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SUVs Toyota Highlander Toyota Highlander: Lease Questions
410 messages, Last post on Dec 02, 2009 at 12:30 PM
You are in the Toyota Highlander Forum. Your Hosts are steve_ & tidester
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Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota Highlander. Thanks. Car_man Host Smart Shopper / Prices Paid Forums |
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I'm hoping you can suggest what my options are here. I posted a while ago about the lease I received - $365/mo, 12K/yr, 5yrs. The more I think about it, the more I regret that decision. We figured out my monthly lease for the 05 Highlander should have been (w/tax) - $340/mo, 12K, 3 yrs which means I will be paying about 10K over that for my error in judgment. (actually $900 extra the first three years and $8760 for the final two years). I realize that this is a no-win situation for me. I can afford to pay this but I am quite upset of how I let this happen. Is there a way to get out of the lease without losing a bundle so that I can get a decent lease or am I stuck with the lease for 5 years? 
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Hey suvgal. Five years is an awfully long time to lease a vehicle for. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive. You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle. Car_man Host Smart Shopper / Prices Paid Forums
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Replying to: Car_man (Oct 13, 2005 2:06 am) |
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You're very welcome suvgal. Let me know if you have any other questions. Car_man Host Smart Shopper / Prices Paid Forums |
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Money magazine and many others share leasing is always a bad deal unless you are a business owner and can write off the expenses. Just my 2 cents:) 
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Replying to: Car_man (Aug 31, 2005 4:24 pm) Thanks for any feedback. Lou |
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Hi Car man, I'd like to get the (1) residual, (2) lease money factor, and (3) estimated monthly payment (with $0 down) for the 2006 Toyota Highlander Limited AWD, with an MSRP of $34,500 and a selling price of $33,000. I'd like the numbers both for a 36 month, 12,000 miles/year lease and for a 48 month, 12,000 miles/year lease. Thanks! Ben
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As of 1/8/06, the figures for a 36 mo. lease in Central NY, 15k/yr, Tier 1 TFS credit: .0019 money factor (4.56%) 55% to 58% residual *(actual) *Toyota's residual percentage does not conform to other manufacturers: Instead of a flat percentage for base plus options, Toyota calculates only the base price when figuring the residual. As a result, you're can't accurately compare the residual percentage to those of other manufacturere' percentages. The figures I used here are actual -- e.g., MSRP $31,829 = $17,557 residual (55.16%), and MSRP $29,492 = 17,107 residual (58%). Happy hunting, Philidor1 |
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Replying to: benji123 (Dec 24, 2005 4:45 pm) Car_man Host Smart Shopper / Prices Paid Forums |
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