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Toyota Sequoia: Lease Questions

146 messages,  Last post on Nov 09, 2009 at 6:13 AM

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#127 of 146 Re: Lease Q and lease buy-out feasibility [wakeman1] by Car_man HOST Nov 21, 2008 (2:54 am)
Replying to: wakeman1 (Nov 18, 2008 2:10 pm) Hi wakeman1. The deal that you are referring to was struck in June. The market for SUVs has completely imploded since then and most banks have realigned their residual values for them, ironically making them more expensive to lease. I believe that Toyota Financial Services has slashed nearly 20% off of its residual values for the Sequoia since then. Unfortunately, you aren't going to be able to get nearly as good a deal on a lease of Sequoia today as that individual did several months ago.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#128 of 146 Lease ending in Feb by angelap1 Dec 11, 2008 (8:53 pm)
I am getting to the end of my lease, and I don't know what I want next! I assumed that after this Sequoia that I would just get another one, not worrying about to much because the salesman said to get you in another Toyota, they could ignore a few miles over my alotment. Well, I hate the new body style, and I have already gone over my mileage...about 3000 miles. Plus, I have 2 more months to go.   Do I just hand them back the keys and pay for the overage? Or, should I just finance the remaining value? I'm not sure if that makes dollars and sense to finance more years. I like the Sequoia I have, but it lacks a few features I wish it had - second row captain chairs and a different paint color.   If I choose something like a Tahoe, should I just trade my leased vehicle into GM, providing they give me a decent trade in value?   My time is running out, and I don't know what to do. Replies to this message: Car_man (Dec 14, 2008 3:03 pm) angelap1 (Dec 26, 2008 11:11 pm) mogulbumm (Dec 27, 2008 7:37 am) Car_man (Dec 31, 2008 2:40 am)
#129 of 146 Re: Lease ending in Feb [angelap1] by Car_man HOST Dec 14, 2008 (3:03 pm)
Replying to: angelap1 (Dec 11, 2008 8:53 pm) Hi angelap1. If you have exceeded your lease's mileage allowance, the only to avoid paying an excess mileage penalty is to purchase your truck at lease-end. The problem with doing so however is the values for used vehicles, particularly for large SUVs have absolutely fallen apart. Chances are that it will be much, much more expensive to purchase your Sequoia at lease-end than it is worth on the open market. It wouldn't hurt to check and see what its purchase option price is, bur chances are it will be less expensive for you to turn it in and pay the penalty.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum Replies to this message: angelap1 (Dec 26, 2008 11:11 pm) mogulbumm (Dec 27, 2008 7:37 am) Car_man (Dec 31, 2008 2:40 am)
#130 of 146 Re: Lease ending in Feb [Car_man] by angelap1 Dec 26, 2008 (11:11 pm)
Replying to: Car_man (Dec 14, 2008 3:03 pm) Thanks for the advice. I guess that final value is what I'm worried about. I think my guaranteed value is around $22-$23,000, but the market for these has fallen apart! I checked Blue Book, and it listed it around $12,000 for trade in. I certainly don't want to buy it for $23,000.   I need to call toyota and see what my options are! thanks, angela Replies to this message: mogulbumm (Dec 27, 2008 7:37 am) Car_man (Dec 31, 2008 2:40 am)
#131 of 146 Re: Lease ending in Feb [angelap1] by mogulbumm Dec 27, 2008 (7:37 am)
Replying to: angelap1 (Dec 26, 2008 11:11 pm) You may even want to consider having them extend the lease a bit until the market comes back. Trade in values are horrible right now (so your buyout would be much higher than market value). Also, lease residuals are the worst I've seen in years. I was quoted 35% residual on the Sequoia yesterday (down from something like 52% last spring). I opted to purchase using the 0% financing in lieu of the $3K cash back since it was a better deal in the long term. I paid $1K below invoice.   Great time to buy but not lease, so if I were you I would wait until the market returns a bit and release.
#132 of 146 Re: Lease ending in Feb [angelap1] by Car_man HOST Dec 31, 2008 (2:40 am)
Replying to: angelap1 (Dec 26, 2008 11:11 pm) You're very welcome, Angela.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#133 of 146 2008 Sequoia Lease Price? by calogero1 Jan 15, 2009 (10:23 am)
