Lease a 2007 Limited - what to expect ?

[BassMiesterNJ]

I'm new here. Been checking things out as I am very close to pulling the trigger on a new suv (considering 4runner, xc90, touareg, LR3). I will be putting my 02' Discovery to light duty or sell it off completely.

I'm drawn to the Limited 4runner because of the leather/pwr seats. I'll probably go with a V6 to keep cost down.

What kind of numbers can I expect on a lease ?

I know Toyota currently has a $299/mnth for a SR5 with some cap cost involved, but I'm set on a Limited.

Please share your leasing experience.

Thanks !

 

[fastlif306]

Prolly a bit more than that. 4 or so I would say a month. I got mine at the best rate possible last year and got it 8K off sticker, wife works for Toyota, and its over 4 a month.
You wont regret it.

 

[toto]

Toyota has a payment calculator here:
http://www.toyotafinancial.com/estimator/tfs/pe_zip.jsp

It's saying around $540 with no money down on a $35,000 cap cost.

I believe that Toyota Financial uses a residual value of 53% on a 3-year lease.

 

[BassMiesterNJ]

Limited

Prolly a bit more than that. 4 or so I would say a month. I got mine at the best rate possible last year and got it 8K off sticker, wife works for Toyota, and its over 4 a month.
You wont regret it.

One thing I've noticed, the Limited trucks I've seen on dealer lots in New Jersey are configured for about $40k (including spoiler, side air bags, mats, JBL, sunroof, hitch)....... not all stuff I'm really looking for, except the hitch.

If you don't mind me asking, what was your MSRP and configuration ?

 

[Mark86]

You are definitely looking at a price over $500 with nothing down. I am from NJ and you can only get a V6 Limited with sunroof, spoiler, and JBL radio around here. They basically configure each trim in a way that appeals to "most" buyers. What dealer are you looking to lease from?

 

[BassMiesterNJ]

You are definitely looking at a price over $500 with nothing down. I am from NJ and you can only get a V6 Limited with sunroof, spoiler, and JBL radio around here. They basically configure each trim in a way that appeals to "most" buyers. What dealer are you looking to lease from?

Yeah, looks like it will be hard to find a Limited without the extras you mentioned.....

As for dealers, I am centrally located between Crestmont Toyota, Caldwell Toyota, Glen Toyota and Toyota Universe.... I have'nt decided which to use yet.

 

[fastlif306]

My sticker was 43K. good luck with your search.

 

[Mark86]

Yeah, looks like it will be hard to find a Limited without the extras you mentioned.....

As for dealers, I am centrally located between Crestmont Toyota, Caldwell Toyota, Glen Toyota and Toyota Universe.... I have'nt decided which to use yet.

I can't give you any feedback on those dealers. I am more familiar with the dealers in central/southern NJ.

 

[BassMiesterNJ]

You are definitely looking at a price over $500 with nothing down. I am from NJ and you can only get a V6 Limited with sunroof, spoiler, and JBL radio around here. They basically configure each trim in a way that appeals to "most" buyers. What dealer are you looking to lease from?

I just realized for the first time, the Sport comes with Power Seats, even tho they are not Leather (which I prefer) at least I can get power adjustments, so I may also consider a Sport now... should get my MSRP below $35k, even with options.

 

[Mark86]

I just realized for the first time, the Sport comes with Power Seats, even tho they are not Leather (which I prefer) at least I can get power adjustments, so I may also consider a Sport now... should get my MSRP below $35k, even with options.

You should be able to get a Sport around here for under $35k. Would you be looking for a V6 or V8 in the Sport

 

[BassMiesterNJ]

You should be able to get a Sport around here for under $35k. Would you be looking for a V6 or V8 in the Sport

Yep, checked a Sport out today, price was right but I just can't go for the non-leather seats.

So, I'm back looking for a Limited... drove a nice Black one, but couldn't get the lease numbers where I wanted them, so I walked.

 

[BassMiesterNJ]

You are definitely looking at a price over $500 with nothing down. I am from NJ and you can only get a V6 Limited with sunroof, spoiler, and JBL radio around here. They basically configure each trim in a way that appeals to "most" buyers. What dealer are you looking to lease from?

I'm getting preliminary numbers like this:

4Runner Limited (with all the goodies mentioned above)

MSRP: $ 40354.00

15000 miles a year and 39 months:

$0 down = $589
$1500 down= $547
$2500 down= $519

cap cost $33900

residual $20177


money factor .003090

Keep in mind this is a first run, not a final offer type thing.

