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Toyota 4Runner Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on your new truck, bigblock66. Thanks for taking the time to share the details of your lease with everyone. You're right, the strange way that Toyota Financial Services calculates vehicles' residual values makes them not quite as attractive as they initially appear. Enjoy your new ride!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi stsmythe. A base 2006 Toyota 4Runner SR5 2WD has a spread of just under $3,000 between its full MSRP and dealer invoice price. You were quoted a discount of $1,000 on the truck that you are interested in. If you are in an area that has a decent level of competition, I would not be surprised if you were able to beat this price. You may want to stop by the following discussion to see much much money other community members have paid for similar trucks lately: "Toyota 4Runner: Prices Paid & Buying Experience". The money factor that you were quoted looks good.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jamesbbeam. You can call me John Daniels. I would be happy to give you an idea of what this truck's lease program is like right now. However, Toyota's lease program often varies depending upon which one of its twelve regions one is in. As a result, I need you to tell me what state you are in before I can help you out.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey stsmythe. The .00055 special lease money factor that Toyota was offering on this truck in July was extended through the end of August in most regions.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mdxmew. Manufacturers' special lease money factors are completely different than their special financing rates. Sometimes they are better than an automaker's special APR and sometimes they are worse. One can convert a money factor into an approximate money factor equivalent by multiplying it by 2400.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi again mdxmew. Manufacturers do not advertise vehicles' special money factors. Consumers find out about them by asking dealers or by reading forums like this one and sharing information with each other.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, fsufan. Congratulations on your new truck.

    Car_man
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  • mary3kidsmary3kids Member Posts: 2
    Thanks Car_man!
  • dman090dman090 Member Posts: 4
    Couple of questions I have for people here. It seems the MF (Tier 1+) in the Chicago area went up to .00142 (3.4%) from last month's .00055 (1.3%). Thats a delta of about $50 per month on the 06 Sport V6 4x4 I'm looking at. Is there any history/rhyme/reason to TFS's lease rates? My hope is that if I wait out the current month (ending Sept 5th), next month will be better with the new model year quickly approaching, but I feel this is like interest rate gambling...
  • suzintnsuzintn Member Posts: 19
    Does anyone know what this is for August?

    Thanks

    Suz
  • suzintnsuzintn Member Posts: 19
    Dman the money factor is .000142 which is less than last month. You were missing a zero.
  • aceonthebeach3aceonthebeach3 Member Posts: 17
    My local toyota dealer is doing a $289 lease special with $2200 down on the base SR5 4runner.. I have never leased a car. Could I get one with no money down???? I know the 4runner has a 3k difference in invoice and msrp... thanks for the help
  • galevingalevin Member Posts: 8
    If you read my post 15-20 posts above this one I detail my lease with nothing down and $315/mo + tax. Great deal but there were a couple more even better posted here. I'd never pay a down payment leasing a car.
  • turbokidcrxturbokidcrx Member Posts: 1
    Do you happen to know what the current deal is for a 4runner in NJ ? I'm looking to replace my 1996 Audi A4 2.8L (book around $4500) Would they consider that as a down payment ? I'm thinking the SR5 4WD V6 with some options would suit me perfect. Any advice or help would be greatly appreciated !! :D
  • aceonthebeach3aceonthebeach3 Member Posts: 17
    galevin... the 4runner you got is 4wd and has a sunroof and yada yada... Do you think I could do a Base sr5 no extras for no money down and $289 a month
  • nomatternomatter Member Posts: 36
    I have the same question: I live in South Florida, looking to lease a 2006 4Runner. In my area lease is through SE Toyota Finance (SETF) rather than Toyota Financial Services. The current deal on a base-no extra-2WD 4Runner is $289 per month, $2200 down, 48 mos. I have 730+ credit score and Id prefer no money down. Any experiences?
  • aceonthebeach3aceonthebeach3 Member Posts: 17
    I went today to lease my 4runner. I checked my score last night and it was 741(transunion). I worked out an ok deal $1000 Down total.. sr5 with 2k in options for $319 a month.. When they ran my credit, it was 662 (trans union), almost an 80 point decrease from the night before...this disqualified me for the lease special...in an earlier post a guy in the same situation got his score bumped to 720 from 666 from a dealership in Indiana. Will going out of SET toyota make a difference? Please advise
  • nomatternomatter Member Posts: 36
    aceonthebeach3 how can the credit score change 80points overnight?

    What was your residual and interest rate? They quote me
    56.57% residual and 0.00204.

