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Toyota Tundra, Car Leasing, Truck
#99 of 235 Re: Toyota Tundra Double Cab Questions [ocautoseeker]
Jan 08, 2008 (7:55 pm)
Thanks for replies. I plan on getting with him tomorrow for more details. Here is what I got from another dealer:
2006, 4.7L, Double Cab, Running board, no DRL, no bedliner
If Purchased: there is a factory rebate of $3000.
If you use 0% finance for purchasing, the $3000 disappears.
If you Lease it, the MF is 0.00029 and no $3000 compatibility. If you use regular MF (at 6%/2400), the $3000 rebate can be used.
(I will be seeing him tomorrow to get the residuals and more information on the rebate etc). He said I could call Toyota Financials and they will tell me the same as well.
I was still wondering if you or CAR_MAN can tell me national MF and residuals. This would help me discuss more.
Appreciate your answers, sir !!
Agree that 5.7L is stronger and peppier but I do not feel like paying another couple of grand extra for that engine.
Ford drove well as well. I am only thinking of keeping such a truck for next 3 or no more than 4 years.
#100 of 235 RE:Current 2008 Tundra CrewMax Limited lease deal? [builtit]
Jan 08, 2008 (10:17 pm)
A 54% residual based on 45k total miles is very realistic over 3 years, especially for a full size pick-up. Toyota subvents their leases in the form of low money factors and stays away from over-inflating their residuals.
It's smart for two reasons:
1) If you like the truck and want to purchase at lease-end, the residual should be very close to wholesale, making it easy to purchase, knowing the pricing is in-line.
2) If you turn it in, Toyota (or whatever lending institution you borrowed from) can recoup it's money or at least break even at auction with a realistic residual value. Otherwise, they'd take a major hit since they purchased the vehicle upfront and only got paid the depreciation (the amount you paid). At lease-end, they're on the hook for the remaining balance of that vehicle.
#101 of 235 Re: Toyota Tundra Double Cab Questions [vcopell]
Jan 08, 2008 (11:10 pm)
Not sure about Ford's programs.
Tundra 36 mo money factors:
Tier 1 + : .00029
Tier 1: .00039
Tier 2: .00074
Tier 3: .00134
* Rates could vary by region.
Call the dealer and ask him for the residual value based on your annual mileage requirments. 2wd/4wd, SR5/Limited, 4.7L/5.7L... they'll all have different residuals.
#102 of 235 Tundra residual and money factor question
Jan 10, 2008 (9:00 am)
I am looking for residual and money factors. Southeast USA (Florida) for a tundra 4x2, 5.7 L, 6 spd auto (model 8262 on the toyota website) crewmax SR5, 24,36 month, 12k mi per year.
#103 of 235 RE:Current 2008 Tundra CrewMax Limited lease deal? [ocautoseeker]
Jan 12, 2008 (11:02 am)
ocautoseeker...... you make some good points. Perhaps I need to re-think my approach. Leasing and then buying at end-of-lease is my most likely approach since buying a fully loaded Tundra SR5 or Limited is out side of my price range.
Since I have not leased before I am hesitant because I am not sure if 3 yrs down the road the Tundra will be rock solid. Past experience with my current truck (dodge ram - low miles and lots of problems) and past SUV (ford explorer - also many problems) does not give me much confidence in reliability and value of some brands. Perhaps this truck is different, I just don't know.
I would like to keep my vehicle a long time and I don't put on many miles (maybe 5-7 k per year). I value safety for my family (which this truck has) and am just not sure how reliable this truck will be (that's why I do not want 2007 1st model year). But if it is, paying a little more to lease then buy is OK if I can keep the truck for 10 years (unless I hit the lottery and can buy a new on every year) !
I would rather have a higher residual to make it easier to walk away if I have problems than to be stuck with another lemon. It's all about risk... so far buying new vehicles hasn't worked out, thus my interest in a lease. I also had a Sienna in the past but that wasn't perfect either, since we had to use high-octane to avoid their dreaded engine sludge problems.
But, all in all, maybe I just need to try it out, accept the lower residuals and see how it goes. Perhaps it's just wishful thinking, but I believe we will see better deals in the summer when gas prices sky-rocket. I really appreciate your insight and opinions.....
