Hello, I have leased 2 cars in the past but I would always take the advertised rate. I recently discovered Leasehackr and would appreciate your critique. Right now I’m focused on the 2020 Rav4 LE (gas). The MSRP of 28,884 I got from dealers website. It seems that due to the pandemic there are many more cars on the lot than are on the website. So that was at least the cheapest listed but it seems high.
I posted the calculator below using msrp 28,884, .00125 and 64% res. There is also 500 lease cash according to Edmonds. I do not believe I qualify for any other incentives such as recent grad, etc. 36k/36mo.
Some of my other questions are:
Is there a better way to get current MSRPs for in stock vehicles?
There seems to be some disagreement on whether invoice price matters. Do I focus on the sale price or invoice price? Does invoice matter to the leasee?
I have not test driven the vehicle yet. I heard many people do not like the front passenger seat on the 2020. At this time of year, could a 2021 be leased at a comparable discount or don’t bother?
On my current (non-negotiated) lease I’m almost over the milage and thus have negative equity. Should I roll this over or just ignore and pay my lease off?
When I first started looking at cars over the summer I was going I going to finance. The dealer was going to buy out my Hyundai and give me 0% financing at MSRP. Other dealers were just going to roll the negative equity. I decided not to get another Hyundai but there is a Toyota dealer in the same network. There does seem to be some advantage to staying in the overall network unless my Hyundai dealer was using a trick to make it look better than it was. Either way I can just pay it off or roll it.
I live in New York so there are no MSDs but I could go to Mass, VT or NJ to get MSDs
My current lease doesn’t run out till summer so I can afford to wait till November or December if that’s more beneficial.
Any assistance is appreciated and I’m glad I found the site. It seems kind of fun once you learn the basics.
Depends, you need to see if you can sell it for more than payoff (3rd Party Payoff BTW) go to the sellers Carvana, Vroom, carmax, etc and see what they think it’s worth. (Ask Toyota for the 3rd party payoff), I do not recommend trading it into the dealer as they will try to slip a bunch of charges into your new lease and confuse it.
And as an additional this is a TOYOTA, check your insurance / dealer and see if you can get GAP, it costs roughly 100 / yr.
Thanks for the Vroom tip. At least according to the online app I filled out with them I would be losing much less money than I thought. My buy out is about 16k and the estimate came back with 15k which would be way cheaper than just turning it in.
You can ask the Dealers how much to buy your car (No mention of new car purchase), they do that there as well but try to pressure you into buying a car.
Looks like you left the default MF and residual in there. Don’t assume that the cheapest msrp will be the cheapest lease, very often higher trims lease better. I’d compare numbers to some of the deals posted
I’m definitely going to follow this thread. I have to “turn in” my C300 next week (tried 3rd party sites but offering is putting me like 9k in the hole) - so probably better to turn in.
Expecting a little one and Covid hurt us a bit. So I think a Rav4 is my next car.
Please keep me posted. I’m in PA and definitely need to pick something up maybe this weekend!
Def get a quote from Algo auto lenders to sell your car. If u like it do a virtual inspection where they give u the real quote (often lower by 1000 or so)
But def go on their website and fill out the form.
