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Toyota Highlander Lease Questions
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Comments
same highlander, base 4wd option B.
Cap cost 28000
1434 due at signing (all inceptions, fees, first month payment, and taxes)
$368 a month.
36 mo./ 12K per year:
MF - 0.00143
Residual - 49%
Personally I'm waiting several more weeks this dealer and several others had loads of 08's on their lots. With the 09's coming in, and the current economic times I think you'll see either rates coming down or dealers wanting to slash prices on 08's. Toyota's US sales, including the Highlander, are waning.
I'm currently renting a car in Denver,CO while waiting for Toyota prices to come down on the 2008 models. Local Denver dealers are sitting with a major surplus of 2008's and I'm still continuing to get lease numbers for a 4WD Sport in the mid $500's per month for a 3 year lease/12-15K miles/2000-3000K down.
The real problem is I can't find a 2008 Highlander Sport with Navigation and cloth interior, and power rear door. I was told multiple times that such option/configurations don't exist. I find this completely and utterly absurd. If I'm paying for something, I should get want I want.
The dealers I've been dealing with have been offering me vehicles with options I DON"T WANT! I don't want a sunroof, tow package or leather.
went with a volvo xc90. experience at volvo also far superior.
Please help me evaluate the following:
2008 Highlander 4x4
MSRP=$40,898
Negotiated Price=$36,603
Lease Terms:
36 months
15k miles/year
$905 down (includes taxes, etc)
$699/month payment
Good, bad, ugly?
Thanks!
OH MY!! PLEASE tell me you played your pass card on that. At that figure, you'd be better off buying, or going somewhere else.
Car_man
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Get this, for the HiHy - $975/month
For the Sport (he said he couldn't find a limited) - $700/month
No WAY would I accept those terms. EVEN at 7 franklins a month - I'd be owning that baby at the end.
I may be looking for another dealer soon, when it comes time to get serious.
2008 Volvo xc90 SE AWD (loaded with Navigation, backup camera, etc)
$4500 down
$515/mo
2009 Lexus RX350 AWD (with Nav, etc)
$3500 down
$495/mo
I don't see leasing a Highlander for $699 when you get get a much better deal on other suvs. Granted those are not hybrids but still.
BTW - is the Highlander the same car as the Lexus GX470?
Car_man
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Any help would be greatly appreciated!
IMO these vehicles are NOT a good lease bet right now. Toyota is hammering the residual right down into the basement - likely a forecast of fuel prices, and realistically they are probably right in that. Leasing these things used to be a great deal. Four years ago it was no problem to get a lease on a Higlander for ~$300 a month with no hassle and little to nothing down. Compare that to what you are being offered and consider that you can finance one of these for purchase over five years for the same lease payment they are offering - less in fact. You can pay for one over five years for about $670 a month (using 5.75% and an OTD price of 35000).
Leasing needs to be a better deal than that (WAY better IMO) and NO MONEY DOWN, or it ISN'T a deal in any sense of the word.
Thank you.
Can you please post the MF and residual percentage for a 36 month lease at 12k per year for both a 2008 sport and base highlander 4wd? Is TFS providing the best lease package at this point? I am located in the Northeast (CT). Is their more incentive to lease a 2009 in terms of MF and residual? Probably wont get more of discount on a 2009 than a 2008 in terms of cap cost.
Thank you!
BCD31
It's always been discussed as to why anyone would pay more for the Lexus when the differences were little but now with the new Highlander, you really just are paying for the prestige. I liked the new HH better than the Lexus for 2009.
Its current 36 month, 12,000 mile per year residual value for a base 2009 Highlander Hybrid is 57%. the problem is that TFS places restrictions upon what options can be residualized. This makes is difficult to figure out the actual dollar residual value for vehicles. So much so, that Toyota provides dealers with lists of the dollar residual values for the specific units that they have in inventory rather than relying upon them to calculate the resids themselves.
Car_man
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I've got the following offer from a dealer for a 09 Model# 6942 Base 2WD 4 Cyl. Auto. with Towing Prep Pkg, Convenience Pkg, Manual Rear Air, Pwr Driver Seat, Daytime Running Light Pkg., Engine Immobilizer and 3rd Row Seat Pkg.
Can you please provide the estimated monthly payment and TFS's Tier 1+ MF and residual percentage for a 48 month lease at 12k or 15k miles per year? I am located in the South (FL). Are there currently any incentives on 2009 Base 4 cyl.?
Thanks for your help!
PC
Car_man
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Can you please post the current lease numbers for Highlander Sport AWD in PA (Philadelphia area)? Also if there are any incentives for the 2008 left over there are quite a few in my area.
Also was wondering is there any other incentives to purchase besides the 2K that is currently being offered. What kind of percentage rates will I be looking at?
What is the MF and Resid. on the Highlander Limited with Extra Value Package No. 1?
36 months
12k yr
Thanks
I visited 2 local dealers in the northern NJ area for a Highlander Ltd. No nav
Here are the quotes:
36 months
12k yr
2000 out of pocket
$689 w/ tax !
2nd dealer:
$639 a month
Is anyone being quoted anything significanly different?
Is the MF and residual this bad?
My .02 worth.....
On the purchase side, in its Central Atlantic region Toyota is currently offering $2,000 customer cash on the 2008 Highlander and $3,000 on the 2008 Highlander Hybrid, but no special financing alternative.
Car_man
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This truck's lease program varies depending upon which one off Toyota's twelve regions one is in. If you tell me what state you live in I will be happy to share what I know about Toyota's lease program there with you.
Car_man
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TFS' current published residual value percentage for a 36 month lease of an '08 Highlander Limited 2WD with 12,000 miles per year is 45%. In reality though, it is actually worse than that because TFS places restrictions upon which options can be residualized.
