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Toyota Camry Lease Questions

518 messages,  Last post on Nov 24, 2009 at 5:16 AM

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

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#403 of 518 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 518 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 518 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 518 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 518 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 518 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
#409 of 518 Re: Toyota Camry SE w/ Leather Lease question [bc012001] by Car_man HOST Dec 14, 2008 (2:56 pm)
Replying to: bc012001 (Dec 11, 2008 6:58 am) Hi bc012001. Unfortunately you are in Toyota's Southeast region. SE Toyota does not use Toyota Financial Services for leasing. Instead it uses its own captive finance company, which I do not personally keep tabs on. Sorry that I could not be of more help.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#410 of 518 Re: [th83] by Car_man HOST Dec 14, 2008 (2:57 pm)
Replying to: th83 (Dec 13, 2008 5:22 pm) Hi th83. Unfortunately you are in Toyota's Southeast region. SE Toyota does not use Toyota Financial Services for leasing. Instead it uses its own captive finance company, which I do not personally keep tabs on. Sorry that I could not be of more help.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#411 of 518 Camry Lease Deal by Bobnvirginia Dec 19, 2008 (12:00 pm)
Hello,   I am considering a 2009 Camry SE, 4cyl 5spd auto, jbl, moonroof and sport leather pkg and VSC.   Internet Gen Mgr Special in Northern Virginia $22,755.00 trading in a car $2700.00 upside down.   Looking for advice on the price and any lease info......57% residual but do not know the money factor for my area.   Help! And Thank You! Replies to this message: kiawah (Dec 21, 2008 7:54 am)
#412 of 518 Re: Camry Lease Deal [Bobnvirginia] by kiawah Dec 21, 2008 (7:54 am)
Replying to: Bobnvirginia (Dec 19, 2008 12:00 pm) A little hard to do comparisons not knowing the true value of your trade and whether it is really upside down or they're just telling you that.....but compare the new vehicle against www.fitzmall.com, they have 17 SE's you can compare. May want to get a standalone trade value on your trade from an automall, so you can do apples to apples comparisons on the deals.

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