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TundraGeneral discussion forum for the 2007 and later Toyota Tundra.
This is a discussion thread titled "New and have a question", within the Tundra forum, part of the Truck Forums category.
Some nice Tundras on here and I'm looking to get myself one in the next few weeks.
I read on the Toyota website that Tundras are running a leasing special on the '08 DoubleCab, now I assume that this must be a base model and not a SR5 or Limited? What are the most noticable differences between the regular Tundra DC and the SR5 model?
The deal sounds good but I'd rather have an slighty equipped model over a base model.
The lease specials do apply to SR5's and Limiteds. The advertised leases vary by region, though. The incentives (rebates, etc.) don't apply, though, but are "provided" through special money factors, etc. All are credit qualified, though. From what I've seen, no get's that "advertised payment" because it varies by options, etc. First, negotiate the truck's price. Then work in your trade (if any). Then talk terms - finance, lease, etc. I'm finalizing some numbers on my new Nautical Blue SR5 CrewMax w/ JBL, 18" Alloys, Sunroof, etc. (couldn't find a TRD w/ JBL up here???). Good luck.
Some nice Tundras on here and I'm looking to get myself one in the next few weeks.
I read on the Toyota website that Tundras are running a leasing special on the '08 DoubleCab, now I assume that this must be a base model and not a SR5 or Limited? What are the most noticable differences between the regular Tundra DC and the SR5 model?
The deal sounds good but I'd rather have an slighty equipped model over a base model.
Thanks
"Never lease" is not good advice.
Depending on your situtaion, leasing is a viable option. For instance if you are going to be leasing through your own company, you can write off the entire amount of the lease through the business.
If you do not have a down payment and you are payment sensitive, you can usually get more car, or a higher priced car through a lease, but the trade off is that you will most likely always have a payment. If you keep a car more htan 5 years or if you drive a lot of miles, leasing probbaly isnt a good idea.
Lastly, you need to understand how a lease works. You need to know the buy rate money factor and residuals and then negotiate a price jst liek you would on a purchase.
And you should only lease if the Money Factor (which the percentage rate is based off of) is less than the APR of a purchase.
So to answer your question, yes Toyota has a smokin hot special on leases and I believe you can get it on the SR5 as well. I belive the MF is .00029 which is .696%, but you dont get the rebate, its one or the other.
Look at your situation and then do some research.
Also some makes have better lease plans than others. For instance, BMW has great MF's on the 335i coupe, around 3-4% APR, on the other hand Audi has crazy high MF's for the comparable car, the S5, aound 9% APR, so you just have to learn about them. PM me if you have more questions.
Depending on your situtaion, leasing is a viable option. For instance if you are going to be leasing through your own company, you can write off the entire amount of the lease through the business.
If you do not have a down payment and you are payment sensitive, you can usually get more car, or a higher priced car through a lease, but the trade off is that you will most likely always have a payment. If you keep a car more htan 5 years or if you drive a lot of miles, leasing probbaly isnt a good idea.
Lastly, you need to understand how a lease works. You need to know the buy rate money factor and residuals and then negotiate a price jst liek you would on a purchase.
And you should only lease if the Money Factor (which the percentage rate is based off of) is less than the APR of a purchase.
So to answer your question, yes Toyota has a smokin hot special on leases and I believe you can get it on the SR5 as well. I belive the MF is .00029 which is .696%, but you dont get the rebate, its one or the other.
Look at your situation and then do some research.
Also some makes have better lease plans than others. For instance, BMW has great MF's on the 335i coupe, around 3-4% APR, on the other hand Audi has crazy high MF's for the comparable car, the S5, aound 9% APR, so you just have to learn about them. PM me if you have more questions.
Great post. Too many people are too quick to write off leasing without understanding when it can be beneficial and actually preferable to purchasing....
I'm coming off of my '05 D-Cab SR5 4x4 which I leased for 36mos/36k miles per year (only 23k miles on it). I only traded in a '91 DX extra cab 4 banger 4x4 (got $2500 for it w/ 180k miles on it, too!!). My "buyout" on my '05 is $20k. I've got a $22,500 trade offer to get into a new CrewMax (the one I posted about before) that I'm planning to lease, too.
