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Toyota Camry Lease Questions
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Car_man
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Doesn't Toyota have a weird system for residuals? I was reading the residuals are based on MSRP of the base model without options. I know the 4Runner Limited I just priced had a residual of 53%. It is a limited model with 3g's in options but the 57-58% listed on websites is based on the car without any options. So I am assuming the base XLE might have a 3 year residual of 63% but once you add options to your XLE, the residual will drop.
I was looking for a zero in cap cost reduction, a $26K purchase price and a residual value of 63% on a 36 month, 12K mile per year lease.
The money factor I was using in my calculations was .00265.
That breaks down like this:
Cap Cost $26,000
Residual @ 63% (of MSRP): $17205.30
Money Factor: .00265
Payment: $355.87 + Tax
I kept hearing from the primary dealer that responded to my net inquiry that the 63% residual was not the right percentage. Everything else was ok.
Since I have NEVER known Car_Man to be wrong - where am I messing up?
Thanks in advance,
Michael
Car_man
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NYC area
2007 Camry SE [fully equipped, every option except sat. radio]
MSRP $31,942 incl. deliv.
my price $29,088 + 8.375% sales tax
$0.00 down
for:
36 mo./15k
24 mo./15k
Car_man
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Can one lease a used 2006 Camry? How do I find out what the residual value percentage for a used 2006? Will the money factor be the same as a 2007? I am planning on buying this vehicle at the end of the lease so I am assuming a 3 yr lease should be ok, even thou I'll be 1 year out of warranty. Is there something I'm overlooking on a 3 yr lease? or would I get better lease rates on 2 yr.
Is Toyota Corp the only company that will finance the lease or are there others out there? Will they be less expensive?
Any other questions that I should have asked?
thanks for the help :confuse:
I'm looking for a 36 months/15K lease of a Camry Hybrid. Here is what I was recently offered for a fully loaded with nav/sunroof.
$30,862 (MSRP)
.00265
Residual $16,949
Drive off - $1,369
Monthly - $568.00
The monthly rate seems pretty high. What am I doing wrong? Any advice? Thanks so much!
I'm NOT Car_Man, but, IMHO, you should buy, NOT lease a Camry Hybrid. If you lease, you won't be eligible for the Fed $2600 tax credit...
2007 Camry SE 4 cyl with leather seats.
The quote is
$500 under msrp
.00295 MF
58% residual on 36 months 15,000 miles per year
$400 acquisition fee
$399 dealer handling fee
I have no idea if this is a good deal. What should I go back to the dealer with. I am patient, do not need to buy now and want a fair (but not necessarily the best) deal.
Thanks anyone and all of you for help.
Thanks.
My questions... 1) Is the 60 month lease really a good deal? 36 month payment is $489 and the 60 month payment is $474. If I turn the car in at 35 months 29 days I would save about $540 over the 36 months. Are there any catches to this financing scenario?
2) they want to charge me an additional $279 for the alarm system. If I don't want it they take it out. They won't deal on this. Is the alarm worth the $279 and needed?
3) The GAP insurance is $680. They amortize this over 60 months. So when I turn in the car just before 36 months they say I will get the 2 year refund of about $272. I am going to check with my insurance company to see if they offer a GAP insurance and/or if I really need it based on my policy.
4) Maintenance Agreement... $600 add on, so between the bumper to bumber warranty and the maintenance agreement all services would be free. So 5,000, 10,000, 15,000, 20,000, 25,000, 30,000, and 35,000 mile services would be free. The big ones would be at 15,000 and 30,000. The finance guys says oil change/tire rotation every 5k and bigger services of $200 each at 15k and 30k. Any feedback on whether this is a good deal? Or am I just paying upfront for the same costs that would be incurred over regular intervals during the next 35 or so months.
Any immediate feedback would be greatly appreciated as I need to make these decisions by 2pm tomorrow.
Thanks in advance-
Mike
I don't know a lot about leases other than when it's over you don't own the car and usually they are for 12,000 miles a year. It seems like a 3 year lease would have the car on warranty the whole time. Unless you're going to buy it at the end of the lease I don't know that I'd even maintain it to their schedule unless I was required to show records to the leasing company. The "major" inspections are good for long term ownership but why do it?
I'd also have a hard time committing for 60 months when the 3 year leas is so close. I've never kept a car that long and it seems like a 60 month lease would be more of a hassle than a straight out purchase with a 60 month loan (unless you really plan on keeping it 60 months).
Just cancel it, learn more about the process and go to a different dealer next time.
Otherwise, you are about to sign up for a gigantic mistake and you won't know how bad it is until you try to turn your 60 month leased Camry in at 35 months.
These things the dealer is putting into the deal are all options. I have had this type of situation on pretty much every new car I have purchased or leased in the past. I got a zero down zero interest on a 2005 Merc Mountaineer Premier. Got a great price $500 over invoice everything from the sales dept was great. Then when I was sitting at the desk doing the financing papers, the finance guy started selling me on a special clear coat to protect the finish at $1200, extended warranty $600, LoJack, and all sorts of other high profit add ons. The only thing I did get was the extended warranty as I will use this car for many years to come.
