Got a pretty good deal 2 days ago overall on a 2019 Toyota Highlander lease. $220/mo payment MF Rate is 1.5% got sale price 10% below MSRP for a 36MO 36k mile lease. However I had never been to this site and failed to understand the whole “pay the lowest down payment” thing. I traded in a 16 Hyundai accent, got $6500 credit for it AND put 2000 down in cash. So I essentially put $8500 down… And now I’m freaking out about it getting stolen or totalled in the next 20 or so months and just being out all that money. Should I just buy out the lease right now or are there better options??? Please help I can’t sleep lol
Just ride the lease out carefully and learn from this. You’re at nearly 460 a month effective on a Highlander. That’s actually a pretty okay deal. Wasn’t wise for you to put so much down, but it is what it is.
Learn for next time.
Could be much worse. Like stinger said, just be careful and learn for next time. The chance of either of those happening isn’t very high and it wouldn’t be a life devastating mistake
Ok thanks I figured the risk of losing all 8.5k might be worth doing something drastic but you are right I’m probably overestimating the odds of a total loss. Especially with all the safety features! Now I can sleep
The odds of a total loss on your car are exceedingly small. This is definitely not something to worry too much about! I believe most insurers will not total a car until damages are at something like 75% of the cars value. So for a new car, this would be pretty severe damage. Overall, I believe the statistics indicate that something like 15 to 20% of cars involved in a collision are totaled, including new and old cars alike (i.e. jalopies included).
So…Drive your car and enjoy it…As noted above, your deal on the model is actually pretty good overall.
Like others said - just drive and enjoy low monthly payments. I had exactly the same situation on my first lease - 8,500 trade in down for $227/mo on XC70, but on 36 months (I actually even extended it for another 6 months)
Not the worst thing. I bought a Mazda 6 for $4,500, which quickly developed a transmission problem and got me stranded 150 miles away from home, caused me a $600 tow, so a month later I traded it in as a down payment on my first lease at $3,800. I saw the check engine light go on when the sales guy pulled away in it after we signed the papers. Even though I lost a ton of money, it was a very satisfying feeling of relief.
$460 effective good deal??? Depends if SE or LE
My first car lease was back in the early 2000’s. I traded in an 18 month old 2002 Ford Thunderbird (that I owned outright) for the first model year of the CTS-V. My down payment (with the trade-in) was so large that I had no payments for 36 months. I do not recall the numbers for that lease, but I shudder to think of how bad a deal that must have been, not to mention the risk that a new hot rod like the early CTS-V might get stolen or wrapped around a tree.
I survived. in fact, it had a happy ending. One of the rims had a slight leak at highway speeds that the dealer could not find or fix. So, being a lawyer, I managed to lemon law the entire car. They refunded enough of my initial lump-sum lease payment that I was able to buy out right a comparable CTS-V on the used market for less than the refund. Then, a year later GM had an accounting error and issued me a check for $10,000. I guess there is a reason that the old GM went bankrupt.
8 months ago we looked at Highlander XLE with a 42k MSRP. The lowest any local dealer was willing to go for us was an effective payment of 620 a month. So we went to Alfa and picked up a 45k dollar stelvio for 340 a month, instead.
460 a month is pretty good for a Highlander since few Toyota dealerships offer any kind of real deals. The brokers in here like @Cody_Carter do an awesome job of offering amazing deals. The average Toyota dealer doesn’t do that.
It is a XLE. Thanks for all the input, I feel much more at ease now. I felt like we got a decent deal, I mean the sales manager had to come over and play a little hardball before we got it, so glad that paid off.
Overall it’s not bad. Enjoy the vehicle. I tried hacking Highlander XLEs last month. Lowest any dealer in my area would touch was $439 $0das 15k.
Edit, actually was about $600 das.