Looking through Craigslist, and spotted this 07 Sport; didn't know there were internal spare tire storage options.
2007 Toyota 4Runner SR5 Sport - cars & trucks - by dealer - vehicle automotive sale

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My 07, and every other 4th gen I've seen, is underneath. Interesting.

All I'm seeing here is a 2007 T4R with 3rd row seats that are folded up and the spare sitting in between them, it's not a special spare tire location.

I'm guessing the spare tire carrier is all rusted and not functioning any longer.

I think that's the likely answer. There's no way those seats will fold flat with that tire in there. Which reminds me I need to lower mine and make sure it still works properly. What the best lubricant to use on the hinges and sots that need it?

Anything exclusively on the outside of the vehicle I would use PB Blaster, but anywhere the smell of it can get into the interior I would choose something that smells less obnoxious, PB Blaster is a great penetrate and lubricate but it smells awful!!

I made the mistake of spraying PB Blaster on my door hinges to stop a couple of squeaks, worked very well and quickly but I had to put up with the smell for months, now I use white lithium grease spray using one of the little nozzle tubes to apply it just where it's needed because it can be a little messy without using the little tube and it take a few times of opening and closing of the door to get the squeaks to stop but lasts a long time once it get into the areas needed to stop the squeaks.