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The dealer isn't going to multiply the MSRP by the residual factor (or some %) and then arbitrarily add 2,400 unless there is good reason to do so. It sounds as though it could be a mileage adjustment. For instance, if the residual factor corresponding to 15,000 miles annually for a 3 year lease is 54% and the MSRP is 30,000, then the residual is 16,200. Now suppose, instead of 15,000 miles annually, the customer desires only 10,000 miles annually. If the mileage cost adjustment is, say, $0.16 per mile, then the total credit is
0.16 x 3 x 5,000 = 2,400.
So now, the adjusted residual is 16,200 + 2,400 = 18,600.
Although, this does seem a bit strange to adjust a 15,000 mile residual as baseline residuals are based on 10,000 or 12,000 miles annually. I know of no baseline residual that's based on 15,000 as that's no longer the standard and hasn't been for quite sometime. So, here's another possibility...
It may be that residual adjustments were necessary due to additional installed options. However, the cost of the additional options or, more likely a percentage of the cost of the added options (e.g., 2,400), would have been added to the MSRP to produce the adjusted MSRP. The adjusted MSRP, in turn, is multiplied by the residual factor to obtain the residual value. Assuming the 10,000 miles residual factor is 57%, we have...
57% x (30,000 + 2,400) = 18,468.00
I think I covered all the bases and hope this is helpful.
John
I just made the same deal in Manhattan Beach. They agreed to the deal over the phone. The Gross Capitalized cost on my contract was $28,095.36. The agreed upon value was $27,445.36. The residual is $18,713. The window sticker was a little over $30,000. Don't ask me what it means, I'm just trying to give you the numbers. I paid $750 which represented the first month payment and registration ($383) acquistion fees $45 and some other little fees. My remaining payments are $293 for 35 months and this includes tax. I qualify for the Tier 1 financing.
Oh, I got the winter grey prius as well.
Elway Toyota in Manhattan Beach made the deal and they were terrific. They stood by their word that they gave me on the phone. Call and speak to the bmc manager. I just called their 800 number. I know we can't post names here or I would. I shopped the deal that mdmdmd posted and Manhattan Beach was the only one that would do it, and gladly. Great guys to work with (and free popcorn). Give these guys a call they are serious about moving cars.
I Leased a 2010 Prius II in the mettalic white color (adds $200) Is this a good deal for Virginia, or anywhere for that matter.
Purchase price $22,350 (includes $200 color charge)
No upfront fees other than first months payment of $259.
36 month/36k miles $259/month
Residual of $15,504
I don't remember the money factor. Please let me know how I did!
Prius III +navi + mats + Blizzard White
MSRP = 27,090.00
walkoff amount = 1678.00 mthly = 244 + tax
plus the 2 yr maintenance program
this is for a 3 year lease and 12k
Is this a good deal? I need to buy by tomorrow end of month quotas u kno?! thanks all!
Signoff amount 2500 (all inclusive and the first month payment included with tax etc)
Monthly: 170 (inclusive of tax) for 35 months
2 yr maintanance
15k miles/year
Havent been able to get the mats etc. What should I negotiate for?? Please advice..
SAM
Finally, ended up taking the best offer that no one else would match ..
Prius III w/Navigation Package, Leather, Mats, and Toyoguard Plus Protection Group.
MSRP $29,202.00
Sales Price $25,661.00
$0 down 36 months 15k miles/ year $325 (including tax)
Sign and Drive Lease with only 1st payment out of pocket ($325).
Picked up the car a few hours ago and they threw in a tint job for me.
I feel this is pretty good for South Florida ... but you South Cali guys are getting amazing deals!
MSRP $30,030
Negotiation started at $372p/mo - $333p/mo - to finally $319
$0 down 36 months 15k miles/ year $319 (including tax)
$800 Due at signing including 1st month, Reg and Doc fees
My potential savings with this Prius is over $400 per month between the difference in payment from my trade and gas savings. 1st tank has averaged 52.3mpg mostly hwy with some traffic, my previous car was 16mpg.
I think the Toyota lease deals end today.
Thanks!
Thanks,
Chintan
Corporate Communications
Edmunds.com
MODERATOR /ADMINISTRATOR
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Sale price is $29,995
Residual is $18,265
How do you guys think I did? Looking to pull the trigger this weekend...went to 3 other dealers and no one was within $15 of the monthly price.
$0 Money Down.
Tier 1 Credit Approved.
Also, those prices you got online might change when you actually get to the dealer, so check there first.
