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Toyota Highlander Lease Questions



  • Have you thought about purchasing since you put so many miles on your vehicles?

    As for the invoice they showed you, all those itemized fees are included on the invoice you'd see here on Edmunds, except for the TDA, which is an advertisng fee. Most manufacturers charge the dealer's for this. As to whether or not the fee should be passed along to the customer is up for interpretation, but in a buyer's market, anything is fair game. It's like any other products though, the cost of advertising is built in to the price somewhere.

    If it were me, I'd have them shave another $500 off, and cap the cost at invoice.
  • techdudetechdude Posts: 87
    Toyota just started a lease deal on the 08 limited highlander in my area. The details are:

    * $419.00 per month for 36 months/12k miles
    * $2499.00 due at signing
    * Excludes tax, title, registration and acquisition fee. Security deposit waived by TFS.
    * Model 6956. Options FE EJ HD PB QR RF SR TO. Limited Models Only

    This sounds like a good deal in itself. Since I'm new to leasing, should I look out for anything or bargain the leasing price down further? I was thinking that i could have them bump up the miles to 15k. I read everywhere that I shouldn't put down a down payment and I'm wondering if that's what the 2499 is. Any assistance would be appreciated. Now that I have my mind set on leasing, i'm debating between this, the Murano and MDX.
  • web2323web2323 Posts: 20
    Where are you located? I am looking for one in Cleveland, Ohio, and can't touch that. They only have the Sport's on special here.

    Is that an AWD?

  • techdudetechdude Posts: 87
    I live in NY. Aren't all Limited's AWD? I can't even configure a Limited with FWD on Toyota's website. My dealership will confirm this with me.
  • web2323web2323 Posts: 20
    Edmunds lists a FWD, however, I think that Stock number is a AWD.

    We were out yesterday in Cleveland and got that same car with Nav and DVD for like $650/month lease with $950 down.

    We couldn't even get a good deal on a loaded sport.

    Money Factors here are:

    Sport .00148
    Limited .00255

    I just emailed my salesperson with the deal. I will see if they can cross their "regional" lines and get the same deal. If not, I'm driving to Buffalo this weekend and picking one up.

    I agree on working the $2,499 down.
  • web2323web2323 Posts: 20
    I went ahead and called a dealer in Buffalo about the advertised deal.

    It seems to be a bit weird to me. Maybe you NY'ers are just different!

    On top of the $2,499 due at signing...there is about another $2,500 for fees, taxes, etc!

    That means you're going to be close to $5,000 out of pocket! At that point you probably should just buy it.

    I am getting basically the same options in a sport here in Ohio for about $465ish a money down!

    Almost $100 less a month than the limited that I was getting quotes on. Weird how Toyota does the supply / demand game.

    Also, I am telling dealers that I am a member at Costco and belong to the Costco autoprogram and I'm just waiting for a call back from a participating Costco dealer. Every single one has said we'll match there offer and I tell them it's cost less 1%. It's worked every time so far!
  • mojo201mojo201 Posts: 5
    Web2323, Could you please list the options your getting on the HLSport at $469/mo. I've been trying to get the price in this range for about a month with no luck.
  • web2323web2323 Posts: 20
    MOJO201 -

    Here is what I am getting:

    2008 Toyota Highlander Sport 4dr SUV AWD
    LA - Leather & Heated Seats (3-Row)
    SR - Power Moonroof
    EJ - JBL Premium Audio & Bluetooth
    QC - Front Dual Zone Auto HVAC
    TO - Towing Prep Package
    EH - Cold Weather Scam
    FE - 50 State Emmissions Scam
    Carpet/Cargo Mat Scam

    I live in Cleveland (6.25% sales tax rate). The dealer we are using is at 1% under invoice. We are trading in a 2005 Trailblazer LS that we are breaking even on, however, he has said they'd work with us on it. Also, they are throwing in a trailer hitch. I think it's like $279.

    The new HL lease specials just came out. So it's putting the money factor at .00148.

    My wife is heading out to the dealership one last time to make sure she wants the HL and not the Sequoia.

