Last post on Nov 11, 2013 at 10:37 AM
You are in the Prices Paid - Buying & Leasing Experiences
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Toyota Prius, Car Leasing, Hybrid Cars
#146 of 473 2010 prius lease special or not ?
May 25, 2010 (10:22 pm)
came into dealership after reading ad for 2010 prius package II. ad says: $ 999.00 "TOTAL DRIVEOFF" AND 36 PAYMENTS OF 239.00 PER MONTH PLUS TAX AND LICENSE. i have tier 1 credit of 762 so, why did the dealer ask me for $ 1777.12 out of pocket ???
( cap cost reduction 999.00 + 278.00 first month + 344.00 title, reg and license fees + 97.40 tax on cap cost reduction + 45.00 doc prep fee + 8.75 tire fee + tax on doc fee 4.89 for a total of $ 1777.12 ) and then they add $ 650.00 as a vehicle acquisition fee... is this acquistion fee required by toyota for a lease or is a negotiable dealer fee ?
is the ad a scam or did i get ripped a new one ??
#147 of 473 Re: Good Deal? [jamedeo]
May 25, 2010 (10:15 pm)
is that a lease ? what a deal any restrictions on colors ? can you mention dealer name ? thanks
#148 of 473 Re: Good Deal? [justgotripped]
May 26, 2010 (10:46 am)
Yes, it's a lease -- I picked the color, black and grey, but here's the rub:
The dealer offered me a $1476 check to pay off my old lease.
NSP $28.758. + $1476 = $30234.33.
It looks like they're calculating the residual value off MSRP, but 1.8% interest and sales tax off the full amount with the $1476 check. It brings the monthly payment up to $387.90 from $340.66 -- which is a $1,700 premium, or 15% higher than $1476. See my math below.
Quoted residual: $18.791, which doesn't change based on the two different selling prices quoted by the dealrer. I calculate 59.78% of MSRP. If so, I'd be responsible for 40.22 % of the vehicle's price, plus interest, tax and costs. 40.22% of $31430 = $12,641.14 / 36 = $351.15 before costs -- BASED ON MSRP.
But the selling price they're charging is $30234.33, which that residual is 62.1% of. In that case, I'd be responsible for 37.9% of the selling price plus interest and costs. 37.9% of $30234.33 is $11,458.81 / 36 = $318.30 before costs.
Here's my $0 down arithmetic. It might be flawed.
Lease payment: $387.90 x 36 = $13,964.40, which means the costs look like $1,323.26.
Interest, costs and fees:
Interest: .00075 x 2400 = 1.8% of full amount, $30234.33 = $544.21 / 36 = $15.11
Acquisition fee: $650 / 36 = $18.05.
Government fee: $108.95 (lower at other dealers) / 36 = $3.02
Tax: $1071.18 (higher at other dealers) / 36 = $29.75
Doc fee: $103.00 (triple in the next state over) / 36 = $2.86.
Total: $2477.34 . 36 = $68.81 per month.
Added to MSRP-based $351.15 = $419.96.
Added to my calculated $318.30 = $387.11.
Dealer's down payment: $1261.11 / 36 = $35.03 per month.
$419.96 - $35.03 = $384.93 per month.
$387.11 - $35.03 = $352.08 per month.
The quoted lease price is $387.90 per month plus the $1476 check back to me -- that I would be paying about $47.24 EXTRA per month for over 3 years... which is $1,700.64. That's $224.64 in extra interest.
Am I overpaying for the whole lease, or just overpaying for the $1476?
#149 of 473 Re: Good Deal? [jamedeo]
May 26, 2010 (2:32 pm)
i guess they gotta eat... and pay for all these ads.. go figure you need to be a cpa to make sense of it all.
May 26, 2010 (8:37 pm)
I went back and forth with about four other dealerships, offering them a second chance at my business.
The lowest price offered, with the $1476 check, was $408.43 per month - or $739.08 more expensive over three years.
After speaking with a patient young salesman (who still could not beat the deal) this evening, I realized they charge interest on everything -- the net sales price -- or the negotiated selling price plus taxes and fees. Somehow that seems like it goes without saying -- Toyota Finance ought to try and get as much interest as it can, even as low as 1.8%.
I did get a cheeky e-mail right after we adjourned with no sale -- "just make sure the other quotes include GAP" (which stands for guaranteed auto protection, or extra insurance to cover the difference between the amount owed for the car and the car's worth, in the event of a catastrophe).
I never get GAP insurance from dealers -- and neither should you. I might buy a policy on top of my usual policy this time just because my cousin works for an insurance company and she always seems to find good rates.
Thanks for your time. If anyone can shed any insight before May 28 (closing day) on the lease, feel free to post.
May 27, 2010 (10:14 pm)
seems like they are grabbing where $$ they can... the 3 year lease comes with a 2 year warranty ?? so they sell a 3rd year warranty for 275.00..
if they make a few extra dollars on the volume of cars they sell its a winner for them..
Jun 03, 2010 (9:35 pm)
Can anyone tell me what the residual would be for 12K mile lease on Prius III? Lease factor i will use is .00075,
#153 of 473 Re: New Prius 5/15/10 [a6biturbo]
Jun 04, 2010 (2:35 pm)
- what state are u in - and if in L.A. which dealer? Thank you!
#154 of 473 Deal Signed- Hope this helps you. Prius III w. Nav
Jun 06, 2010 (5:48 am)
I just signed my Lease on 2010 Prius III here in Southern California. After 6 weeks of frustration trying to get So-Cal dealers to really negotiate on this car, I finaly caved in and took a deal which I thought was reasonable.
Prius III Black exterior, gray cloth interior with Navigation and Toyota incentive of 2 years free maintenance.
3 year lease, 15k miles per year
Final cost 25200
Money Factor .00075
Residual is 16000 (63%)
Drive off (including all fees, licences, taxs, etc): $0
Monthly payment (includes all taxes etc.): $334
I dont plan to buy the car at the end of the lease and figured this would be a reasonable work car.
Good luck...im sure people in the mid west are getting a better deal. In my experience, the So-Cal dealers have enough demand that they all stick pretty close to each other on pricing. Also for some reason, black was hard to find.
#155 of 473 PLEASE HELP - Is this a good deal in VA?
Jun 06, 2010 (8:13 am)
Is this a good deal? Looking to possibly lease tomorow.
Prius II w/ remote start, bluetooth, xm, mats
money factor .00075
term 36 mos
miles 12k/year and $.15/mile overage
$249 down (inclusive of tax, title and fees)
$307 monthly payment
1. If I decide to go with prius III with same MSRP, should I expect same terms as prius II?
2. How much should monthly payment increase if I up to 15k miles?