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March 2010 Prius Lease Special

Discussion in 'Gen 3 Prius Main Forum' started by pntbreaks, Mar 7, 2010.

  1. pntbreaks

    pntbreaks New Member

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    2010 Prius
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    III
    Current March 2010 Toyota website lease special is $879 drive off; $229/mo.; 36 months. current money factor is the equivalent of a 1.9% APR (i don't remember the exact #)

    I went to local toyota dealer toyota today and on a Prius II, they offered me $205 + tax; $1,200 drive off.

    But I need to be at $200/mo (tax included) with $879 drive off.

    I also told them since it's my 3rd car, i only need 5k-7,500 mi. per year, not 12k. he said Toyota doesn't do 7,500 mi. leases. Is that true?

    is the deal they offered me any good? is my requirement of $200/mo. realistic. I've read some postings on this board and it seems in the last several months, Prius lease deals are getting better & better. If not this month, perhaps next month for me?

    would appreciate any feedback. thanks Prius-ppl!
     
  2. tedfor

    tedfor New Member

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    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.
     
  3. stream

    stream Senior Member

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    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.
     
  4. halfmoonray

    halfmoonray New Member

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    did you go to santa monica toyota?

    it's too early in the month to "deal"
     
  5. hlkc

    hlkc New Member

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

    halfmoonray New Member

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    if you tell them that, they will want $205 plus tax
     
  7. diversity83

    diversity83 New Member

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    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!
     
  8. diversity83

    diversity83 New Member

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    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.
     
  9. Wiserone

    Wiserone Member

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    For arguments sake, I bought my Prius for $200 BELOW invoice.
     
  10. ddtaylor99

    ddtaylor99 dd taylor

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    Where are you getting your invoice number from?
     
  11. Wiserone

    Wiserone Member

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    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.
     
  12. pntbreaks

    pntbreaks New Member

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    I think you definately should ask for invoice or below given the current toyota PR sentiment. many toyota dealers enjoyed selling the Prius at or above msrp for years. it's now time to get realistic and discount those priuses like you would discount any other car. I think on a $25k prius (for example) $2,500k off is to be expected. what do u think?
     
  13. pntbreaks

    pntbreaks New Member

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    i agree. i'm not gonna fall into their game of the monthly payment. I'm focusing on getting the dealer to lower the cap cost. they're reluctant right now but it's early in the month. they're also not realistic about the current state of affairs w/toyota PR and today's news report about another prius speeding out of control. maybe by the end of the month when even with this supposed "great" lease deal and there are still a bunch of cars on their lot, the dealer might be more willing to discount the car $2-3k like they should.

    thanks for your input!
     
  14. pntbreaks

    pntbreaks New Member

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    i agree. it's too early in the month to get a good deal. and it's also too early in the deal to get a deal since they just came out w/this offer. i think i'll wait til end of the month. when they see a whole bunch of priuses unsold even w/their supposed great deal, they'll be more willing to drop the price. given the current toyota PR problems, i'd say they need to be way flexible.
     
  15. diversity83

    diversity83 New Member

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    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.
     
  16. bagwell

    bagwell Active Member

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    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 $$$.
     
  17. Saturnius

    Saturnius New Member

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    "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?
     
  18. vajratlr

    vajratlr Member

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    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.
     
  19. diversity83

    diversity83 New Member

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    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! :cool:
     
    1 person likes this.
  20. Saturnius

    Saturnius New Member

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    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.