Last post on Jul 08, 2011 at 8:03 PM
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Toyota Prius, Hybrid Cars, Sedan
#2094 of 2152 Buying Out my Prius Early
Aug 11, 2008 (7:46 am)
OK, here is my scenario.
I have a 2005 Package #6 Prius on a 48 month lease. The lease is due March 2009. Yes, I know I shouldn’t have leased it but at that time gas wasn’t quite $2 yet.
The residual value (payoff) is $9750.
I only have 44,000 miles on it and will be way under the mileage restriction of 15K/year.
The Blue Book value on this car is around $21000 if selling to a private party.
Is it possible for me to go ahead and buy it out early from Toyota and then turn around and sell it to a private party?
I am not planning on getting another Toyota so going to the dealership and working out something for a new Toyota is not an option.
#2095 of 2152 Re: Buying Out my Prius Early [flagg2]
Aug 11, 2008 (10:05 am)
Wow! You are in a very good position with the high demand of Prius lately.
You can definitely contact the bank and get a pay-off amount. Once you pay it off, the car is yours and you will be free to sell it for a profit. You don't have to involve the dealer at all. It's between you and the bank at this point.
Hope this helps!
#2096 of 2152 Re: Buying Out my Prius Early [flagg2]
by kyfdx@Edmunds HOST
Aug 11, 2008 (12:21 pm)
Just keep in mind.. you will have to pay sales tax, before you then sell it to someone else.. That will cut into your profit some..
If you've still got 6 payments to go... figure another $2000 or so on the payoff.. It might be $12.5K by the time you get title to the car..
#2097 of 2152 Lease figures in the tri-state area
Aug 14, 2008 (6:31 am)
Has anyone recently leased a Prius in the tri-state area ? Any ballparks on a low-mileage lease for a Touring with Package 3 ?
#2098 of 2152 Prius Money Factor for January 09
Jan 06, 2009 (3:01 pm)
Does anyone have the Toyota money factors for the 2009 Toyota Prius Option #5 and Option #6 for the month of January that would be great. I'll also need the residual percentage please.
Thank you very much for the help.
#2099 of 2152 Re: Prius Money Factor for January 09 [gerry10]
Jan 12, 2009 (3:07 am)
Hi gerry10. Toyota is not currently providing lease support on the 2009 Prius. As a result, if you want to lease one through Toyota Financial Services, you will have to use its standard lease program. TFS' standard buy rate lease money factor is .00295 for consumers who qualify for its top aka "Tier 1+" credit tier.
TFS' residual values for this model vary by term and mileage allowance. You never mentioned what either of these variables are, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. The 36 month, 15k residual value for any '09 Prius is 61%.
The problem with this number is that TFS places restrictions upon what options can be residualized. This makes it very difficult for consumers to calculate the actual dollar residual values for specific units. It is so tricky that TFS provides dealers with lists of the actual dollar residual values for the units that they have in stock rather than relying on them to calculate them on their own. As a result, it is difficult for consumers to calculate sample lease payments for Toyota models on their own.
Prices Paid: Buying & Leasing Experiences Forum
#2100 of 2152 Re: Prius Money Factor for January 09 [Car_man]
Jan 12, 2009 (3:08 pm)
Thank yo so much for the reply Car_man.
Toyota seems to enjoy making some things complicated with purchasing a car, and this residual issue is a prime example.
Anyway, I think I can at least get a close idea for a payment with your numbers.
I am thinking about a 36 month 12K or 15K lease. Any idea about the residual for the 12K lease?
Thank you again for the help!
#2101 of 2152 Need Residuals ASAP
Jan 15, 2009 (11:42 am)
I am in heated negotiations with a local NC dealer on a Prius Touring Model Package 6. He has agreed to price at invoice. He claims a money factor of .00274, which is better than I had hoped, but he claims a residual of only 59% for a 36 month, 12,000 mi/year lease. That seems low.
I am hoping for a residual of 62 or 63%. What is the official Totota Finance number for a Touring Model package 6 with 36 months, 12,000 mi/year?
#2102 of 2152 Re: Need Residuals ASAP [cmyawn]
Jan 15, 2009 (12:10 pm)
Someone here probably knows this better than I do, but it seems that each Toyota car is residualized differently and the dealers get the residual number for each car from Toyota. I have also heard that the higher up you go in option packages the lower your residual tends to go. I hope that helps.
Oh, and for what it's worth in my state (KS/MO) Toyota just yesterday (1.14.09) started a $750 dealer cash incentive with the Prius.
#2103 of 2152 Re: Need Residuals ASAP [gerry10]
Jan 15, 2009 (12:19 pm)
Gerry10, Many Thanks.
In looking at the incentives page on edmunds.com, that is also true in NC. So a dealer selling at invoice is still making the $750. Plus holdback. Plus his dealer prep profits.