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Toyota Prius Lease Questions

393 messages,  Last post on Jun 02, 2013 at 4:33 PM

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What is this discussion about? Toyota Prius, Car Leasing, Hybrid Cars

    

Messages Page 20 of 40

#189 of 393 2010 Prius Lease Deal by dmannj

Jul 06, 2010 (8:30 am)

Toyota is offering a lease deal in the NY/NJ area:
 
"Valid in NY, NJ and CT only.
Lease a new 2010 Prius for $179 a month for 36 months with $1,799 due at signing, which includes $1,799 down payment which totals $1,620 down, and $179 first month's payment and $0 security deposit.
Example based on model #1223. Base MSRP excluding freight is $22,950. Monthly payments of $179 total $6,444."
 
What other fees can I expect? What is a Lease inception fee? Tax in NJ is 7%. Does this apply to $179. per month or part of it?

#190 of 393 Re: 2010 Prius Lease Deal [dmannj] by delta737h

Jul 06, 2010 (9:10 am)

Replying to: dmannj (Jul 06, 2010 8:30 am)
dmannj,
 
Lease inception fees are fees that are due and payable at lease inception such as DMV fees and taxes. For instance, both NY and NJ require that taxes be paid at lease inception. However, taxes (or any fee for that matter) can be capitalized (i.e., financed) in the lease. The fund provider simply pays them on your behalf and, then, finances them in your lease. Doing so, of course, will increase your payment. The $170 payment in the ad does not include taxes and assumes they're paid upfront at lease inception by you.
 
Besides the acquisition fees, other fees include DMV/Gov fees, dealer doc fee, and taxes. You may want to read my post #170, for whatever it's worth, to get an understanding of the entire process.
 
Hope this helps.
 
John

#191 of 393 Re: Prius II leased for $215 all in, no down payments [r_thornton] by cestlavie

Jul 09, 2010 (4:56 pm)

Replying to: r_thornton (May 23, 2010 10:34 pm)
I'm currently looking for a Prius II in MA and it sounds like you got a great deal with $215/month and zero down. Any chance you could share where you bought the car and a breakdown of what you negotiated?

#192 of 393 questionable figures on contract for Prius II (leased yesterday!) by artwheels

Jul 13, 2010 (10:54 am)

Recently, I researched car leasing extensively. As my local dealer agreed to a deal of 0 down, & $200 monthly payments for 36 months; I leased a 2010 Prius II yesterday. I spent 3.5 hours attempting to ensure that the deal was correct. Initially, the incorrect inflated monthly payment was corrected. However, the dealer refused to change other things I questioned. Today I have some questions/concerns about those figures. BTW, the dealer told me I have a 10 day grace period, which I’d be surprised if true. Three basic questions:
 
1. The amt due at signing was incorrect, & instead of lowering other fees, the dealer refused to change the contract & instead gave me a so-called “Bill of Sale” w a hand-written note that dealer “to pay DMV fees of $274.13 (the amt overcharged via our agreement). Is this legit? Will the dealer pay the DMV fees?
 
2. Some basic figures were correct (ie: the sales price, monthly payment and total monthly payments); however, others were not (ie: cap cost reduction [my trade-in is shown in the one section, but not on the line for cap cost reduction, instead another fee half the amt of the trade-in is shown], adjusted cost reduction & adjusted cap cost are incorrect—higher than they should be). Depreciation & rent charges are shown, whereas I didn’t have them in my worksheet. Is it a problem that the basic figures are correct, but others are not? Do I need to go back to the dealer and tell them to revise the contract and make it correct, so I don’t run into problems in the future? Can cap cost reduction, adj’d cost reduction, & adj’d cap cost come into play in the future, or are they only used to calculate the monthly payment?
 
3. The receipt for my first month’s payment only shows that it was paid, it doesn’t show the balance due. When I asked the dealer about this, he said it doesn’t show the balance. I’d feel better if the receipt showed the balance due, esp since the contract shows an inflated amt due.
 
Thank you for your response! I appreciate your feedback & advice.
Artwheels

#193 of 393 Just signed on Prius IV + navi + mats by mdmdmd

Jul 13, 2010 (11:11 am)

Just signed a deal in SoCal for a Winter Grey Prius IV with navi + mats for 3 years/36K miles. I thought I'd share my experience and ask for tips to see where I could do better as this was my first major car lease negotiation.
 
