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Toyota Corolla Lease Questions

Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota Corolla. Thanks.

Car_man
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  • vbasvbas Posts: 2
    Hi everybody,
    I am looking at leasing new Corolla LE a/t and can't decide between 05 and 06. Could you help me out? What are money factors and residuals for both of them? Assumptions: base MSRP without any options, 12K/year, $0 down, please give info on both 36 mon & 24 mon leases, if you can. Will I get a better deal on 05? Thanks a lot.
  • Hi vbas. Toyota is not currently providing any sort of lease support on either the 2006 or 2005 Corolla. As a result, if you were to lease either one of these cars through Toyota financial Services this month, you would have to use its standard lease program. The last time that I saw it, TFS' buy rate standard lease money factor for consumers who qualify for its top credit tier and pay a security deposit was around .00245. TFS' current 24 and 36 month, 12,000 miles per year residual values for the 2005 Corolla are 56% and 50%, respectively. The numbers for otherwise identical leases of the 2006 Corolla are 59% and 52%. All things being equal, namely these cars' selling prices, the '06 model's higher residual values will make it less expensive to lease. Having said this, I am sure that dealers will willing to provide larger discounts on '05 Corollas than they are on '06 Corollas right now. The question is whether the additional discount will be large enough to offset the difference in residuals. I suspect that if you want to lease, you may be better off going with the '06 model.

    Car_man
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  • cobwebcobweb Posts: 1
    Hey

    I'm looking to lease a 2006 Toyota CE. I'm going to put $3000 down and am looking at 36 months. Does anyone have any idea of what a good deal is for this?

    Thanks! :D
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi cobweb. How good a deal the lease that you get on your Corolla is depends upon its selling price. The selling prices of leased vehicles are negotiable, just as if you were financing or paying cash for them. Shop around and find a dealer that will give you a good price on this car, then have them calculate a lease payment on it for you using Toyota Financial Services' buy rate lease money factor. You may be able to get an idea of how much you should pay for this car right now by visiting the following discussion: KarenS, "Toyota Corolla: Prices Paid & Buying Experience" #, 6 Mar 2002 10:48 am.

    One thing that you need to know before leasing this car is that you definitely should not make such a large down payment on it. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Corolla would be exactly the same, regardless of whether you had put $3,000 down, or had made absolutely no down payment at all.

    Car_man
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  • rrantrrant Posts: 1
    How many keys should I have gotten. According to the manual, the car comes with 3 keys. So far, they say that's it. What do I have to do to get the other key? Your help would be appreciated.

    rrant
  • riteshdriteshd Posts: 1
    Hi all,
    I have some problem with the rpm in my toyota corrola 2001.
    Actually I had turned off the engine while it was in Drive.
    Now after 24 hours it is showing high rmp '4' when I drive even at 40 mph. before it was between 1.5 to 2.

    Any idea? I am really worried.

    thanks,
    Ritesh
  • remmirfpremmirfp Posts: 1
    My daughter turned in her 2002 toyota corolla le for a used camry. The dealer paid the last 3 payments & told her she could drive it until the lease was up & still take the camry. She turned in her corolla & called to make sure everything was right. She was told she had to pay $245.00 for replacing the hubcaps, a $350.00 disposition fee, $45.00 for a dent she didn't even know she had and appx. 600.00 in property taxes. She called the dealer she traded it in to and he could explain nothing. Didn't know what a disposition fee was. She never missed a payment. What now?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Ritesh. You should be able to find an answer to your question by visiting the following discussion: "Toyota Corolla: Problems & Solutions".

    Car_man
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  • danafdanaf Posts: 22
    Hi does anyone know how Toyota determines the penalty for ending a lease early (after 12 months, lease term 36 months)? I am thinking of leasing a Corolla but I may have to terminate it after 12 months. If the penalty is high I won't take a chance. Thanks.
  • We went looking to lease a 2006 Accord under that "Opportunity Knocks" Honda clearance ($1,999 down, $199 a month) and had no luck. They tried to push a 2007 on us but the salesman was sleazy, so we went next door to the Toyota dealership to look at 2006 Corollas. Again, sold out. This guy also tried to push a 2007 on us, but he was much nicer about it, so we listened to his pitch for a Corolla LE. The sticker was $18,100 or so (with the audio/safety packages).

