Thinking about leasing a Toyota Mirai. What is the best deal I can get currently? I know about the free fuel, the 5K state clean air rebate. But what are some solutions (if any) for lowering the monthly payment which is currently at $349 a month? Can I put more security deposits on this car? I invest in real estate on the side, so I don’t want this lease to increase my debt-to-income ratio by $350.
Also, is the federal tax credit still available in 2017?
Thanks,
Ian
The Best deal in Southern CA is $3900 down and $349 plus tax. $376 in total. (Only 4 dealers in SoCal can sell Mirai)
Toyota advertises $349 plus fees on the website. You won’t be able to do MSD as the MF is already .00001
Residual is $37,036 for 12K 36 mo
(I’m a Mirai Specialist) Let me know if you have questions.
I’m also interested in leasing a Mirai. Cody, could you please share a complete itemized cost sheet including all the credits and incentives? Also, the website sayings due at signing is 2499. Looking forward to your response.
Thanks
I am looking into a Mirai. I am also confused about the website mention of $2499 down and dealers mention of higher downpayment numbers like $3900. I understand that taxes and downpayment could add to it, but when I have leased in the past (Ford C-max), the way they did the lease was add my $2500 downpayment to the rebate they would keep (which was $4007 for C-Max). This totaled $6507. Then they subtracted first month payment, taxes, registration, etc. from $6500 and the result was the cap reduction cost. (so the purchase rebate of $4007 for Forfd C-Max sort of became part of the cap reduction)
If the Marai lease was the same then I would pay $2500 down and get credit for the $8K federal rebate totaling $10,500. Then if I subtract first payment $350, taxes (maybe $950 at 9% of $10,500), title (maybe $450). With all this I get around $1750. So $10,500 (payment + fed rebate amt) - $1750 (first payment,+tax+registration) would be $8,750 cap reduction.
If you start with MSRP of $58,385 - $8,750 cap reduction = $49,635.
If MF is 0.00001 and residual is $37,036, then I get a difference of around $12,600 (from $49,635 to $37,036).
And $ $12,600 / 36 months = $350.
So I can see how the monthly payment can come out to $350, but I don’t see how the downpayment gets to be $3,900 instead of $2500. If an extra $1400 were paid up front (for something like taxes and registration), then shouldn’t the cap reduction be larger resulting in a payment of less than $350/month?
To be clear, I understand that in a lease, you don’t get the federal tax credit. But my understanding is that the actual purchaser of the car does get the credit and usually passes the value of the credit on to the leasing party in lease incentives (that is why I added downpayment of $2500 to $8000 fed tax credit…I assumed the tax credit as a lease incentive going towards cap reduction).
Any guidance in understanding where $3900 downpayment comes from and how the numbers still work out to $350/month is much appreciated.
Thanks
Put more money down to lower monthly payment. The MF and residual value are as stated here, and the only variable is your down payment. You’re basically financing about $18K over 3 years. We put $0 down so monthly payments are $507/mo.
Another observation: the excess mileage rate is really low. It may pencil out to reduce the annual miles and pay the overage.
Local Toyota dealer is offering me $260 a month with tax for 36 months with $6,000 total out of pocket. I leave in California and would get $5,000 back from the state. Is this a good deal?
Whoa, where’d you find that deal?