Anyone lease a TRD lately?

I've been trying to help a good friend find a new TRD Tacoma. He wants to lease one to make sure he likes it and have the ability to get rid of it in 3-4 years if he doesn't like it. No need to start a buy vs lease convo. He likes to lease and doesn't keep anything long term

We live in the northeast and found 3 base TRD Tacomas that he has liked. All 3 were DCSB and have an msrp right at 41k. all 3 dealers are selling at MSRP. 15k/year lease. Term would be whatever gets him the best rate. all 3 dealers quoted 36 month leases.

He's been getting outrageous lease numbers. All 3 dealers quoted $750-850 payment whitch is nuts for a 40k truck. Typically Tacomas/4runners lease well because of the high residuals values due to how well they hold their value.

I asked him to get the lease breakdown to check money factors, hidden fees etc.. All 3 dealers wouldn't let us see the deal. All the dealers would say is these trucks don't lease well right now and its better to outright purchase.

Is this the new normal with leasing new tacomas or are these dealers blowing smoke and we should try another dealer?

 

I'm not a Toyota dealer but I came out of the car business having been in it long term.

Toyota doesn't state on their website what the residuals are like other manufacturers do?

The two biggest factors that'll make a payment swing high are the money factor (which would be the same through either of the dealerships) since only a handful of banks do leasing, and residual.

Unless US Bank or Ally has some special promo going on, you can bet it'll go through Toyota Motor Credit anyway. For leases, most dealers just send their deals to their captive anyway.

So in short, if the MSRP was the same at all 3 dealers, the payment breakdowns would be the same.

 

That's insane. I thought I got bent over for my lease, I was paying $400 for my 2018 Sport with 15k mi/year. I can't remember the prepay "down," but it wasn't huge.

I'm happier now that I bought it out.

 

Every time I have leased in the past the residual was stated in the lease documents. I'm pretty sure all 3 truck had a residual in the low 30s, which makes sense.

Before we got our company trucks, I priced out a lease on a TRD back in 2020, I was at $450/ month for a 15k/ year lease with the same residual in the low 30s.

 

You're thinking the opposite; a low residual means it'll be worth less at the end versus a vehicle with a high residual.

A high residual say...65% would mean depreciation (what you pay) is only 35%, which in turn means a lower payment.

 

Yeah those payments sound more like purchase payments. The "proposal" I got from the dealer when I was buying mine, included the lease payments as well, and they were under $600 a month. That was for a fully loaded 2022 off-road.

 

My fault I wasn't clear. I mean the residual was $32,000 at the end of the lease.

 

$45k vehicle, $32k residual, yep those were stupid low payments I bet. Though I assume the money factor was high as that's how they made their money back.

A 1-pay lease would be perfect for that scenario if you absolutely want to save the most money.

 

I am, 2021 TRDOR ACLB. Around 550CAD a month, tax in. Made more sense for me to lease then buy out due to tax loopholes up here. 800usd seems absurd.

 

All leases are high at the moment. This is the worst time to lease. Money factors are around 7% due to fed rate hike. Tacomas resale is so good just buy it with no money down and then trade it in in 3 years. No mileage limits. Finance it for 6/7 years to get the payment down.

 

I don't understand how a customer would be able to evaluate a lease unless they provide the contract, but then people are downright feverish about getting cars from dealers these days so they probably get away with a ton more shady stuff now.

Do they know you're talking to other dealers? And still none of them blink? Give it a day and ask for the contract again would be my advice.

 

I guess most people buy by payment these days. My buddy was stunned when he found out leasing a tacoma is 300 dollars more a month compared to the F150 he is about to turn in(lease)

The dealers will eventually have to show you the details when its time to sign the purchase order, but none of them wanted to show it up front.

I'm sure the dealers have the mind set that someone will buy the truck if my buddy moves on so they aren't in dire need to earn his business.

 

I'm stunned too lol

The only way I can back into those kinds of monthlies is doing something like 50% residual or 10% APR interest along with nothing down.

 

I just sent an email to Toyota dealer in mass that has a 40k TRD on their lot. $729/ month. Is every dealer in the Northeast nuts haha.

 

Yes

 

Its not just the NE they are crazy here in FL too. I went on my dealer's website and ran a lease calc on a TRD OR Premium 4x4. It's nuts.

 

Interesting – should note this truck is $5k higher in MSRP but I see there's a "market adjustment" of $1995. But that only accounts for a bit over $50/month. Still trying to figure out how that ends up being $30k over the lease!

 

That market adjustment has actually come down. They were charging 10% of MSRP on every vehicle up until a few weeks ago.

 

These numbers may reflect current market, sounds like a seller/ lessor advantage. With low fed rates diappearing, looks like they are trying to make it a win/win for themselves. If you can feel good about a deal, great, but if not walk away. Personally, these numbers I would walk away from. Life is not it was even three years ago. Nothing makes sense.

 

even though its a lease it is still like a purchase contract, but now the rates are high.
and toy finance sounds like they are not trying to do any deals
try another lease company