After spending several hours at 4 South Florida dealerships, was able to get a Tech Package for 1800 down + 1st month + 125 tag + 399 GAP insurance. 499 + tax monthly 24 months/12K miles, 66% depreciation and money factor of .00008 (1.92%). Everywhere I went, I was told initially this was not possible and was told that it would be anywhere from 619 to 629 per month. Two dealers would not budge, the third one's manager verbally accepted but I did not like the color they had available. Finally, the 4th dealer came from 629 to 499 as I was getting ready to walk out.
At the last minute, I decided to go with 15K miles per year, which changed the residual to 65%. The payments went to 525 per month. Since I had spent so much time on this and had an important meeting and wanted to wrap it up, I accepted, although I felt 515 to 520 is what I should have paid for the 15K.
Overall, I am satisfied that under current conditions, the deal was fair to me and more than fair to the dealer. I will figure tomorrow what the actual price of the car was, but it looks like they discounted it to around 38,600. Too tired now to figure out if the 500 in lease cash from HMFC are included in that figure. These dealers really try to confuse you!
I got a low ball offer for my trade, a 2007 Camry Hybrid with 23K miles NAV, leather, moonroof and XM. That is why I left it out of the deal and will be wholesaling it to a Toyota dealer or CarMax. Since the car is hot, might even try to sell it on AutoTrader.
At the last minute, I decided to go with 15K miles per year, which changed the residual to 65%. The payments went to 525 per month. Since I had spent so much time on this and had an important meeting and wanted to wrap it up, I accepted, although I felt 515 to 520 is what I should have paid for the 15K.
Overall, I am satisfied that under current conditions, the deal was fair to me and more than fair to the dealer. I will figure tomorrow what the actual price of the car was, but it looks like they discounted it to around 38,600. Too tired now to figure out if the 500 in lease cash from HMFC are included in that figure. These dealers really try to confuse you!
I got a low ball offer for my trade, a 2007 Camry Hybrid with 23K miles NAV, leather, moonroof and XM. That is why I left it out of the deal and will be wholesaling it to a Toyota dealer or CarMax. Since the car is hot, might even try to sell it on AutoTrader.
