About to pull the trigger. *Update*

About to pull the trigger on a 2020 MGM TRD Off Road 4X4 long bed automatic with advance tech.

Here are the details.
Truck MSRP is $45,397 selling price is $42,500 + fees (Tax, Lic and doc fee)
Lease will be a 3 year 36k mile lease
$3k down and the payment they quoted me is $508 per month. My credit score is 805

Lease payment seems a bit high due to the selling price of $42,500. I am waiting on the details (cap cost, residual act..) but I may just do a regular finance as it is a lot easier for me to figure out all the actual numbers.

Does $508 per month sound high for a 3 year 36k lease with $3k down and selling price of $42,500 ?

Thanks,

 

Universally downpayments on leases are frowned upon due to the math.

508$ seems a tad high, but usually with new model ranges they have higher rates.

Nothing wrong with the lower lease payments as you can simply re-finance once the term is up. But I would do a 4 year lease if thats the case.

 

$508 a month for a lease sounds crazy

 

At that price your better off to buy it

 

Just out of curiosity why not have a large down payment? About 20 years ago I was in a situation where I had to do a lease, we had a pre negotiated company price, don't completely remember the numbers but the selling price to the residual was like $7000 and I paid $6000 down so had a lease payment of like $30 which was nice.

 

The 3k is pure profit for them.

 

Don’t pay 508 for a lease. Find a lease broker. There are way better deals to be had. I lease mine and pay 279 a month for a 37k SR5 with no money down. Do more research and don’t put money down.

 

Agreed, that 508 has a bunch of backside products added, ie F&I add-ons. FWIW I leased a 19' SR5 SBWC 4X4 with taxes only down (in NC) and knocked off 15% of the MSRP and my 36/36 is under 250-

 

Where are you shopping? Maita Toyota or Roseville Toyota?

Ed

 

you need to know what the residual is, but that seems way too high. avg residual on an Tacoma is around 75% from what I have seen and with a 45k msrp and 42k sale price comes up to $234. obviously that thats a real rough calculation leaves out a lot of calculations like tax,mf, trades but its no where near $508.

oh and never put money down on a lease

 

I was about to sign a 5 year lease, then decided on a 6 year Loan. Buyout was way to high after 5 years....

 

Way too high. Might as well buy it.

 

That is way too high for a lease

 

Yep, way too high for a lease. Also, the automatic is horrible in the 3rd gen trucks so I'd actually get something else if you don't want a manual... Just my opinion.

 

Not a fact about the Auto.
Listen to these guys on the lease broker thing, I put $4k down on my 2019, I would have been better off at a casino throwing it all on red or black or even just giving to the homeless. I don't fully understand the screwing I took yet, but no down should be needed.

 

Bought my first gen outright for less than that down payment. I could Spend the next 3 years putting 18k in it and still be better off than you when you give that thing back to the dealer

 

Not experiencing any problems with mine. In fact, I'm quite happy with it. I live in the mountains and work in the flat lands. If there was a problem, I'd expect it would manifest it's self in one or the other.
No TSB, BTW, just fine the way it came from the dealer.

 

Yeah I was a bit scared off of all the auto hunting around for gears talk but really my auto is just fine. When you first get it, it needs to learn your driving style. Give it a few weeks and it'll know how you drive unless you are super erratic. That said the trannies are designed to upshift early and not want to downshift so they get the best EPA mileage score so the little ECT button helps when you want to have a little more fun or drive slightly harder. Of course there is also the manumatic which I've never used yet.

Also yeah $508 seems high, you'd be paying out 20k and the truck is definitely worth more than $25k at 3 years old with only 36k miles. Long bed double cabs are harder to find and sell for a lot used (I tried but gave up and got an access cab new instead)

 

LEASING = RENTING

 

While we're talking money, anyone want to share what kind of deal they got on a 2020 TRD Pro? I'm looking at one now and the Dealer brought price down to 47k - only big option is the tube steps (649 msrp). Edmunds says that's just below the "True Market Value." Downside for me is that very few dealers in my area even have 20's in stock.