    This was their initial offer. I am thinking of trying an offer of $450 a month.

    This is for a 3 year/36,000 mile lease.

    Let me know if you have any questions. I have the actual dealer invoice electronically.

  • techdudetechdude Posts: 87
    Here's the quote I got back from the dealership after I said I didn't want to put any money down and have15k mile cap:

    2008 Toyota Highlander stock #WTS3915 Black
    Lease Price is based on 15K miles per year with $0 cash down

    36 month lease $639.36 per month

    48 month lease $632.24 per month

    Options as follows;

    Model Number: 6956A

    Model Description: 4-DOOR 4X4 SUV
    Year ............: 2008
    Interior Color ..: LA40 LA40
    Exterior Color ..: 0202 BLACK
    Body ............: 4-DOOR 4X4 SUV
    Number of Cyl ...: 6

    VIN .............: JTEES42A982054163
    Ignition Key.....: 40546

    Factory Installed Accessories: FE EJ HD PB QR RF SR TO
    Port Installed Accessories ..: Z2

    Vehicle Base Model ....................: $ 34150.00
    Total Accessories .....................: $ 3678.00

    3.5L 270HP 24-Valve V6 Eng w/Dual VVT-i
    4-Wheel Drive /4- Whl Ind Suspension
    5-Spd Automatic Trans w/Sequential Shift
    Electronic Power Steering System
    4Whl Pwr Ast Vent Fr/Solid Rr Disc Brake
    Hill-Start Assist & Downhill Assist Ctrl
    19" 5-Spoke Alloy Wheels/245/55R19 Tires
    Star Safety System Includes:
    Enhanced Veh Stability Ctrl w/TRAC
    Anti-Lock Brakes w/Brake Assist & EBD
    Dr & Fr Pass Advanced Front Airbags/
    Driver Knee Airbag / Dr & Fr Pass Seat
    Mounted Side Airbags/3 Row Roll-Sensing
    Side Curtain Airbags/Dr&Fr Pass Active
    Headrests / Daytime Running Lights
    Direct Tire Pressure Monitoring System
    3-Pt Seat Belts - All Seating Positions
    2nd Row CRS Lower/Top Tether Anchors
    Color-Keyed Bumpers/Foldable Pwr Htd
    Mirr/Small Rr Spoiler/Chrome Dr Hdles
    Chrome Frame Slvr Paint Grille/RrLicense
    Garnish/Roof Rails/Blk Rr Step Bumper
    Fog Lamps/In-Glass Ant/Rr Privacy Glass
    Rear Glass Hatch/Auto on/off Headlamps
    Puddle Lamps / Fr Var & Rr Interm Wipers
    Fr Dual Zone Auto Climate Ctrl w/Air Fil
    Rr Back-up Camera w/Multi Info Display
    AM/FM/6-Disc In-Dash CD Chgr, Mini Plug
    Pwr Windows/Dr Locks/Cruise Crl/Homelink
    Smart Entry System / Conversation Mirror
    Tilt/Telesc Lthr Strg Whl, Audio/AC Ctrl
    Lthr Int, Pwr 10-way Frt Dr/4-way Pass,
    40/20/40 Splt 2nd Row Seat,w/Fold-Flat,
    Recline, Fore & Aft Slide Adj & Rt-Hand
    Walk-in Function + Center Stow Seat &
    Center Stow Console, Lthr 3rd Row Seat
    W/fold headrests / Fold Flat Into Floor
    1Touch Fold Flat 2nd Row Lvr/Tonneau Cvr
    Wood-Grain-Styld Int Trm/Auto Dim Mirror
    Retail Total
    Vehicle Base Model ..........................:$ 34150.00 $ 34150.00
    50 State Emissions .........................
    JBL AM/FM 6-Disc In Dash CD Changer with ... 630.00
    Hands-Free Phone Capability via Bluetooth ..
    Wireless Technology, Satellite Ready .......
    Capability, (Requires: Subcription to ......
    XM or Sirius, Antenna and Receiver), .......
    MP3/WMA Playback Capability and 9 ..........
    Speakers (including sub woofer) in 7 .......
    locations ..................................
    Multi-Stage Heated Front Seats ............. 440.00
    Power Rear Door ............................ 400.00
    Auto Rear Air Conditioning System .......... 585.00
    w/ Rear Vents for 2nd & 3Rd Row ............
    Color-Keyed Sport-Styled Rear Spoiler ...... 200.00
    with LED Stop Lamp .........................
    Power Tilt/Slide Moonroof w/Sunshade ....... 850.00
    Tow Prep Package includes: 5,000lbs ........ 220.00
    towing capacity, Heavy Duty Radiator .......
    w/Engine Oil Cooler, 200 watt fan ..........
    coupling, Transmission Oil Cooler w/ Water .
    Cooler,150 amp alternator, and Pre-Wire ....
    Harness ....................................
    Preferred Accessory Package ................ 353.00