Edmunds MSRP: $29,840
Agreed Upon Value: $27413.53
Total Capitalized Cost: $27413.53 + $650 acquisition fee -$8.99 Cap cost reduction = $28054.54
Residual Value: $18713.00
MF: 0.00016
Drive off including first month's payment, title, etc. $744
Lease payments including tax: $293
 
Any feedback for future negotiations would be great. Is the acquisition fee negotiable?

#194 of 393 Re: questionable figures on contract for Prius II (leased yesterday!) [artwheels] by delta737h

Jul 13, 2010 (11:54 am)

Replying to: artwheels (Jul 13, 2010 10:54 am)
Hi again Artwheels,
 
Sounds like your dealer engages in sloppy half-assed business practices. Personally, I have zero tolerance for slop. I would insist that the contract be re-done with correct figures. Incorrect items such as cap cost reductions and the adjusted capcost are inexcusable. I would contact the dealer's GM if you haven't already done so. Without seeing your contract, though, it's difficult for me to comment.
 
The bottom line is that you have a right to documents that are accurately completed. Hand-written notes in lieu of typed IOU's, signed by an authorized individual (e.g., GM), is disgraceful and grossly unprofessional.
 
You need to return to the dealer and demand that the contract be completed correctly. Lease agreements are sent to the fund provider and, if you decide to terminate the lease early, you may be overcharged particularly if the adjusted cap is overstated. However, the fund provider generally requires both the dealer's LEASE WORKSHEET as well as the agreement and performs an accuracy check. If there are any mistakes, they kick it back to the dealer in most instances. But, I wouldn't rely on the fund provider to do this. This nation is loaded with incompetence and laziness. And, yet, some people have the nerve to wonder why jobs are going overseas... wages is just a small part of it... believe me.
 
If you like, email me a copy of your lease agreement at
 
diffeqzoominternet.net
 
and I'll be happy to analyze it for you.
 
John

#195 of 393 Re: Prius II leased for $215 all in, no down payments [cestlavie] by dwynne

Jul 13, 2010 (8:25 pm)

Replying to: cestlavie (Jul 09, 2010 4:56 pm)
Just a reminder to look at the III with no options. Last month the MF was the same for II and III and the residual was higher making it a "no brainer" to pay the $2 or so per month for the III with the upgraded stereo on BT handsfree. I have a post about that in this thread, IIRC.

#196 of 393 Re: questionable figures on contract for Prius II (leased yesterday!) [artwheels] by dwynne

Jul 13, 2010 (8:32 pm)

Replying to: artwheels (Jul 13, 2010 10:54 am)
I am like John, I have to have my numbers match their numbers and see where every penny goes or I don't sign the contract.
 
The folks at TFS will also require that the numbers make sense - the residual has to be the same as shown on the invoice for the car and the MF has to be no lower than the advertised rate (though the dealer can mark that up). The net cap cost is the only other thing that really matters, the difference between that and the residual with the MF applied has to resolve to your payment. Unless there are math errors shown in the contract if those numbers work out then they will approve and fund the contract. If the out of pocket is right along with the payment and the dealer does not come after you for more than you already paid up front, then the other stuff may not matter - but it should have been done correctly in the first place.

#197 of 393 Re: questionable figures on contract for Prius II (leased yesterday!) [dwynne] by delta737h

Jul 14, 2010 (4:01 am)

Replying to: dwynne (Jul 13, 2010 8:32 pm)
dwynne makes a very good point... all numbers must be correct and all calculations must square. If they do, and even if the net (adjusted) cap and payment are inflated but all calculations are correct, the fund provider will "approve and fund the contract". If you terminate early, as I had indicated, your lease balance may be inflated as well which may end up costing you more money than if it had been done correctly in the first place.
 
John

#198 of 393 Re: questionable figures on contract for Prius II (leased yesterday!) [delta737h] by artwheels

Jul 14, 2010 (8:46 am)

Replying to: delta737h (Jul 13, 2010 11:54 am)
Hi John,
 
Thank you SO MUCH for your feedback. It is MOST HELPFUL! I appreciate your kind offer to analyze my lease very much. I've emailed it to you, & look forward to your comments.
 
Gratefully,
Artwheels

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