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Toyota Camry Lease Questions

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Comments

  • victor23victor23 Member Posts: 201
    It seems you have been had this time. Good thing is that you yourself understand this, you will do better next time, and after all this was not a heckuva price for a lesson.
  • gtgtcobragtgtcobra Member Posts: 268
    edited March 2010
    It sounds like you got hosed.
    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.
  • ez2beme00ez2beme00 Member Posts: 14
    edited March 2010
    What was the money factor on your lease? Did you get an extended warranty on the car? If not you will be paying for repairs on a car that you don't even own. Do you have gap insurance? If not, any money you put down will be lost in the event the car is a total loss. The insurance company will only pay replacement value. Is your lease a subsidized TFS lease?
  • gtgtcobragtgtcobra Member Posts: 268
    The money factor on my lease was excellent, but I forget the exact figure. The money factor was one of the reasons why I was able to get such a good deal on the lease.
    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.
  • nvnick1nvnick1 Member Posts: 9
    edited March 2010
    I'm looking at a 2010 SE V6, but the residual quoted seemed low @ 58.6% ($17,521 on a MSRP of $29,899). The advertised $179/mo lease on a Camry LE I4 is 62.3%. Can anyone share their residual numbers please? Also, is the $750 incentive available on leases? Thanks!

    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???
  • ez2beme00ez2beme00 Member Posts: 14
    I'm dealing on a lease on a 10 Camry XLE 4cyl.. MSRP is $28,179,I am getting it for $24,700. The $750 cash back does'nt apply to leases,but you should be able to get a deep discount off MSRP. TFS figures the residual based on the model and options,but the final price is always negotiable,.......if the dealer tells you it isn't,go to another dealer.
  • nvnick1nvnick1 Member Posts: 9
    Thanks, ez2beme00. Went to another dealer today that didn't have SE V6, but had an XLE V6, with residual of 61.5%...so LE is 62.3%, XLE V6 is 61.5%, so I cannot believe SE residual is only 58.6%. Will have to find another dealer with a 2010 to verify...most around here do not stock the SE.
  • ez2beme00ez2beme00 Member Posts: 14
    The car that I am turning in is a leased 08' SE, and it was a great car and fun to drive,but we are looking high end this time because of the great prices and lease rates. Don't be afraid to haggle on the cap. cost, because there are still quite a few 10's around,and the dealers are getting pressure from Toyota to increase March sales.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi nvnick1. I don't recall seeing the specific lease program for your region, but in the vast majority of the country Toyota Financial Services' buy rate lease money factor for the 2010 Camry is currently an amazingly low .00001.

    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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • pier28pier28 Member Posts: 1
    Has anyone ended a lease with Toyota in the last couple of months?

    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
  • wantapriuswantaprius Member Posts: 11
    Hi all. I am new to these forums. I am deciding between a Camry LE and a Prius III to lease for 3yr. I may drive a little over 36k; so I may not need 18k/yr. I got a 680 drive off + 215 p.m all inclusive offer for Prius III. That means I can get a Camry LE for at least 680 drive off + 185 p.m if not better. Is that a good deal? The other dealer in my town may better that but I am waiting. How hard should I push them? Please advise.Thanx!!
  • fujianboyfujianboy Member Posts: 1
    I'm returning a leased Camry with under 3/32" of tread wear. Has anyone done so and can tell me what fees they will charge you? I'm thinking that if it is high, I'll just go and get some used tires and replace the ones on my car.
  • nestibnestib Member Posts: 1
    Anyone know the current money factor and residual for 2010 Camry LE (4 cyl), 36 months, 12k miles per year?

    If location matters, in the Atlanta area.

    Thanks!

    Bryan
  • dcf1955dcf1955 Member Posts: 41
    Anybody have the April lease numbers (mf rate, residual) on a 2010 camry SE V6? Also, does anybody know what the 2011 numbers look like?
    Thanks
  • audieddyaudieddy Member Posts: 52
    Carman,

    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!
  • carzcarz Member Posts: 26
    edited April 2010
    I am looking at a 2011 Camry SE, 4-Cylinder, with 36 month lease 36,000 miles sign and drive. The car has:
    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.
  • jchorsjchors Member Posts: 2
    edited April 2010
    Here's the deal I got:
    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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Bryan. I'm glad that you mentioned what state you are in because it makes a big difference. Toyota's lease program varies depending upon which one of its twelve regions you are in. Unfortunately, you are in Toyota's Southeast region. SE Toyota is an independent Toyota distributor that packs vehicles with all sorts of options that most consumers don't want or need.

