Toyota Prius Prime XSE Lease deal advice needed: damage eval and contingency

Hello guys. I leased a Toyota Prius Prime XSE yesterday on my way back from a roadtrip with my wife. As we passed a Toyota Dealership in Gilroy CA, we went in to rest our legs and took a look at the new Prius Prime (we own a 2016 Prius and it treated us well). As you could tell, I obviously have not done enough research on the subject.

Initially I was adamant on not taking any deal involving dealer markup, even though I have heard about the popularity of the Prius lately. But the dealership told me that there’s a 4500 credit on new lease that would be expiring 4/1. In the end, I took a deal with 2500 above MSRP, thinking the 4500 would offset that. But, I realized my assumption was incorrect…

This is the dealer worksheet that was presented to us
The MSRP of the vehicle is 38143 (sticker) + 2500 (markup) = 40643
The Net Cap Cost is supposed to be 31370.69 according to the worksheet.
Adobe Scan Apr 01, 2024 (2)_copy.pdf (393.2 KB)

At this point, It was almost 8pm at night and we were both very tired. I thought we went over the worksheet, things would be the same on the contract so I just tap thru the docusign under the financier’s encouragement.

But when I look at the contract this morning, I realized they raised the Gross Cap Cost to 42038 and included a 1395 Prepaid Maintenance which we have not discussed about. Here’s the full contract
Adobe Scan Apr 01, 2024.pdf (470.6 KB)
Adobe Scan Apr 01, 2024 (1).pdf (455.0 KB)
Adobe Scan Apr 01, 2024 (3).pdf (494.3 KB)

This really left a bitter taste in my mouth and I do not feel the joy of getting a new car at all. I felt baited into leasing a car that I don’t currently need (with markups too!) but that’s on me. Being charged something that we did not discuss is just downright unfaithful.

I have two questions:

  1. since the contract is signed, I don’t think there’s anything I can do about it. But is there anywhere that we could formally raise a complaint? or is the number correct and I just failed to add up something…
  2. the money factor on this lease contract is insanely high (0.0049). Given that I have pretty good credit (800+), would it be advisable to find a load to buyout the lease? If I opt for that, would the buyout amount be around 32600ish (given whatever buyout fee they might attach)

You can cancel the prepaid maintenance at anytime

Yes you should buy out this lease as soon as you can, these vehicles have high money factors even before this dealer chose to mark it up

Next time go to the marketplace or post in the wanted section before getting a vehicle, I could have saved you a lot of money on this vehicle compared to this deal you signed

1 Like

Absolutely…We were a bit worn out from a long drive and got sold on the idea of “last day of the month + easter + 4500 lease bonus → holy shxt all the stars aligned!!”

lemme call the dealership to see if those prepaid maintenance can be cancelled. It was impulsive purchase at its worse and that’s my mistake, I can own up to it. But I just don’t like unexplained charges.

You don’t have to call the dealership to find out.

In California it can be canceled for a refund.