#104 of 235 2005 Tundra SR5 -lease buyout info.
Jan 14, 2008 (7:08 pm)
Hi Car Man,
NEED TO FIND OUT IF BUYING OUT THE LEASE ON A 2005 TOYOTA TUNDRA SR5 / DOUBLE CAB/ 4x4/ 4.7 / V8 is the most economical way to go. The truck is coming off a 3 yr. lease (w/ $5M down) low mileage ..only 14,000 miles. The Lease Payoff amount is = $21,000. I can't afford to buy a new 08' truck nor do I want to get into another lease w/ higher payments for an 07 or 08 model. I realize this is a depreciating asset...but least I would own the truck at $21M and have closure. In addition, I would not have any more payments for several years down the road. The market value of this truck is worth at least $24M - $26M Market value. Please let me know your thoughts.
#105 of 235 Re: 2005 Tundra SR5 -lease buyout info. [2005tundra]
Jan 14, 2008 (9:12 pm)
Sounds like you've already made up your mind to keep the truck. Off the top of my head, the buyout looks reasonable. Check KBB and look at the "trade-in" values for your truck; those will give you an "approximate" wholesale value of your vehicle. If they're in-line with your payoff, I'd say do it... especially since you put $5k into it at lease inception.
Not sure if TFS will negotiate the residual, but if it looks like the market value is less, they might be willing to sell it to you lower than the residual. Again, it's up to the bank, some banks will and some won't, but it can't hurt to ask.
I know you addressed this to Car_Man, but just thought I'd offer my two cents.
#106 of 235 Re: 2005 Tundra SR5 -lease buyout info. [2005tundra]
Jan 15, 2008 (4:50 am)
I just bought out the lease on my '05 DC 4x4 as well. My residual was only $19,500 though. Funny they were that far off..mine is about as loaded as an SR5 can get and was a 12k miles/year term. I did a lease assumption on mine though so I had nothing out of pocket initially and the lower residual actually helped me. I did a lot of looking and I felt $19,500 was a fair number. Toyota refused to negotiate the buy-out. It would appear $21,000-$22,000 is probably real world money on a private party sale, with 27k miles. $24,000 sounds a little high even with your lower miles, but it could depend on your region. Pacific northwest seems to bring a premium on these.
In general the used full-size truck market is in the dumper and your competing with new trucks that are heavily discounted. There was a time you could pick up a decent equipped '07 Tundra DC for around $25,000 and you can currently get an '08 for $27,000. Probably won't be long the '08's will have even more rebate as well. Not likely to find a buyer that will pay anywhere near what a new one is selling for uless they just really wanted the older bodystyle in which case they have gobs of choices. Toyota pushed a ton of these out on lease back in '05/'06 and there's a heavy stream of returns pouring through. I'm sure their plan was to have folks coming off lease and buying a new Tundra....but the new one doesn't interest me at all.
#107 of 235 2005 Tundra SR5 -lease buyout info
Jan 15, 2008 (7:36 pm)
Thanks for your feedback! Currently, I'm coming off a 3 yr. lease w/ monthly pymts of $234 (due to the $5K downpymt). I have a cap on the back of the truck, grill guard & running boards..KBB value is at $24M (keep in mind the low mileage (14K). I feel buying out the lease is the best bet since the 05' still looks and feels like a new truck. I don't want to keep paying lease payments 4ever.
TFS told me to go to the dealership to process the paperwork for a buyout ..and they will not negotiate (the price is the price / a closed end contract). However, the stealership told me to contact the TFS if I want to buyout the car. I hope they don't continue to jerk me around..I really want a seemless transaction w/o any unnecessary hassles. Again, thanks for your information it is very much appreciated. Let me know your thoughts.
#108 of 235 Re: 2005 Tundra SR5 -lease buyout info [2005tundra]
Jan 16, 2008 (3:14 am)
Are you going to finance the remaining balance or just pay cash and be done with it? Heck, at the rate you're going with such low miles on that vehicle, that thing will last you 40+ years!!
It's a solid truck, no doubt!