    Is your $1000 down final amount due at signing and $319/mo
    include tax?
  • aceonthebeach3aceonthebeach3 Member Posts: 17
    I don't know what the residual or intrest rate was... I don't understand residual this is my first lease... I thought it was a good deal... When we started talking price the salesman asked me my credit score and I told him 741 and we did not find it to be 662 until later... the $1000 down was everything, taxes, title, first month etc... it was everything.. I still could have got the lease it was going to be $70 higher...Is it possible for a dealership to "bump" people to a tier 1?????? I am in southeast toyota.. I saw a post on here that s.e.t. is different than anywere else in the usa with how they do finance
  • nomatternomatter Member Posts: 36
    This could be a dealers trick to get more money.
    You should have got a print out from Transunion
    and pulled out your own credit score with 741 and
    asked why the dealers was different. Their excuse
    would probably be that "credit agencies display
    better scores to consumers than to businesses".

    On the other hand, I know that the scores from the
    three companies vary. If you are certain that the
    others have higher scores, just tell them to pull
    another report from someone else. Usually they can
    and will.
  • aceonthebeach3aceonthebeach3 Member Posts: 17
    i had the print out with me and I showed it to him and he said exactly the samething...."credit agencies display
    better scores to consumers than to businesses... I called transunion and they said different companys score different ways..I had them pull a different one and it was 665 so I don't know... I thought it was one of their tricks but it has been 2 days and no call back.... I guess I really have that low of a score... I will close out some cards and try again... I am going to go out of s.e.t... Well thanks for you help
  • nomatternomatter Member Posts: 36
    I was told that the score could be one number at one dealer and another number at the next. So shop around. Having your credit pulled too many times can have a negative effect but just a few won't really hurt.
  • galevingalevin Member Posts: 8
    I'm the guy whose wife had the 666 credit score. I can assure you that the dealers want to move these and all it will take is to either email or call dealers in your area with the details you provided to us and someone is going to get you into a 4Runner. Guaranteed.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome mary3kids.

    Car_man
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  • nomatternomatter Member Posts: 36
    Hello Carman and Everyone,
    Is $1000 down - $310/mo a good deal for 48mo/48K mi lease
    of 2006 SR5 with $2000 in options in Southeast area? TTL and tax not included. They do not want to reveal their MF and residual rates to me.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi nomatter. You never mentioned the selling price or MSRP of the 4Runner that you are interested in leasing. These are important numbers 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 this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion on this deal if you let me know what these numbers are.

    Car_man
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  • jana822jana822 Member Posts: 2
    Does anyone know what the "lease special" will be for the month of October in New Jersey? I know for September it was 2000 cash back.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jana822. Most manufacturers' incentive and lease programs are scheduled to run through October 2nd. I expect to be able to find out what Toyota's new October incentive program is like for your area on Wednesday. Please feel free to check back with me then and I will be happy to give you an idea of what it is like.

    Car_man
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  • aceonthebeach3aceonthebeach3 Member Posts: 17
    Will someone help me with the best way to lease??? I am new, so money factor and all that stuff is foreign to me... What are the steps to getting a good lease?? How do I do the lease math???... thank you to whoever shows me the process.....thanks
  • mt15mt15 Member Posts: 1
    I am negotiating a lease deal(Northway Toyota)Latham,NY. They gave me the following numbers; Negot. price for 2007 4Runner V6 limited 39,700, MF .0029, residual 21,056. Using these numbers, my lease numbers are $694mon (without tax). There number is $545mon. Are the numbers(resid, MF correct)? I'm trying to figure out their angle. Thanks
  • reo9674reo9674 Member Posts: 5
    Hi, I am planning to go out this weekend to lease a 4runner. I currently am leasing a 2005 Highlander, and plan to trade. I had a 36 month lease, but it has only been 20 months. I am a little over my miles, if you figure it out monthly. I don't have much to put down, but I have a new job that will require me to do a little driving. Since I am on track to be over my miles at the end of 36 months, I want to trade it now. I am looking at the 2007 4runner limited 4dr SUV 4WD. The TMV in my area (Seattle) is 38,091. The invoice is 34,774 and the MSRP is 39,070. I don't know what other numbers I need to know. I hope this is enough information for one of you leasing gurus out there to tell me what I should expect as far as monthly payments. I want to do another 3-year lease and want to put little to no money down ($2000 max). I don't know what money factor or residual factor is. Is it reasonable, or common, that buyers ask for 15,000 miles instead of the lower mileage to be "thrown in" in the deal? PLEASE help me with any information you can share with me. I am going out tomorrow morning...nothing like waiting until the last minute to find out important information!! I am forever greatful to anyone who can help me!!! :confuse:
  • reo9674reo9674 Member Posts: 5
    What should I expect as a reasonable monthly payment? I am a woman, so I know they really expect to be able to take advantage of that! :mad:
  • scotte22scotte22 Member Posts: 5
    reo9674 -

    I'm not an expert and can't answer most of your questions, but I can tell you that the Toyota dealer that I buy from quotes 15k leases by default. Out here, you have to drive a lot to get from place to place so this may be a regional thing, but there are plenty of 15k leases on the road.

