I have 1 payment left on my current lease, and have been browsing the leasehackr forum preparing to make my next move on a lease, a 3 row SUV. After reading many posts it seemed that the best bang for the buck was in a QX60, Atlas, or Highlander. So far I have had the best luck with the Highlander. After working with a couple different dealers locally, I received the quote below:
Signed
2019 Highlander SE FWD
MSRP: $42,XXX
Sales Price: $36,500 (14% dealer discount)
MF: .00118
Term: 36/15k
Residual: 64%
MSD: N/A
Incentives: N/A
Pretax Payment: $393
Monthly Payment with tax: $426 (8.5 % Tax Rate)
Due at signing: $426 (First months payment)
I am not sure I can squeeze any more out of either of the dealers I have talked to. Initial offers from the dealers were at about a 10% dealer discount, or $472 a month post tax.
Do you think there is any room for improvement (I didn’t get into the MSD discussion with them or try to negotiate any further as of yet), or should I go ahead and jump on this deal, especially as it is in Florida and 15k miles per year? I could wait as long as end of July before I absolutely have to do something.
Ended up not doing any MSD
Thanks for the feedback!
See if you can purchase GAP from your insurer. It will likely be cheaper. Throw in some MSD and it looks like you’d have a great deal for Florida
If I purchase GAP through insurance do they just take that out of the equation? MF stays the same and it is still financed through TFS, correct?
I haven’t approached the topic of MSD with them yet, but I have read on here some dealers can be weird about them. How many months do you think I would need to do for it to make a significant difference? I don’t really have the most non emergency savings money on hand (thank the new house and 2nd baby for that lol), so I probably wouldn’t get too crazy with it. I have never done MSD on any lease before.
Yes they would just eliminate that finance add-on from the payment. Should save you $15+ a month.
Plug it in the calculator to see how much it could potentially save you. The savings can sometimes be very significant
Will do! I will call first thing Monday to see what the extrta insurance will cost per month as well. Thanks!
I just priced out a highlander for myself. MSDs save about $40 a month. For the vehicle I was looking at, this meant setting aside $2500 for 3 years and worked out to an equivalent rate of return of 19.6% per year. It’s hard to justify not doing the MSDs at that point.
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Where would I find what my MF will go to depending on how many MSD’s I make? Is this something I could get from the Edmunds forum or do I need to go through the dealer I am working with?
Plug things into the leasehackr calculator and you can try out with different amounts of MSDs.
So after much research, it looks like GAP is included on leases through SETF, unlike TFS. So there isn’t a $500 line item to remove and go through insurance instead. Will update when I have more info on the MSD savings and if I use them.
I signed this deal today and updated my post with the final numbers. GAP was included (all SETF leases include GAP). I ended up not doing any MSDs for personal reasons and because no one in the dealership really knew what they were doing when it came to them.
Still very happy with the lease. Under 1% including tax and with 15k miles a year, with only first due at signing!
Thank you for all the help to those on Leasehackr!
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