I was actually in the market for a new SUV myself last month. I was planning on giving the Highlander serious consideration. Toyota's lease program has traditionally been very attractive on it. Alas, its current program is not nearly attractive enough and I took my business elsewhere.
Car_man
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The problem is - I started researching rates at the end of December when every company had excellent programs. I was too new to jump on the first few deals I saw so I waited. After Jan. 5th, I kicked myself in the rear for not pulling the trigger on several deals.
Any historical data you can share from previous years that would indicate better programs in March?
I tried the method listed in this article -> http://www.edmunds.com/advice/leasing/articles/45858/article.html, under section #2."How do I buy my car at the end of the lease?" It suggested calling my leasing company and negotiating a payoff price different from the listed payoff because it's to the leasing company's benefit for me to buy it so they don't get killed at auction if I turn it in. That didn't work, they said payoff is non-negotiable.
My monthly payment is pretty high (because I was stupid, and upside down in my trade-in) so I'm not sure whether listing on LeaseTrader or Swapalease will do any good.
Is my best option just trying to get the best trade-in price possible?
It appears the car may be worth a lot less than TMV at the end of the lease and if so you may be better off eating the payment for a year than taking the $3K loss.
If I absolutely needed to lower monthly cost and if the car is OK I would rather buy the car and finance it for a longer period of time rather than lose $3K up front. I assume if you have $3K in your pocket that the extra $$$'s mo for 14 months shouldn't make that much difference.
Just a word of fatherly advise. Don't make the same mistake twice, which is where you're heading on this.
Can you advise what the MF and Resid is on the Limited for 36 months, 12k and 15k per year? Did these rates get better than previous months. I can't imagine lease rates getting any worse than they have been for the Highlander.
Toyota's March lease program for the Highlander is definitely more attractive than its February program was, but it would be very difficult to predict where it will head from here.
Car_man
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Keep in mind though that the residual value percentages that TFS publishes are for base MSRPs. It places restrictions upon what options can be residualized. Doing so makes vehicles' effective residuals lower than its published numbers, not to mention difficult to calculate.
Car_man
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I'm new here, first post. My 2006 Rav4 Sport lease is ending in 3 months. The dealer I leased at has already called me to come in and look at new cars. Am I going to get a better deal for being a repeat customer?
I'm in NYC. I'm looking at Highlander 4x4 (either base or Sport). I trying to get a ballpark figure of a lease payment for a 36/10 or 36/12, with no money down. I'm looking at ones with MSRP around $30-32k. I have excellent credit.
What are the MF and residual? Can those be negotiated or are they given by the dealer? Is the Highlander really popular in this area? Are dealers willing to negotiate much? I can't find this info. :confuse:
Thanks for your help.
2009 Base Highlander (v6 fwd)
cold weather package
blu logic
extra value package
daytime running lights
dealer installed dvd player
36 month lease with $1500 down $452 month (including tax).
residual value $13,874. Negotiated price $27,956
Appreciate any thoughts you might have! Thanks!
A week ago, I asked a dealer in Central Ohio for lease quotes on both the Highlander and the RAV4, 3 yrs, zero down, 12k miles. The payments were about what everybody here has experienced. What shocked me were the residuals:
Highlander, MSRP $37,600., residual $17,515.
RAV4, MSRP $30,255., residual $17,815.
I guess that tells you something about the leasing company's expectations for larger SUVs.
The one nice thing about a realistic residual is that if per chance you fall in love with your car and want to buy it out at lease-end, chances are that on a Toyota, the residual will be pretty close to what the market's fetching.
Like Car_Man has said numerous times, Toyota sets a residual for each individual vehicle and not just one percentage straight across the line. People often think that by adding equipment like NAV and rear dvd systems etc. will increase the resid, when in fact, it usually lowers it.
Toyota Financial Services' new New York region buy rate lease money factor for the 2009 Highlander is a very attractive .00028 for consumers who qualify for its top aka "Tier 1+" credit tier. This is the lowest money factor that the dealer is allowed to charge you.
Highlanders are popular vehicles, but dealer grosses on them are low...particularly in the retail environment that we find ourselves in today. If I was in the market for an '09 Highlander right now, I personally would shoot for a selling price of slightly over dealer invoice. You should be able to get pricing feedback from other consumers who are in the market for similar vehicles by visiting the "Toyota Highlander Prices Paid and Buying Experience" discussion.
Car_man
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Extra bells and whistles are always nice, but when it comes time for a dealer to try and pick that vehicle up from an auction (where it usually goes after your lease), many times, those "amenities" don't add squat to the value of the car, and the dealers/wholesalers looking to buy know that. Most people that buy used want a clean car that has a solid engine and tranny, and has convenient features like a/c power windows and locks etc, but the rear seat entertainment systems, nav, and other "overpriced" features when new just don't hold up well in the resale market - thus the dip in residual. Especially when you can by a Garmin or Tom Tom for $150 and move it between vehicles, as opposed to the $2000 factory nav.
BUT: we've never owned an SUV, and the ride in the rear seat(s) seems a lot harsher than we're used to in our 2000 Sienna XLE. Making me nervous about plunking down $$36000 (out the door price) when we're not sure how satisfied we'll be with it. SO: does a short lease make any sense? We would probably buy it off of lease (or during lease if that's possible?) if we like the vehicle as much as we hope. Perhaps it would make more financial sense to buy it and then sell in a year or so if for some reason we didn't want to keep it? Thanks for the help. We have to make a decision within 48 hours--it's hard to find a Limited like this without tons of expensive bells and whistles we don't need.