Hi Car Man (and everyone else),   I'm in PA and interested in leasing a 2008 Sequoia, either Platinum Edition (with Rear Seat Entertainment) or Limited Edition (with Navigation and Entertainment). I know I'd be better off buying at this time than leasing, but I have to lease due to business reasons.   I'm looking at 36 months (would do less if better lease offered), 15k miles/year. My question is, I've requested quotes from the 10 nearest delaers and have been quoted leases ranging from $1020/month (Platinum Edition, approximately $1000 due at signing) to $955/month (Limited Edition, approximately $1000 due at signing). Is this the best I can hope for, or is there a chance I can get down into the $800/month range with same amount due at signing?   I have a Land Rover LR3 ($735/month, paid about $1000 at signing) whose 2 year lease extension expires at the end of January, so I need to do something quick. My buyout on the Land Rover does not make sense in this market, plus I've had to have it serviced way too often to keep, so I am looking at something different. I need 7 seats as I have 3 small children. Was looking at the Infiniti QX56, but their lease rates were astronomical, so I turned to the Toyota Sequoia only to find they're not much better.   With that said, in addition to my question above, any recommendations for an SUV that comfortably fits 7 (i.e., SUV's like the Audi Q7 are way too cramped, yet I don't need a tank!) and has decent lease rates/deals I can take advantage of by the end of January (technically February 3rd)? I know the residual rates are driving these lease rates up and Car Man has advised others he would look for SUV's in the 45% and up residual rate category, but I can't seem to find those SUV's that fit my needs.   Sorry to be somewhat general about my situation, but I'm pulling my hair out and feeling stressed!!! Can anyone help!   Thanks in advance, I appreciate it!   C Replies to this message: Car_man (Jan 26, 2009 3:11 am)
#134 of 146 Re: 2008 Sequoia Lease Price? [calogero1] by Car_man HOST Jan 26, 2009 (3:11 am)
Replying to: calogero1 (Jan 15, 2009 10:23 am) Hi calogero1. If you want to lease a new truck right now, the Sequoia probably is not the model for you. Toyota is not providing lease support on the '08 Sequoia any longer. As a result, its money factors are not great and its residual values are terrible. $1,000 a month, or anything close to it, for any Toyota is absolutely nuts. There are a ton of luxury SUVs out there that you could lease for less than that.   While some are not enamored with its looks, if you want an SUV that comfortably fits seven people, take a look at the Mercedes-Benz R-Class. I've been in the back on one before and I was extremely surprised at how roomy it was. Mercedes- lease program on the R is not as good as it was, but it's still better than the crazy payment that you were quoted on the Sequoia.   Car_man Host Prices Paid: Buying & Leasing Experiences Forum
#135 of 146 2008 Sequoia Lease by sequoiahunter Feb 23, 2009 (4:50 pm)
Hi Car man,   I know this has been asked a lot of times already. My lease on my SR5 2006 Sequoia is going to be up in May of this year and I know you have mentioned that the residual values are terrible right now on the 2008. So I'm wondering if it is just best wait it out till the lease is actually due to see if Toyota makes some kind of change and then make a decision. Since it doesn't look that good right now it looks like I should wait. I do like the new Sequoias and it has been dependable so I would like to stay with the Sequoia. But I don't want to get slammed with a horrible residual. I'm self-employed so I do right off the lease. I can buy out the 06 for $23195.00. I'm in San Jose, CA. Replies to this message: Car_man (Apr 15, 2009 1:52 am)
#136 of 146 2 years left on lease - buy out now? by massguy2 Apr 09, 2009 (5:57 pm)
Hi have 07 Lmted 4wd Seq. - have a little over 2 years left on lease (5 year lease) - paying $605/month - I am still not over my mileage allotment and love the car - does it make sense to try and buy it out now - or even roll over to a new car - not a sequoia but a sienna - family expanding again.   Thanks for any insight and/or experiences. I am in Massachusetts. Replies to this message: Car_man (Apr 15, 2009 1:58 am)

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