    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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dcf1955. I have seen Toyota's lease program for both the 2010 and 2011 Camry. Unfortunately, its program varies by region and you never told us what state you are in. Let me know and I'll try to give you an idea of what this car's current program is like in your area.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You,re very welcome, audieddy. Thank you for the kind words. I have seen Toyota's lease program for both the 2010 and 2011 Camry. Unfortunately, its program varies by region and you never told us what state you are in. Let me know and I'll try to give you an idea of what this car's current program is like in your area.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • saranrsaranr Member Posts: 25
    Hi Carman,

    Do you have the mf and residuals for the three 2010 camry models?

    Thanks,
  • audieddyaudieddy Member Posts: 52
    edited April 2010
    Carman,

    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
  • btmcgrathbtmcgrath Member Posts: 22
    Looking into leasing a 2011 SE V6 here in southern Ohio and interested in expectations and arming myself with some data. MSRP 31.9k, 36mo, 15k per year...what should my expectations be...any insights on current MF in this region for this vehicle and the residuals? Thanks in advance. -B
  • mdormdor Member Posts: 1
    I know a program expired just yesterday, but has anyone seen the numbers for the Camry LE this month?
  • bbotbobbotbo Member Posts: 1
    We just sealed the deal on an 11 Camry LE up in the Boston area. We did a 3 yr/45,000 mi lease. $313/mo... $299 plus $14 gap insurance. $0 down, $1,058 due at signing (tax, fees, and first month's payment). The MSRP on the car was about $24,000 as we went with the standard LE but added the Pursuit anti-theft/auto start system. They also threw in 25,000 mi/2 yrs of free scheduled maintenance like they have on the commercials. Their initial offer was $380/mo but we ended up getting them down so much because this was our 5th lease from this dealership.
  • dcf1955dcf1955 Member Posts: 41
    Car man - thanks for getting back to me! Im in Northern CA (San Jose). A dealership just offered 199/mo total w/ tax (9.25%), 15k mi/yr for Camry LE MSRP of 23050. Sale price 19700, 2k down. Any thoughts?
  • k4cityk4city Member Posts: 1
    Can anyone offer advice on the advantages or disadvantages of purchasing a camry at the end of the lease. I live in Chicago and currently lease a Camry XLE V6 that will term at the end of the year. If I purchase are there opportunities to negotiate on the residual price? Other things to think or request when wanting to buyout?
  • victor23victor23 Member Posts: 201
    Mike,

    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.
  • irgirg Member Posts: 197
    I'm looking at leasing probably end of next month (July). I have a Subaru lease ending early Aug. Since the Camry 2011 is already out, I wonder if the leases will change much between now and when I'm ready.

    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
  • ejv207ejv207 Member Posts: 15
    edited June 2010
    Hi Carman, would you please let me know what the MF and residuals are for a for a 2010 Camry Base Model I4 with Automatic Transmission and Camry LE I4 w/ AT? Looking for a 36 mo lease at 12k a year. You said in an earlier post that you have MF & Residuals for the 2011 Model Year Also. Could I please get those? I am located in Central NJ. It would be top tier credit. Thanks !
  • thebmwdriverthebmwdriver Member Posts: 4
    Hi Carman,

    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.
  • shellcoshellco Member Posts: 2
    Hi Carman,

    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!
  • vchadvchad Member Posts: 97
    Shellco,

    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.
  • shellcoshellco Member Posts: 2
    Thanks for the quick reply! I'm just outside of Philly. The list was $28,588.00. The residual was 17,745.00. I didn't hear what the MF was.They did tell me the options wouldn't be residualized. My son said it doesn't make sense to pay $390.00 for a 29,000.00 car when he just leased a totally loaded 2010 Maxima which was around 40,000.00 list, for $399.00. He'll call his guy tomorrow for me. Should it make a difference in my decision that the Camry is a 2011? The Toyota dealer is expecting me back tomorrow.
  • vchadvchad Member Posts: 97
    Shellco,

