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Prices Paid: Buying & Leasing Experiences Toyota Tundra Lease Questions
222 messages, Last post on Sep 17, 2008 at 2:23 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: ocautoseeker (Jan 07, 2008 10:59 pm) 2006, 4.7L, Double Cab, Running board, no DRL, no bedliner Invoice: $26,872 CAP: $26.972 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. Ciao, v --
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Replying to: builtit (Jan 08, 2008 7:00 pm) 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.
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Replying to: vcopell (Jan 08, 2008 7:55 pm) 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. |
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Car man, 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. Thanks Sam |
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Replying to: ocautoseeker (Jan 08, 2008 10:17 pm) 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..... |
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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. Pat
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Replying to: 2005tundra (Jan 14, 2008 7:08 pm) 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. Good luck! |
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Replying to: 2005tundra (Jan 14, 2008 7:08 pm) 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. |
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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.
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Replying to: 2005tundra (Jan 15, 2008 7:36 pm) It's a solid truck, no doubt!
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