    Their original asking price for a 36-month lease with 15K miles a year was $300(!) a month, $1,999 cash down, plus taxes and about $800 in the usual other fees.

    I wasn't too happy about that, having started the day thinking I'd get a '06 Accord for $1,999 down and $199 a month. Yes, this is a 2007, but the Corolla's sticker price is $3,000 less, and they're asking $100 more a month?

    I countered with $1,500 total out of my pocket today and $225 a month, which they said was impossible.

    We went back and forth a bit and eventually it was looking like we were closing in on $260 a month plus $2,000 total out of my pocket for a 42-month lease, but I still didn't like it. I figured it's a 2007 and I'm in no rush. I said I'd think about it and we'd talk again next month.

    Anyone have any info like money factor or lease residual value on a 2007 LE, so I can try to figure out what's a reasonable offer?
  • def3def3 Posts: 1
    I am moving from California to New York. I was wondering if anyone knew of any leasing companies that do business in both states that would accept my trade-in in California and credit it against my lease in New York.

    Thanks!
  • Hi- question regarding leasing a 2007 Corolla LE (auto.)

    Puchase Price: $17,500
    No money down
    Money factor: .00214
    monthly payment: $318

    What do you think?

    It seems this is high for a Corolla, but I have only leased once before (and my monthly payments were $149/month for a Honda Civic which I know I will not be able to come close to this time around on any make/model). Do you know if in general it makes sense to even lease a Corolla at this time vs. a Honda Accord or Civic or VW Jetta?

    Thanks
  • Yikes.....these offers are terrible IMO. Why would one lease a Corolla for around $300 per month with around $2K down (I realize the $2K down doesn't apply to your deal Bethl, but it does to others)? For 36 months, that would cost around $13K.

    For just $2K more, you can OWN a new LE.
  • My wife refuses to listen, but I'm convinced her '03 Altis 1.8L with 45k has developed a vibration in the steering wheel at idle (800-100 rpm). I even notice it in the seats, and suspect the motor mounts are loose. Is this a costly repair, and if I can't convince her to take it to the mechanic, what are the long-term repercussions? Could it be anything else?
  • kyfdxkyfdx Posts: 27,871
    Hi, altisowner..

    This is a pricing discussion... You'll have a better chance of getting a response to your question here:

    Toyota Corolla: Problems & Solutions

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • does anyone knoes where i can get a front lip for my 02 toyota corolla s, or one that is from another car that fits, need help.... also where i can get an aftermarket speedometer gauges that goes up in 20's instead of 10's like that factory ones does, and also can the stock spring be drop or lowered a little bit from the corolla?
  • kyfdxkyfdx Posts: 27,871
    Hi, corollaboy!!

    Welcome to CarSpace.com forums!

    You might try this discussion: Toyota Corolla Accessories and Modifications

    Or.. check here for the entire Toyota Corolla group of discussions.

    regards,
    kyfdx
    Host-Prices Paid Forums

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • kbill07kbill07 Posts: 17
    What is the minimum I can expect to pay on a Toyota Corolla S with 0 down,36 months, and need 10k miles.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi kbill07. The selling price of this car will depend upon what its MSRP and selling price are. The lower your car's selling price is, the lower your monthly payment will be. I suspect that you will be able to negotiate a price that's within a couple hundred dollars of dealer invoice on this car right now. Shop around for the lowest possible price for the Corolla that you want and then have the dealer that you are working with calculate its monthly payment using its buy rate lease money factor. Toyota's lease program varies by region. If you let me know what state you are in, I would be happy to give you an idea of what Toyota's money factor is like for this car in your area right now.

    Car_man
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  • shay5shay5 Posts: 1
    Help! My son's 3 year lease on his Honda Civic is almost over. It was a set Honda lease at $159 a mo so it was pretty standard. I've been trying to understand from your forums and the calculator about good lease deals but we've hit a roadblock I have never heard of so I wondered if anyone had done this or if there are pitfalls. My son has been looking at the Corolla. This is the offer he got from a dealer in VA. They will buy his Civic from Honda, he will pay $1500 down and they will lease him a Corolla LE that lists for $18300 for $184 a month including all the taxes and fees including his first payment.
    I never heard of a dealer taking your lease vehicle and am a little skeptical.
  • jlawrence01jlawrence01 Posts: 1,828
    Two things:

    I have always stated (and will continue to state) that MOST consumers should NOT lease as they do NOT understand the mechanics of leasing.

