2020 Tacoma Lease Payment

So I went into my local Toyota dealership today. I was looking into walking out with a brand new 2020 offroad 4x4 but I feel like they were asking too much. They had their msrp at 43,500 and eventually dropped it too 42,400 but I was still not happy with it. I was also trying to get the monthly payment down to $275. Putting $2k down. Is that reasonable? Or a bit low?

 

How much interest are they asking?

 

If you are doing an actual lease, the down payment is not what you think. On a lease, offer zero down (you will need a bit more, but they can roll taxes and fees into the lease, even if they tell you they can't). With a lease, you are paying on expected depreciation, plus a lease factor (interest). There is a residual amount assigned (what they expect the value of the vehicle to be at the end of the lease). The difference between what you pay and the residual = the depreciation. If you give them a bunch "down" that is lining their pocket. I would probably not do a lease, unless you are able to write off the vehicle as a business vehicle. Do standard financing (buy).

 

A $275 lease payment on a $43,000 vehicle with only $2,000 is definitely low. The $2,000 isn’t even covering your tax and tags (state dependent).

 

look into lease hacker and get the money factor (interest) and residual. Probably quite high. You can calculate payments from there. I think a 0.0009 money factor and something like 10K in depreciation is around $275/mo with 2K down.

 

You don’t pay tax upfront on a lease.

Op- Putting money down on a lease doesn’t actually benefit you in any way. If you just go 0 down that $2000 will just be spread out over the course of the lease. In the lease world a 1% lease or better with 0 down is considered a good deal.

My 2018 msrp of $39k leased in Mar of 2018 for $399 a month with first month due at drive out. This is all in so it includes my 9% tax. There were no 2019s on the lot yet so discounts weren’t great at the time.

I saw a deal the other day for a 2019 msrp $38k for $343($374 w/tax).

My guess is Toyota isn’t offering any lease incentives on the 2020 with so many 2019s on the lot.

However if you can get an all in 1% lease on that $42k, you’re looking at $420 month. That would be pretty good considering they just started showing up.

You’re dream deal of $275 w/$2k down is actually $360 if you roll that down payment into your monthly and add taxes. So not too far off the $420.

 

I never would recommend a lease. If you can't afford new then buy used. There's something to be said to living below your means, sitting on a nest egg, and owning everything you've got.

 

Taxes on a lease are state dependent. In Maryland you pay the full 6% tax up front on the price you’re paying for the vehicle.

 

I tried to lease a 2020, TFS is a captive lender and does regional deals so I couldn't get ANY of the awesome deals on Leasehackr. I offered $0 down, all 9 MSDs (multiple security deposits) to bring down the money factor (interest rate). I have an 820 credit score and the leases started north of 6% interest!
I was quoted $497/month on a 24/12 lease which was ~$10 less than an actual car payment.

I walked, called my credit union, got a 3% rate on a car loan, went back and just bought it.

I figure I can sell it in a few years if I decide to and I can pay it down quickly. Depending where you are, you may be able to get a better deal. There are reasons to lease and there may be a broker through leasehackr who can get you a good deal. YMMV.

 

That's not bad for an offroad. I'm 14 months into a 39 month lease at $256 a month with no money down. Was thinking about buying the truck at the end but I might turn it in for a left over 2020 sometime next winter, or ride out the lease and get a left over 2021 sometime that September/October (2021)

 

That’s incredible! I don’t know how your even covering depreciation. More or less lease fees and taxes at that payment.

 

That sucks. Kinda takes away a big advantage of the lease. I’m guessing you get a refund on the remainder if you don’t purchase at the end of the lease?

 

Lease = ripoff. And it means you can't afford it.

 

I figured it was about time Dave Ramsey showed up to tell us all what a bunch of low class financial infants we are.

Please feel free to not comment in the future if all you’re trying to do is assert your trollness into a thread.

 

Forget everything about that lease

https://forum.leasehackr.com/t/octo...4runner-325-2020-tacoma-all-states/106422/606

Nothing is gonna beat the deal I posted above.

You can thank me later.

 

Here. Please use this thread to let everyone know how terrible a lease is.

https://www.tacomaworld.com/threads/leases-are-for-idiots.632288/

 

Exact same can be said for financing a vehicle. Paying interest on your most quickly deprecating purchase is stupid. You clearly can’t afford it if you can’t pay cash. But there are always reasons why lease, finance or pay cash are the best options for different individual circumstances, it doesn’t have to be poor finances.

 

I lease and could have paid cash. I think people who pay cash for a vehicle are morons. A lease does NOT mean you can’t afford it. You must have shitty credit and are jealous

 

You located in SoCal at all?

 

Putting money down on a lease is fine. It simply goes towards your total of the lease payments over the course of the lease. You’re essentially paying down the lease. Because tacoma’s Hold their value so we’ll, it’s a great vehicle to lease. Over the course of ten years, leasing several vehicles is actually not much more than buying one vehicle and keeping it for ten years.