    Total Accessories ...........................: $ 3678.00 $ 3678.00

    Total .......................................: $ 38513.00 Internet Price is $ 35,830.00
  • pcrispypcrispy Posts: 11
    For our area here is the deal:

    Lease a new 2008 Highlander for $299 a month for 36 months with $3,399 due at signing, which includes first month’s payment, $2,570 down payment, $0 security deposit and $550 acquisition fee. Does not include taxes, license, title fees, insurance and dealer charges. Closed-end lease. 08 Highlander sport and base gas models are eligible. Example based on model #6948 with FE CQ EH RL TO only. Gas limited models and all hybrid models are excluded. Manufacturer’s Suggested Retail Price including freight $28,750. Monthly payments of $299 total $10,764. Capitalized cost of $25,657 based on down payment and dealer participation, which may vary by dealer. Payment may vary depending on model, equipment choice, and final transaction price. Lease-end purchase option is $17,350. Customer responsible for maintenance, excess wear and tear and $0.15 per mile over 12,000 miles per year . To qualified Tier 1+ customers through Toyota Financial Services. Cannot be combined with any other offers. Subject to availability. See participating dealer for details. Offer ends 3/31/2008. Offer good in Illinois, Indiana, Minnesota, and Wisconsin.

    Even with Edmunds lease calculator I can't get the payment to come out to $299 based on the capitalized cost of $25,657 (including down payment) and assuming a money factor of .00148. I have to change the residual amount to nearly 58% to get it to work out.

    I am looking for a fully loaded (with tech & DVD) Sport AWD, so a killer lease is definitely welcome, even if I can't figure out the numbers. I called a dealer and they are working on a quote for me right now so we'll see how that comes back.
  • web2323web2323 Posts: 20
    Something seems goofy there. The Base AWD MSRP is $28,750 with no options. I didn't look far enough into what the options were.

    Basically, here is what I am going to offer tomorrow.

    Sport AWD with LA, SR, EJ, QC, TO, EH, FE with a trailer hitch and running boards attached. Absolutely, $0 down. Trading in a 2005 TB with 42,000 miles, we owe $10,300 on it. Trade-ins have been between $9,000 and $11,000. I am going to offer $445 a month 36 months/ 12,000 a year. My gut is that $460ish will probably be the deal I end up getting. (Their initial quote was $475 a month, before they adjusted the trade and we came up with $400 college grad credit for my wife (woo-hoo!!!)).

    Not sure if they will accept it, but if they do hurray. I'll be glad to get this thing done now that we've come full circle (started at Sequoia, looked at Passport, Yukon, Tahoe, Acadia, and Volvo XC90).
  • pcrispypcrispy Posts: 11
    My offer for a Sport AWD loaded with almost everything including Nav & DVD came in tonight at $550/month with $0 down. The MSRP is $39,800 with a residual of $19,712 and the tax, title, license is rolled in and included in the $550. I am now waiting to hear on an offer for my trade in and then I will evaluate what I am going to do.
  • web2323web2323 Posts: 20
    I just gave them a credit card to hold one for us.

    We're not getting the running boards or the trailer hitch, nor am I getting the $445 I had hoped for.

    We are getting it for $465.97 a month, nothing due at signing, 35 remaining payments.