As to the 60 month lease turn the car in at 36 months question.. I am still puzzled at the dealers logic on this. The 36 month payment is $489 and the 60 month payment is $475. He says as long as you turn the car in before the 36 month anniversary no questions asked. Residual would be the same as if I was doing a straight out 36 month lease.
I am not worried about the options but this lease situation has me puzzled. Just wanted to see if any other folks out there heard of this kind of lease plan.
Salespeople are famous for saying that you can trade out of your lease into another car... What they don't tell you is that you'll be many thousands of dollars in the hole... That money will have to be paid upfront, or rolled into another lease..
There is no free lunch. Unless you see this spelled out in the leasing contract, then it is just so much hyperbole.
regards,
kyfdx
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By the way, on the back of the contract they do spell out the Remaining Payments Liability ... turn in any time and pay us the following amounts...
which among other things states: any remaining Monthly Payments from the date of termination to the end of the lease..
in another area..
early termination charge equal to the difference between adjusted lease balance and Fair Market Value.. then there is a formula for calculating Adj Lease Bal.
I think I will stick to the conventional lease and go with the 36 month lease as originally planned.
It amazes me how many people will not do the homework and may fall for this scheme. I will bet this whole deal was offered to almost guarantee that I have to roll the car over to a new lease in 36 months because it is upside down by a few thousand $ rather than just walking away from a true 36 month lease.
Mike
The only thing that matters is what is in the contract. Not verbal promises.
Thanks.
Haven't seen any responses in a while. When do you think Toyota is going to have a special Camry lease? I noticed you can lease a 2007 Honda Accord special edition V6 for $249/mo (you can view on website). That is pretty good. The dealer here in Memphis quoted over $400/mo for a comparable lease for the Camry (V6, alloy wheels, 6CD changer). Clearly as you said the lease factor and residual are not competitive right now probably due to the demand for the new model.
I have a few questions and really need your expertise.
What is the residual value for the 2007 Camry? Is it the same for the LE & XLE? I was told that it was 50% for a 36 month lease with 12K miles and 47% for a 48 month lease with 12K miles. This doesn't quite seem right to me.
What is the money factor that a Tier 1 credit, repeat TMC customer would get. I keep seeing .00295, shouldn't it be .00195?
I am trying to pick up a 2007 LE or XLE with leather and nav but I want to make sure that I have the lease terms down.
I was wondering if you had anything on these Camry Lease programs for us?
Thanks
By comparison a Honda dealer quoted me a 71% residual for an Accord on a 24 month lease so. 62% on a Camry sounds crazy. Any thoughts?
This was for 12K a year by the way.
1. (Tier1 Special Lease Rate Discount )
Beacon Score 720+ - Zero Sec. Dep. - FL
The MF(money factor)= .001940
2 (Tier1 Encore Special Lease Rate Discount )
Beacon Score 720+ - Zero Sec. Dep. - FL
The MF(money factor)= .001840
FYI...I was told directly by a rep at TMC/LFC (Toyota Motor Credit/Lexus Financial Service) that the Tier 1 Encore program is what a previous or repeat Toyota/Lexus customer with a perfect pay history with them should be paying.
Does anyone know of any other Tier 1 programs or Encore programs for other Tiers that are offered?
Does anyone know what are the residual values that are being used for:
36/mo, 12K/yr lease? or 39/mo, 12K/yr lease?
I am interested in leasing a fully loaded Camry Hybrid (w/Option Combination C). The dealer is charging full MSRP, which is $30,730 (including the $620 destination charge).
Please give me money factor, residual, and lease payment for 3 years; 45,000 miles. When I calculate this on the Toyota.com web site, it comes to $518/month (assuming I pay the $400 acquisition fee, $500 security deposit, and first payment upfront). I think that sounds a little high.
Thanks!
Ernest
Camry Hybrid fully loaded. MSRP is 30730 just like the guy above. I want to lease the car for 3 years and 15K a year.
Anybody have any idea what the best residual and money factor should be from Toyota. I qualify for Tier 1 credit.
Thanks
Alex
The Money Factors you have are better than quotes I am getting my local dealer in the DC area on Camry LE's. I'm hearing 0.00295, which is about 7.1%.
Car_Man and kyfdx:
Can you shed some light here? What are the Tier 1 Special lease rate MF's for a Camry LE Automatic in the DC area? I have the residuals from the dealer, on paper, but they simply told me the MF. Thanks!
Do you know of any lease specials on the Toyota Camry SE or LE in Southern California? I am comparing the Camry to the Mercedes C230.
Car_man
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Does anyone know where I can obtain the "Lease Rates and Residuals" buy sheet from TMCC? The one the dealers have in their notebooks? This is for Socal region.
Thank you.
SDCOBRA
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Cheers!!!