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longislemom
LIF Adult
Member since 8/06 912 total posts
Name:
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Excessive money charged by toyota on lease - UPDATED pic
So my dd wanted a toyota. the ad said 139 a month with 3K down. when I went to sign the dealer (toyota Huntington) said it was $6500 with taxes and fees like acquisition fee, taxes. etc etc. so 3K extra after the initial 3K down.
I added the GAP ins for an extra 6$ a month plus a feature on the car so her monthly is 152$
Does this sound right? Aren't the fees soooo exorbitant?
Message edited 12/21/2019 4:06:40 PM.
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Posted 12/19/19 5:51 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Excessive money charged by toyota on lease
No way to tell by monthly payment.
What is the cap cost?
MSRP?
Residual?
Money Factor?
Years & mileage?
ETA: Did you read the full terms and conditions of the lease? It may already have GAP insurance.
Message edited 12/19/2019 7:19:50 PM.
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| Posted 12/19/19 7:17 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Excessive money charged by toyota on lease
yes that is 100% right. 3k down means 3k PLUS the taxes which you pay based on the whole vehicle. So if it's a 30k car at our tax rate in NY, you pay approx. $2500. Plus title and registration is over 3k. So that is why it's 6k down.
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
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| Posted 12/19/19 8:46 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: Excessive money charged by toyota on lease
Posted by mommy2be716
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
That's what she bought the gap insurance for
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| Posted 12/19/19 9:29 PM |
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Dreamer27
LIF Zygote
Member since 6/18 46 total posts
Name:
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Re: Excessive money charged by toyota on lease
Posted by mommy2be716
yes that is 100% right. 3k down means 3k PLUS the taxes which you pay based on the whole vehicle. So if it's a 30k car at our tax rate in NY, you pay approx. $2500. Plus title and registration is over 3k. So that is why it's 6k down.
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
I never knew this- what else can you tell us about buying/leasing cars? Is certified preowned from a dealer good or bad deal? If my current vehicle is 10 years old, should I even bother talking trade-in? Absolutely hate everything about the process and I will be car shopping in 2020.
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| Posted 12/19/19 9:30 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Excessive money charged by toyota on lease
Posted by mommy2be716
yes that is 100% right. 3k down means 3k PLUS the taxes which you pay based on the whole vehicle. So if it's a 30k car at our tax rate in NY, you pay approx. $2500. Plus title and registration is over 3k. So that is why it's 6k down.
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
Agree. We have a Toyota Highlander and we put ZERO down. We paid the taxes, fees and first lease payment. Never put money down on a lease, it's a waste of your money.
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| Posted 12/19/19 9:42 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Excessive money charged by toyota on lease
Posted by Dreamer27
Posted by mommy2be716
yes that is 100% right. 3k down means 3k PLUS the taxes which you pay based on the whole vehicle. So if it's a 30k car at our tax rate in NY, you pay approx. $2500. Plus title and registration is over 3k. So that is why it's 6k down.
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
I never knew this- what else can you tell us about buying/leasing cars? Is certified preowned from a dealer good or bad deal? If my current vehicle is 10 years old, should I even bother talking trade-in? Absolutely hate everything about the process and I will be car shopping in 2020.
Heck yea talk about your trade in. I traded in my 14 yr old Honda Civic and they gave me enough money for it that it covered the taxes on the new Highlander.
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| Posted 12/19/19 9:45 PM |
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LuckyStar
LIF Adult
Member since 7/14 7272 total posts
Name:
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Re: Excessive money charged by toyota on lease
Posted by mommy2be716
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
This. We just leased for the sixth time and we’ve never put money down. First month only.
OP, not sure how tech savvy you are but we just used a leasing app for the second time and got an amazing deal (this time and the first time). It’s especially great if you know exactly what you want.
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| Posted 12/19/19 9:54 PM |
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GoodThoughts
Dreams do come true
Member since 2/12 2258 total posts
Name:
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Re: Excessive money charged by toyota on lease
Posted by NervousNell
Posted by mommy2be716
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
That's what she bought the gap insurance for
Gap insurance covers the money still owed on the car. If someone drives off the lot and totals the car, gap insurance covers the remaining monies due. Anything paid upfront is a total loss.