    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).
  • nate35nate35 Member Posts: 2
    Hi all. I just left a Toyota dealership in Knoxville, TN. The representative there made me the following offer to lease a 2011 Camry XLE, 4-cylinder.
    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?
  • vchadvchad Member Posts: 97
    not a very good deal. $1300 off on almost 30k camry, which is a volume car, is bad. you should be aiming for atleast 3k off msrp.
  • nate35nate35 Member Posts: 2
    Thanks. It seems like they were trying to bait me in by giving me a better trade in rather than coming down on the price. Thus, my down payment, rather than a reduction on MSRP was decreasing the monthly price. I will pursue further. Any additional feedback from other posters (especially the Car Man) would be greatly appreciated! Thanks again.
  • victor23victor23 Member Posts: 201
    I agree, they are trying to bait, and I see it all the time in these forums. They offer too-good-to-be-true trade-in allowances, and even add some surprising "credits" like "for the service you've done on you trade (new brakes, batteries etc)" and then hit you with a monthly payment not very different from what you'd have even without any trade involved. Which, of course, equals to getting your used car for free or almost for free in addition to making profit on the lease.

    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!
  • irgirg Member Posts: 197
    edited June 2010
    I'm considering two offers (same dealer) for a Camry LE, one is the basic package, the other has the sunroof/alloys package. This dealer has a bottom line price (sale) on all their cars, like Fitzmall, only not as good. I'm in NYState. I have leased from Fitzmall before, but it's a bit of a drive.

    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.
  • irgirg Member Posts: 197
    edited June 2010
    Another dealer about an hour away, is offering a $239/mo lease with $239 down (first payment) which actually seems like a better deal. Dunno what they woud do about my last Subaru payment (they're a Subaru dealer too). The Subaru has 33k miles on it (48k miles allowed on lease), pretty good shape overall, I think most dealers would eat the payment to resell the vehicle at a profit.

    Edit, the $239 special includes alloys in the fine print.
  • delta737hdelta737h Member Posts: 626
    edited June 2010
    Okay, irq, let's look at the second one you have listed, which is the basic LE. The numbers are spot on.

    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.
  • irgirg Member Posts: 197
    Thanks John, very thorough! And yes, the "money down" is indeed broken down as you have it, although I don't have exact numbers either. I'm sure I can get that. I went over today, and gave them a third challenge, which is the current deal of a competitor.

    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.
  • delta737hdelta737h Member Posts: 626
    edited June 2010
    irg,

    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
  • irgirg Member Posts: 197
    Thanks again. I don't have the actual numbers in front of me, but I think the deal I'll go with is the Camry LE with just alloys. $238/mo, with nothing down, other than $238 for the first payment. They'll pay off the final Subaru lease payment too (I think). Toyots includes all maintenance for 2 years too, not a huge deal, but I'll take it. This dealer has kind of a no hassle/haggle policy, even the salesman don't work on actual commission, so the car prices are probably not rock bottom, but as good as Edmunds TMV or better.
  • delta737hdelta737h Member Posts: 626
    edited June 2010
    irg,

    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
  • irgirg Member Posts: 197
    Yes, tax, tags, etc. are rolled into that lease payment. It's a bit better than the national advertised lease, which is $179/mo with $1599. Divde the $1599 by 36 months, and add the NYS tax, it's about $240. Plus I'm getting the alloys in a sense thrown in here, and the 1 lease payment. We'll know for sure on Monday :)
  • irgirg Member Posts: 197
    What credit score is needed for Toyota leasing? I've leased before (from Toyota), and currently Honda and Subaru (which will be ending) all with no issues. My credit score is ok, nothing great, nothing bad (no late payments, etc.). Just got a nice increase in salary from work too. But I'm wondering what score I'll need to keep this lease payment as it is here.
  • delta737hdelta737h Member Posts: 626
    And, don't forget, they may be paying the remaining payments on the Subaru! If so, you've got a good deal if they honor it.

    John
  • delta737hdelta737h Member Posts: 626
    irg,

    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
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