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Toyota Camry Lease Questions
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I leased a brand new 2010 Camry LE back in the beginning of December 2009 and got an excellent deal by putting down $2,800 and getting 18,000 miles/year/54,000 miles total over 3 years of the lease. My current monthly payment is only $156.01.
This evening I calculated that I may drive about 65,100 to 65,500 miles in my Camry, which is 11,100 to 11,500 miles over the total 54,000 contracted miles after the 3 year lease period is over. At .15 cents/mile, I would have to pay an extra $1,665 if I go 11,100 miles over the contracted 54,000 miles.
When I did all the calculations to find the "true" monthly payment for my lease, I calculated that I would be paying ONLY $275.69/month if I drive the extra 11,100 miles if I go over the contracted 54,000 miles when the lease ends.
I got the $275.69/month by incorporating the $2,800 down payment that I put down for my Camry together with the 35 months of the current monthly payment of $156.01/month that I am currently paying right now PLUS the extra $1,665 that I would have to give to Toyota at the end of the lease term for the extra mileage that I put on the car. I think that $275.69 is not bad for a monthly payment for a brand new 2010 Camry LE considering that I can drive the car for over 65,100 miles over a 3 year lease period.
I would never pay $419/month for a Camry. Especially for one that's allowed to only be driven for 12,000 miles/year. The 12,000 miles/year is NOTHING for driving mileage. I would want be able to drive the car for at least 54,000 to 65,000 miles over the 3 year period of the lease and I would never want to pay anymore than $275/month for this type of mileage on a lease on a brand new 2010 Camry.
So yes, you definitely got hosed big time on you Camry lease. Next time, if you lease another brand new Camry, try to do the same type of lease deal that I did when I leased my car. You are currently paying way too much for your lease. You need to be currently paying "under" $280/month and you also need to be able to drive your car for at least 65,000 miles in the 3 year period of your lease in order for your lease to be an excellent deal.
I also noticed that you are located in Hartford, CT. You are not located very far from me. I'm located in Massachusetts. You are about 1 1/2 hours away from where I live. If you want a good deal on a brand new 2010 Camry lease, I can send you to the same place where I leased my car so you can get a good deal if you like.
And yes, I do have gap insurance on my Camry. The only thing that I didn't purchase was an extended warranty. I didn't feel that I needed an extended warranty. I believe that whatever repairs that I will more than likely be doing on my Camry from now until it reaches the 54,000 to 65,000 mile mark will be repairs that will occur from wear and tear (brakes, tires, ect). My car has the 3 year/36,000 miles bumper to bumper warranty and the 5 year/100,000 mile engine and powertrain warranty. I believe that this is more than sufficient. If the engine or transmission goes on my car it will be covered. As for other small things, I doubt very much that anything major will break as long as I adhere to the service schedule.
BTW, the money factor on the Camry for March is 0.00001, or 0.02%. That's the lowest figure I've ever seen. It matches the rate Toyota used on the latest version of the Tundra a few years back. The current rate on the RAV4 is very low also, at 0.00002, or 0.05%.
Carman, are you out there???
TFS' current 36 month, 12,000 mile per year residual value for the 2010 Camry SE V6 is 63%. Keep in mind though that TFS calculates vehicles residual values differently than other banks do. Its published residual value percentages are for base vehicles. It places restrictions and caps on what options can be residualized. This makes its effective residuals lower than its percentages initially appear.
Car_man
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My 3 yr lease for a 2007 Camry is up the first of June, 2010, (it was a part of the recall, and I have had the suggested work done)
I tried negotiating a lower Purchase Buyout Price, but apparently Toyota does not negotiate.
I would think with the current state of Toyota products, the fact that they will most likely get a lower used car or auction price, that they would really want me to keep the car.
Has anyone been able to buy their lease for a lower buyout price than on a Toyota contract or does anyone know a better way to have them see the light on why, in my opinion, it would be better to try and keep me in the car and be a happy customer?
Thanks,
Mike
If location matters, in the Atlanta area.
Thanks!
Bryan
Thanks
Looking for the residual and money factor rates on a base Camry (automatic) for a 12k. 36 month lease. Also is there any incentive from Toyota if you're turning in a toyota lease?
Thanks for your help, these forums are in valuable!
AT
Sport Leather Pkg
Moon Roof Pkg
Sport Convenience Pkg
Carpet Mat Set
VIP Security Pkg
Sticker $27,418 Invoice $24,763
Any feedback on the lease rate, MF and residual would be welcome.
Base 2011 Camry 4cyl. with automatic and carpet set (my commuter car).
36 mo. lease with zero drive-off costs.
$210/mo.including tax/license (apx. $191/mo. w/o tax/license) for 35 months. Gap insurance $6/mo.
12K mi/yr. $.15/mi for excess mileage.
Residual $13143 (option to buy)
Purchased at Frontier Toyota, Valencia, Ca. on April 1, 2010.
