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Toyota RAV4, Car Leasing, SUV
#473 of 553 Is the 1999 down / 199 month deal a good one ?
Feb 19, 2011 (6:41 pm)
Right now toyota are offering an all wheel drive Base Rav4 Auto for 1999 down and 199/month for 36 months - this seems to me to be a very good deal , heres what I know right now :
I wasnt able to get the actual Cost/Money Factors/residual information this is based on but as its a national toyota program I wouldnt imagine those vary too much ... The 199/month seems to be based on approximately the invoice price a 53% residual and a .0007 money factor.
One thing i've noticed is that Toyota seem to load up the origination/destination charges etc but what else am I missing or is this just quite a decent no haggle deal ?
#474 of 553 Re: Is the 1999 down / 199 month deal a good one ? [tonyjambo]
Feb 20, 2011 (12:20 am)
Too much down payment, IMO.
#475 of 553 Re: Is the 1999 down / 199 month deal a good one ? [tonyjambo]
Feb 20, 2011 (5:42 am)
Look out for "recent college grad" and "military" money in this deal; they can add $1500 to the down payment, which is at least $1000 too high already. Tax and gap insurance adds to the monthly payment, too. Still, a good place to start.
#476 of 553 Re: Is the 1999 down / 199 month deal a good one ? [verdi942]
Feb 20, 2011 (12:08 pm)
#477 of 553 Re: 2011 Rav4 Base 4WD [hackd]
Feb 26, 2011 (7:33 pm)
I'd like to get that deal. can you provide me the dealership info?
#478 of 553 Re: 2011 Rav4 Base 4WD [mag12568]
Feb 27, 2011 (4:08 am)
hackd, If you live near Danvers, MA, Ira Toyota gave me a great deal on a rav4 lease yesterday.....MSRP $24,674, 36 mo, 12Kmi/yr, residual $15,661, for $199/mo pymt with only 1st pymt due at signing. GAP insurance $399 spread over 36mo = add'nl $11+/mo and MA state tax (6.25% payable only if you live in MA) = addn'l $13+/mo. Net effect = $212+ due at signing and $224+/mo -- not sure why figures aren't exactly the way I explained them, but what I listed as the net effect are what they are in the contract. (Another aside: Don't forget about $350 disposition fee charged by Toyota at the end of the lease if you don't renew or buy.)
#479 of 553 Re: 2011 Rav4 Base 4WD [tsalvo978]
Feb 27, 2011 (4:46 am)
The $399 paid for GAP coverage is a rip-off and grossly excessive. As a rule of thumb, you can purchase GAP coverage from your insurance carrier for an annual premium of about 0.1% of the MSRP. In your case, this amounts to about $25 annually. The insurer simply adds a GAP rider to your automobile insurance policy.
FYI- Toyota does a few things that other finance captives don't do...
(1) Charge an excessive fee for optional GAP coverage. Most captives include GAP protection in their lease agreements.
(2) Charge a disposition fee.
(3) Exclude certain components of the MSRP for purposes of computing the residual value which means lower residual values triggering higher payments.
#480 of 553 Re: 2011 Rav4 Base 4WD [delta737h]
Feb 27, 2011 (5:40 am)
delta, here in New York, my insurance company refused to sell me gap insurance - they said it wasn't legal to so here; so Toyota, unlike every other company I've ever leased from, charges me about $7.00/mo for it.
#481 of 553 Re: 2011 Rav4 Base 4WD [verdi942]
Feb 27, 2011 (10:28 am)
Why it's illegal for an insurance carrier to sell GAP coverage in NY is a mystery to me. It just doesn't make any sense. I would press further. Where does it say that it's illegal? Perhaps it's illegal for particular carriers (e.g., direct underwriting companies) to sell GAP for some unknown reason but, for other's, it's perfectly legal.
I'd examine the NY Code of Regulations and, then, call the NY Department of Insurance. You may want to check out these links...
These links suggest to me that it's not illegal to sell GAP in NY. Perhaps the good 'ole state of NY should make it illegal for Toyota, and others, to overcharge for GAP coverage. Assuming Toyota self insures their residuals, I'm betting that if the NY Insurance Commission required Toyota to file a statistically valid cost study, they would quickly discover that $7 per month for GAP is grossly usurious. Think about it... $84 per year in exchange for the risk of covering the amount by which the lease balance exceeds the value (ACV) of the vehicle in the event that the vehicle is totaled or stolen but never recovered. That is over reaching by any stretch. But, that's life in America the Great! It's all about money and GREED!
#482 of 553 Re: 2011 Rav4 Base 4WD [delta737h]
Feb 27, 2011 (4:41 pm)
That was my long-term insurance agent telling me he couldn't sell Gap insurance in NY, though he said could do so in NJ. Sounds fishy to me, too; but we're talking about a Base I4 AWD stickering at $24,000; with a $15,000 residual for $800 up front; $213/mo - 12K/yr; 2 yrs service [5 visits]; $.15/mi extra miles. The car is MUCH improved over my similar 2007 model, which leased for a lot more, given pre-Recession conditions. Overall, I'm OK with the deal.