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Toyota Sequoia, Car Leasing, SUV
#29 of 160 Leasing a 2006 Sequoia SR5
May 04, 2006 (10:10 pm)
Hi, I'm in Northern California (Bay area) and I'm looking into leasing a SR5 with the following options.
Alloy Wheel Package #2 ( AG)
Convenience Package (CQ)
Driver & Front Passenger Side Airbags (GY)
Integrated Fog Lamps/Driving Lamps( LF)
JBL AM/FM/Cassette/CD w/10 Speakers (DJ)
Keyless Entry( KE)
Roof Rack( DR)
Looks like its runs about $35170.00 from a web site a dealer quoted me $35440.00
What should the Money Factor and Residual be. Also does any one know if Toyota is going be be offering incentives Leasing or others during the Memorial Holiday.
I Also heard that it is possible to get a better deal in Southern California if so does that effect how and if a lease occurs. Thanks for any input.
#30 of 160 Horrible Residual
Jun 10, 2006 (10:26 pm)
I went into a Los Angeles area Toyota dealer today thinking I was going to lease a 4x4 Limited with NAV, DVD , Luxury package and other typical options. MSRP was 51984, with a selling price of 46500 (they were going to go down to 45900) the residual was a jaw dropping 47% on a 36 month/15k lease, money factor was .00100 and a $400 acquisition fee.
Monthly payment was 757 with 8.25% tax. They would not budge on the amount.
I was thinking I was going to get a lease payment around $628/mo and thought residual was supposed to be 54% which still is not all that great.
Any thoughts on how to find a lower payment? If I purchase, pay tax and license, my payment for 60 months with 3.9% incentive financing is only $845, why lease.
They tried to quote $1015 for a 24 month lease tried to say I couldn't use the 2000 off incentive and I said that lease rate for 24 months has no incentive, it should apply.
#31 of 160 Update on LA lease experience
Jun 12, 2006 (10:45 am)
Went to another LA dealer after getting the $757 lease quote. This one makes no sense.
I got them to a price of 46599 on a 51984 MSRP 4x4 limited, they said they were going to give me the $2000 incentive and the .00100 lease factor incentive, which are not supposed to be able to combine. So purchase price is 44599. Residual was 54% (28071) instead of the 47% quoted at the other dealer.
Somehow with a 36month/15k miles they came to 686/mo. I used leaseguide's lease calculator and found it should be $584.
They could not tell me why the difference.
Car_Man a little help here. What is the current residual money factor etc for 24 and 36 month leases for a 4x4 Limited Sequoia. Also, do you know the residuals for the 4x4 SR5?
#32 of 160 Residual and Money Factor
Jun 24, 2006 (6:26 pm)
I was in looking to lease an Limited 4x4 etc. the MSRP was $52,400 and I was quoted a money factor of 0.001 but the residual was 46% which I thought was absolutely ridiculous. Is that accurate? I was always under the impression that the Sequoia had one of the best residual values.
#33 of 160 Re: Horrible Residual [bigjoelr3]
Jun 26, 2006 (1:43 am)
Hi bigjoelr3. It's strange that the dealer you are working with quoted you such a low residual value for this truck. I believe that Toyota Financial Services' 36 month, 15,000 mile per year residual value for an '06 Sequoia Limited 4WD should be more like 59%. The money factor that you were quoted is right on the money, the residual value is way off. This is strange because individual dealers do not have the authority to alter banks' residual values. Did they tell you that the residual value was "47%" or are you calculating it? Toyota Financial Services has a strange residualization policy for leases. Most manufacturers' captive companies allow the full residualization of vehicles and all of their factory installed options. However, TFS places limits on which options can be residualized and places caps on their values. Toyota's strange policy on this matter often makes vehicles more expensive to lease than one would initially think. Perhaps this accounts for the difference.
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#34 of 160 Re: Residual and Money Factor [milken]
Jun 26, 2006 (1:45 am)
Hi milken. Please see my previous post as to why this truck's residual values seem so low. Let me know if you have any other questions after checking it out. Thanks.
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#35 of 160 Toyota Sequoia Lease
Jun 27, 2006 (4:52 am)
I am leasing a Toyota Sequoia. The dealer tells me the payment will be the $389 per month as advertised. How are taxes normally paid for a leased vehicle? Up front on the $389 for 36 months, or in the monthly payment? Thanks
#36 of 160 Re: Horrible Residual [Car_man]
Jun 28, 2006 (3:32 pm)
Car Man, that is what I got from most dealers here in Los Angeles. It wasn't 47%, that is what is was calculated to be.
The residual for the 51984 MSRP was 24261, they had a higher one that was something like $25k and change. At one point they were going to give me a residual of $28,071 (which is 54%)
They all came back with the same $750 and change per month for the 36 month/15k lease, with a minimum drive off of about $1,200.
I was bummed. Needless to say I went and leased a 2006 LR3SE for $610 per month with 15k miles.
Please tell me where you get the 59% residual. I would have leased the Sequoia in a second for 36 months if they gave that to me. Would have been dirt cheap.
#37 of 160 Re: Horrible Residual [Car_man]
Jun 28, 2006 (3:37 pm)
Car_Man, the Sequoia where the residual calculates out to 47%, is the fully loaded package with NAV, JBL system, Luxury Package, Running Lights and Rear Spoiler. I guess they don't allow any residualization of any of the installed options. Guess I should have stuck to a stipper model.
#38 of 160 Re: Toyota Sequoia Lease [kmreece]
Jul 20, 2006 (1:50 am)
Hi kmreece. Different states use different methods for calculating sales tax on leased vehicles. There are three main methods of doing so (I suppose that you could say that there are four if you count the states that don't charge sales tax at all). In the first, the state taxes the payment and down payment. Most states, including Florida, Georgia, Missouri, Connecticut, and California use this method. The second way is to tax the entire selling price of the vehicle. This is how sales tax is calculated on leases in states like Illinois, Texas, and Ohio. Lastly, some states only tax the depreciation portion of leases. This is tax is calculated on leased vehicles in New Jersey. If you tell me what state you are in, I can try to help you find out how sales tax is calculated in your area.
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