Last post on Mar 20, 2009 at 2:56 AM
You are in the Prices Paid - Buying & Leasing Experiences
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Toyota Matrix, Car Leasing, Hatchback
#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!
#13 of 25 " Car Care Service Plan" for Matrix lease in NY
Jun 17, 2008 (10:09 am)
We signed up on the lease for Toyota Matrix 09 last Saturday and are picking it up on Thursday this week.
When we signed the contract, the guy who dealt with the paper work ( not the sales guy) said to us to buy the "Car Car Service Plan" which includes:
-Lube, Oil and filter
-Clean and adjust Brakes
-Multi-Point Vehicle Inspection:for preventative maintenance
$600 for 3 years. Is it worth it?
He told us that this is discounted from $1000.
He also said that we SHOULD take our car to the dealer for regular maintenance to avoid possible fees at the end of lease. Is this true?
I don't see anything like that mentioned on the contract. Or is he trying to see the service package?
#14 of 25 Re: " Car Care Service Plan" for Matrix lease in NY [mit48]
Jun 17, 2008 (11:41 am)
I am not sure about a leased car - do you have to still do all the servicing?
I bought my car and purchased the pre-paid service plan for my 2007 toyota matrix for ~$600. I have to say, I love it! It really has made all the difference in my servicing the vehicle. Since the price of the service plan is spread out over my entire car payment schedule, it really only added a couple of dollars to my monthly payment. I don't have to come up with the money for the servicing every 5000 miles and I am much more willing to just call up and schedule the service. I got the premium service pack which includes replacing all the filters and such at 30,000 miles. given that this servicing alone is a couple hundred, I believe it is worth it.
#15 of 25 Re: " Car Care Service Plan" for Matrix lease in NY [mit48]
Jul 14, 2008 (2:59 am)
Hi mit48. You definitely should not bother purchasing a pre-paid maintenance plan on a leased vehicle. Performing any maintenance above and beyond changing the oil and possibly rotating the tires on a leased car is a waste of money. There is no rule that you have to take your car leased car to the dealer to have it serviced. You can get the oil changed anywhere you want. Just make sure to save the receipts. This dealer is just trying to drum up more business for his dealer's service department and make money by selling you an overpriced maintenance plan.
Prices Paid: Buying & Leasing Experiences Forum
#16 of 25 Should I lease or buy the Matrix
Aug 19, 2008 (10:14 am)
I plan to get a Matrix 2009 for myself. I am not able to decide wheather to buy or lease. Since, everyone is going hybrid i was wondering, if I buy, i may not get a good resale value in next 4 or 5 years. That is the reason for leasing option.
Folks, what is the best residual value. Internet suggests 9,500+ and the dealer is saying (just saying) it will be 11,000. Could anyone suggest me the way to go......
I wont be driving the vheicle everyday. Its mainly for the family use during week ends and shopping.