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2004-2009 Toyota Prius Prices Paid and Buying Experience - READ ONLY

2152 messages,  Last post on Jul 08, 2011 at 9:03 PM

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What is this discussion about? Toyota Prius, Hybrid Cars, Sedan

Messages Page 216 of 216

#2149 of 2152 Re: Prius money factors and residual value % in Pgh. [buckeye20] by Car_man HOST

Dec 22, 2009 (3:57 am)

Replying to: buckeye20 (Dec 03, 2009 2:54 am)
You're very welcome, buckeye20. I'd be happy to help you out. To the best of my knowledge, Toyota is not currently providing lease support on the 2010 Prius in any region. Toyota Financial Services' standard buy rate lease money factor and residual value for a 36 month lease of a 2010 Prius with 12,000 miles per year are .00265 and 72%, respectively for consumers who qualify for its top aka Tier 1+ credit tier.
 
Keep in mind though that TFS places restrictions upon what options can be residualized, making it difficult for individual consumers to work up lease payments for specific models on their own.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

#2150 of 2152 Lease Payoff - Forced to pay Fair Market when higher than Residual value by ddobbs1

Jul 08, 2011 (2:18 pm)

My auto lease company has in their contract that my lease payoff is the greater of the residual value or fair market value (Blue Book). The residual value is $10,000 and the FMV is $16,250. The car was in an accident and needed major repairs so I don't believe the true value to be close to the FMV.
 
Is there any way to negotiate the payoff to be the residual with the leasing company or the lessor (Wells Fargo)? Also, I have excess mileage and will end up paying about $3000 if I turn in the lease.
 
What is my best option...turn-in, pay the $3000, and just get another car OR payoff and hope that I can sell to try and breakeven with a dealer OR try to find a dealer that will payoff the lease??

#2151 of 2152 Re: Lease Payoff - Forced to pay Fair Market when higher than Residual value [ddobbs1] by udpride

Jul 08, 2011 (2:39 pm)

Replying to: ddobbs1 (Jul 08, 2011 2:18 pm)
Not sure I understand your description. Residual is whats on your lease buyout. FMV is what the car should bring in a private sale.
 
If your residual buyout is $10K and FMV is $16K, just pay cash and buy the car out for $10K at lease end, and flip it on the private market and pocket all that equity. Ive done that several times.
 
You have two choices. Either let the dealer have the equity, or attempt to recover it yourself. Even with your cited issues on the car and tax, I see $2-3K in your pocket here.
 
You also avoid any mileage overages if you buy the car. Id buy it out-right with cash for a quick flip. It shouldnt take you but 2 weeks to sell such a car. If you get close to $16K, then you basically drove the car for nothing more than depreciated cost on your original lease -- which is as cheap as you can drive ANY car -- leased, bought, or whatever. In fact, any more savings and they were paying you to drive it.

#2152 of 2152 Re: Lease Payoff - Forced to pay Fair Market when higher than Residual value [ddobbs1] by kyfdx HOST

Jul 08, 2011 (9:03 pm)

Replying to: ddobbs1 (Jul 08, 2011 2:18 pm)
Sounds like a crappy lease.... Did you lease the car new? From a Toyota dealer?
 
It sounds like some of the shady leases they were doing in New York through independent banks about 7-8 years ago...

Messages Page 216 of 216

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