Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see the latest vehicles!

Toyota Prius Lease Questions

1356710

Comments

  • ickick Member Posts: 17
    Dear Carman,
    Should I get the gap insurance if I lease a prius? I got one pretty good deal $207 a month for Prius II but toyota convinced me to get a gap insurance. They told me I can cancel it any time but I better keep it for the first year. It is ture? What is your recommendation? thanks.
  • wantapriuswantaprius Member Posts: 11
    We got our Prius III yesterday for 680 drive off + 225 p.m (all incl). I think this is a pretty good deal. The color was not to our liking (sandy beach metallic) but we are actually thrilled with the price. I got the Gap insurance from Progressive for only $9 every 6 mo compared to $12 pm by Toyota.
    Thank you Saturnius for the guidance and all ohers for their input. Here's to 3 yrs of trouble-free driving. Cheers!!
  • wantapriuswantaprius Member Posts: 11
    edited March 2010
    Hey ick,
    Most Insurance companies offer Gap insurance-I got mine for only $9 for 6 mo by Progressive. BTW, did you have a down-payment for the Prius II? For some peculiar reason, none of the dealers were ready to give the Prius II for the Prius III price. Not sure why. Any inputs anyone?
  • saturniussaturnius Member Posts: 17
    Nice work, Wantaprius. Glad I could help. And thanks for the heads up on progressive's gap, I'm going to sign up now!
  • tai1tai1 Member Posts: 6
    2010 Prius III, solar package with rear bumper applique and carpet floor mats & cargo mat. 36 mo and 36 K.

    Was told sign-and-drive with 1st month payment, 314 p. m. everything included. How does this sound? Should I go ahead? Anyone has heard anything on the solar panel? Is it working fine to keep the car cool under the sun? Thanks.
  • saturniussaturnius Member Posts: 17
    Tai, we're all getting much better deals than that.

    I got a base 3 with mats for 236 p.m., 680 drive off. I don't think The solar sunroof is worth that huge difference. Nearly 3k, over the course of the lease? - just a guestimate.
  • tai1tai1 Member Posts: 6
    edited April 2010
    The dealer cost for the solar roof package is $3166. Just a quick/rough math on the back of an envelope.. assume 55% residual value after 3 years, so I will pay 3166*0.45 = 1424.7. Money factor = 0.00075 which translates into 1.8% APR. By those numbers, order solar roof would roughly add $40.68 to the monthly payment.
    Your monthly is 236 + (680-236)/36 = 248 to make zero sign-and-drive other than 1st mo payment. Add 40.68 to that we get $288.68. Following this logic, my offer of $314 apparently is on the expensive side. By the way, I am in Indiana and the tax is 7.5%.

    Thanks much guys for your info. Any suggestions how I can do better? The MSRP is 28649 and the sale price is 26683.
  • gs451gs451 Member Posts: 19
    Hi Everyone,
    My father is contemplating getting a Toyota to get rid of his Accord.

    He had been contemplating getting a Camry 2010 Base Model for 180/month including tax with 880$ drive off for 36 mo. with 15K miles a year.

    However, he is really impressed with the Prius and would like to consider that if the payments are too much higher.

    We are open to the Prius II and III although I must admit, this solar sunroof option in the PriusIII seems awfully cool-you guys probably know if it is worth it or not?

    We are in the Orange County, CA area. Although we are not in any hurry to make a deal, the dealers are saying Monday is the last day to get the best deals on Toyotas, is that true?

    Sorry, not too well-versed on leasing and would appreciate feedback as to what we should pay per month with 880$ drive off and 3 years/15K miles terms. :)

    Many Thanks,
    Al
  • gs451gs451 Member Posts: 19
    Hi guys,
    Just got a quote on a 2010 Prius III with Navigation package. The MSRP is 26K.

    The mileage is 15K, 3years, with $800 drive off, and payments of $286 pm including tax.

    Is this good?

