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Toyota RAV4 Lease Questions

540 messages,  Last post on Mar 20, 2013 at 5:39 AM

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What is this discussion about? Toyota RAV4, Car Leasing, SUV

Messages Page 49 of 55

#478 of 540 Re: 2011 Rav4 Base 4WD [mag12568] by tsalvo978

Feb 27, 2011 (5:08 am)

Replying to: mag12568 (Feb 26, 2011 8:33 pm)
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 540 Re: 2011 Rav4 Base 4WD [tsalvo978] by delta737h

Feb 27, 2011 (5:46 am)

Replying to: tsalvo978 (Feb 27, 2011 5:08 am)
tsalvo978,
 
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.
 
John
The Autoleasegeek

#480 of 540 Re: 2011 Rav4 Base 4WD [delta737h] by verdi942

Feb 27, 2011 (6:40 am)

Replying to: delta737h (Feb 27, 2011 5:46 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 540 Re: 2011 Rav4 Base 4WD [verdi942] by delta737h

Feb 27, 2011 (11:28 am)

Replying to: verdi942 (Feb 27, 2011 6:40 am)
verdi942,
 
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...
 
http://www.ins.state.ny.us/ogco2008/rg080320.htm
 
http://www.01insurance.com/learn/gap-coverage-new-york-auto-insurance.html
 
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!
 
John
The Autoleasegeek

#482 of 540 Re: 2011 Rav4 Base 4WD [delta737h] by verdi942

Feb 27, 2011 (5:41 pm)

Replying to: delta737h (Feb 27, 2011 11:28 am)
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.

#483 of 540 Re: 2011 Rav4 Base 4WD [verdi942] by hackd

Feb 28, 2011 (1:56 pm)

Replying to: verdi942 (Feb 27, 2011 5:41 pm)
My insurance company also could not offer me Gap insurance...not sure if it was due to me living in NY as well. Either way $7 a month won't kill me so it is a non issue for me.
 
So far happy with car as well per lease amount paid even though I wish cabin noise was a little better....with 4 cylinder getting arounf 28+ MPG on Highway and probably around 18 around town which seems good for this size of vehicle. I also drive very soft with slow start ups and some coasting when possible. I would imagine people with lead feet will get very dissapointing local MPG.

#484 of 540 Re: 2011 Rav4 Base 4WD [hackd] by verdi942

Feb 28, 2011 (3:22 pm)

Replying to: hackd (Feb 28, 2011 1:56 pm)
hackd, I'm seeing about 25mpg at fillups, measured - that's with 1/3 NYC traffic; 1/3 highway and 1/3 short suburban trips. FWIW, my experience is that I getter better mpg accelerating quickly to speed; then pushing the gas as little as possible afterwards. Lotsa coasting to red lights and such. I expect 30mpg+ on this summer's road trips.

#485 of 540 Re: 2011 Rav4 Base 4WD [verdi942] by hackd

Feb 28, 2011 (5:46 pm)

Replying to: verdi942 (Feb 28, 2011 3:22 pm)
Great mileage....I will try to go a little harder at start up as you describe and see if it helps. I think after the break in period 30 mpg on the highway at 60-65mpg may be possible. I actually wish the gas tank had more capacity as the car gets better mileage then my previous 08 Subaru Legacy but actually has a smaller tank...seems odd based on the size of the Rav4.

#486 of 540 march lease rates by mwahlert

Mar 02, 2011 (8:31 pm)

what is the residual and MF on 2011 rav4 limited v6 4x4
 
15k, 36mth ?
 
thanks!

#487 of 540 Re: march lease rates [mwahlert] by karch

Mar 04, 2011 (10:33 am)

Replying to: mwahlert (Mar 02, 2011 8:31 pm)
I am also interested, but more for 12K miles/year.

Messages Page 49 of 55

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