SE Toyota's current buy rate lease money factor for a 36 month lease of a 2010 Camry LE 4-cylinder is .00057. Make sure that the dealer uses this factor to calculate your car's payment.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Do you have the mf and residuals for the three 2010 camry models?
Thanks,
I'm in the Boston area. For a 2010 base Camry (automatic) would like to know the money factor and residual for a 36m/12k lease. The MSRP on the car is $22,500 and the dealer says they will sell for $18,500. Wwhat I don't know is what fees should be tacked onto the lease. I know dealer has a doc fee of $299 and some misc RMV fees of about $200, but is there a lease fee I need to factor in as well? Trying to do this deal this week. A the base numbers above, any idea what the monthly payment should be?
Thanks in advance,
Audieddy
They are too big to bother about buyout and save on matches. They don't want you to keep the car, they want you to buy their new car as often as possible. You are not really a customer for them if you don't buy a new car.
Sorry for my useless comment, though.
Is there much differences in the lease rates for a basic LE 4cy. auto vs. the Base? Only differences in these vehicles that I see are keyless entry (can that be added on later?) and a power drive seat. Nice features, but I could probably live without, unless the monthly rates are close. What are people paying now for these models (NY state) with as little down as possible. TIA
Do you think this is a good deal?
2010 Toyota Camry Hybrid 36/12 lease
MSRP = $28,500
Sale Price = $26,405 (invoice i believe is $26,365)
Down = $0
Sec. Dep. = $0
Acq. Fee = $650
Residual = 62.45%
MF = .00117
Payment = $309.61+tax/month
Thanks in advance.
I negotiated this lease on my own for the first time in my life ( I'm a 61 yr.old female, and it took almost 2 hours!) Please let me know how I did.
2011 Camry XLE, 4 clylinder, 36 mos, 12k a year. Leather interior, sunroof/moonroof, navigation system and back up camera, probably some other less significant options that I don't remember. Also with 25,000 mi/2 yrs of free scheduled maintenance from the Summer Sale Event. Free inspections. And, a minor thing, I got them to add more of the same wood trim on that is on the console and doors, to the dash board around the radio, etc. Sign and drive, nothing out of pocket, $390.00 includes the 9% PA. tax. tier 1 credit.
I put my brother on the phone with the manager and he asked him about the MF, residual, list price, sale price, invoice I think, other things that I couldn't hear (cap??). They never finished the conversation due to an emergency that my brother had that shook me up so bad I had to leave before completing the paperwork, but I left them a refundable $500.00 deposit and will go back Monday. If you can answer this before then, I would really appreciate it.
Thanks!
First off, I dont know your msrp or selling price, but i'm somewhat stunned at how high the monthly payment is. (tho it seems you've got a loaded up car. Just to warn you, Toyota is silly in the way the do residual, once you add options, they WONT residualize those, so basically your paying full price for any add on's, other than what comes base with each specific trim line)
I think you should get the msrp, selling price, doc fee's, money factor, and report back to us. To me at that price, your in the pre-luxury car segment. I'm not sure where your located, but to get an idea, look up www.fitzmall.com and see what they are selling there models for. That will give you a base line to work from.
please listen to your son, and run away from that dealership. with that pricetag, there is NO way it should be that high of a payment. somethings just not adding up here. Do yourself a favor, (i am in no way affiliated to them), but go to www.fitzmall.com just call them up, and say hey, this is what i want, please give me a lease quote.
I'm telling you, its a painfree process, if you live in philly, its like a two hour train ride, and drive the car back. I've done business with them, (i live in michigan) and they are very professional, no funny business. Just give them a call and see what range you get, wiht those options you wanted. I'm willing to bet you'll be in the low 3's.
if your open to spending in the high 3's......buy something else, no way is a camry worth that. (being an 11 is great, but its no different than 10 model, so it doesn't in anyway warrant a premium price).
Term: 36 months, $12,000 mi/yr
MSRP: $29,245
Worksheet price: $27,995
Money factor: .0007
Residual: $17,120
Acq. Fee: $650
Doc. Fee: $489
Govt Fees/Taxes: $938.42
Down: $600 + $3300 Trade in on 2000 Camry (this matches its Bluebook PRIVATE PARTY value)
The monthly payment we were offered was $289.53 not including GAP insurance.
I have never leased a vehicle before. Additionally,the trade in component makes this difficult for me to assess the offer. Is this a good deal for me?
If you need to quickly avaliate how good is the offer, without asking too many questions and crunching too many numbers on your spreadsheet, there is a starting point and a rule of thumb.
The starting point is the lease specials, which are now offered by all major car manufacturers. For mass-volume mid-size sedans, it is about $199/months on a 36 mo/36k mi lease of the basic trim with automatic after downpayment of typically $1500-3000. These specials are acceptable-to-good, you cannot go wrong with them, but you can do better (sometimes much better) if you try.
The rule of thumb is that every $1000 you finance adds you about $30 on your monthly payment, and, conversely, every $1000 you put down (in cash or trade) or get a discount from MSRP cuts about $30 from your monthly payment.