Message edited 12/19/2019 11:30:29 PM.
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| Posted 12/19/19 11:30 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Excessive money charged by toyota on lease
Posted by Hofstra26
Posted by mommy2be716
yes that is 100% right. 3k down means 3k PLUS the taxes which you pay based on the whole vehicle. So if it's a 30k car at our tax rate in NY, you pay approx. $2500. Plus title and registration is over 3k. So that is why it's 6k down.
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
Agree. We have a Toyota Highlander and we put ZERO down. We paid the taxes, fees and first lease payment. Never put money down on a lease, it's a waste of your money.
Yup we never put down more than $500 on our leases and finances too. My friend put down like $10K on her car and a month later it was totaled in an accident and she literally got nothing back from insurance but a few dollars. After hearing that I put very little down on my cars. My current car is a finance with a sick rate so we pay like practically nothing in interest. I only put $500 down.
FTR: Those low lease payment advertisements usually have some fine print stating taxes titles and fee excluded which = in order to get that low payment you have to shell out $$$$$
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| Posted 12/19/19 11:56 PM |
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longislemom
LIF Adult
Member since 8/06 912 total posts
Name:
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Re: Excessive money charged by toyota on lease
Thanks everyone. Its a 2020 camry and 21,667.00.
The lease paper says ...ugh. ill just take a pic i think lol
.
I was so mad but she drove to work this morning and asked me to drive behind her. so I'm just gonna relish in her happiness and learn from you gals IF i ever lease again.
I think its just horrible how these car dealerships take advantage of consumers.
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| Posted 12/20/19 7:52 AM |
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longislemom
LIF Adult
Member since 8/06 912 total posts
Name:
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Re: Excessive money charged by toyota on lease
ugh..i took a pic with my phone but dont see how to add it. HELP! :) ...so i can add it later.
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| Posted 12/20/19 8:09 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Excessive money charged by toyota on lease
Posted by longislemom
Thanks everyone. Its a 2020 camry and 21,667.00.
The lease paper says ...ugh. ill just take a pic i think lol
.
I was so mad but she drove to work this morning and asked me to drive behind her. so I'm just gonna relish in her happiness and learn from you gals IF i ever lease again.
I think its just horrible how these car dealerships take advantage of consumers.
I crunched numbers so I am struggling how you paid 6k down. I came up with maybe 5000, but 6000 is difficult.
3000 down payment
650 acquisition fee
200 title/tags
152 1st month payment
1014 taxes
For taxes I assumed MSRP on the car was 24k. Residual on these Camrys on average is about 51%. That means you have to cover the 49% in your lease payments and you only pay taxes on the lease payments.
24000 * .49 * .08625 = 1014
Am I missing something?
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| Posted 12/20/19 8:19 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Excessive money charged by toyota on lease
If anybody is struggling getting a deal on a car and are leasing, I would highly recommend going on the leasehackr forums and look for a broker. Once you know the car you want talk to one of the brokers in this area and have them locate the car and the deal for you. They will likely charge you around $500, but they will probably save you at least double that vs. what you could possibly negotiate on your own (at least not without a TON of legwork).
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| Posted 12/20/19 8:25 AM |
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jlm2008
LIF Adult
Member since 1/10 5092 total posts
Name:
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Re: Excessive money charged by toyota on lease
Posted by Hofstra26
Posted by mommy2be716
yes that is 100% right. 3k down means 3k PLUS the taxes which you pay based on the whole vehicle. So if it's a 30k car at our tax rate in NY, you pay approx. $2500. Plus title and registration is over 3k. So that is why it's 6k down.
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
Agree. We have a Toyota Highlander and we put ZERO down. We paid the taxes, fees and first lease payment. Never put money down on a lease, it's a waste of your money.
This. You never put any money down on a lease and you never get the gap insurance either. Obviously it's too late for OP since she did both and it's already done, but you know for next time. I have only ever leased cars, I will never buy one.
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| Posted 12/20/19 9:28 AM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: Excessive money charged by toyota on lease
Happened to my DH too when he leased his car, it was all these extra "fees" that turned into 5k. Then more fees when you return it. He ended up buying out his lease but going forward I think we will just stick to financing.
