Colorado Toyota Car Dealers

I just wanted to let you all know what I just got on my lease. Maybe this will help someone, maybe I got a good deal, or maybe a poor deal. I think it is pretty good. My tax rate is 7.75%. I leased a vehicle with a msrp is $23,285.00. Here is the breakdown, $22,325.00 BASE PRICE $200 for floor mats, $760 for delivery and process handling. I put $800 down total (which covered the standard stuff -1st payment, tax, title, doc fees) and my payment is $182.53 per month, and $190.93 with GAP insurance from TFS. I did not want to add it, but my insurance co. does not have it and I have a co-signor and did not want to screw them in case something happens. The lease is 36 mo, 36k miles. So there you go, that is what I got and you can work on with that and get yourself the best deal. How did I do? Can someone please let me know. Thank you.

This is really a great price. As I`m in CO I don't think I could get a price like that. Congrats on your deal.

I declined to buy it when I structured my lease. I believe Redland's quoted me around $495 for the 3 year lease term. I thought my insurance co. would provide it as a simple add-on, but they increased my premium so I'm not staying with them. It seems in shopping around, I can't find an insurer that offers the same coverage as Toyota Financial's gap insurance does. Do I need this, given the low negotiated purchase price of $22,750, or should I forget about it? If its needed, does anyone have insurance companies to refer that will write this into a new policy? Geico, Liberty, State Farm and others don't carry it in CA.

Hi! WAS 31000 the best deal you got cos we're getting the same right now and i'm not sure if i shd go for it or wait!

bunksc, The bottom line is what is the residual value used to compute the payment? Are you suggesting that 54% x 27,714 = 14,965.56 is the residual before the $2,300 enhancement? Does the $27,714 include the $2,300 enhancement? I assume that the $2,300 enhancement is added to the MSRP to form the "adjusted MSRP" and not added to the residual value based on 54%. A huge factor in leasing that's often overlooked is sales tax which is why I needed to know the state in which you reside. There are four (4) methods used to compute sales tax... (1) Tax the lease payment as they are received. This is the easiest and by far the most commonly used method in such states as FL, PA, and CA (2) Tax the selling price (III, TX, WA) (3) Tax the sum of the taxable payments (NJ, NY, OH) (4) Tax the depreciation (CO) Depending upon how the lease is structured, the sales tax calculation can be quite complex. To compound the problem, states have different regs regarding the taxability of fees and rebates. Some tax acquisition fees and rebates; others don't. Those that tax depreciation often define depreciation differently with respect to one another. Some define it as the difference between the adjusted cap and the residual while others define it as the difference between the sell price and residual. Some use the mathematically correct formulas to compute taxes in those instances where taxes are capped in the lease; others don't such as NY. However, NY, at least, recognizes their mistake but chooses to ignore it in the interests of simplicity. Their formula, however, results in taxes being understated which is why I'm not too excited. Besides, I live in Ohio. Some states levy tax on tax (Yup, it's NY) when taxes are capped. This, of course, is illegal in most states. I have no clue why this has gone unchallenged. Perhaps no one realizes it except the NY Dept of Revenue's Sales Tax Division (lol). The SC Sales Tax and Use Tax Manual (2009 ed.) http://www.sctax.org/Publications/Sc+Sales+Tax+Manual09.htm suggests that tax is levied on the sell price ((2) above). If the dealer gives you their lease worksheet, you can email it to me at diffeq@zoominternet.net if you like. Allow me share with you the biggest mistake people make when leasing and that is failure to educate themselves about leasing. An educated consumer will never allow a dealer to "run the numbers" or "control the deal". For whatever it's worth, this is what I do... 1st. I do research regarding residual factors, money factor (I always use the buy rate), learn applicable incentives, and establish a competitive selling price. 2nd. I create a one-page lease proposal with all pertinent data including a description of the vehicle, MSRP, sell price, amounts capitalized (e.g., taxes, acq. fee, etc), gross cap, cap reductions (e.g., trade, cash down, etc), adjusted cap, money factor, residual factor, residual value, term, taxable payment, lease payment, amounts due up front (itemized), contract provisions (gap insurance, excess mileage charge, applicable disposition/purchase option fees). 3rd. I Fax/email the proposal to the dealer and negotiate via phone/email from the comfort of my home/office with my laptop excel spreadsheet lease program fired up and ready to rumble! The only thing I'm likely to negotiate is the sell price and that only requires a few keystrokes on my laptop. And, bing-bang-boom you're done! The key (no pun intended) is that you must control the deal. Never allow a dealer to control the deal. Trying to figure out the dealer's numbers is often a pointless exercise and, frankly, a waste of time. These people often lie or simply don't know what they're talking about. Allowing the dealer to control will only end up costing you money most of the time. A one-page lease proposal speaks volumes about you... it sends the message that you know what you're talking about and you know and understand leasing. That quickly puts the dealer in their place, and so; they're not as inclined to play games. This suggests that the biggest advantage of a lease proposal is that it saves time, money, and aggravation. However, if you agree to allow the dealer to "run the numbers", ALWAYS ask them for their LEASE WORKSHEET. If they refuse to give you a copy, WALK AWAY! Keep me posted. John