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Prices Paid: Buying & Leasing Experiences Toyota Highlander Lease Questions
312 messages, Last post on Oct 05, 2008 at 7:53 AM
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Hello! I will be leasing my first Toyota tomorrow and have a couple of questions. 1. I paid my down payment Saturday and signed off on the worksheet. The car will be delivered tomorrow. Am I correct in assuming the worksheet signature only indicates my authorization to check my credit and is NOT an agreement to purchase? The reason I ask that question is I was trying to work the numbers to match all of the pieces I was told, and I can't do it. See item #2. Here are the numbers, as was told to me by the salesman: 2008 HL Sport + Option package H + XM + Special paint color. + All-Weather Mats MSRP: 38,002 Cap Cost: 35,028 Residual: 18,272 Due up front: 795 Money Factor: .158 (I think there are 0's missing) Monthly Pmt: 625 2. I can't get those numbers above to come out to a $625 payment through the LeaseGuide. I get a payment of $588 or so. I can't get the options and accessories to add up to the MSRP above via the Toyota Build-Your-Toyota site. (BTW, I'm purchasing in TN) 3. The worksheet I signed only shows the payment of $625, which is the payment amount I said was the MOST I'd pay. Am I stuck with that? 4. Do those numbers make sense to anyone else? 5. Is this an overall good deal? Any quick response is appreciated. =)
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Replying to: edukatedredhed (Jan 15, 2008 12:26 pm) They probably capped the acquisition fee in your lease (~$595). Did you include sales tax in your payments? You should not be making a down payment/cap cost reduction on a lease; you should only pay the first month's payment, DMV Fee's, and hopefully only a small DOC fee upfront (each state is different on what they charge). Here in socal, they are capped at $55, but some states charge hundreds of dollars for this fee. If it's over $100, negotiate it, and/or have them reduce the cap cost to put it more in context with your deal. The money factor is probably .00158, which equates to ~ 3.8%. Just ask them to itemize the deal. This vehicle should be capped at ~$250-$500 over invoice. |
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Replying to: ocautoseeker (Jan 15, 2008 3:20 pm) 
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Replying to: edukatedredhed (Jan 15, 2008 7:21 pm)  ~$595), your payments will be $606.83. Only ways they could have arrived at $625/mo is by raising your cap cost and/or inflating the money factor. Hopefully, there is no additional aftermarket equipment on the vehicle as only very small portions if any at all can be resdualized. Print up a copy of the lease sheet you put together on leaseguide and show it to them. If you don't want to pay the aqcuistion fee as part of your drive offs, make sure you cap the cost (~$595) into the lease using the "costs added to the lease" feature (if using leaseguide). Looks like they capped the cost ~ $1000 over invoice. I believe you could shave another $500 -$750 off that and save yourself $15-$20/mo. It's worth a shot! Good luck!
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Replying to: ocautoseeker (Jan 16, 2008 3:49 am) |
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I brought home my new 08 HL Sport last night! Woo-hoo! I previously posted that I couldn't get my numbers to tie, but realized last night I was leaving out the GAP ins and Acq Fee. Add in those two and viola! The numbers worked. I paid about $2,500 over cost, but I'm fairly happy with my results. I blame myself for not bargaining more. I let my desire for a new vehicle NOW and my comparison to a Land Rover LR2 cloud my bargaining skills!  Here's my deal, for comparison purposes for those who are curious. 08 HL Sport 2WD Blizzard Pearl w/ Tan interior Options: Cold Weather Package Carpet/Cargo Mat Front Duel Zone CLimate Control Leather Seats / heat (3 rows) Power Tilt/Slide Moonroof Tow Prep Package Navigation (Above are all included in Option Package H) XM Radio All Weather Mats and of course "Special Color" MSRP: 37,005 "Selling Price": 35,028 Cap Cost (with GAP and Acq fee): 36,227 Money Factor: .00158 Payment: 625 / month This was purchased in the Cincinnati Region (Tennessee to be exact.)
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Replying to: edukatedredhed (Jan 17, 2008 8:51 am)
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Replying to: ocautoseeker (Jan 18, 2008 12:44 am) |
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Replying to: smith1 (Dec 22, 2007 6:36 am) |
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| Thanks for this information - I just wanted to ask a question. When you turn in a car off a lease, do you have to have the same original ? I have a Highlander that has toyo tires but the local tire stores do not have these tires on their websites. I need new tires? | |
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