I am a first-time lessee, I lease a 2017 Toyota Sienna XLE 12K miles per year, paying $360 with 7 payments remaining until August 2020 & current mileage ~ 35,800. Lately, I started receiving calls from the Toyota dealer offering me to take my car and absorb the remaining 7 payments.
I went to the dealer they offered me 2020 Sienna XLE for $580. Pretty steep price for the same car I am currently leasing.
OR
2019 Highlander XLE for $497
2019 Highlander LE for $418
I am leaning towards Highlander.
Are these good deals?
Are there any other options?
Any recommendations/references?
Your current payment is pretty cheap for a mini van, what’s the per mile overage charge on your contract? If you’re serious, check out vroom etc on your sienna and start shopping those numbers with other dealers.
Go to This link…
[Leasehackr Forum] [Marketplace/Northeast] January TOYOTA 2020 Tundra Crew $241 $45k MSRP 4Runner sr5 $351 2020 Taco sr $171 sr5 $210 NATIONWIDE SHIPPING!
Jim can get a Highlander lease for you more reasonable than anywhere… might be able to ship to you too.
Those are cheap miles, I wouldn’t be in a rush, but if you like the outgoing highlander you’ll want to score a deal sooner than later. Research the trade value more, like what’s been said they aren’t eating those payments, they are figuring into the deal somehow, either rolling them in or there’s equity in the trade
I was going to recommend the same as Kerry_Nancy_Durban - to go to Jim’s thread. I just got a 2020 Tacoma for an insanely low price. His current 2019 Highlander lease info is posted so you can definitely do better than what you were given. But I also agree, it might be higher if they are rolling your negative equity into the new payment. Make sure that’s not the case. As noted too, if it’s not the Toyota pull ahead program (which I don’t believe they have right now) you’re still making the payments one way or another, so I’d wait it out. I tried the same thing on my '17 Highlander a few months back to get into a '19 and the numbers were ridiculous to get out early. So I decided to wait it out for the '20s. My lease was up 1/2/20 but I called and extended it to buy time for the '20 lease prices to come down.
Be very careful when they say things such as absorbing your payments. If you do the math, that’s $2,520 they need to take the hit on which essentially means that’s how much more they need to profit on the new deal. Usually they do so by rolling the amount into the new deal payments so you don’t really notice. However, due to your current situation of being close to over mileage, you need to consider alternate options so you don’t pay too much for it.
That’s what I figured. Adsorbing the price by the dealer sounds too good to be true. The remaining 7 payments = $2520 broken down by 36 months = $70 per month.
if you deduct $70 from the $497 offer for XLE it comes up to $427, a more reasonable price.
They offered me the 2020 Highlander for $690 It’s a totally different car, but the price is ridiculous.
Off-topic: I didn’t realize there is a way to extend the lease. How does it work? Do you just continue making payments until you feel like you no longer need the car or do you sign another lease for a certain period of time?
No they are not good prices at all. Highlander LE ridiculous price for almost bottom level. My 17 XLE was 365. I’m getting all sorts of great offers on 19,but I want the 20!
You have to contact Toyota Financial and tell them you want to extend your lease. Your contract doesn’t extend by itself just because you feel like keeping it longer. They will tell you if you can extend it for certain period of time or not.
Mine is through TFS. My dealer told me about the option to extend. I had to call, they sent a couple papers to sign, and I just go month to month (up to 6 months) now. Was a 5 min phone call.
It’s a totally different car, but the price is ridiculous.