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You are in the Prices Paid - Buying & Leasing Experiences
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Toyota Tundra, Car Leasing, Truck
Jul 06, 2008 (7:38 am)
IGreetings to All:
Yesterday, I was at a Northern California Toyota dealership to lease a 2008 Tundra 4x4 Crew Cab. My credit score is 740+.
Here are the numbers the folks gave me based on 60 months lease:
- MSRP: $33,460
- Invoice: $30,810
- Cap: $29,400
- Residual: $12,135 (60mo)
- Money Factor: 0.00056 (60 mo)
- Down $2,000
- Monthly payment with tax: $415
In addition, with my $2k down, Toyota offered an incentive of $4,500 cash toward my down payment. The color and truck specification matches what I’m looking for as it has the bench seat as opposed to the captain chair. My offer was $320 - $340/mo on a 48 mo lease.As I was walking away the guy shouted $360/mo or 60 months. I kept walking. Based on the numbers given, what the adequate negotiable payment?
Jul 06, 2008 (8:28 am)
don't take this personally, but, you'd be foolish to do a 5 year lease!
Take the 5500 rebate (expires 7/7/08) & buy the truck
Down here (in So. Cal), 100 over invoice is the max I would pay on that truck.
With a 740+ score, you can get financing under 5%.
Assuming you put no money down
Since inv on your truck is 30810, total price (with tax & lic) is approx $34k
34,000 - 5,500 = $28,500 4.9% x 60 months = 536/mo
if you lease, I would put no money down
you don't mention if this is a 4.7 or 5.7 engine?
what mileage is this lease for?
using info from Toyota previous program for a 4x4 Crewmax, 5.7L
24 mo lease, 15k miles, residual was 62%, MF = .00026
36 mo lease, 15k miles, residual was 56%, MF = .00026
there is a 1500 rebate for lease
at 100 over, less 1500, your cap is approx 29410 (I don't know what Toyota is charging for the aquisition fee)
your payment b4 tax, should be approx
374 (24 mo. lease
308 (36 mo. lease
If there is an acq. fee, your pmts would increase 12 to 15/mo (if the acq fee is $500 to 600)
let me know if u need more help
Jul 06, 2008 (10:41 pm)
Regards Awedio. I took the advice and visited the dealership once more….
Here is the new offer I was given on a 36 mo lease with a $1,500 cash incentive:
Dealer requires $4,000 down
Monthly Payment including tax: $323.50
I’m still negotiating on a 2008 Tundra 4x4 Crew Cab - 5.7 engine, however, since this deal still requires a $4K, I felt reluctant to move forward. They say the offer ends tomorrow – July 7th. What would you do if you were in my shoes?
#178 of 235 Re: [jdemissie]
Jul 07, 2008 (5:08 am)
Are you dealing with the retail salesman? Ask for the fleet manager?
That $4k down is a bunch of BS!
Leasing 101 = never put any money down on a lease.
Your "down" should be minimum drive off = 1st mo. pmt + dmv + security deposit (sometimes the sec deposit is waived)
your cap should be no more than 30810 + 100 over, less the 1500 cash (if I'm not mistaken, the 1500 cash is used as a cap reduction & is taxed)
cap = 29560 (assuming a tax rate of 10%)
MF = .00016
using the residual you provided, your base mo. pmt + interest, should be
327 + 7.60 = 334.60 + your sales tax
if you need more help, send me your contact info & I'll help you negotiate the deal
#179 of 235 Re: How can Toyota offer a $269/month lease on a $28K MSRP car? [ataylor61802]
Jul 25, 2008 (4:40 pm)
"I strongly suspect that consumer auto leases (at least those sponsored by the auto manufacturers) will be history by the end of the year.
Chrysler has already announced that they will exit the lease business on August 1st. Cerberus Capital not only owns Chrysler and Chrysler Financial but controlling interest in GMAC as well. So I suspect GM will follow shortly.
Ford took a $2.1 billion charge for the quarter due to falling lease residual values.
Honda just released their first quarter financial report and noted that they expect falling lease residual values in the USA to cut their operating profit by $231 million. Just look at the residual calculations on 2006 Ridgeline's as an example of how wildly they miscalculated.
I believe the manufacturer sponsored consumer lease will soon be history. Only time will tell."
This information was quoted from "Joe" on the ROC forum.
Interesting reading to be sure.
#180 of 235 2008 Toyota Tundra SR5 4X4 Dbl Cab 5.7L
Jul 29, 2008 (6:09 pm)
I am about to make a purchase and I'm trying to decide whether I should lease or buy. The conventional wisdom is telling me that if I plan on keeping it I should buy it outright, but the dealership in Houston, TX is offering me an extra $2K incentive for leasing. Should I take the bait??
* I managed to negotiate the truck to $22,800 (including 3500 worth of installed options) - This deal is after the $5K manufacturer's incentive currently being offered.
The deal being offered based on my questions to the dealership:
36 months lease / 12K miles / 325 down (1st payment), but I can't seem to get him to tell me what Money Factor used to arrive at the number and he claimed that the residual value will be 17K at the end of the lease. I don't seem to be able to understand how he came up with that 325.33 monthly payment.
Thanks in advance.
#181 of 235 2008 Tundra 5.7L Double Cab (Houston, TX)
Jul 30, 2008 (12:27 pm)
I have a lease deal proposed to me with a Money Factor of 0.00340 on a 36 months lease with a residual value of 17,500 on a Tundra 2008 with the selling price after 7K of rebates/incentives. Is that a good deal?
I'm trying to make a decision on whether to purchase vs leasing
#182 of 235 Re: 2008 Tundra 5.7L Double Cab (Houston, TX) [6a14ugx4]
Jul 30, 2008 (12:42 pm)
in CA the buy rate on a lease is 0.00016
#183 of 235 Re: 2008 Tundra 5.7L Double Cab (Houston, TX) [6a14ugx4]
Jul 31, 2008 (1:40 am)
that's an atrocious mf!! they have to be quoting you numbers from an outside lender. tfs' rates are very low right now in most regions,making it a great time to lease a tundra, if you don't mind the extra fuel expense, though.
in many regions, if you qualify for tfs' tier 1 + credit, your rate will hover around 1%.
#184 of 235 Re: 2008 Tundra 5.7L Double Cab (Houston, TX) [ocautoseeker]
by kyfdx@Edmunds HOST
Jul 31, 2008 (7:43 am)
Either that.. or he left out a zero..