A Toyota Camry Lease: Everything You Need To Know

Published November 18, 2021
in Car Buying Tips

Every car manufacturer has a best-selling model. However, not every car manufacturer can claim that they made the most popular midsize sedan in automotive history. Thanks to the Camry, Toyota can make such a claim.

With its enduring strength and massive popularity, many people have set their eyes on the Toyota Camry to lease. If you’re one of those people, we have the guide just for you.

For today’s post, we’re going to discuss the steps you need to know about a Toyota Camry lease. Therefore, before you get into a leasing contract from your local Toyota dealership, you need to keep reading.

Is a Toyota Camry Lease Different from a Car Loan?

Leasing a Toyota Camry is fundamentally different from purchasing a new car via financing. Unlike with a car loan where you’re building equity towards ownership, leasing allows you to drive a new car for a certain time, usually 24 to 48 months.

When you get a Toyota Camry lease, you’re responsible for paying the depreciation cost (plus interest and taxes) between the car’s purchase price and its residual value - the estimated value of the Camry by the end of the lease. Because you’re only paying for the depreciation and effectively renting the vehicle, your monthly payments are lower compared to monthly car loan payments.

Once the term of the lease ends, you may be given different options based on your lease agreement. What usually happens is that the lessee (the person borrowing the car) returns the vehicle after settling all applicable payments. However, many lease contracts will include a purchase option.

NOT JUST FOR CAR SHOPPING

The CoPilot app isn’t just for buying a car - our new CoPilot for Owning tool will help you keep track of recalls and gives you advice on which scheduled maintenance tasks are most important.

Steps on How to Get a Toyota Camry Lease

Below are the steps to help you get a great lease deal on a Camry.

Step 1: Figure Out the Trim that You Want to Lease

The 2022 Toyota Camry features 13 different trims, from the base LE to the XSE V6, with several Hybrid models in between. Once you figure out the models you’re interested in, take some time to determine your annual mileage, budget, and how long you want the lease to last.

This is some of the basic information you need for negotiating with the dealer and getting a contract that fits your budget.

Alternatively, search the internet for the best Camry leasing deals if you’re not too concerned about the make and model. These deals can be a great starting point for your search.

Step 2: Visit a Local Dealership and Test Drive

Test-driving your preferred Camry model helps confirm if it’s the car you love and satisfies your requirements. This step also gives you a point of contact with your most convenient local dealership. If your local Toyota dealer isn’t all that local, you may have to skip this step.

Step 3: Shop Around for New Camry Inventory at Several Dealerships

At this point, you can get into the specifics of your Camry, like color, interior, powertrain, add-ons, and more. Research by requesting quotes for the make and model that you’re interested in. Ask several dealers to quote you the following:

MSRP
Total drive-off
Monthly payment after taxes
Money factor
Residual value
Capitalized cost plus acquisition fee

While you’re at it, mention that you’re only putting down cash for the first month’s payment and registration fees as your down payment. Be wary of dealers reducing capitalized cost and therefore lowering your monthly payments in exchange for larger down payments or extending the duration of the lease.

THE BEST CARS FOR COLLEGE STUDENTS

Whether you’re squeezing into a tight campus parking spot or hauling ten loads of laundry back home, these best cars for college students will get you, your friends, and your stuff where you’re going.

Step 4: Compare and Contrast

Compare all the lease offers you’ve gotten so far and pay close attention to all the details, not just the monthly payment. Which offer has the best discount on the price of the Camry versus its MSRP? Does this discount come at the cost of a higher down payment or extended lease terms? Is the residual cost comparable across all dealers?

Step 5: Time to Negotiate

Select two or three of the most competitive offers following your in-depth comparison - dealers who have listened to your request and given you reasonable quotes. Since the money factor and residual value can change from month to month, it’s recommended that you confirm the numbers again with the dealer.

Get in touch with your chosen dealers and ask if there’s any way that they can sweeten the deal. See if you can get them to lower the monthly payments by 20% from what they originally quoted.

For the Toyota Camry lease, you can use the company’s Payment Estimator tool to get an idea of how different terms, down payments, and credit scores can influence your monthly lease payments.

Step 6: Choose the Best Lease Contract

Now, it’s time for a little back and forth between your first local dealer and the other companies you’ve narrowed from the previous steps. Call the salesperson from your local dealership from step 2 and ask if they can beat the quotes you’ve gathered while searching the web.

If they can beat the quote, take the new number to your chosen dealers and see if they can beat it. As soon as one party can’t beat the quote, you should have no problem leasing with the previous dealer. It’s about choosing the best leasing deal by not leaving anything on the table.

HOW OFTEN SHOULD YOU REPLACE YOUR BRAKES?

Unless you’re a mechanic or super-dedicated car enthusiast, you might not know much about the brakes on your car. How long do they typically last? How often should you replace your brakes? We’ve got answers

Step 7: Finalize Your Toyota Camry Lease

Throughout these steps, your preferred Camry model may have changed. Make sure you do a final test drive and confirm if it’s the right vehicle for you. Before finalizing the contract, carefully go over the details of the lease with your salesperson, and don’t hesitate to ask questions or clarify something.

They will conduct a credit inquiry and will require you to provide insurance documents. At some point, you’ll talk with Toyota’s financial officer and will likely sell you a couple of add-ons and protection programs. Just keep in mind that these add-ons will cost you more money down the line. They will also give you some guidelines about mileage restrictions and how to avoid excess wear and tear charges.

Sign the lease agreement, and you’re now a happy driver of a new Toyota Camry.

Get a Curated List of the Best Used Cars Near You

The CoPilot car shopping app is the easiest way to buy a car. Tell us what you’re looking for and we’ll search the inventories of every dealership in your area to make you a personalized list of the best car listings in your area.

Only looking for newer models? CoPilot Compare is the search engine for nearly-new cars. Only see cars five years or newer with low mileage — CoPilot Compare is the best way to find off-lease, early trade-in, and CPO cars.

The best part? CoPilot is built using the same technology that dealerships use to buy and sell their inventories, so we have more info on each vehicle than competitors. CoPilot doesn’t work with dealerships, so there are no sponsored posts or other shady practices — just the most info on the best cars. Check out our About Us page to see how CoPilot works.