I visited my local dealer and got some lease quotes for various models of the Prius. My wife and I decided on a Blizzard Pearl IV with solar roof pkg. The lease quote the dealer provided doesn't make sense to me. They calculated the residual based on some number less than the MSRP (with options) which is what I understand it should be. Is there something special about this promo (besides the absurdly low money factor - .00075) that I should know about?
Ask the dealer for the vehicle inquiry report--it lists the residuals, which are fixed by TFS (i.e. can't be marked up by the dealer). For Toyotas, factory installed options (nav, etc.) do affect the residuals, whereas port installed accessories (mats, alarm, etc.) do not.
OK. I have the Vehicle Inquiry Report. At the bottom it has residuals for STD and LOW. My lease is for 36mo @ 15,000 miles/yr. The salesman told me the residual would be $19315 which is the STD 36mo residual. Is STD for 15k miles and LOW for 12k miles? I haven't seen the lease in writing. They're going to be delivering the car to me tomorrow and I don't want to have any drama/surprises (like "oh, we thought it was 12k miles/yr") when they get here.
The residual on my lease (today) on a IV with Nav was 19,777 for 12k per year 3 years. This was consistent from all the various dealer quotes. Sounds lie a good deal on the 15k residual you've been quoted.
Thanks. I decided to have them fax over the contract so I could look it over. I got the 2010 IV Blizzard Pearl with Solar pkg, bumper applique, mats, etc. Sticker was 31,7xx. Selling price was 29,629. They added the 650 acq. fee to cap it at 30279 with a residual of 19315. For 36 mo @ 45,000 miles (15k/yr) the payment comes out to 342/mo plus tax. Drive off is registration plus first payment ($855). Great residual and money factor/interest rate. The dealer is over an hour away. They're even going to deliver it. I know it doesn't have gap ins. included. I'll probably add that to my insurance (Farmers). I don't have the back of the lease since it was faxed over. Is there any disposition fee due at the end of the lease?