    Not thrilled, but not too bummed out either.

    Good luck all!
  • bkanskybkansky Posts: 14
    Has anyone gotten a lease quote on the 08 Hybrid LE? My 05 lease is over and I was going to lease the new Murano LE with navigation but because the car is so new the lease money factor is very high. So I am seriously thinking about a 3-yr lease on the Hybrid LE with AWD and Navigation and Moonroof with 16-17 K per year. I always lease and never pay more than than the lease requires. I haven't seen any posts about leasing the new 08 Hybrid so if anyone has any info, I'd appreciate hearing from you. Are dealers negotiating on the 08 Hybrid?
  • mojo201mojo201 Posts: 5
    2008 HL Sport DEMO fully loaded NAV,TOW,HITCH,REMOTE START, has 3000 miles on it. MSRP is 41300 MY PRICE: 36,300 (could be off a little, I'm doing from memory). 36 month lease 12k mi. $507/mo $4000 down. trade in 36 month lease 15k mi. $523/mo $4000 down. trade in
    Would like some input deal or no deal....seemed to be in line with some of the calculators that I saw/used. All help is greatly appreciated...thanks!!!
  • The differences between yours and mine are: I have a 4x2 Sport, no power rear door, and I do have navigation. My "retail" price was around the same (maybe a little lower, no paperwork in front of me), my down payment for tag, tax, and GAP insurance was $750ish, and my total lease payment incl. tax is only $625. Take that for what it's worth. ;)

    Also, I've been reading on here lately of people paying $2500 to $5000 down on a lease. DON'T DO IT! You never want to pay more than tag, tax, title, and GAP down on a lease, unless you're going to definitely purchase it at the end. All this does is benefit them.
  • mojo201mojo201 Posts: 5
    Can one of the experts analyze my last post and advise if it's a good deal or not. I realize, I'm putting $4k down, that's my trade in. I am definiitely keeping the car after lease, but to get similar payments I'd have to put 11k down. All help appreciated ..thanks!!!
  • Too expensive to lease, especially on a demo (non-hybrid). You can find well-equipped Lmtd's less than that.

    I certainly would not lease 'that' demo. Even though you plan on buying it, many things could change and you'd essentially be out that $4k. I'd rather see you negotiate a little stronger on the price, put your $4k into it, and buy it, while hopefully qualifying for a low apr that TFS currently is offering on Sport and Base models in most regions.

    Where do you live (city, zip)? What's yout local tax rate (sales tax)?
  • mojo201mojo201 Posts: 5
    OCAUTOSEEKER, thanks for the response, they quoted 11k down to get a payment of $520 on a purchase...I didn'nt work those numbers. We're in PA, 17003, local tax rate is 6%. Any more help is greatly appreciated, I'm supposed to go to the dealership this evening...load me up!!!
  • If purchasing, their numbers look right in-line based on the selling price and given TFS's 4.9% financing for 60 months, you'd be right around $525/mo with $11k down. With only $4k down, you'd be right around $660/mo.

    As for the lease... you need to ask them how they arrived at your lease payments. How much to drive off? What are the 12k and 15k residual on the vehicle? Are they quoting you the buy rate money factor? Are they capping the acquisition fee into your lease? How much are the DMV fees? Is there a doc fee, how much?

    In your region, there are no special lease or finance terms on Lmtd models, so a loaded sport is a good alternative right now.

    Get me more info based on the above questions, and I'd be happy to be your second opinion.

    You can e-mail at [email protected] for quicker contact.
  • mojo201mojo201 Posts: 5
    Also,,, any thoughts on purchase price of this demo, it's a fully loaded demo
    MSRP is 41300 (roughly)
    SELLING IS 36,300 (roughly, have the numbers at work)
    MILEAGE IS 3000

    I'm not sure what a "fair" price for this is being that it's a demo.
  • That's a decent price for that particular demo given that there's probably a spread of about $4500 between MSRP and dealer invoice. Net affect is that they're allowing you about 17 cents/mile for the deprectiation it's already taken and thus selling it to you/capping the cost at about $500 below invoice.

