How much is everybody Paying to LEASE their 4runner?
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I am paying $329/month for my 2006 SE 4x4 V6.
The truck stickered for $34,811 and I got the dealer down to $500 above invoice. The adjusted cap cost was $31,810. The only money I paid up front was the tax, title, etc. Taxes were a killer at 8.75% though. Guess that's what I get for living in NY.
The money factor is ridiculously low this month, .00022, which works out to a .5% interest rate. So basically, I'm only paying about $11 in interest every month.
If you can lease before the month is over, I highly recommend it. Between myself and my parents, we've lease 7 vehicles in the last 9 years and that is the lowest money factor I've ever seen.
Just for comparison, my former lease was a 2003 Acura TL which stickered for around $30,000 and has a similar residual value. The adjusted cap cost was about $25,500 and I was paying $327/month.
The truck stickered for $34,811 and I got the dealer down to $500 above invoice. The adjusted cap cost was $31,810. The only money I paid up front was the tax, title, etc. Taxes were a killer at 8.75% though. Guess that's what I get for living in NY.
The money factor is ridiculously low this month, .00022, which works out to a .5% interest rate. So basically, I'm only paying about $11 in interest every month.
If you can lease before the month is over, I highly recommend it. Between myself and my parents, we've lease 7 vehicles in the last 9 years and that is the lowest money factor I've ever seen.
Just for comparison, my former lease was a 2003 Acura TL which stickered for around $30,000 and has a similar residual value. The adjusted cap cost was about $25,500 and I was paying $327/month.
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06 sport V8 4x4 , $ 540.00 per mo. , no money down lease for 3 years @ 27,000 miles per year , with Toyota gold ext. warranty.
I use it for work & bus. otherwise I personally would never lease a vehicle. This is my first and last lease , never beleived in leasing , next time I will but it no matter what !!!
I use it for work & bus. otherwise I personally would never lease a vehicle. This is my first and last lease , never beleived in leasing , next time I will but it no matter what !!!
Jeff Kleb
New member
Leasing
$265 a month for 36 months (and 36,000 miles) -- including gap insurance. I have a closed-end lease with a residual of 19k, and have the option to purchase the vehicle at that price or I can simply walk away.
Believe me when I tell you that your credit score will greatly affect your lease payment, almost as much as the residual value versus the capitalized cost.
You can save a lot of money on your monthly payment by leasing, but you have to be careful about not exceeding the mileage limit (20 cents a mile surcharge at the end of the lease term) and you also have to realize that you will never build "equity" in the vehicle like you would if you purchased it outright or paid off the loan. Just do your homework and then decide if leasing is for you and your particular situation.
$265 a month for 36 months (and 36,000 miles) -- including gap insurance. I have a closed-end lease with a residual of 19k, and have the option to purchase the vehicle at that price or I can simply walk away.
Believe me when I tell you that your credit score will greatly affect your lease payment, almost as much as the residual value versus the capitalized cost.
You can save a lot of money on your monthly payment by leasing, but you have to be careful about not exceeding the mileage limit (20 cents a mile surcharge at the end of the lease term) and you also have to realize that you will never build "equity" in the vehicle like you would if you purchased it outright or paid off the loan. Just do your homework and then decide if leasing is for you and your particular situation.
Re: Leasing
I just wanted to elobortate on the credit score comment by Jeff.
The money factor (interest rate) is set by the finance company every month (usually Toyota) and the dealer uses that number during preliminary lease negotiations. At that point, the biggest factor that moves the lease payments up and down is the adjusted cap cost and the residual value.
The dealer then submits the numbers to the finance company who will run a credit check. If the finance company finds you have bad credit, it can refuse the lease entirely or counter with a monthly payment that includes a higher money factor to account for the increased risk.
For example, under my lease, I had a money factor of .00022 (.5%). For each 1% increase in the interest rate, an additional $21 would be added to the monthly payment.
However, unlike many other loans, if you have great credit, congrats, but that won't lower the money factor below the set rate.
If you have good credit, I don't think you have anything to worry about. Just remember, the money factor usually changes monthly, so two people could have vastly different monthly payments just based on when they leased the vehicle, regardless of credit score.
6 years ago I was looking to lease a Jeep Cherokee. In May, the monthly payment was about $250. In June, the monthly payment rose to $348.
Jeff Kleb said:
I just wanted to elobortate on the credit score comment by Jeff.
The money factor (interest rate) is set by the finance company every month (usually Toyota) and the dealer uses that number during preliminary lease negotiations. At that point, the biggest factor that moves the lease payments up and down is the adjusted cap cost and the residual value.
The dealer then submits the numbers to the finance company who will run a credit check. If the finance company finds you have bad credit, it can refuse the lease entirely or counter with a monthly payment that includes a higher money factor to account for the increased risk.
For example, under my lease, I had a money factor of .00022 (.5%). For each 1% increase in the interest rate, an additional $21 would be added to the monthly payment.
However, unlike many other loans, if you have great credit, congrats, but that won't lower the money factor below the set rate.
If you have good credit, I don't think you have anything to worry about. Just remember, the money factor usually changes monthly, so two people could have vastly different monthly payments just based on when they leased the vehicle, regardless of credit score.
6 years ago I was looking to lease a Jeep Cherokee. In May, the monthly payment was about $250. In June, the monthly payment rose to $348.
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