Some of you might have seen me looking for an immediate deal on a Toyota Highlander Limited Platinum last month. I didn’t get a chance to report back but wanted to thank everyone for their guidance, especially @Cody_Carter and @max_g .
I signed my lease (first lease ever) in mid-August and took the vehicle for a car trip with my family. I couldn’t be happier with the choice. I’ve already put 1,000 miles on it!
I’m having trouble figuring out the inputs for the lease calculator on my vehicle so here is the relevant information from my contract. Hopefully it has enough information for you to provide comments.
My negotiated monthly rate was $425/month but with the add-ons that I was convinced to include in the financing office, it went up to $466/month. I want to confirm whether those add-ons are needed. I have until the end of next week to cancel them for a full refund.
2018 Toyota Highlander Limited Platimum
**MSRP: $48,905
**Selling Price: $43,535
**Monthly Payment: $425 - See below for adjustment to $466
**Cash Due at Signing: $3,000 (This covers a $930 cap cost reduction, first month lease payment, and all other fees)
**MSD:$2,700 (6 MSDs)
**Incentives: None
**Months:36 months
**Annual Mileage:10,000
**Residual:$28,263
**Region:NJ
When I was in the financing office, they said that I need the following add-ons:
- GAP Insurance: $995 (Was told this is a must-have because if my vehicle gets totaled tomorrow, my insurance would only cover the residual value)
- Tire & Wheel Protection (Platinum Plus): $430 (I actually have a history of tire busts so I thought this was a good deal)
Adding these items brought my monthly payment up to $466. I have 30 days to cancel for full refund and I can also cancel afterwards for pro-rated refund. Since this was my first lease, I thought it might make sense to have the extra precaution. I also just wanted to get out of the finance office since he was pushing too many options.