Leasing an FR-S

[ruskymx]

Originally Posted by enigmaaron

I can't find any lease rates posted on their site, just financing rates.
http://scion.delautogroup.com/financing/pricing.htm

Here's what the guy sent me:
$25,025 Price of the FR-S (includes trunk mat)
36 month Lease
12,000 miles per year
$0 cash down
$384.23 per month payment
$16,698 Residual at the end of the lease

So I calculated based on a total cost of $25,900 adding in the $650 like you said plus $225 as a rough estimate for tags. I think I saw you post somewhere that it was something like $217 and I'm actually not too far from you so I assumed it should be about the same. Maybe I did the math wrong but I came up with .00228.

I messed around with the numbers and it looks like they are quoting you .00243.

Monthly deprciation = ($25,025 + $650 - $16,698) / 36 = $249.36

$25,025 + $16,698 + $650 acquisition fee = $42,373


$42,373 * .00243 (Tier 1+ money factor for lease) = $102.97 (monthly "Interest")

$249.36 + $102.97 = $352.33

$352.33 + 9% tax = $384.04

You would be required to put down $384.04 plus tags so roughly $600 ish.

It seems to me they are fluffling the rate a little to make the payment higher to try and sell you other products. For example, your payment was $384 before and now we can get you the car and _____ (most likely GAP ins) for the same payment of $384.

Here's what the numbers should be:

Monthly deprciation = ($25,025 + $650 - $16,698) / 36 = $249.36

$25,025 + $16,698 + $650 acquisition fee = $42,373


$42,373 * .00200 (Tier 1+ money factor for lease) = $84.75 (monthly "Interest")

$249.36 + $84.75 = $334.11

$352.33 + 9% tax = $364.18

I'd say print out this post or jot down the math and take it in with you and say that this it what it should be and why are you charging me more

I'm all for GAP insurance since it saved me $4k in 2005. It's just the sneaky presentation that is shady. If you want GAP, they can sell it to you for $300 and still make $100-150 profit

Now different computer systems may calculate the leases a little differently but they should vary by +/- $2 per month at most. The software that we used to desk deals and the final contracts that are print from our ADP system are never the same, but vary just slightly.

Ruskymx

[enigmaaron]

Edit: I think I may have figured it out. In an earlier email he said "0 down means giving you the $1,000 deposit back, or, using it to get to the $350 to $360 range. I asked them to run the lease to include tax and tag." So if that's correct and I'm actually paying $0 at signing, no tags, no first month then I think it works out.

Monthly depreciation = ($25,025 + $650 + $217 + $384 - $16,698) / 36 = $266.06

$25,025 + $16,698 + $650 acquisition fee + $217 tags + $384 first month = $42,974


$42,974 * .002 (Tier 1+ money factor for lease) = $85.95 (monthly "Interest")

$266.06 + $85.95 = $352.01

$352.01 + 9% tax = $383.69

Thanks for the help!

[ruskymx]

Originally Posted by enigmaaron

Edit: I think I may have figured it out. In an earlier email he said "0 down means giving you the $1,000 deposit back, or, using it to get to the $350 to $360 range. I asked them to run the lease to include tax and tag." So if that's correct and I'm actually paying $0 at signing, no tags, no first month then I think it works out.

Monthly depreciation = ($25,025 + $650 + $217 + $384 - $16,698) / 36 = $266.06

$25,025 + $16,698 + $650 acquisition fee + $217 tags + $384 first month = $42,974


$42,974 * .002 (Tier 1+ money factor for lease) = $85.95 (monthly "Interest")

$266.06 + $85.95 = $352.01

$352.01 + 9% tax = $383.69

Bingo! I didn't even think of adding first payment and tags to the capitalized cost. I'm so used to first payment and tags down. That makes total sense for a true $0 out of pocket lease.

Good to know that they weren't messing around with you.

Ruskymx

[Opposed]

Im leasing mine. I put down about $2500 from my trade in and purchased gap. Im paying $313 per month for a 3yr 45k mile term.

[jcs]

Ruskymx:
Thank you so much for providing this info on Scion leases.

A few more question:

Is it possible to lease a FR-S from an out of state dealer and return it locally at the end of the lease? Extra fee?

Are you saying that Scion/Toyota doesn't include free gap insurance in leases?

Beside abnormal wear, is there a disposition/return fee at the end of the lease?

What is the residual on 36m / 15K miles?

Security deposit necessary?

Thanks again. jcs

[ruskymx]

Originally Posted by jcs

Ruskymx:
Thank you so much for providing this info on Scion leases.

A few more question:

Is it possible to lease a FR-S from an out of state dealer and return it locally at the end of the lease? Extra fee?

Are you saying that Scion/Toyota doesn't include free gap insurance in leases?

Beside abnormal wear, is there a disposition/return fee at the end of the lease?

What is the residual on 36m / 15K miles?

Thanks again. jcs

It is possible to lease a FR-S from an out of state dealer at the end of the lease. Toyota does have a disposition fee, but I think that only applies if you return it to another dealer other than the original. So in your case, if you lease it out of state and return to your local dealer, then there is an extra fee. I think out of state leases are a PITA for the finance department of a dealership because each state is a little different with tax rates etc. I'm pretty sure NJ requires the tax on the lease to be paid up front instead of each payment.

Toyota does NOT include GAP insurance with their leases. I know some companies do. Hyundai does include it and when Wells Fargo was into leasing, they did as well. We had a local bank, NBT, that used to offer leases and they included it as well. The acquisition fees for Wells & NBT were higher than Toyota's so you did pay for it by way of a high acq fee. I don't remember when it was but Toyota's acq fee used to be $450 (I think) and when they increased it, they still didn't add GAP. They started the disposition fee around 2008-2009. I think they got crushed with trucks and SUV's coming off lease.

I don't have the numbers in front of me but I think the residual for 36/15k per year on a MT is around $16,200. I know the 12k residual is $16,698, but that's because it is what my lease is.

There is not a security deposit for the top tiers of credit. Not sure if it goes down to Tier 2 or Tier 3.

Ruskymx

[Tbomb 25]

Why do all these salesman keep saying this car is rare? it isnt and after about another 3 months or so thier will be more than plenty to go around....

[YinYang1980]

well, its rare.....right now.

[Pscylo]

wow I cringe at any lease payment over 300....I have never had a car payment to own a car over $325 a month though.

[Braces]

I pick up my FR-S next month. I plan on leasing due to business reasons. This thread has been really helpful.

Thx to all who contributed.

[Liquidsnake]

I leased mine for $380 per month 750 down. Good times.

[Nevermore]

I haven't got mine yet, but the information I have on it so far makes it look like the payment should be roughly $320.00 a month. It'll come with Bespoke, and 30k miles a year.

[paulieblaze]

Dude this is what I do for a living I run monthly payments every month for my website and my sales consultants I ran a lease on an automatic and its about $360 mo with just tax and first payment down. Idk what the idiot was telling you.

[Tigranakert]

Originally Posted by JD121

Hey, a general manager where I have my deposit at informed me today to expect a lease on a base FR-S to be around $450 a month based on a standard lease of 2500 down for 36 months like most other leases.

Does anyone know of this is going to happen if I want to lease the frs rather than buy the car?

I was hoping to pay 300 or less to lease the FR-S based on 36 month and 2500 due at signing.

Anyone here currently leasing the frs or know any info on leases in the US?

Lol at that price might as well put a little more down and finance it.