    Given it's an '08, I'd shoot for another $500 - $1000 off and then I'd say you've got a good deal.

    Another option: if you want to purchase and have excellent credit, you could stretch payments out to 72 or even 84 months. Again, just a suggestion. With excellent credit, you could probably get an approval for around 6.25% at a local credit union, which would put your payments more in-line with your lease quotes.

    So long as the loan has no pre-payment penalties, you can always pay the loan off early by simply adding principle to the payments. You would need to do a cost analysis as to how much you'd pay by financing 72 or 84 months outright, compared with a 36 mo lease, then refinancing for 24-60 months at lease-end.

    Benefit of long-term financing is lower payments, so if you were to get in a jam, you could make the minimum payments, but when your budget allows, simply make additional or increase your monthly payment allowance and pay the vehicle off quicker and save interest.

    Some things to think about...
  • Here is the deal I got from my local dealer. Let me know if this is at least ok :)

    08 HL, Sport, Loaded, leather, climate etc, but w/o dvd or navigation

    Here is the details I got:
    Price: $36,689
    Money factor: 0.00122 (this is for tier 1, which I should be able to squeeze in:))
    Residual: 19,460
    No money down
    36 mo / 12 K
    $560 + gap (I am not sure how much gap would be? ~$20?)

    Any comments are greatly appreciated!!! (going there tonight :-)
  • anybody?
  • techdudetechdude Posts: 87
    I think 36,689 is a tad too high. What area do you live in? Using i configured a similar ride w/o navigation and rear entertainment for around 34k. Everything else in your deal looks satisfactory.
  • Need the MSRP to analyze your deal??

    MF & Res look accurate. Dealer cost on Gap should be ~$200. Don't pay anymore than about $300 for it, as they'll probably try to retail it to you for $600+. It'll probably add about $8 or $9 /mo. to your payments.
  • tino08tino08 Posts: 1
    Hey everyone!

    Ive been reading this board for a few days now, and trying to gather some information from several dealerships in New York (Westchester & Putnam)

    My parents are interested in a 2008 Highlander Limited w/ Nav and Rear Entertainment. I know that they are two RIDICULOUSLY expensive options, so they are ok with just having the Nav option.

    Anyway, does anyone know what lease payments might look like for this model - Tier 1 credit with the car being purchased off the lot? Down payment $0 - 1000 (not including tax, title, reg.), 36 months, 12,000mi/year.

    :confuse: Ive gotten estimates from 620 - 700ish! My parents want to stay around $550 it even possible?! :surprise:

    If I am missing any info, let me know.....Thanks so much!
  • web2323web2323 Posts: 20
    Santino -

    I think what you're going to find is that the Limited is substantially higher than the Base or Sport on a lease currently. Toyota is incentitizing the money factor on the Base and Sport models.

    The payments you threw out are probably about right for a Limited right now. You can probably knock close to $100 off by loading up a sport model.

    Good luck!
  • web2323web2323 Posts: 20
    Fandorin -

    I got almost the exact same car for $465 a month. $0 out of pocket. 36 month / 36,000 mile lease. I have 35 payments left (they made the first one for me).

    I did negotiate for about $600 in equity in my trade, which was about $1,000 more than any other dealer was giving me. We also qualified for the $400 college graduate program thanks to my wife. Other then that, I didn't give them a cent.

    2008 HL, Sport, FE, EH, HJ, LA, PN, QC, QR, SR, TO, CT, GN, MF, 3T.

    MSRP was $37,012

    Gap insurance would add $7 to my payment and I passed on it.

    I can scan and email you my pricing info if you need leverage with your dealer. My dealer was at invoice less 1%.

    Let me know.

    Good Luck!
  • Karen_SKaren_S Posts: 5,092
    A reporter hopes to speak with consumers who want to buy hybrid SUVs that are having a hard time finding them at dealerships and/or are frustrated by dealers marking up the prices on the hybrids. If you are a consumer looking to purchase a hybrid SUV, please respond to [email protected] with your daytime contact information no later than Tuesday, March 25, 2008.
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