    I don't like the color of the car too much though.

    Thanks,
    Al
  • wantapriuswantaprius Member Posts: 11
    gs451,
    I think your deal is pretty good. according to what Saturnius (and I) got for our cars, your car's monthly payment should be $304.11 with 0 down or 282 with 800 down. This is not considering the Nav package. So IMHO this is a good deal. The color is a secondary issue though- if you might buy out the car at the end of the lease,then it matters, else, do you care whether you drive a fluorescent green Prius as long as you get a good car? ;)
  • wantapriuswantaprius Member Posts: 11
    gs451,
    I am confident your dad will like the Prius and I believe you can nail a deal tomorrow for about the same as what you are getting. I was (and am) being constantly surprised with the Prius's ability. A friend who was skeptical abour my choice was actually so pleased that he wanted to trade his V6 Sonata in to get the Prius (20mpg vs 50). The sunroof is your choice though- I didnt feel I needed to pay that much more for a luxury in a car I may not even keep at the end. You can get a Prius III for around 225pm with 650 or so down. I hope that helps.
  • cluedweaselcluedweasel Member Posts: 150
    edited April 2010
    Finally got the Prius today. A base III model with mats, rear bumper applique (pretty much every one in Oregon has it) in Pearl white. $25,039 sticker. For a 36 month / 12.000 lease, we paid $476 down (title, 4 years registration, 1st month payment) and $204 per month. No $650 acquisition fee. That was waived for anyone qualifying for the tier 1+ lease deal. The had to travel 300 miles for the deal (the local guys wouldn't discount from MSRP) but it was worthwhile for a nice car and a reasonable deal.
    Thanks to everyone here for their insight.
  • miami13miami13 Member Posts: 2
    Was wondering about your thoughts on this lease offer for a 2010 pkg V Prius - hopefully the follwing details will help determine if it is or not:

    msrp: 35,023

    sales price: 32,879

    residual of: 22,363

    money factor: .00181 (not sure yet why the .00075 was not factored in - credit hasnt been pulled and won't be an issue

    36 month lease with 15,000 mpy

    their quote says "0" down

    monthly payment of $455 all in

    invoice price looks to be 30,506 plus whatever the invoice price would be for the $699 Toyoguard and $299 mats.

    Anyway, appreciate anyones thoughts and insight and thanks...

    Susie
  • cluedweaselcluedweasel Member Posts: 150
    edited April 2010
    I believe the 0.00075 rate isn't available in the south-east area as far as I remember. The residual looks fairly close but you should be able to shave another $500 off that price.

    Look at post #93 for info on the south-east. You should be able to get the lease rate down to the buy rate of 0.00151
  • prius_techprius_tech Member Posts: 1
    It seems you've got an awesome deal! Could you please let us know the dealer you leased it from? Thanks a lot for your help! Enjoy your new Prius.
  • jad376jad376 Member Posts: 12
    edited April 2010
    I've been gathering quotes from different dealers for my next car. Last time, I traveled 100 miles to save $1,800. Here are the most recent numbers on the 2010 Prius IV with navigation package. This particular dealer said the money factor was "half" of what his previous quotes were...still not close to .00075 (I may fly across the country on air miles for a deal like that!)...

    MSRP: $30,030.
    discount: $1,457.
    rebate: $0.
    vehicle price: $28,573.
    tax $1,714.
    doc fee $123.
    tag fee $133.50
    net sales price: $30,543.88

    The invoice listed online is $27,765.

    The lease payments quotes still seem high. I may be better off waiting a while and buying a pre-owned 2010 Prius within its warranty and letting someone else pay for the depreciation...

    36 months, residual $19,245.
    0 down: $397.43. (this is $128 more than I currently pay on my $0 down lease on a $27,000 car...)
    1k down: $365.87.
    2k down: $335.72.

    48 months, residual $16,967.
    0 down: $431.
    1k down: $405.
    2k down: $381.50.
  • legalmanlegalman Member Posts: 6
    Hello and looking for advice comments.

