March 2010 Prius Lease Special

How much is the sales tax? I looked quickly online for LA and it said 9.75%. So that would be a payment of $182.23/mo. I assume $650 of the driveoff is the acquisition fee, and the other $229 is the first month's payment. Your total amount of payments would be $6560 (the fee doesn't factor in). At a $23,300 cap cost (amount in the ad) and 1.9% interest, the interest portion of those payments would be $1123. Every $100 the cap cost is lowered by will reduce the amount of interest paid by around $5.50. If you can get a $22,000 cap then you'll pay about $1050 in interest, and $5510 in principal. So the residual would have to be $22000 - $5510 = $16490. On mine the residual for a 12k/year lease on the model II was $16100, so I think that residual would be pretty fair for 9k or less miles a year (not sure if they do those mileage amounts though).

So if you followed my math, basically you would need to negotiate a cap cost of $22,000 in order to pay $200/mo including tax with only $979 drive-off.

 

Given what little info you gave, it's going to be difficult for somebody to give you a useful response.

And by focusing on monthly payment, you're falling into the dealer's game.

The important variables (which will result in a lease payment) are MSRP, selling price, residual (affected by lease term & miles), money factor, drive off, inception fee, and other fees.

I posted a lease calculation spreadsheet a while back (search if you're interested) which takes all the smoke and mirrors out of lease negotiations. Have the dealer give you a print out from the TFS system and compare it to your calculation using the spreadsheet.

Correct--TFS doesn't do less than 12K miles/year leases.

 

did you go to santa monica toyota?

it's too early in the month to "deal"

 

Tell them you got $200/month burning a hole in your pocket and I am sure they will do something for you.

 

if you tell them that, they will want $205 plus tax

 

The current money factor for a Prius lease is .00075, which equates to about 1.8% APR. I haven't heard of a lease that goes below 10K/year. I believe that's the minimum, but I could be wrong, so google it.

Based on the current money factor, I'm trying to get a Prius V w/ navi only at a cap cost of $29,003. Per Yahoo Autos, that's the invoice price. I haven't plugged in the numbers on my spreadsheet, but my payments should be around $340/monthly after $900 d/p (net cap cost: $28,103.00). Do you guys think I'm being too ballsy to ask for invoice? Think I should ask for under invoice? I'd like to hear everyone's thoughts. Thanks in advance!

 

As of now, the balls are in the consumers' court. Take advantage of the negative media and demand your price or walk. Trust me, the sales folks will do anything to earn your business.

 

For arguments sake, I bought my Prius for $200 BELOW invoice.

 

Where are you getting your invoice number from?

 

For this post I checked Yahoo autos.

For your own purposes you can use my price of 22,050 before dmv fees and tax in nyc.

 

Remember guys...Toyota isn't entirely retarded when it comes to marketing. As you've noticed, their deals have gotten better given that April's just around the corner (deadline for filing taxes)...meaning, they're trying to bank off people who are receiving their refunds.

My advice, walk in and low ball them. Let them meet you half way (below invoice) or worse case scenario, invoice.

 

I don't care what the residual or money factor is...I'm buying the payment...not the car...I just ask them to get the payment as low as possible with the minimal out of pocket $$$.

 

"I don't care what the residual or money factor is...I'm buying the payment...not the car...I just ask them to get the payment as low as possible with the minimal out of pocket $$$."

I created an account so I can reply to this ridiculous statement.

If you don't know the residual value or moneyfactor, then you will have no frigin clue how "low" the dealer can actually go. Only they will, not a position you want to be in.

Here's why you need to know these things -
Toyota : Hey, check out this deal, 229 a month w/ 879 down? That's too good, right? I mean we were practically charging double for the 09s.
You: Hrm, I think you can go lower, I want 220 with 300 down.
Toyota: Oh, that's a bit much. Let me check with my manager ... ... She says ok, but don't let anyone else know, we're losing money on this.

Reality:
Selling price (Prius 2) - 22550
Residual Value - 16400
You're buying a depriciated value of 6150. About $187 a month after taxes and before interest/moneyfactor. Your 220 + 300/36 = $228

You're paying 41 bucks a month interest. How good does that payment sound now?

 

I'm not too familair with how lease works, but that only matters if I end up buying, right? if i just lease and return the car. it really doesn't matter. what matters is a low monthly and low D/O, no???

for instance, i leased a Prius for $150 tax incl for 36 month 0 down, the residual is 220000. I could care less about the residual b/c I'm not gonna buy it in the end... all i know is i'd pay $5400 for 3 yrs.

 

LOL! And I'm glad you did, Saturnius!!! Haha! :welcome:

FOLKS!! You need to know the residual value and money factor of the vehicle being leased to be able to calculate and to better understand how the monthly payments were formed! How else will you know if you're getting the best dang deal possible? Yes, you can always walk in any dealership demanding zero down with monthly payments of $50 on a Prius V, but we all know in the real world, it'll never happen...unfortunately. Whether you're leasing to keep or buy, you need to know EVERYTHING! It's not that hard! All car salesman prey on brainless customers... In this case, knowledge is power...

Things you should know:

-MSRP
-Cap Cost
-Net Cap (after down payment)
-Money Factor (e.g. .00075 = 1.8 APR)
-Residual Value (based off of MSRP)

From the above info, you'll be able to disect your monthly payments to the following: depreciation fee, finance fee, and your final monthly fee after your state's taxes.

I learned all of this in 15min...so can you!

 

Where do you live? That is one hell of a deal.

I only started looking in to leasing a couple weeks ago. It appears complicated and filled with banker jargon at first, but it's actually not too hard to understand. You will also get a lot less BS out of dealers when you walk in and begin the conversation with lease terminology as opposed to "This is how much I can afford a month."

This article breaks it down pretty clearly.
edmunds.com/advice/leasing/articles/48365/article.html

That baby will save you a ton of money. But back to your point - The residual is a main part of that 5400. We all know that every car depreciates. Well, when you lease, you are paying the dealer the amount it depreciates over 3 years. If they had said the residual was 21,000 , again, you might say "I don't care, i'm not going to buy it" but now your depreciated value is 6400 ($27 more a month)

The only reason I am on these forums is because of the 2010 Prius 2s residual value of 70%. That is insane considering most cars are lucky to break 55.

As soon as I can sell my Jeep, I'll be stepping in to one.