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Toyota Sienna Lease Questions

407 messages,  Last post on Apr 19, 2013 at 5:39 AM

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What is this discussion about? Toyota Sienna, Car Leasing, Van

Messages Page 1 of 41

#1 of 407 Toyota Sienna: Lease Questions by Car_man HOST

Aug 31, 2005 (5:27 pm)

Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota Sienna. Thanks.
 
Car_man
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#2 of 407 2005 Toyota Sienna XLE Package #6 by cdorsey

Sep 02, 2005 (6:48 am)

I am thinking about leasing this vehicle with a base price of
 
29225.00 + Accessories (package 6) and Spoiler and auto mirror for 5925
 
Total MSRP 35715
 
Residual Value after 36 month lease is $18493
 
Anybody please help me. What kind of payment should this be?
 
Confused

#3 of 407 Re: 2005 Toyota Sienna XLE Package #6 [cdorsey] by irg

Sep 02, 2005 (7:39 am)

Replying to: cdorsey (Sep 02, 2005 6:48 am)
See my post in the prices paid section, or host, move my post to here.

#4 of 407 Re: 2005 Toyota Sienna XLE Package #6 [cdorsey] by irg

Sep 02, 2005 (7:37 am)

My advice is to go to toyotafinancial.com and enter in your ZIP, and then the model you want (XLE). Play around with the numbers a little bit, and then it will tell approximately what it will be. For a XLE in NY State where I am, assuming the van is about $30k, excellent credit, add in various fees, and this lease would be $476, vs $585 if you financed with $0 down for 60 months.
 
I leased a base XLE, where the cost was about $26k, and my lease with NY taxes came to about $359. I leased it through Fitzmall.com in Maryland. It was worth it for me to go the distance, because they sold me the van at a better price than anyone locally, and the waived every fee, including the $1050 acquisition fee that anyone else in NY would have to pay. That adds about $30 a month to your lease.
 
I used the toytota website to calculate my lease, and it was very close to what I ended up paying at Fitzmall. My local dealers were trying to tell me there was no way I could get a lease for what I got, and that Toyota's own numbers weren't accurate. That may be partially true, but they should be close.
 
Also, don't forget your residual makes a difference, so negotiating the price of a van is just as important when leasing as it is when buying. The residual is the value of the van at the end of the lease. So in 3 years, what will this van be worth? The more it is worth, the better for you, because with a lease, you are paying on the poriton that depreciates. So if your $30k Sienna is worth $18,000 at the end of the lease, you are paying the $12k worth of "use" or depreciation. Divde the $12k by 36 monthly payments = $333 plus the interest, fees, and taxes.
 
Now, if you are going to lease a 2005 model, a word of caution. They have already depreciated more, because the 2006 models are right around the corner. So now this $30k van will have a lower residual, say it is now worth $15k at the end of 36 months. So divide the remaining $15k by 36 payments, and now the payment climbs to $416 plus interest, fees, etc. BUT, if you wait and get a 2006 model, that $30k van may have a higher residual, say $20k, so divide the $10k in depreciation by 36 months = $277. A lot better, but these numbers are just to give you an idea, the residual matters, and it changes every month. If you call at the end of this month, a dealer will give you one price, and the next month you will get a different price, usually higher, but not always.
 
Earlier in the model year, the residual will be higher, but as the year winds down, the residual will often rise. Exceptions to this are slow moving product, where promotions are shown, but Toyota doesn't have to do this very often.
 
Also, with a lease, I wouldn't put any money down. That is the whole purpose in leasing. If you do put money down, and the van is ruined in an accident or stolen, you will usually be out that money.
 
If you can afford the higher payments, traditional financing is almost always a better way to buy a car than leasing. At the time, I needed lower payments, but in the future I will always try and buy, not lease. My second car, whenever I can replace it, I will purchase and not lease. RIght now I paid off my second car, and it's nice not having 2 car payments. The bigger down payment I can muster, the less the future payments will be. Not always possible, but just thought you should know.
 
Play around with the Toyotafinancial.com and see what you come up with. Don't forget to add taxes. If you lease, the taxes are based on the payments, let's say $300, X 8% (or whatever your tax rate is) = $24 making your payment $324.
 
Hope this helps. And with the residual thing, you mention the residual you were quoted was $18,493, which seems low on a $35k van. I got that same residual, and my van was $26,xxx. But that was back in May. My advice, wait til the 2006 models are out to lease. I had a good experience with the Fitzmall people. You can go through their interenet staff (it is a traditional dealership too) and they will give you a quote over email about the van you want. I was the first customer in NY to lease a van from them in Maryland. It took a couple of days to figure out, but in the end, it worked in my favor a lot. Good Luck!

#5 of 407 Re: 2005 Toyota Sienna XLE Package #6 [cdorsey] by kirstie_h HOST

Sep 02, 2005 (10:23 am)

Replying to: cdorsey (Sep 02, 2005 6:48 am)
Done!
 
kirstie_h
Roving Host
Host, Future Vehicles & Smart Shopper discussions

#6 of 407 Re: 2005 Toyota Sienna XLE Package #6 by Car_man HOST

Sep 11, 2005 (6:21 am)

Hello cdorsey. If you let me know what state you are in and how many miles per year you need to be able to drive your Sienna I should be able to give you an idea of what its current lease program is like. Once you have this info, you can use the formula that is outlined in the following article to calculate an approximate lease payment for your van: Calculate Your Own Lease Payment. The only problem is that Toyota Financial Services has a strange residualization policy for vehicles' options that does not allow consumers to residualize their full MSRPs. This will throw your payments off a little bit.
 
Car_man
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#7 of 407 MF and residual by arrosen

Sep 14, 2005 (1:17 pm)

Car Man
 
Can you please give me the MF and residual for a Sienna XLE and a XLE Limited, 15K miles per year? I am in So. Cal. if that makes a difference.
 
Thanks!

#8 of 407 Re: MF and residual by Car_man HOST

Sep 23, 2005 (2:45 am)

Hi arrosen. Here's the information that you are looking for. If you were to lease a 2005 Toyota Sienna XLE through Toyota Financial Services in its Los Angeles region right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00080 and 58%, respectively. the money factor for an otherwise identical lease of a 2005 Sienna XLE Limited would be the same, but the residual value would be only 53%.
 
Car_man
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#9 of 407 2006 XLE LTD by juliaoff

Sep 26, 2005 (7:53 am)

Hi Car Man.
Do you happen to know what are the MF and residual for 2006 XLE LTD FWD in NY area? Can I get a lease for let's say 5k miles a year? ( I drive no more then 3k in the city) Or the lowest is just 12K miles? If yes, how it affects residual?
Thank you for your time.
Julia

#10 of 407 Re: 2006 XLE LTD by Car_man HOST

Sep 29, 2005 (4:29 am)

Hi Julia. I have seen the lease program for the model that you are interested in and would be happy to help you out. Unfortunately, I do not believe that Toyota is currently providing any sort of lease support on the 2006 Sienna in its New York region right now. As a result, if you were to lease one through Toyota Financial Services at this time you would have to use its standard lease program. the last time that I saw TFS' buy rate standard lease money factor it was .00255 for consumers who qualify for its top credit tier and pay a security deposit. While some banks lease vehicles with 10,000 miles per year, I believe that TFS' lowest mileage allowance is 12,000 miles per. You may want to check with your dealer just to make certain that is the case though. If you were to lease a 2006 Toyota Sienna XLE LTD FWD through TFS for 3 years with 12,000 miles per, its residual value should be 57%.
 
Car_man
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Smart Shopper / Prices Paid Forums

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