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Toyota Camry Lease Questions
CarMan@Edmunds
Member Posts: 38,514
in Toyota
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota Camry. Thanks.
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Why the hell does Toyota do it this way? Essentially you pay a lot more than you would with other cars.
And therein lies the answer.
Any news on the September specials for the 05 or 06 Camry's? I would like to know the money factor and residual for Tier 2 credit.
Thanks,
Chris 9/5/05
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2006 for 36 months 12,000 miles with Tier 2 credit in Iowa.
Thanks
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Kille MF. Just leased 2 camry for 239mo 0 down sign and drive
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What is the residual and money factor for a 2006 camry in the metro nj area for 36 months 12,000 miles for tier 1 and tier 2 credit?
Would it be cheaper to get an 2005?
thanks in advance
I just finished leasing a BMW for myself and now I'm helping my father to lease a Camry.
In BMW lingo, there's a "MACO" marketing fee and "Training Fee" that the dealers are charged (and is added to their invoice). Does Toyota have equivalents? There's a bank fee called "Acquisition Fee" to get a lease started, it's $625. Does Toyota have something similar?
In order to get the best money factor, BMW requires a refundable deposit (roughly a month's payment). Does Toyota require the same?
My father wants to get a 4 Cylinder XLE. Do you happen to know the residual and money factor for that car in Northern California (San Francisco area)? Is there a site where it is all posted?
I heard that the options on Toyota's have a different residual value than the base car, is that so? If so, do you have those numbers as well?
And lastly, once I build the spreadsheet with all this data, what kind of deals should he expect to get in terms of markup from the invoice?
Thanks so much in advance!!!
I am in Miami area. I have no experience in lease, today at a Toyota dealer, they offered me a Toyota Camry 4 cylinder for $18,900, if I want to lease this car, how much could be my monthly payment.
By the way, what is he meaning of "rate lease money factor" and do you use it.
Thanks so much in advance!!!
1. I want alloys. the dealer is saying it will cost me $1000 and does not residualize. It will cost me $30 a month extra. Is this correct? I really want them, but its not worth $30 a month.
2. I am using the $1000 toyota newspaper ad that can be applied to my best deal. I am trading in my 02 highlander 4x2 4cyl that has a buyout of $11,995. THe dealership is willing to give me $13,000, so I will get an extra $1000 down. What should my monthly payment be with 0 down? THey are telling me $268.
My toyota lease is up next month, do you know if Toyota Finance negotiating residual value?
1) Monthly payment $220 (including tax which is 8.1% here)
2) The residual value is about $11,400 (I dont negotiate on the car price, but the MSRP is $21,100)
3) My down payment is $2,500.
4) I have a 98 Ford Excort ZX2 to trade in and they give $2,500 for the trade in value. (Car with fair condition but good mileage which is about 89,000 miles)
I have done a simple calculation in order to get the basic figure of this leasing offer.
If I use the residual value of $11,400 with the 56% of residual percentage, the car price will be $20,357. And with $220 (including 8.1% of sale tax) monthly payment, the money factor will be about 0.000826.
So, I wonder if it's a good deal or not. Sounds to me is fair but dont know if this applies for a 06 Camry which is the last year model of this generation.
Thx.
Here's the truth: Take the lease money factor, multiply by 2400, and you get the interest rate. So, a money factor of 0.00190 equates to an interest rate of 4.56% (0.00190 x 2400).
Btw, the residual is always based on the MSRP, not what you actually pay for the car. Whatever price you negotiate below MSRP reduces your monthly payment.
One thing that I noticed about this lease is the large down payment that you are considering making. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Camry would be exactly the same, regardless of whether you had put $2,500 down, or had made absolutely no down payment at all. You can still trade in your Escort is you want to, just have the dealer cut you a check for it rather than using the proceeds from it as a down payment on your lease.
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It is usually very expensive to exit or buyout a lease before the term is up... If it is your intention to eventually own the car, why not just take the lease to the end of the term, and then purchase it?.. Assuming your lease terms were decent, it shouldn't cost any more to do it that way, than to buy it out now... and, may actually be cheaper..
If you purchase the car at the end of the lease, you won't be liable for any mileage or wear and tear charges.
regards,
kyfdx
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In your first post, it sounds like you want to keep the car.. What is the problem you have with the lease?
regards,
kyfdx
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I may be looking for a minimum of 20K miles per year and maybe 25K miles per year on a 2 or 3 year lease.
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If you are able to get a very low interest rate on your new car, like the the special 3.9% rate that Toyota is offering on the 2006 Camry right now, another advantage would be the money that you can make by collecting interest on the cash that you would have laid out if you had paid for your car upfront. Let's say that you invest your money in a CD and get 4.5% on it or put it in the stock market and anticipate getting a return of 8% on it. You end up saving the difference between these rates and the 3.9% by financing. You need to compare this savings to the customer cash that you are giving up by opting to go with the special finance rate to see if you come out ahead by financing.
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Also, are the extra miles purchased in Toyota's lease program refundable? I know some manufacturers refund extra miles purchased if not used, but don't know the details concerning Toyota leases.
Can I please have the MF and Residual for a 2007 Camry LE, 4 cyl.
Thanks
Andy
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My question is - I am going to lease a 2007 LE and I am really not sure if the deal I got in 2003 was that good and therefore, would any take a guess as to what the lease payment of a 2007 LE auto would be in the New York City area with $1000 down.
Thanks for your help.
Also remeber that many credit unios will lease or offer a purchase payment deal comparable to a lease. You have many options--explore them. Consumer reports is non-profit and commercial free.
36 mos./36,000 miles
MSRP: $29,640
Cap Cost: $27,999
MF: .00265
Residual: 59%
Payment: $410
Payment w/tax: $447
I think that the money factor is about right, but from reading other websites I expected a higher residual (I saw 63% quoted for May). As I was walking out, the salesman assured me he could get the total payment (incl. tax) under $400.
You could get any monthly payment you want by just putting more and more money upfront.
Cap. Cost Reduction: $0 (I assumed this was understood unless I stated otherwise)
Out of pocket: $1,019
Because I was not ready to negotiate, I did not discuss the breakdown of the out of pocket with the dealer, although I did see that there was no security deposit.
I did not discuss the excess milgage charge or the disposition fee with the dealer. But you raise an interesting point, does Toyota credit charge a disposition fee and if so how much?
What dealer was this. I am looking for the same vehicle right outside Philly and have been getting higher quotes. $485/month for loaded XLE V6 with nav, smart key and remote start. The main problem is that nobody seems to have this car in stock!
Slate
I don't recall seeing any cars with Nav on the lot.
BTW, I have now read that Toyota does not calculate the residual as a straight percentage of MSRP. Apparently, there is specific residual for the base model, and dollar amounts are added to that number for particular options. Maybe Car_man will tell us whether this is in fact true.
Toyota is not currently providing any sort of lease support on the redesigned 2007 Camry. As a result, if you were to lease one through Toyota Financial Services right now, you would have to use its standard lease program. Its buy rate standard lease money factor probably varies slightly by region, but it should be around .00265 for any length lease for consumers who qualify for its Tier 1+ credit tier right now. By normal mileage requirement, I assume that you mean 15,000 miles per year. Let me know if you only need 12,000. If you were to lease a base '07 Camry through TFS right now for 24 months with 15,000 miles per year, its residual value should be 68%. The number for an otherwise identical 36 month lease should be 62%.
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