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Toyota Camry, Car Leasing, Sedan
#557 of 916 Re: I was hosed (why research is so important) [victor23]
Mar 16, 2010 (10:28 pm)
It sounds like you got hosed.
I leased a brand new 2010 Camry LE back in the beginning of December 2009 and got an excellent deal by putting down $2,800 and getting 18,000 miles/year/54,000 miles total over 3 years of the lease. My current monthly payment is only $156.01.
This evening I calculated that I may drive about 65,100 to 65,500 miles in my Camry, which is 11,100 to 11,500 miles over the total 54,000 contracted miles after the 3 year lease period is over. At .15 cents/mile, I would have to pay an extra $1,665 if I go 11,100 miles over the contracted 54,000 miles.
When I did all the calculations to find the "true" monthly payment for my lease, I calculated that I would be paying ONLY $275.69/month if I drive the extra 11,100 miles if I go over the contracted 54,000 miles when the lease ends.
I got the $275.69/month by incorporating the $2,800 down payment that I put down for my Camry together with the 35 months of the current monthly payment of $156.01/month that I am currently paying right now PLUS the extra $1,665 that I would have to give to Toyota at the end of the lease term for the extra mileage that I put on the car. I think that $275.69 is not bad for a monthly payment for a brand new 2010 Camry LE considering that I can drive the car for over 65,100 miles over a 3 year lease period.
I would never pay $419/month for a Camry. Especially for one that's allowed to only be driven for 12,000 miles/year. The 12,000 miles/year is NOTHING for driving mileage. I would want be able to drive the car for at least 54,000 to 65,000 miles over the 3 year period of the lease and I would never want to pay anymore than $275/month for this type of mileage on a lease on a brand new 2010 Camry.
So yes, you definitely got hosed big time on you Camry lease. Next time, if you lease another brand new Camry, try to do the same type of lease deal that I did when I leased my car. You are currently paying way too much for your lease. You need to be currently paying "under" $280/month and you also need to be able to drive your car for at least 65,000 miles in the 3 year period of your lease in order for your lease to be an excellent deal.
I also noticed that you are located in Hartford, CT. You are not located very far from me. I'm located in Massachusetts. You are about 1 1/2 hours away from where I live. If you want a good deal on a brand new 2010 Camry lease, I can send you to the same place where I leased my car so you can get a good deal if you like.
#558 of 916 Re: I was hosed (why research is so important) [gtgtcobra]
Mar 18, 2010 (6:09 pm)
What was the money factor on your lease? Did you get an extended warranty on the car? If not you will be paying for repairs on a car that you don't even own. Do you have gap insurance? If not, any money you put down will be lost in the event the car is a total loss. The insurance company will only pay replacement value. Is your lease a subsidized TFS lease?
#559 of 916 Re: I was hosed (why research is so important) [ez2beme00]
Mar 18, 2010 (8:26 pm)
The money factor on my lease was excellent, but I forget the exact figure. The money factor was one of the reasons why I was able to get such a good deal on the lease.
And yes, I do have gap insurance on my Camry. The only thing that I didn't purchase was an extended warranty. I didn't feel that I needed an extended warranty. I believe that whatever repairs that I will more than likely be doing on my Camry from now until it reaches the 54,000 to 65,000 mile mark will be repairs that will occur from wear and tear (brakes, tires, ect). My car has the 3 year/36,000 miles bumper to bumper warranty and the 5 year/100,000 mile engine and powertrain warranty. I believe that this is more than sufficient. If the engine or transmission goes on my car it will be covered. As for other small things, I doubt very much that anything major will break as long as I adhere to the service schedule.
#560 of 916 Residual #'s for 36mo, 12k yr, especially SE V6?
Mar 18, 2010 (11:46 pm)
I'm looking at a 2010 SE V6, but the residual quoted seemed low 58.6% ($17,521 on a MSRP of $29,899). The advertised $179/mo lease on a Camry LE I4 is 62.3%. Can anyone share their residual numbers please? Also, is the $750 incentive available on leases? Thanks!
BTW, the money factor on the Camry for March is 0.00001, or 0.02%. That's the lowest figure I've ever seen. It matches the rate Toyota used on the latest version of the Tundra a few years back. The current rate on the RAV4 is very low also, at 0.00002, or 0.05%.
Carman, are you out there???
#561 of 916 Re: Residual #'s for 36mo, 12k yr, especially SE V6? [nvnick1]
Mar 19, 2010 (6:26 am)
I'm dealing on a lease on a 10 Camry XLE 4cyl.. MSRP is $28,179,I am getting it for $24,700. The $750 cash back does'nt apply to leases,but you should be able to get a deep discount off MSRP. TFS figures the residual based on the model and options,but the final price is always negotiable,.......if the dealer tells you it isn't,go to another dealer.
#562 of 916 Re: Residual #'s for 36mo, 12k yr, especially SE V6? [ez2beme00]
Mar 19, 2010 (1:18 pm)
Thanks, ez2beme00. Went to another dealer today that didn't have SE V6, but had an XLE V6, with residual of 61.5%...so LE is 62.3%, XLE V6 is 61.5%, so I cannot believe SE residual is only 58.6%. Will have to find another dealer with a 2010 to verify...most around here do not stock the SE.
#563 of 916 Re: Residual #'s for 36mo, 12k yr, especially SE V6? [nvnick1]
Mar 19, 2010 (2:17 pm)
The car that I am turning in is a leased 08' SE, and it was a great car and fun to drive,but we are looking high end this time because of the great prices and lease rates. Don't be afraid to haggle on the cap. cost, because there are still quite a few 10's around,and the dealers are getting pressure from Toyota to increase March sales.
#564 of 916 Re: CarMan: mf & residual on 2010 Camry SE V6 please [nvnick1]
Mar 24, 2010 (2:21 am)
Hi nvnick1. I don't recall seeing the specific lease program for your region, but in the vast majority of the country Toyota Financial Services' buy rate lease money factor for the 2010 Camry is currently an amazingly low .00001.
TFS' current 36 month, 12,000 mile per year residual value for the 2010 Camry SE V6 is 63%. Keep in mind though that TFS calculates vehicles residual values differently than other banks do. Its published residual value percentages are for base vehicles. It places restrictions and caps on what options can be residualized. This makes its effective residuals lower than its percentages initially appear.
Prices Paid: Buying & Leasing Experiences Forum
#566 of 916 Ending a Camry Lease
Mar 26, 2010 (8:54 am)
Has anyone ended a lease with Toyota in the last couple of months?
My 3 yr lease for a 2007 Camry is up the first of June, 2010, (it was a part of the recall, and I have had the suggested work done)
I tried negotiating a lower Purchase Buyout Price, but apparently Toyota does not negotiate.
I would think with the current state of Toyota products, the fact that they will most likely get a lower used car or auction price, that they would really want me to keep the car.
Has anyone been able to buy their lease for a lower buyout price than on a Toyota contract or does anyone know a better way to have them see the light on why, in my opinion, it would be better to try and keep me in the car and be a happy customer?