package, Remote keyless entry, Limited Slip, TRD, Privacy glass, Moonroof, Carpet floor mats & bedliner.
    MSRP $34,166
    Sale Price $31,902
    Amt down $4,000 to cover sales tax, lic, etc...
    36 month lease @12,000 miles
    Residual $20,518
    Money Factor $.00001
    Net Payment $237.90

    Option 2 - Dealer demo with 5,000 miles
    2006 Double cab 4x4 Limited - JBL 6 disc changer, All weather package, Leather w/heated seats, Rear audio, Overhead console, Running boards, moonroof, VSC & traction control, Cargo net & Wheel locks.
    MSRP 38,883
    Discounted price $34,541.84
    Down payment $4,000
    36 month lease @12,000
    Residual $23,174
    Money Factor .00001
    Net Payment $265.43
  • sebring95sebring95 Posts: 3,241
    I'd skip the downpayment with a money factor that low. Of course, I'd skip the downpayment on any lease.
  • What's the general opinion on the latest Tundra lease deal, $269 for 36 months? I normally wouldn't consider a lease but this seems like a good deal to me.

    Lease a new 2006 Tundra 4-Wheel Drive Double Cab SR5 V8 with 5-Speed Automatic Transmission for $269 a month for 36 months with $2,268 due at signing, which includes first month’s payment, $1,599 down payment, $0 security deposit and $400 acquisition fee. Does not include taxes, license, title fees, insurance and dealer charges. Closed-end lease. Example based on model #7844 with optional equipment 50 State Emissions, All Weather Guard Package, JBL 3-in-1 Audio, Alloy Wheels, Accessory Meter, Color Overfender, Keyless Entry, Running Boards, Privacy Glass, and Floor Mats. Manufacturer’s Suggested Retail Price including freight $33,062. Monthly payments of $269 total $9,684. Capitalized cost of $29,222 based on down payment and dealer participation, which may vary by dealer. Payment may vary depending on final transaction price. Lease-end purchase option is $19,893. Customer responsible for maintenance, excess wear and tear and $0.15 per mile over 12,000 miles per year. To qualified Tier 1+ customers through Toyota Financial Services. Cannot be combined with any other offers and may vary by Region. Subject to availability. See participating dealer for details. Offer ends 9/5/06.
  • bmwk75sbmwk75s Posts: 21
    Where are you located Creekrat? In Northern NY, they are offering the same deal for $229 a month, while New England dealers have it for $199.
  • I'm in Kansas; ended up going to a dealer in Independence, KS that seemed to be very fair.

    This deal was good for the Kansas City region which is Kansas, Missouri, Nebraska, Iowa and the Dakota's. We're right on the Oklahoma line and dealers there could match this deal so I thought it was great. It's still a good deal but $199 would have been fantastic.
  • ustazzafustazzaf Posts: 311
    I leased a Tundra on the 5 year deal due to shi%%% credit. I do not regret it for a minute. The payment worked for me and the truck was so far superior to anything else on the market that it was worth it. I traded at 4 years for a real 4 door Tacoma due to the kids growing, but the 5 yr deal worked for me.
  • sebring95sebring95 Posts: 3,241
    Seems like you can't argue with the money factor. It's low which is a good thing. The only item that seems a little suspect is the residual value. By using an inflated residual, that drops the payment by a big margin. The big question is what will the vehicle be worth at 36 months? If you have no intention of buying out the lease, who cares. But if you want to buy the truck, it might not be a good deal unless they'll negotiate with you on the buy-out. Time will tell I guess. I think it's a good deal, but it is effectively an incentive which lowers resale value although not nearly as bad as $3,000 rebates like the otehr manufacturers offer.
  • jetta18jetta18 Posts: 2
    What is the money factor and residual on the current lease deal for the Chicago region? Looking for a 36 month, 15k miles, $0 dn lease on a $33,337 msrp dc Tundra.

    Thanks,
  • I am looking at a 06 Toyota Tundra double cab 4x2 limited, sunroof, MSRP 36,750. What should I be looking at for a 36 month lease with no money down? I am new to leasing and don't want to loose my shirt. I live in south Texas and the toyota web sites simple say to go to the dealership for details on leases.
  • Here are my specifics on a lease offer on a Tundra Double Cab SR5 2WD w/ Moonroof but no other real special options.

    List Price... approximately 30K.
    Sale Price... 27,500

    Rebate 4,000
    Customer Case 2,000
    Total Cap Reduction after advance payment and upfront charges 5,069.37

    The base monthly payment is 341.71 but with tax (Atlanta, GA.), it comes out total of 365.63. with 15,000 miles per year.

    I have never leased a car before and could use your help ASAP. I have the truck for the rest of the weekend but would like to make a decision by Monday.

    Thanks.
  • Car Man, Please help me, I'm new to leasing.

    I'm looking at 06 Tundra Double Cab Limited.Model 7848a
    $33,575 retail + $4866 accessories=$39086 purchase price. 36 Month lease, 56.39% LEV, lease end value $22,042, aqis fee $400, Adj Cap Cost $37,400, pmt 444.44 with 444 due at start. 15K miles I am being told their are NO other cost to drive off the lot, just the 444. I do not plan on buying it out,

    Is this a good deal? : :confuse:
  • I really want the 07 Tundra, but need a truck NOW. Is their a way to buy one early or lease an 06 now then trade for an 07? I am told not till Feb 07 and cannot wait that long.

    Do you know what pricing or lease programs they will start the 07 out with? Will they be comparable to the 06?
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