Last post on Mar 20, 2009 at 2:56 AM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Toyota Matrix, Car Leasing, Hatchback
Sep 14, 2005 (3:11 am)
Greetings foghat81. You never mentioned what state you are in. This normally an important piece of information when discussing Toyota leases, because its lease program often varies depending upon which one of its twelve regions one is in. It doesn't matter as much with the 2006 Matrix though because in all of the areas that I have seen Toyota's September lease program for it is not providing any sort of lease support on this model. That means if you were to lease this car through Toyota Financial Services right now you would have to use its standard lease money factor. The last time that I saw its base standard factor it was around .00255 for all of the country except for the Southeast. If you were to lease a 2006 Matrix XR 2WD through TFS right now for 36 months with 12,000 miles per year, its residual value should be 55% again everywhere but the Southeast.
Smart Shopper / Prices Paid Forums
Sep 14, 2005 (5:34 am)
Thanks for the info!!
I'm in Ohio, so it's the Cincinnati region (which I guess doesn't change the figures)
My dealer quoted me a MF of .00176, but they haven't got back to me on the residual yet.
Sep 21, 2005 (3:18 am)
You're very welcome foghat81.
Smart Shopper / Prices Paid Forums
#6 of 25 Matrix lease 2006 or 2007
Sep 11, 2006 (5:38 pm)
Hi Car Man,
Can I still get a 2006 to lease or will I need to look at 2007s? What would the cap costs and residual costs be on each of these? I'd like to lease for 36 or 42 mos. How is the residual cost calculated. I'm in North East Ohio.
#7 of 25 Re: Matrix lease 2006 or 2007 [mcmom1]
Dec 16, 2006 (7:40 am)
Hi mcmom1. Unfortunately, I do not believe that Toyota Financial Services is offering leases on the 2006 Toyota Matrix any longer. As a result, if you want to lease one through TFS, you will have to go with a 2007 model. The capitalized cost for the car that you want is whatever you can negotiate. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. You may be able to get an idea of how much you should pay for one right now by visiting the following discussion and checking out how much other community members have paid for similar cars: KarenS, "Toyota Matrix: Prices Paid & Buying Experience" #, 30 Jul 2003 6:22 am.
Unfortunately, Toyota Financial Services uses a very complicated method to calculate the residual values of vehicles that it leases. It publishes residual value percentages for vehicles, but places restrictions upon which options can be residualized and caps on the values of the ones that it allows. The calculation of residual values for vehicles that are leased through TFS is so complicated that it provides dealers with a list of the actual dollar residual values for vehicles that they have in stock rather than having them calculate them on their own.
Prices Paid Forum
#8 of 25 2007 Matrix Lease in Bay Area, CA
Mar 31, 2007 (6:14 pm)
I went to the dealership today to test drive a Matrix and really liked it, but I was a little put off by the lease I was quoted. It was a base model, the only "options" being the power windows etc., rear wiper and floor mats. The MSRP on the sticker was $17,610 after a $500 discount. This was the number we used when calculating a 36 month, 12k mile/year lease with 0 down, and the lease payment I was quoted was $344/month. The ">residual was calculated to be around $9,400. Are these numbers in line with what TFS is offering for leases? I know I can negotiate on the starting price a bit, but even still it seemed really high to me. Thanks in advance!
#9 of 25 2007 toyota matrix lease
Apr 23, 2007 (1:07 pm)
Hi all, I am new to the car buying/leasing scene and have a question about leasing a matrix.
first, I said I could put $1500 down on the matrix and the dealership calculated the following numbers for me:
$16,428 base price
+ 499 factory roof rack which we want
- 700 dealer discount
- 400 recent graduate discount
with a 12,000/miles/year lease for 36 months my quoted monthly payment is $239. This results in a residual value of $8,476 which I am fine with.
First question is where is the $1500 I put down? How does that work into the entire equation? Second question is does this deal seem reasonable?
oh, btw, I am doing this in providence, ri.
Thanks for any advice,
#10 of 25 Re: 2007 Matrix Lease in Bay Area, CA [belowi]
Apr 25, 2007 (2:54 am)
Hi belowi. $344 per month is a lot of money to pay for a Toyota Matrix. I haven't worked up a lease payment on one recently, so that may just be the going rate for it, but there are a lot of better vehicles out there for that type of payment.
As you mentioned in your post, there is a very good chance that you can negotiate a larger discount than $500 on this car. Doing so will lower its lease payment a little. I have not seen Toyota Financial Services' specific lease program for your area, Toyota is not providing lease support on this car in most of the areas that I have seen its program for. As a result, if you were to lease it through TFS you would have to use its standard lease money factor. Its current buy rate standard lease money factor is .00285 for consumers who qualify for its "Tier 1+" credit tier. TFS' current 36 month, 12,000 mile per year residual value for the '07 Matrix is 55%. The problem is that this residual value is for a base vehicle. TFS places restrictions upon which options can be residualized.
Prices Paid Forum
#11 of 25 Re: 2007 toyota matrix lease [karaj]
Apr 25, 2007 (3:00 am)
Greetings Kara. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
If the $1,500 that you are being asked to put down is a capitalized cost reduction it will be subtracted from this car's selling price before your monthly payment is calculated. If the $1,500 is just the money that is due at lease signing, it will cover items like your car's first month's payment, security deposit, TFS $550 acquisition fee, and any required state taxes or fees.
The selling price that you were quoted for this car looks reasonable to me, but it wouldn't hurt to see if you can get the dealership to lower it a little. the lower your car's selling price is, the lower its lease payment will be.
Prices Paid Forum
#12 of 25 Leasing a 2008 Matrix
Jan 17, 2008 (7:20 pm)
I'm new to leasing and today briefly spoke with a dealer about the 2008. He said they're having a lease deal of $189/36 mo/12,000 miles, $2199 due at signing, which is for the base model. I would want the XR automatic with moonroof and some other extras. This is in Syracuse, NY (Romano Toyota) and I would want to trade my 2002 Malibu (52200 miles, moonroof, etc. worth about $5000 according to edmunds) . I'd love some advice on how to proceed; I've read that I need to know the money factor and residual, etc., but when they already give you the "deal" being offered by Toyota is it still necessary to figure all those things? Thanks for any advice!