"citizennick" (citizennick)
07/02/2015 at 11:09 • Filed to: None
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"citizennick" (citizennick)
07/02/2015 at 11:09 • Filed to: None | 1
| 8 |
Currently in the process of trying to lease a Tundra. Dealer is giving me the run-around of course. Current incentives are pretty good, 379-419 depending on which cab but with a pretty high due-at-signing (anywhere between 3,400-3,700). My dad has always been adamant about getting a lease without anything due at signing besides the first months payment, and it’s the same dealer he is leasing his Camry through.
Any tips? His first numbers were $560 a month with nothing down but it turned out to be more over 36 months than the 419/month with 3,700 down.
This is my first attempt at ever leasing, any help would be great!
The Dummy Gummy
> citizennick
07/02/2015 at 11:17 |
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Not knowing anything about the car and going strictly by the numbers provided, if you are getting $379 for 36Mo and $3,400 your total cost of ownership is $17,044. The $560 amount is a rip, putting it at $20,160 for 36Mo. If you go $475 a Mo for 36Mo nothing down that’d be a good deal ($2 more a month than your original, but you aren’t giving them anything up front). I know this isn’t the greatest advice, but hopefully putting the numbers at whole dollars helps you. Best of luck.
finn's arm
> citizennick
07/02/2015 at 11:22 |
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Your dad is right about never putting money down. You never get that back. So if a year in, you wreck and have to re-lease, you’ll be putting money down again. The more important thing to negotiate is the price of the vehicle. Calculating to a monthly amount usually leaves most in the situation where they have an amount they are comfortable with, but paying more than they should.
What I did before is get the money factor, residual and a few other calculations and compare against other buyers on Edmunds.
As Du Volant
> citizennick
07/02/2015 at 11:28 |
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A few things about leasing...
Advertised lease specials do not include tax, title, and license. The dealer’s quoted payments do. This can add 10% or more to the payment depending on your local laws.
Your dad is correct in his advice. Never put money down on a lease. Why? Because if something happens and the car gets totaled you’ll lose the money. When you finance a car and it gets totaled, you get a payout of the car’s value minus what you owe the bank. When you lease a car, they just pay out the lease and end it. So if you put $3000 down and the car gets wrecked and totaled next week, that $3000 is gone forever. If you need to put money down to lower the payment to something affordable, do this instead: put the money in a bank account and withdraw the necessary amount every month. For example if you need a $400 payment and needed $3000 to get there, $3000/36 is $83.33 so you’ll want to put the money in the bank and withdraw $83.33 every month to put in your car payment. Make sense?
Anyway, back to the payments. It looks like the dealer is trying to make a little extra profit off of you, but not to the point where it’s considered a ripoff. By my (very rough) math and using an estimate of my local tax and registration rates I think that $379 advertised payment should wind up costing you somewhere in the $530’s with zero down and taxes/fees included once it’s all said and done. Of course I’m not a Toyota dealer so I don’t have access to all the figures, and I also have no idea what your local taxes and fees are so your mileage may vary. Using the same math the $419 advertised payment should be in the $580’s so if that’s the one you’re going for it actually does sound like they’re treating you right.
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citizennick
> finn's arm
07/02/2015 at 11:29 |
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How did you use Edmunds to compare with other buyers? That seems like a good idea for me to do.
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citizennick
> As Du Volant
07/02/2015 at 11:33 |
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Thanks, very helpful. With the sales tax he got back to me with numbers that were 450/month with 3,800 down. I’m thinking the 560/month with nothing down is the way to go at this point.
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As Du Volant
> citizennick
07/02/2015 at 11:35 |
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Still try and negotiate though! Never hurts to try for the most bang for your buck.
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citizennick
> As Du Volant
07/02/2015 at 11:37 |
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We are going in tomorrow, with my dad involved I’m sure the numbers will get lower. He's like a lease magician, always seems to get a great monthly payment with nothing down.
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finn's arm
> citizennick
07/02/2015 at 11:48 |
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Here is a link to the consumer discussions area:
http://forums.edmunds.com/discussion/com…
Not sure if you can do multiple security deposits, but highly recommend doing so (refundable). Highly recommend negotiating the purchase price. Seems like people are able to get the cap cost to around $34-$36K depending on options for high MSRP trucks.
Quick math:
purchase price-residual percentage = (what you’re responsible for + tax/fees)
Your monthly is directly tied to the negotiated value of what you’re leasing, so negotiate down. Also, these trucks have way better residuals than I would have expected.