    Good luck and keep us posted on your deal!
  • illinisigillinisig Member Posts: 3
    Hey carman,

    what is the current MF and residual on a 2006 and 2007 4Runner SR5 4WD with a 36 and 39 month lease with 15,000 miles/year???

    MF/Residual 2006 (36 Month) = ?
    MF/Residual 2006 (39 Month) = ?
    MF/Residual 2007 (36 Month) = ?
    MF/Residual 2007 (39 Month) = ?
  • dback23dback23 Member Posts: 1
    Received the following numbers on 2007 4Runner SR5 4x4 V6 in upstate NY based on their new 36 month lease special:

    MSRP: 33000
    Invoice:29500
    Purchase Price: 1% above invoice
    End of Lease Purchase value 18900
    Residual 59%
    420 per month 0 down

    New to the leasing world. How do these numbers add up or look?

    Thanks
  • galevingalevin Member Posts: 8
    Seems high to me. I bought a basic 2006 SR5 4x4, sunroof, basic stuff with no money down and my payments are $315/mo plus tax. Now mine is a 2006 but its still a new 4runner and I'd rather have the 2006 at $315 than a 2007 at $420.
    My purchase took place appx 3 mo ago.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome aceonthebeach3. 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. Check them out and let me know if you have any other questions.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mt15. $694 a month is a LOT of money to pay for a Toyota 4Runner. You should be able to do better than that. Toyota is running a special lease program on the '07 4Runner in its New York region in November. Make sure to take advantage of Toyota Financial Services' current special money factor of .00181 (for consumers who qualify for its top credit tier). Also, always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Make sure that you find out what the selling price of the truck that you are interested in is. Without knowing this number, it is difficult to tell how good a deal you're getting.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi reo9674. 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.

    If you exceed your Highlander's allowed mileage, the only way that you will be able to avoid paying an excess mileage penalty is if you purchase your truck at the end of your lease. Even if you do continue to lease it until the scheduled end of your deal, the mileage penalty that you pay may be less than the money that you will lose by trying to trade in your truck now.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey illinisig. Toyota's lease program varies by region, so I need you to tell me what state you are in in order for me to give you an accurate idea of what this truck's lease program is like. For now I will provide you with info on the most widely available program. According to the latest information that I have seen, Toyota Financial Services' current buy rate lease money factor for a 36 month lease of a 2007 Toyota 4Runner SR5 4WD is .00181 for consumers who qualify for its Tier 1+ credit tier. I haven't seen this truck's residual values lately, but I'll look around and see if I can find them out for you. This special money factor is not available for 39 month leases, so don't lease one for that term.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dback23. One percent over dealer invoice is a good price for this truck. Just make sure that the dealer that you are working with is using Toyota Financial Services' current buy rate lease money factor of .00181 for tier 1+ customers in its New York region to calculate your monthly payment and you're in business.

    Car_man
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  • swm023swm023 Member Posts: 3
    I'm in the market for the exact same 4Runner. My business partners and I are buying 5 as compnay vehicles. The one's I've been looking at have had MSRP between $42k and $43k.

    We were quoted $650/mo at a dealership in Colorado Springs for 36 months, 15,000 miles/yr, and $1,500 down (which includes 1st month payment). I took those numbers to a dealership in Salt Lake and got them down to $585/mo.