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| Posted 12/20/19 10:10 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Excessive money charged by toyota on lease
Posted by jlm2008
Posted by Hofstra26
Posted by mommy2be716
yes that is 100% right. 3k down means 3k PLUS the taxes which you pay based on the whole vehicle. So if it's a 30k car at our tax rate in NY, you pay approx. $2500. Plus title and registration is over 3k. So that is why it's 6k down.
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
Agree. We have a Toyota Highlander and we put ZERO down. We paid the taxes, fees and first lease payment. Never put money down on a lease, it's a waste of your money.
This. You never put any money down on a lease and you never get the gap insurance either. Obviously it's too late for OP since she did both and it's already done, but you know for next time. I have only ever leased cars, I will never buy one.
Yeah leases have tons of fees. I am personally not a fan of leasing although I did lease a new car a few months ago. I have a business I can deduct a leased car against so that helps offset all the fees.
I forgot about the dealer doc fee in my estimate above. NYS caps it at like $85 but CT and NJ can charge whatever they want (as much as 400-500 in some places). So maybe that brings it closer to 6k if the car was bought outside of NYS.
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| Posted 12/20/19 11:00 AM |
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CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
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Re: Excessive money charged by toyota on lease
Posted by ave1024
Posted by longislemom
Thanks everyone. Its a 2020 camry and 21,667.00.
The lease paper says ...ugh. ill just take a pic i think lol
.
I was so mad but she drove to work this morning and asked me to drive behind her. so I'm just gonna relish in her happiness and learn from you gals IF i ever lease again.
I think its just horrible how these car dealerships take advantage of consumers.
I crunched numbers so I am struggling how you paid 6k down. I came up with maybe 5000, but 6000 is difficult.
3000 down payment
650 acquisition fee
200 title/tags
152 1st month payment
1014 taxes
For taxes I assumed MSRP on the car was 24k. Residual on these Camrys on average is about 51%. That means you have to cover the 49% in your lease payments and you only pay taxes on the lease payments.
24000 * .49 * .08625 = 1014
Am I missing something?
Someone here gets it!
tax is only on the depreciation, not the full car value.
Likely a dealer fee for $100 or so and maybe some other add ons, maybe prepaid maintenance? lo jack, vin etch and other BS? Sometimes the advertised deal excludes the destination fee that is charged by the manufacturer. Its another way they can pull $700-$1000 out of the deal and charge it to you later.
I second going to the Leasehackrs forum. Its very helpful, and also going through a good broker is great too.
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| Posted 12/20/19 11:06 AM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: Excessive money charged by toyota on lease
Posted by longislemom
So my dd wanted a toyota. the ad said 139 a month with 3K down. when I went to sign the dealer (toyota Huntington) said it was $6500 with taxes and fees like acquisition fee, taxes. etc etc. so 3K extra after the initial 3K down.
I added the GAP ins for an extra 6$ a month plus a feature on the car so her monthly is 152$
Does this sound right? Aren't the fees soooo exorbitant?
I work for a dealer. The national ads always work that way. Thats why its so important to read the fine print. Its always tax, tags, fees plus an additional cap cost reduction. I'm surprised to hear about the $6 for gap. You don't own the car so you shouldn't be paying for GAP. Are you sure its not for another product that you purchased?
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| Posted 12/20/19 1:56 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: Excessive money charged by toyota on lease
Posted by NervousNell
Posted by mommy2be716
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
That's what she bought the gap insurance for
Negative. GAP protects the OWNER not the lessee. In 10+ years working in various dealers, Ive ONLY seen GAP purchased by a customer on a purchase deal.
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| Posted 12/20/19 1:57 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: Excessive money charged by toyota on lease
Posted by LuckyStar
Posted by mommy2be716
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
This. We just leased for the sixth time and we’ve never put money down. First month only.
OP, not sure how tech savvy you are but we just used a leasing app for the second time and got an amazing deal (this time and the first time). It’s especially great if you know exactly what you want.
Usually these companies charge a fee. Be careful with them. Ive seen fees up to $5k come across my desk by these type of companies.