    South West Florida dealer is offering the Prius II at $169 with $2869 down plus tax tag and fees. There are no options and Gap is included.

    Can I do better ??
  • noonmaniacnoonmaniac Member Posts: 1
    deal signed last night.
    hope this helps folks out there.

    2010 Prius V
    blizzard pearl
    nav pkg
    misc stuff

    sticker: 31,936
    sale: 30,300
    residual: 19,713
    down: 0
    acq fee: 650
    registration: 415
    doc: 45
    tax: 9.75% (los angeles)
    15K / year
    36 month
    0.0015 MF

    $425 / month all in.

    couldn't find any other V + blizzard pearl + nav.
    around here, all V's got ATP
  • newmonknewmonk Member Posts: 1
    Just signed a deal 2 days back on P2

    Color - Winter Grey

    Money Factor 0.00075
    Down including 1st mo payment - 1500 ( trade from my old car)
    Lease Term - 30months
    Monthly payment - 244/mo
    Dealer also offered me some safelease program which covers me for upto 5000$ when i turn in my car for any damages - 685$
    So total monthly payment was 268/mo
    Selling price - 22900
    Residual - 16400

    Hope this helps

    Let me know if anyone else signed safelease..I have not heard anyone else buy this protection
  • bondboy1bondboy1 Member Posts: 1
    I am getting the following offer to lease Winter Gray Prius IV in SoCal for 12k miles 36 months

    Monthly Payment: 376$ (after tax)
    Drive Off: 880$ (includes first month and other misc)

    This is using:
    .00075 as Money Factor
    Residual of 19,595
    Cap Cost of 30,234

    Should I go ahead ? Thoughts, advice, guidance will be much appreciated !
  • 19vt9519vt95 Member Posts: 5
    $249/mo
    $249 down (+TTT)
    msrp 23,000
    prius II
    12k miles
  • sussansussan Member Posts: 17
    What is the best rate for Prius II in LA area?
  • diannewhitmirediannewhitmire Member Posts: 5
    Leases differ in different regions. The rates, at times, in other states and other parts of the country vary depending on their inventory, their days in stock for product and dermand.

    Southern CA right now has the most aggressive rates and residuals that I am aware of. With fabulous credit, a rate of .00075 is possible (liken to a 1.8% apr) and the reason that rocks is because it's 1.8% apr on the first 35-40% of the car.
    That's combines with a really high residual, which makes for great low payments and very little cash drive offs needed.

    At a time where a plug in car is barely 2 years away from being readily available (ie. EASILY bought or leased) the timing is perfect for this type of lease.

    :) Dianne Whitmire
  • diannewhitmirediannewhitmire Member Posts: 5
    The best rate? With great credit, you can have a 36 month lease rate of .00075 thru June 1 in the Los Angeles region.

    Dianne
  • a6biturboa6biturbo Member Posts: 5
    edited May 2010
    Just got a 2010 black level III

    MSRP $24,799
    Sale Price $23,206
    Residual $16,660
    Adj Cap Cost $24265 (tax $510, title,lic, doc fee $250, acquis $650 & $370 cap reduc)
    $650 due at signing
    MF .00075
    36mos/12K
    $241.94 per month total payment

    The invoice was $23,560. With a lease the $750 rebate is not eligible... oh and it included the 2 years of maintenance.
  • sachin24ksachin24k Member Posts: 31
    Congratulations !!

    I live in Northridge, and looking for a Prius III for a while, can you please let me know the details of your purchase, like what was the down payment, milage for the life of lease, CAP, monthy (including tax etc..) does it have GAP coverage? how much is your insurence per month?