    Have you finalized your lease, yet? What have you found?
  • reo9674reo9674 Member Posts: 5
    I have finalized my lease. I ended up getting an '07 4Runner Limited V6 for 4,000 down and $494 a month (taxes included). I did walk away one day and they didn't call me or anything. They really seemed to want to sell it, and it took many hours of back and forth, but in the end I think I got a good deal. It is a 36 month lease/15,000 miles a year. The MSRP was $41K. I live in Seattle. Good luck with your deal! Let me know how it ends up :)
  • reo9674reo9674 Member Posts: 5
    By the way, I had a really great buying experience. They listened to what I wanted and did not try to talk me into anything else. AFTER the deal was done, papers signed, etc., the GSM bought me the window and hood shields because I mentioned I wanted them (my Highlander had them). He literally pulled out his wallet and bought them out of his own pocket. I realize that he is making commission off of the deal, but still - he didn't have to do that AFTER the deal. I was in the financing office and the parts guys came in and dropped off all the parts for me! I have never had such a great experience - not only because the GSM bought me those, but because they were very respectful and let me call the shots. After haggling for most of the day, once we made the deal, my salesperson said if I was ever interested in car sales, to call them! They were very nice.
  • wanger24wanger24 Member Posts: 1
    I live in the Chicsgoland area and was thinking of leasing a vehicle. I was just quoted a price for a 2007 4Runner Sport V6 4x4 equipped with leather-wrapped steering wheel and shift knob, rear spoiler, daytime running lights, sunroof, tow kit, and carpet floor mats for $29,511.

    I was also told from another dealership that the JBL system is not available for SR5's and Sport models in the Chicago Region, is this true?

    Also, would anyone know what some lease numbers would be for this price with little or no money down?

    I know, way too many questions, but hoping someone might be able to help!
  • camaromulletcamaromullet Member Posts: 1
    Hi Car_man. I've read some of your previous posts and your advice is great. I hope you can give me some guidance.

    I'm looking to lease a 2006 or 07 Toyota 4Runner 2WD V6. Sport preferable, SR5 OK. The only options I'd like are moonroof and possibly tow pkg / trailer hitch. I live in Upland, CA. I'd like to pay zero down if possible. Can you tell me what monthly payment numbers would represent a good deal on a 36 month?

    Thanks!
  • newdavidqnewdavidq Member Posts: 146
    Hello Car Man; I created my own Exel calculator and its pretty neat. I have a question about sales tax. Here in IL we pay sales tax on the entire cost of the vehicle instead of only the depreciation portion. Would it be better to roll it into the monthly pmnts or pay it up front. If the car is a total loss, does that mean the sales tax is still due if it is being paid monthly and if it is paid up front, is it lost just like a cap cost reduction? I know, IL is an unfriendly place to lease. Thanks for all the stuff I have learned from these forums.
    DH
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks camaromullet :blush:. I am not familiar with Upland, California. Is it closer to Los Angeles or San Francisco? Regardless of what region you are in, I really need you to provide me with this truck's MSRP and approximate selling price as well as how many miles per year you need to be able to drive it to work up a sample lease payment on it for you. You can find this truck's MSRP by looking it up in the Edmunds.com - New Vehicle Pricing section of this site. The following discussion may give you an idea of how much you will have to pay for one right now: "Toyota 4Runner: Prices Paid & Buying Experience". Let me know what these numbers are and I'll do some calculations for you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, newdavidq. I'm glad that you have found these discussions to be so helpful. Illinois certainly is an unfriendly place to lease. I personally would roll the sales tax into my vehicle's lease payment if I was in your area. It would stink if your vehicle got totaled a month or two after you leased it and you has just wasted all of the money that you spent on sales tax. Sure you have to pay interest on the sales tax if you roll it into your monthly payment, but that's actually not a bad thing if your lease has an attractive interest rate. In most areas, Toyota Financial Services' current buy rate lease money factor for the 2007 4Runner is .00181 (this does vary by region). This is equivalent to an interest rate of around 4.34%. Most people can do better than right now that by keeping their money in a good savings account or CD.

    Car_man
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  • 914runner914runner Member Posts: 1
    Dear knowledgeable hosts:

    I am trying to secure a 2007 SR5 V8 4WD in Sacramento from here in Canada. I will be moving down there in two weeks time so thought I'd try to secure a good deal via phone and email with a few dealerships.

    From Maita Toyota I got this quote:

    1) 15k mile
    with 0 down @ 36 months, first month plus registration is $795, then 35 payments @ $509.

    2) 15 k mile
    with $3000 down, $442 for 36 months.

    The fleet manager said the MSRP on the vehicle I wanted with sunroof, tonneau covers, spoiler, side curtain airbags, cargo area carpets, roof rack (the usual excess options that I have to take if I want a moonroof), etc was $34959. But he could give it to us for $31980.

    He mentioned there is a special lease program for 36 months at 191 till the end of February.

    Is $509 a month too steep with 0 down? How about $442 a month with $3000 down? Is it better to put money down or not? We plan to walk away from the vehicle after our lease is up.

    Thank you so much. I just discovered this forum today and it's been very informative.
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