I would choose a dealer that has a good service reputation since you'll bring it there for the free maintenance - oil changes, etc.
Where are you located? Is it possible the difference in price could be a regional thing? I can't imagine that, but wondering.
My thinking too is that it was high, but the other 2 dealers I solicited where at the exact same number (which they are telling me is $250 above invoice).
Originally they wanted around $870 down and $321 (inc tax) a month, I opted for nothing down and the increase in pmt.
$245/month for 3 year/12k lease or $259.20 for 15K lease on Prius II, with cargo mats and nothing else.
Money factor is .00001 and residual percentage is 65% or $15,496. Selling price is $21,008 and MSRP is $23,840. I tried to calculate the monthly payment but I come up with $164.75 (not sure if I am including everything). My tax rate is $7.35%. What information as I missing.
You've indicated the selling price but failed to mention amounts financed (i.e., capitalized) as well as cap reductions, if any. Also, do those payments include or exclude tax? Is the 65% residual factor for a 12K or 15K mile lease? I'm guessing 12K. What, specifically, are you paying upfront? Taxes? Acquisition fee? Doc fee? Too many unknowns. Also, are you sure about the 0.00001 money factor? Seems very low to me.
The payments do seem extraordinarily high to the tune of about $60 assuming the 0.00001 money factor and residual are correct. Are you financing negative equity? Assuming that you're financing NY sales tax and the acquisition fee, it appears that an additional $2,000 is being capitalized (i.e., financed) which may include the dealer doc fee, DMV fees, and God only knows what else.
I suggest that you ask the dealer for their LEASE WORKSHEET. This is a computer generated document that contains all relevant information. This will eliminate confusion and misunderstanding. Do not let them give you numbers over the phone as that's a piss poor way to do business. INSIST that they provide you with their lease worksheet as it will answer a lot of questions. There is absolutely no reason for them not to give it to you. If you like, email it to me at
diffeq@zoominternet.net
and I'll be happy to analyze it for you.
John
woodman
Just looking for some mindshare. Been shopping around and got the following lease deal from a SoCal dealer:
Prius IV + Navigation
0 down, $290 (+tax) per month, + DMV fees, 2 yrs free maintenance, 3yrs / 12k.
Let me know what you think or if i can get them lower by shopping around further.
Price: 21,738
term: 36
residual: 14,820
mi. per year: 15k
acq fee: 650
Gov fee: $68
taxes: $777
doc fee: $120
Zero down
Initial payment: $261
35 mo. thereafter $261
All taxes and fees rolled in.
Msrp is $29,423.00 sale price was $24,something.
Good deal?
could you give me the name of the dealership you got this deal from. that's a really good deal.
thanks
could you please let me know the name of the SoCal dealership you went to to get a good deal.. looking to get a prius in the next few days
thanks
$269.77 + 26.30 taxes = $296.07 monthly payment
$737 Drive Off
Residual is $16921.
Thinking of getting it tomorrow, i would really appreciate your help.
leased for 500 down and 247 a month including taxes.
MSRP: $25,039
Selling Price:$23,493
Residual: $15,946
Other Capitalized Items (not sure what this includes) $849 - Cap Cost Reduction 183.41 + Tax on Cap Cost Reduction $12.84 = Adjusted Cap Cost $24,158.59
Money Factor .00065
$254.20 per month + $17.79 sales tax (7%) = total payment $271.99
$650.00 acquisition fee
$166.20 state & local fees
I feel like I'm missing something, just not sure what. Pre-tax payment of $254.20 per month just doesn't seem all that outstanding. Any feedback is appreciated.
Please post the Sept Lease rates and residuals for 36/12k on the Prius III and IV. Also let us know of any special rebates etc. Thanks!
36 mos/12K miles
Gap insurance included
$1,357 inceptions
$1,000 cap cost reduction (to be matched with another $1,000 from Toyota)
$181 per month
If you load in up front payments into monthly payments, per month cost is $246.47 fully loaded.
Dealers will be anxious to make deals this weekend with current incentives ending Tuesday. Good luck.
John
Thank you.
Thanks again.
$249 plus 9.75% tax and I rolled the $350 license fee into the lease. Payment is $290 a month. I was in and out of that place in a flash.
I bought it for my ex wife and after driving it around there's no way I could give up my Avalon for one of those lol. Not bad for the price though.
I don't know where you live and what the taxes and fees are like, but you need to get a breakdown of where the money is going in both lease deals to see if you are being offered a decent deal or the shaft.
Thanks