If your MSRP is different, you typically finance 40-50% of the difference.
Good luck!
Upgraded LE:
MSRP: $24385
Sale price: $22390
Residual: $14,619
Money Factor: .00002
Money down: $1575 (would include the taxes, tags)
Monthly payment: $234.67
They are also paying the last payment of my 2006 Subaru Impreza Lease ($209)
Basic LE:
MSRP: $23,050
Sale price: $21,653
Residual: $14,619 (same)
Money Factor: .00002
Money down: $1495 (would include the taxes, tags)
Monthly payment: $214.18
I know there is a national lease of $179 with $1599 down, plus tax (8% in NYS), tags.
So do the above leases seem pretty legit? THanks.
Edit, the $239 special includes alloys in the fine print.
The sell price is, indeed, 21,653. However, there is a TFS $650 acquisition fee that is added to this amount yielding a gross cap of 22,303. You're not making a cap reduction (i.e., down payment) and so your adjusted cap is also 22,303.
Payment = F x (C + R) + (C - R) / N
F = Money Factor = 0.00002
C = Adjusted Cap = 22,303 (21,653 + 650)
R = Residual Value = 14,619
N = Term = 36
P = Payment = 214.18
The 1,495 is NOT money down. Rather, it represents your upfront lease charges, which you haven't itemized and so, I'm guessing that the 1,495 breaks down as follows...
NY sales tax @8.00%....... 616.84 (I'm sure of this)
1st Month's Payment........ 214.18 (I'm sure of this)
Security Deposit.............. 250.00 (not sure)
Dealer Doc Fee............... 75.00 (not sure)
DMV + Misc Fees.......... 338.98 (not sure) :confuse:
Total Due at Signing... 1,495.00
The only thing that is questionable is the break down of the upfront 1,495 charge. Suggest that you request a break down.
Now, let's examine the upgraded LE. Once again, the numbers are spot on. Again, $650 is added to the sell price giving a gross cap of 23,040. And, because there is no cap reduction, the adjusted cap is also 23,040.
Now, let's see how the 1,575 breaks down...
NY sales tax @8.00%....... 675.85 (I'm sure of this)
1st Month's Payment........ 234.67 (I'm sure of this)
Security Deposit.............. 250.00 (not sure)
Dealer Doc Fee............... 75.00 (not sure)
DMV + Misc Fees.......... 339.48 (not sure) :confuse:
Total Due at Signing... 1,595.00
And, once again, the only thing that remains questionable is the break down of the 1,595 upfront charge. And so, again, I suggest that you request a break down.
You may want to tweak the sell price by checking edmund's invoice pricing. Also, check overstock at zag.com for competitive pricing information in your area.
Hope this helps. Questions? Please let me know.
John
PS: Regarding the basic, the adjusted MSRP, upon which the residual is based,
appears to be 22,150 for which the residual factor is 0.66
(Res Factor x Adj MSRP = Residual Value). Apparently, there are some items
in the MSRP that aren't being fully residualized or, not residualized at all.
The same appears to be true for the upgrade.
I don't have specific numbers, but it's basically the same as the basic LE only with the alloys added. $239/mo with $239 down (first payment). All taxes, tags, etc. included. I'm going back Monday to see if we can close this.
I believe that add ons for the Toyota (sunroof/alloys, etc) are not residualized, so you as the leasee pay for all of that up front through the lease. Not sure why Toyota does that. So leasing a LE with a lot of extras on it, can get pricey. I guess that's why when I cruise the availbiity of Camrys on Fitzmall, you see a lot of fairly unloaded LE models, so they can lease easily, and cheaply.
I got a call from a Chevy dealer (same overall owner of the Toyota) to lease a Malibu LT1. $1k down, and the lease came to $460/mo. Yikes! Even the salesman said that was a pretty terrible deal, but the Malibus don't lease well right now. Residuals just don't work for leasing. The Altima wasn't nearly as good as the Camry either, but certainly better than the Malibu.
Actually, you don't pay for the add-ons up front as they're included in your payment and amortized over the term of the lease. I think that's what you meant. So, yes, you're quite right because you will pay for all those adds. My guess is that add-ons are dealer installed and their cost is grossly inflated which is why TFS or, any other fund provider for that matter, will not residualize them. Some fund providers will, however, add a percentage of the installed options to the base MSRP. The result is called the adjusted MSRP. The residual value is computed by formulating the product: residual factor x adjusted MSRP.
When you do finalize the deal and have definitive numbers, I'll be glad to review everything. In the meantime, if you have questions, please fire away!
Good luck!
John
Sounds like an outstanding deal especially with only the first payment of $238 due upfront coupled with the Subaru payoff. The taxes, DMV fees, etc must have been rolled into the lease. Is that true? If so, that makes it a fantastic deal! I'd run with that in a heartbeat! Congrats and good luck!
John
John
I'm not exactly sure, but I think you need a credit score of at least 720 to get the TFS top tier rate.
John