    Thanks a lot, your input would help me make a decision.
  • kulballerkulballer Member Posts: 1
    I just got this lease quote in the Los Angeles Area....Please advise if its good or if I can do better...thanks

    2010 Toyota Prius II in Silver or Winter Gray Metallic

    $2000 Total Drive Off
    $242 plus tax
    36 Months
    18k Miles Per Year
    Residual of $15,054
    (Total of 4 Years 55k of included Maintenance at this payment)
  • diannewhitmirediannewhitmire Member Posts: 5
    Two observations?
    You should be able to do slightly better than that payment for 15K annual but -- your residual calculation is wrong.
    Residual is $14,604 at 18K annual.

    Dianne Whitmire
  • 19vt9519vt95 Member Posts: 5
    ok, here are the details.....
    prius II w/remote start, mats, bluetooth, and xm
    msrp $24,837
    money factor .00075
    term 36 mos.
    miles 12k/$.15 per mile over
    residual $15,960
    $249.00 down
    $307.00 monthly pmnt

    good deal?
  • 19vt9519vt95 Member Posts: 5
    edited May 2010
    Is this a good deal? Looking to possibly lease tomorow.

    Prius II w/ remote start, bluetooth, xm, mats
    msrp $24,837
    money factor .00075
    term 36 mos
    miles 12k/year and $.15/mile overage
    residual $15,960
    $249 down (inclusive of tax, title and fees)
    $307 monthly payment

    also....

    1. If I decide to go with prius III with same MSRP, should I expect same terms as prius II?

    2. How much should monthly payment increase if I up to 15k miles?
  • r_thorntonr_thornton Member Posts: 2
    We got a II for $215 today. Price includes GAP, Sales Tax of 3.25%, and I put zero down. No starting fees. It tooks us a while, but that's what we ended up with in MA.
  • jamedeojamedeo Member Posts: 6
    After weeks and weeks of going through dealers' price quotes online and in person, on paper, I have decided on the Prius IV with the solar roof package (includes nav).

    MSRP, according to TrueCar: $31,830. The highest price sitting on a dealer's lot has been $32,500 for the exact same machine.

    Selling price internet quotes: $28,405 - $29,969. The most realistic-sounding salesperson is quoting a selling price of about $29,200. Another sales manager is quoting over $460 per month, $0 down, for absolutely everything on .00075 MF (1.8% interest), 12,000 miles/year and residual of $19,595 + $300 for 3,000 more miles in the lease. I suspect there are additional costs added to the lease -- the "price quotes" being sent seem to be incentives to get me in the door.

    Every single quote contains information presented differently. All of them include $123.00 in "documentation fees". Full invoice sheets list $550.00 in "dealer holdback" (profit). Only two of them mention a $650 acquisition fee for leases. One of them mentions $88.95 "government fees".

    How do I approach all these extra fees? Please advise. I would like to pay less than $350 per month.
  • jamedeojamedeo Member Posts: 6
    edited May 2010
    OK, just got back from a new -- and huge -- dealership.

    How does this sound:

    Prius IV w. solar roof package (includes nav):

    MSRP $31,830.
    selling price: $28,758.
    MF .00075
    residual: $18,791 (59.8%)
    $1,071.18 tax

    $1,261.11 due at signing (tax & tags?)

    340.66 including everything else, all fees, profit, dealer holdback, toyota advertising fee, yada yada, the works...for 36 months, 15k mi. per year.

    Should I sign?
  • justgotrippedjustgotripped Member Posts: 4
    edited May 2010
    came into dealership after reading ad for 2010 prius package II. ad says: $ 999.00 "TOTAL DRIVEOFF" AND 36 PAYMENTS OF 239.00 PER MONTH PLUS TAX AND LICENSE. i have tier 1 credit of 762 so, why did the dealer ask me for $ 1777.12 out of pocket ???

