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24 month lease monthly payment?

Discussion in 'Dealers & Pricing' started by SteveMPotter, May 21, 2007.

  1. SteveMPotter

    SteveMPotter New Member

    May 21, 2007
    I am about to get a Prius, but plan only to own it for two years, so I am thinking of leasing. Has anyone out there taken a 24 month lease? If so, what rate?
    I am also looking for how to figure out what Residual Value they will use in their calculations.
    And how do they decide on a Money Factor?
    I have never leased before, so anything else you care to share about the experience is appreciated.


  2. Pegasus_

    Pegasus_ New Member

    Jun 24, 2007
    Spangdahlem, Germany
    2007 Prius
    Dude, hit up the following:


    They saved me from getting double-charged tax on a lease agreement among other issues! I ended up buying the car though because it worked out better financially. (I encourage you to do the same analysis: Prii seem to hold their value well, so use Kelley Blue Book for a 2005 Prius (which would be 2 years old now if you sold it today) using the Private Party value as a guideline for its residual value if you sold the car after owning it two years.

    Toyota Financial sets the residual values and the money factor, and they usually can't be changed. (Residuals can't anyway.)

    When I attempted to negotiate a lease, the residual value quoted was $13,749 on 24mo, $11,975 on 36mo. Money factor was .00285 (x 2400 = 6.84%) Pretty grim, so you'd need to have special circumstances to justify a lease over a purchase, since you can get loans for as low as 5.75% if your credit is excellent.

    But whatever you do, check out that web site and go in prepared!
  3. Uddhas08

    Uddhas08 New Member

    Dec 20, 2007
    2008 Prius
    Don't lease it unless you are writing a majority of it off !! I was going to lease my wife's car, and I worked for the Toyota store I bought mine from, but it didn't make sense. Case in point, with $5,000 Total out of Pocket, 12K per year, on a Package 5 it was going to be 506 a month for 36 months !!! Yet, a 31k Toyota Camry Hybrid with 5 k out of pocket was going to be 375 a month.....

    I ended up buying the Prius :)