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Toyota Camry Lease Questions

515 messages,  Last post on Nov 08, 2009 at 4:56 PM

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What is this discussion about? Toyota Camry, Car Leasing, Sedan

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#399 of 515 Lease Regret by magyck0ne Dec 08, 2008 (10:06 pm)
Hello everyone; this is my first post and I'll get straight to the point/question:   Last weekend my truck was totaled and I needed a vehical right away so I signed a lease for a brand new 2009 Camary... I wish I had not.   I filed bankruptcy in 05 and since then have brought my average credit score back to about 640. I am paying $480 per mo on this 36 mo lease. The dealer did not ask for a down and this appealed to me... so I signed.   One day later, the finance manager contacted me and asked if I could put any money down (after the contract was signed... no down payment was discussed or included in the contract) Of course I said absolutely not. The finance manager said to take the car home for the night and would contact me the next day.   I think the dealeship jumped the gun and now Toyota financing is asking for the down payment. Personally, I am hoping that tomorrow the dealership will just ask for the car back and we will cancel the contract (I have put less than 30 miles on the car so far)   Does anyone think that they will indeed just void the contract if I do not offer a down?   Any thoughts on this matter would be greatly appreciated.
#400 of 515 Re: [shahran] by Car_man HOST Dec 11, 2008 (4:11 am)
Replying to: shahran (Nov 20, 2008 12:11 pm) Hi shahran. Toyota Financial Services' current residual value for a 36 month lease of a 2009 Camry LE with 12,000 miles per year is 61%. This residual value is available nationally. The money factors, however, are a different story. Toyota's money factors vary depending upon which one of its twelve regions one is in. They range anywhere from .00070 to .00175. If you tell me what state you are in, I may be able to give you an idea of what the exact factor is in your neck of the woods.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum Replies to this message: th83 (Dec 13, 2008 5:22 pm) Car_man (Dec 14, 2008 2:57 pm)
#401 of 515 Re: Toyota Camry SE w/ Leather Lease question [bc012001] by bc012001 Dec 11, 2008 (6:58 am)
Replying to: bc012001 (Dec 08, 2008 7:36 am) Carman or anyone for that matter,    Can you please provide Toyota's Money Factor and Residual Value for the month of December for a 2009 Toyota Camry SE Automatic 4cyl with Leather interior (LA80 Option) for 36 moths 15,000 miles.   I am in Florida. (Fort Lauderdale)    Thanks. Replies to this message: Car_man (Dec 14, 2008 2:56 pm)
#402 of 515 Re: [Car_man] by th83 Dec 13, 2008 (5:22 pm)
Replying to: Car_man (Dec 11, 2008 4:11 am) Hey Car_man,   What is the residual value of a 2009 Camry SE V6 for a 36 month/12k mile per year lease (do they offer 10k per year?)? And what's the money factor for the region I'm in (North Carolina)? Thanks a bunch! Replies to this message: Car_man (Dec 14, 2008 2:57 pm)
#403 of 515 Re: How to get out lease without penalty? [secondlease] by Car_man HOST Dec 14, 2008 (2:24 pm)
Replying to: secondlease (Nov 22, 2008 6:39 am) Hi secondlease. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. Given the complete implosion of used vehicle values that has occurred over the past year, chances are that you will be much, much better off waiting until the scheduled end of your current lease to get something new.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#404 of 515 Re: Help me with this decision [arvan] by Car_man HOST Dec 14, 2008 (2:30 pm)
Replying to: arvan (Nov 22, 2008 7:51 am) Thanks for the additional information, arvan. The car that you described probably has a spread of around $3,200 between its full MSRP and its dealer invoice price. You are only being given a discount of $1,680. That's probably around $1,500 over invoice. You should be able to do much better than that on a Camry right now. I personally would shoot for a selling price of at most $500 over invoice.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#405 of 515 Re: Lease for the first time.. Here is the offer I was given [KevCamry] by Car_man HOST Dec 14, 2008 (2:36 pm)
Replying to: KevCamry (Nov 25, 2008 1:26 pm) Hi KevCamry. A selling price of $20,950 on a leased Camry that has a dealer invoice price of $20,742 is a very good deal. Toyota's lease money factor for this model varies by region, but the one that you were quoted looks about right.   The only thing that I don't like about this deal is the large down payment that you are being asked to make. I personally always advise consumers not to make any sort of capitalized cost reduction when leasing. Those who make them risk losing them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, you would be much better off going with a zero down lease.   In short, this looks like a good deal, just get rid of the down payment.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#406 of 515 Re: [toyoman8] by Car_man HOST Dec 14, 2008 (2:41 pm)
Replying to: toyoman8 (Nov 30, 2008 6:05 pm) The selling price that you mentioned in your post looks good to me, toyoman8. The money factor looks a little high, but you don't qualify for Toyota Financial Services' top credit tier.   I see that you are considering using the equity that you have in your trade as a capitalized cost reduction for your lease. There's nothing wrong with trading in a vehicle when leasing, but it would be in your best interest to have the dealer that you are working with cut you a check for your trade, rather than using the proceeds from it as a down payment for your lease. I always advise consumers not to make large down payments when leasing. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#407 of 515 Re: [toyoman8] by Car_man HOST Dec 14, 2008 (2:45 pm)
Replying to: toyoman8 (Dec 03, 2008 5:30 am) Hi toyoman8. Toyota's customer cash incentive on the 2009 Camry is $1,000 to $1,500. The exact amount varies by region. Unfortunately, its cash incentives are usually not compatible with its special lease program.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#408 of 515 Re: Toyota Camry SE w/ Leather Lease question [bc012001] by Car_man HOST Dec 14, 2008 (2:50 pm)
Replying to: bc012001 (Dec 08, 2008 7:36 am) Hi bc012001. Toyota's lease program varies depending upon which one of its twelve regions you are in. If you tell me what state you live in, I should be able to give you the exact lease program that is good in your area. For now I will assume that you are in Toyota's Southern California region.   Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Camry SE with 15,000 miles per year are .00125 and 59%, respectively for consumers who qualify for its Tier 1+ credit tier. The problem with this is that TFS places restrictions upon what options can be residualized, making it difficult for consumers to calculate the dollar residual values for actual vehicles.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum

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