    ( cap cost reduction 999.00 + 278.00 first month + 344.00 title, reg and license fees + 97.40 tax on cap cost reduction + 45.00 doc prep fee + 8.75 tire fee + tax on doc fee 4.89 for a total of $ 1777.12 ) and then they add $ 650.00 as a vehicle acquisition fee... is this acquistion fee required by toyota for a lease or is a negotiable dealer fee ?

    is the ad a scam or did i get ripped a new one ?? :mad:
  • justgotrippedjustgotripped Member Posts: 4
    is that a lease ? what a deal any restrictions on colors ? can you mention dealer name ? thanks
  • jamedeojamedeo Member Posts: 6
    edited May 2010
    Yes, it's a lease -- I picked the color, black and grey, but here's the rub:

    The dealer offered me a $1476 check to pay off my old lease.

    MSRP $31,430.
    NSP $28.758. + $1476 = $30234.33.

    It looks like they're calculating the residual value off MSRP, but 1.8% interest and sales tax off the full amount with the $1476 check. It brings the monthly payment up to $387.90 from $340.66 -- which is a $1,700 premium, or 15% higher than $1476. See my math below.

    Quoted residual: $18.791, which doesn't change based on the two different selling prices quoted by the dealrer. I calculate 59.78% of MSRP. If so, I'd be responsible for 40.22 % of the vehicle's price, plus interest, tax and costs. 40.22% of $31430 = $12,641.14 / 36 = $351.15 before costs -- BASED ON MSRP.

    But the selling price they're charging is $30234.33, which that residual is 62.1% of. In that case, I'd be responsible for 37.9% of the selling price plus interest and costs. 37.9% of $30234.33 is $11,458.81 / 36 = $318.30 before costs.

    Here's my $0 down arithmetic. It might be flawed.

    Lease payment: $387.90 x 36 = $13,964.40, which means the costs look like $1,323.26.

    Interest, costs and fees:

    Interest: .00075 x 2400 = 1.8% of full amount, $30234.33 = $544.21 / 36 = $15.11
    Acquisition fee: $650 / 36 = $18.05.
    Government fee: $108.95 (lower at other dealers) / 36 = $3.02
    Tax: $1071.18 (higher at other dealers) / 36 = $29.75
    Doc fee: $103.00 (triple in the next state over) / 36 = $2.86.

    Total: $2477.34 . 36 = $68.81 per month.

    Added to MSRP-based $351.15 = $419.96.
    Added to my calculated $318.30 = $387.11.

    Dealer's down payment: $1261.11 / 36 = $35.03 per month.

    $419.96 - $35.03 = $384.93 per month.
    $387.11 - $35.03 = $352.08 per month.

    The quoted lease price is $387.90 per month plus the $1476 check back to me -- that I would be paying about $47.24 EXTRA per month for over 3 years... which is $1,700.64. That's $224.64 in extra interest.

    Am I overpaying for the whole lease, or just overpaying for the $1476?
  • justgotrippedjustgotripped Member Posts: 4
    i guess they gotta eat... and pay for all these ads.. go figure you need to be a cpa to make sense of it all.
  • jamedeojamedeo Member Posts: 6
    edited May 2010
    I went back and forth with about four other dealerships, offering them a second chance at my business.

    The lowest price offered, with the $1476 check, was $408.43 per month - or $739.08 more expensive over three years.

    After speaking with a patient young salesman (who still could not beat the deal) this evening, I realized they charge interest on everything -- the net sales price -- or the negotiated selling price plus taxes and fees. Somehow that seems like it goes without saying -- Toyota Finance ought to try and get as much interest as it can, even as low as 1.8%.

    I did get a cheeky e-mail right after we adjourned with no sale -- "just make sure the other quotes include GAP" (which stands for guaranteed auto protection, or extra insurance to cover the difference between the amount owed for the car and the car's worth, in the event of a catastrophe).

    I never get GAP insurance from dealers -- and neither should you. I might buy a policy on top of my usual policy this time just because my cousin works for an insurance company and she always seems to find good rates.