The key is if you're gonna lease, make sure it's a car/truck that has a track record for strong resale. This way at the end, you have a chance for equity. Othewise, make sure you don't exceed the mileage if you plan to turn it in a the end! The mileage and excessive wear penalties can kill you. Also, read the fine print about early termination penalties. I'm checking on multiple security deposits to whittle that money factor down if I can (don't know Toyota's policy). PAY THE SECURITY DEPOSIT! You get it back at the end, and it's one of the only ways you can get the advertised lease money factors (if credit qualified).
The major difference between the Multiple Security Deposits and putting cash down is that the MSD's are fully refundable. Worst case scenario, you get in a car accident and total your truck. Well if you put down $5000 cash on the lease to lower your payments, you will most likely not recover that money as your insurance will simply pay off whats owed on the totaled truck. If you had $5000 in MSD's that money is refunded to you.
If you do the math, depending on how much 1 Sec Dep lowers the MF, its quite a bit of return on investment.
With the BMW 3 series, the return is about 12% per year tax and risk free!
Depending on your situtaion, leasing is a viable option. For instance if you are going to be leasing through your own company, you can write off the entire amount of the lease through the business.
If you do not have a down payment and you are payment sensitive, you can usually get more car, or a higher priced car through a lease, but the trade off is that you will most likely always have a payment. If you keep a car more htan 5 years or if you drive a lot of miles, leasing probbaly isnt a good idea.
Lastly, you need to understand how a lease works. You need to know the buy rate money factor and residuals and then negotiate a price jst liek you would on a purchase.
And you should only lease if the Money Factor (which the percentage rate is based off of) is less than the APR of a purchase.
So to answer your question, yes Toyota has a smokin hot special on leases and I believe you can get it on the SR5 as well. I belive the MF is .00029 which is .696%, but you dont get the rebate, its one or the other.
Look at your situation and then do some research.
Also some makes have better lease plans than others. For instance, BMW has great MF's on the 335i coupe, around 3-4% APR, on the other hand Audi has crazy high MF's for the comparable car, the S5, aound 9% APR, so you just have to learn about them. PM me if you have more questions.
Great advice, thanks!
The only reason I'm looking to lease is because I like to have new cars every few years. I also don't drive alot, maybe 10k a year, so leasing sounded like a good option for me.
I'm gonna go check out some this weekend and hopefully be able to work a deal in with an SR5.
I just turned in an 05 crew sr5 4x4 that I leased for 3/36
MF was .0002?? and it had a 2 year residual on a 3 year lease, 19,000 (20k with sales tax)was great for the payment but not so good to purchase/trade. It was in mint condition and dealer wouldnt even consider taking it in trade. I leased on 08 dble grade 4x4, MF .0002??, 16844 residual.
Terronis - I live in Upstate NY, and the dealer I leased my '05 D-cab from didn't want my truck for trade either. But I did get 3 outta state dealers bidding over it.
Putting my deposit with a dealership in NH for a Nautical Blue CrewMax SR5 and they stepped up for my '05 at $22k (couldn't get the extra $500 bump out of 'em, but they're throwing in a plastic bedliner until I have time to get the bed spray lined).
If I had had more time and energy I should have gone to another dealer not far from me to see what he might give for it. I think the dealer thats getting it back at lease end can get it from the lease company for shorter money.
Why deal with me when they can deal with them and defin. get it for less.
Next round I'm going to try it and just see what happens. It just takes so much time and energy to deal with these bozo's. My guys deserved an emmy when we were done.
Some people/posts seem to get some sweet deals if willing to travel a few hundred miles. I don't know how they do it.
Well to answer your question as I JUST went through the same thing (difference between Tundra and SR5) was mainly the base SR5 package came with foglights and the chrome bumper (with painted top portion on the front bumber) instead of matte top and chrome bottom. Also, it came with the chrome accents for the side view mirrors unless the towing mirror option was selected. Also the trip computer with MPG was on most models.
Found out from TFS (and Cliffy1) that after turning in a lease, the dealer cannot buy the truck for less than the lease buyout. If they opt not to buy it, then it goes to a wholesale auction, at which point anyone w/ wholesale license can buy it w/ highest bid. I tried to negotiate TFS below my buyout of $20k (wholesale is like $16k), but they wouldn't budge. Confirms what Cliffy1 told me in a PM earler this week. I was going to finance the buyout, hoping to get a lower price, so that I had more equity on trade. Oh well, it was worth a shot, though.
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New and have a question
???). Good luck.
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