What do you think ?

 

[Slider]

Yep, checked a Sport out today, price was right but I just can't go for the non-leather seats.

So, I'm back looking for a Limited... drove a nice Black one, but couldn't get the lease numbers where I wanted them, so I walked.

I just bought an 07 Sport Edition with aftermarket leather. I can pretty much guarantee you the dealer can get it installed.

Or, you can buy it and do it yourself. Probably around $300-$400 for materials.

 

[toto]

MSRP: $ 40354.00 ...

15000 miles a year and 39 months:

$0 down = $589
$1500 down= $547
$2500 down= $519

The payments sound right for the numbers you provided. The only variables in a lease are cap cost, residual value, money factor, and sales tax rate. Leases have "scientific" formulas, just like a loan payment. Edmunds' lease calculator can be found here.

The cap cost sounds pretty good. The residual value is 50%; for 12,000 miles it's usually 53% from Toyota Financial. The money factor is equvalent to an APR of about 7.4%, which I think is well inside the ballpark for new car loans right now without special incentives.

Keep in mind that where they get you on any lease is the residual value. Let's face it, the truck will be worth more than $20K in three years, even with 45K miles. But you're not looking for a "good deal" as a buyout at the end of the lease - the lower the residual, the higher your payments! So you're paying for the "good deal" over the life of the lease. The residual value is often not negotiable, though, as no bank will increase it with the risk of the vehicle being worth less than the residual value.

So it sounds like you've done as well as you can on a Limited. if that's what you're after, go for it.

 

[ironadrenaline]

i have a sport and im leasing it for 439 a month and thats 15,000 miles a year. take it how you want it but mines a v6 and pretty bare considering.

i say find a sport and get CST leather. that sould work out for you alot more then anything like a limited which would probably cost you ALOT more then you would want.

 

[BassMiesterNJ]

The payments sound right for the numbers you provided. The only variables in a lease are cap cost, residual value, money factor, and sales tax rate. Leases have "scientific" formulas, just like a loan payment. Edmunds' lease calculator can be found here.

The cap cost sounds pretty good. The residual value is 50%; for 12,000 miles it's usually 53% from Toyota Financial. The money factor is equvalent to an APR of about 7.4%, which I think is well inside the ballpark for new car loans right now without special incentives.......

Thanks for the input....

The lease is for 15k not 12k..... also, another dealer quote I have is based on a .00181 MF through Toyota Tier-1 (which I qualify for), which is a better rate..... so I'm digesting this all in right now...

 

[BassMiesterNJ]

i have a sport and im leasing it for 439 a month and thats 15,000 miles a year. take it how you want it but mines a v6 and pretty bare considering.

i say find a sport and get CST leather. that sould work out for you alot more then anything like a limited which would probably cost you ALOT more then you would want.

Well, I haven't eliminated the Sport (or SR5 for that matter) with Aftermarket Leather.. as either of these scenarios would fit my budget without much haggling..... in fact I've spoken to a local CST/Katzkin dealer about getting the Leather installed if it comes to that...

 

[BassMiesterNJ]

Got some SR5 lease numbers.

2007 SR5 4runner (Sun roof, tow, etc)

MSRP: $32,819 - FE, CD, AW, NE, TO, DR, SR

39month/15k: $363.12 plus tax

$1000 down

Cap Cost: $29,575

Residual: $16,081

MF: .000375

Any thoughts ?

I can add Leather for some additional bucks.

 

[Slider]

MF: .000375

If that's correct that's less that 1% APR, which would be a good deal, in my mind.

 

[BassMiesterNJ]

If that's correct that's less that 1% APR, which would be a good deal, in my mind.

Yep, looked a little too good to be true...... turns out the internet guy at that dealership did a "about face" when I pushed for more details...... so they can not come thru with that deal.

I'm back getting quotes based on Toyota's current MF of .00181 which isn't horrible, but no where near that deal I was quoted.

Typical Toyota deal (my own caculated lease, not actual):

2007 SR5 4runner (Sun roof, tow, etc)

MSRP: $32,819 - FE, CD, AW, NE, TO, DR, SR

36month/15k: $407.04 plus tax

$1000 down

Cap Cost: $29,575

Residual: $18,023

MF: .00181

Not too bad but with tax it goes to $435 and I want to add AM Leather which adds another $25 - $35 bucks a month.