    The key things to understand about leasing is 1) the purchase price, 2) the finance rate, and 3) the residual value of the lease. Without that, how do you know you are getting a deal.

    The Corolla LE that I purchased may have listed for $17.2 but the purchase price was $13.9 excluding the ABS and side airbags which I did not want. With that equipment, it would be about $15.5.

    Dealers will buy the other car (out of a lease) by paying the other finance company (usually AHFC) for the car. It happens all the time.
  • dmbst68dmbst68 Posts: 50
    (I tried posting to the Corolla lease forum, but there was some technical error & it won't let me post there...so here goes...)

    In my area, Toyota is offering a lease on the Corolla: $169/month for 36 months with $1999 due at signing. This offer is according to Toyota's website and expires on July 31st. The lease is for "Corolla S Model 1822 MSRP $17,205".

    a. Does anyone know if this lease is actually on the S model? Or might this have been a typo on Toyota's end?

    b. Toyota doesn't tell you what the content is of this lease special, i.e. what options are included with this price. Does anyone know? I tried Google to search for what exactly configuration "model 1822" represents, but the results I came up with aren't clear.

    Thanks for any help!!! :)
  • ralsrals Posts: 1
    Hi Car_man,
    Hopefully you can help me out. I'm looking for lease deals on a corolla in the san bernardino, CA area. I'm in zipcode 92354. Can you assist me in finding a good deal? I looked in your lease incentives section, but there's nothing listed for corolla leases. THANK YOU!!
  • I'd be happy to help you out. You are in Toyota's Los Angeles region. Toyota is running a special lease on the 2008 Corolla in that area right now. It is providing a special lease money factor of .00158 on it for consumers who qualify for its Tier 1+ credit tier. Shop around and negotiate a selling price that is as close to dealer invoice as possible on the Corolla that you want and then have the dealer use the aforementioned money factor to calculate your monthly payment.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi Car_man:

    Can you please provide the current money-factor & residual for a 2008 Corolla CE (Auto) for the Texas region? Also, I've been told there's a $1500 rebate in effect. Is this true? Finally, I found a special TFS Special Lease Tier1+ rate of 0.00158 on the internet and my dealer claims he knows nothing about it.
  • Hi, I am looking to lease a corolla tomorrow in South Fl region.
    Can anyone give me some stats on what I should shoot for, and are the 2009 corolla's in yet?
    MSRP Money factor, monthly with tax, model residual.

    I appreciate all the help I can get
  • I was wondering if anyone would know the residual value on a 2008 Toyota Corolla S. I am in the Kentucky region.

    I've never leased a car before and trying to do as much research as possible before diving in!

    Thanks!
  • scalatoscalato Posts: 1
    I was quoted the following for a
    09 Corolla-standard with automatic and cruise.

    $179/month (36 mo/36k miles)
    purchase price $15,853
    residual $9951
    money factor .00110

    with $179 down (plus tax, des, doc fee) in the Chicago area.
    I welcome any feedback on this deal!!!
  • aarajiaaraji Posts: 14
    Hello Carman,

    I would like to know the Lease rates (MF, Residual) on the 2009 Corolla LE.

    Also, you would not happen to know the 5 year APR offered on Corollas would you?

    I live in Maryland.

    Much appreciated,

    aaraji
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello aaraji. Maryland is in Toyota's Central Atlantic region. You never mentioned how long you want to lease this car for or what mileage allowance you need, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different.

    Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Toyota Corolla LE with 15,000 miles per year are .00110 and 60%, respectively. Keep in mind though that TFS calculates vehicles' residual values differently than most other banks do. It places restrictions upon which options can be residualized, making it difficult for anyone other than dealers, who are given a list of the dollar residual values for every vehicle that they have in inventory, to calculate lease payments on vehicles.

    Car_man
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