1. Attachments are working again! Check out this thread for more details and to report any other bugs.

Prices getting better on financing end...

Discussion in 'Gen 3 Prius Main Forum' started by benbethel, Jan 24, 2010.

  1. benbethel

    benbethel Junior Member

    Joined:
    Jan 16, 2004
    59
    18
    0
    Location:
    Phoenix, Arizona
    I've been attempting to get a package III with the solar roof for about two months now, and want to get it for around $300/mo with nothing out the door after a friend in LA got a similar deal on an 09. This is the lowest I've gotten so far, and I think I'm ready to take the offer (this will be my 5th Prius).... $345/mo plus tax, $800 drive-off, 60 mo lease, $13K residual. Total vehicle cost $27,344 out the door. This is in Arizona.

    What really irks me about this is that the implicit interest rate is coming out to about 8% - and you can get a much better deal at about 1/2 the payment (under $200/mo) and $0 out the door on a Camry! So, it seems Toyota is still banking on the popularity of the vehicle to drive the interest rates up and earn more money in the long run. I think the Prius is great, but even as an avid Prius fan, a $9,000 difference over 5 years is quite astonishing, and I think I'd rather have the $9K in my pocket to spend elsewhere.

    But I still love the Prius.... I just hate to see so many ads here in Phoenix for 0% financing from pretty much every automaker - and hearing of people (my business partner) walking out the door with $0 down and leases for under $500/mo for a BMW 5-series also really irks me... I think as we move into 2010 that we'll see a lot more sweet deals on vehicles, so perhaps I should wait and see if the lease will get into the $200s.
     
    #1 benbethel, Jan 24, 2010
  2. jon_lancaster_toyota

    jon_lancaster_toyota Nate Riesen

    Joined:
    Apr 29, 2009
    120
    68
    7
    Location:
    Madison, WI
    Vehicle:
    Other Non-Hybrid
    Model:
    N/A
    I have to suggest that the resdiual is pretty good, $13k residual is pretty stought, that's something like a 50% residual after 60 months & 60k miles. But....
    I can't see why you'd lease for 60 months....especialy when the lease factory is a standard rate. I understand that you'e a payment buyer but you aren't getting any of the advantages to leasing: short term ownership, always covered by warranty ( basic-36/36 warranty ), & incentived ( artificialy higher ) residual plus a lower than normal lease factor. .0033 or close to what Iassume you are being offered for the factor and is very standard.

    Your comments about an inexpensive lease on the Camry & BMW are indeed due to inflated residuals & lower than average lease factors. As a matter of fact, Toyota Financial Services is offering these inflated residuals through March of 2010. They're also offering lower than standard lease rates on our core cars.
    I am commenting specificly on the '10 Prius specials as these items are being offered here in the Chicago Region: 72% residual ( True on leases up to 36 months for sure, I'm not certain on 48 or 60 months ) plus a lower than standard lease rate, currently being offered to us for .00285 as I recall.

    I wonder the following: 1)Are you being offered the correct lease rate? ( based on the Chicago Region- around .00285 as I recall, but certainly not .0033 )
    2) is this a TFS lease or is this someone else?
     
    #2 jon_lancaster_toyota, Jan 24, 2010
  3. benbethel

    benbethel Junior Member

    Joined:
    Jan 16, 2004
    59
    18
    0
    Location:
    Phoenix, Arizona
    The lease is through Toyota, I should check third parties. Currently I own a hotel and am looking for ways to save money in every area since we're going through the worst hotel recession in 70 years.... my current payment on purchasing a Prius at 4.75% interest is $661/mo, I would like to cut that in half to save money, while getting a new vehicle. I don't really care about the term right now, just the payment.

    Maybe I can get the car wrapped to cover the new lease payment? ;-) Interesting to see that mobile phones (both phone and service) are predicted to be free in 5 years, now that sponsored links (paid ads) are showing up in maps, applications, etc., etc. If only we could do that with cars. ;-) Same goes for Cable TV and Satellite - who'll need that if all shows will be available via the internet soon? Same for home-based internet service - why have it if you can tether your laptop/desktop/netbook to your mobile service? Here's to some wishful thinking that life will be a lot cheaper in the next few years! Remember when it cost $5-7 just to rent a movie? Remember when people had land lines? Remember when people drove cars that got 8mpg-30mpg?!!
     
    #3 benbethel, Jan 24, 2010
(You must log in or sign up to post here.)