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| Posted 12/20/19 1:59 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: Excessive money charged by toyota on lease
Posted by ave1024
Posted by longislemom
Thanks everyone. Its a 2020 camry and 21,667.00.
The lease paper says ...ugh. ill just take a pic i think lol
.
I was so mad but she drove to work this morning and asked me to drive behind her. so I'm just gonna relish in her happiness and learn from you gals IF i ever lease again.
I think its just horrible how these car dealerships take advantage of consumers.
I crunched numbers so I am struggling how you paid 6k down. I came up with maybe 5000, but 6000 is difficult.
3000 down payment
650 acquisition fee
200 title/tags
152 1st month payment
1014 taxes
For taxes I assumed MSRP on the car was 24k. Residual on these Camrys on average is about 51%. That means you have to cover the 49% in your lease payments and you only pay taxes on the lease payments.
24000 * .49 * .08625 = 1014
Am I missing something?
money factor. dont even try to figure out a lease payment without a program. its impossible. even with putting the numbers into a program its virtually impossible to duplicate deals too.
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| Posted 12/20/19 2:01 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: Excessive money charged by toyota on lease
Posted by ave1024
Posted by jlm2008
Posted by Hofstra26
Posted by mommy2be716
yes that is 100% right. 3k down means 3k PLUS the taxes which you pay based on the whole vehicle. So if it's a 30k car at our tax rate in NY, you pay approx. $2500. Plus title and registration is over 3k. So that is why it's 6k down.
ETA: never put any money down on a lease, especially the taxes. God forbid you drive off that lot and total the car, you just lost all that money on tax that you will never get back.
Agree. We have a Toyota Highlander and we put ZERO down. We paid the taxes, fees and first lease payment. Never put money down on a lease, it's a waste of your money.
This. You never put any money down on a lease and you never get the gap insurance either. Obviously it's too late for OP since she did both and it's already done, but you know for next time. I have only ever leased cars, I will never buy one.
Yeah leases have tons of fees. I am personally not a fan of leasing although I did lease a new car a few months ago. I have a business I can deduct a leased car against so that helps offset all the fees.
I forgot about the dealer doc fee in my estimate above. NYS caps it at like $85 but CT and NJ can charge whatever they want (as much as 400-500 in some places). So maybe that brings it closer to 6k if the car was bought outside of NYS.
Doc fee in NY is $75 and that will be changing very soon. It will be much higher, comparable to the states around us.
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| Posted 12/20/19 2:02 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Excessive money charged by toyota on lease
Posted by angelicd77
Posted by ave1024
Posted by longislemom
Thanks everyone. Its a 2020 camry and 21,667.00.
The lease paper says ...ugh. ill just take a pic i think lol
.
I was so mad but she drove to work this morning and asked me to drive behind her. so I'm just gonna relish in her happiness and learn from you gals IF i ever lease again.
I think its just horrible how these car dealerships take advantage of consumers.
I crunched numbers so I am struggling how you paid 6k down. I came up with maybe 5000, but 6000 is difficult.
3000 down payment
650 acquisition fee
200 title/tags
152 1st month payment
1014 taxes
For taxes I assumed MSRP on the car was 24k. Residual on these Camrys on average is about 51%. That means you have to cover the 49% in your lease payments and you only pay taxes on the lease payments.
24000 * .49 * .08625 = 1014
Am I missing something?
money factor. dont even try to figure out a lease payment without a program. its impossible. even with putting the numbers into a program its virtually impossible to duplicate deals too.
I included .00007 MF on my initial numbers which gave me somewhere a $152 monthly payment but I only needed $5000 at signing to get there.
Of course no idea what the MF on this deal was. Dealers can mark up the MF to their liking if they choose. Residual cannot be modified.
OP would need to take a scan or picture of the deal to better examine it.
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| Posted 12/20/19 2:31 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Excessive money charged by toyota on lease
My dealer tried to hard sell me on excessive wear and tear protection on my lease. They claimed that it protects me if the bank wants to charge thousands of dollars on all the dents and dings the car may have. I told them no if that was the case id just buy the car out and sell it myself.
That kind of protection might have been added to this deal.
Message edited 12/20/2019 2:33:51 PM.
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| Posted 12/20/19 2:33 PM |
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