    Thanks for your time. If anyone can shed any insight before May 28 (closing day) on the lease, feel free to post.
  • justgotrippedjustgotripped Member Posts: 4
    seems like they are grabbing where $$ they can... the 3 year lease comes with a 2 year warranty ?? so they sell a 3rd year warranty for 275.00..

    if they make a few extra dollars on the volume of cars they sell its a winner for them..
  • linhtwulinhtwu Member Posts: 15
    Can anyone tell me what the residual would be for 12K mile lease on Prius III? Lease factor i will use is .00075,
  • silverbakedsilverbaked Member Posts: 4
    Hey A6biturbo

    - what state are u in - and if in L.A. which dealer? Thank you!
  • inder22inder22 Member Posts: 6
    I just signed my Lease on 2010 Prius III here in Southern California. After 6 weeks of frustration trying to get So-Cal dealers to really negotiate on this car, I finaly caved in and took a deal which I thought was reasonable.

    Prius III Black exterior, gray cloth interior with Navigation and Toyota incentive of 2 years free maintenance.

    3 year lease, 15k miles per year
    MSRP 26,820
    Final cost 25200
    Money Factor .00075
    Residual is 16000 (63%)

    Drive off (including all fees, licences, taxs, etc): $0
    Monthly payment (includes all taxes etc.): $334

    I dont plan to buy the car at the end of the lease and figured this would be a reasonable work car.

    Good luck...im sure people in the mid west are getting a better deal. In my experience, the So-Cal dealers have enough demand that they all stick pretty close to each other on pricing. Also for some reason, black was hard to find.
  • 19vt9519vt95 Member Posts: 5
    Is this a good deal? Looking to possibly lease tomorow.
     
    Prius II w/ remote start, bluetooth, xm, mats
    msrp $24,837
    money factor .00075
    term 36 mos
    miles 12k/year and $.15/mile overage
    residual $15,960
    $249 down (inclusive of tax, title and fees)
    $307 monthly payment
     
    also....
     
    1. If I decide to go with prius III with same MSRP, should I expect same terms as prius II?
     
    2. How much should monthly payment increase if I up to 15k miles?
  • silverbakedsilverbaked Member Posts: 4
    Thank you for for sharing. Which dealer did you end with?
  • inder22inder22 Member Posts: 6
    Miller Toyota Anaheim. They happened to have the car I wanted, no one else could get me a Black Prius III with navigation. Go figure...
  • evahnulahmevahnulahm Member Posts: 19
    Carman, can you give me the residuals and MF for a Prius IV in the South East region. Also could you tell me if options can be residualized at the same rate? Also I am looking for 12K miles or 15K miles.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi linhtwu. The Prius' money factor varies by region. Toyota Financial Services' residual value for a 36 month lease of a 2010 Prius with 15,000 miles per year is 68%. The problem is that this is for a base model. TFS places restrictions upon what options can be residualized, making it difficult for consumers to work up sample payments on specific units on their own.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi evahnulahm. SE Toyota Finance's current buy rate lease money factor for the 2010 Prius is .00152. Please see my previous post for a description of the problems with trying to figure out this car's residual values.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • 19vt9519vt95 Member Posts: 5
    car man - Can you please help me with post #155? Thanks.
  • evahnulahmevahnulahm Member Posts: 19
    Hey everyone, here is what I am looking at. A Prius IV with just mats(399), tint(399) and bumper appliqué(99) that has the following stats

    MSRP 28,272

    Negotiated Price 25,782

    MF .00152 (SET MF is not nearly as good as elsewhere)

    Residual 58% plus 2400 residual assistance = 18,798

    I am paying the tax, tag, first month and doc fee so no other costs should be included in the lease payment for a total of 300+59+289+261.76= $909.76

    Monthly Payment I am getting is 261.76 for a 36 month 12K miles per year lease. Problem is the dealer is quoting 296.69.

    Can anyone explain to me where they could possibly be getting this number? I verified that we have the same residual and MF for my calculation as well as the dealers.
Sign In or Register to comment.