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Toyota Corolla Lease Questions

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Comments

  • 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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    Prices Paid: Buying & Leasing Experiences Forum
  • pilewan8pilewan8 Posts: 3
    Hi Carman,
    I'm looking to lease a 2009 Corolla LE with 15K/yr in the New Jersey area.
    1-Is the MF and residual still .00110 and 60% ?
    2-From reading on this forum on getting a good lease, one should negotiate the price of the car as if its a purchase and after bringing the price down, tell the salesman that you would want to lease the same...what's your advice?

    Cheers!

    Joe
  • yossarian3yossarian3 Posts: 30
    I have seen an advertised special on a Corolla LE lease of $118/month with $1999 down. This specific car has a sticker of $18,349. I would not get any options other than what comes with the car.

    I realize that the downpayment is a little high, and that the quoted monthly payment does not include taxes, tags, etc., but this still seems like a very good deal based on my calculations. Is there something I am missing or is this a good deal?
  • yossarian3yossarian3 Posts: 30
    Hi Carman,

    I appreciate your thoughts on this lease.

    Corolla LE lease with $18,349 MSRP.

    Purchase price of $16,130

    $2000 downpayment

    CT sales tax of 6%

    Monthly payment of $180.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Joe. The recent surge in popularity as a result of the high price of gas has caused Toyota to cut back on its support on the Corolla. For July, it has raised its special money factor on the 2009 Corolla in your area to .00188 for Tier 1+ customers. Its 36 month, 15,000 mile per rear residual value for an '09 Corolla LE is 61%. As I have said in the past, keep in mind though that it is difficult for individual consumers to calculate dollar residual values for TFS leases because it places restrictions upon what options can be residualized and caps on the ones that it allows.

    You absolutely should negotiate the selling price of the Corolla that you want before discussion its lease payment. The lower your car's selling price is, the lower your payment will be.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi yossarian3. The selling price that you mentioned looks excellent. Just make sure that the dealer that you are working with uses Toyota Financial Services' buy rate lease money factor to calculate your car's monthly payment and you're all set.

    One minor change that I personally would make to this deal though is to eliminate the $2,000 down payment. Consumers who make large down payments on leased vehicles risk losing them if their car is totaled in an accident or stolen and never recovered. You would be better off going with a zero down lease and having a slightly higher monthly payment.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hey yossarian3, what dealership is that deal at? I'm also in CT and looking to lease a car in this class.
  • Hi everyone! This will be my first new car purchase and I have some questions regarding leasing the 2009 Corolla. I am in the PA (Philadelphia) area and I took a trip to the local car dealer to see what they could offer me. Here is what they got.

    2009 Corolla S
    MSRP: 17,659
    Sale Price: 16,800

    $0 Money Down
    $ 269 a month 36 months 12,000 Miles
    Residual: $10,815

    I think the monthly payment is a little high, I was quoted $273 a month for a VW Jetta with $0 down and on a car that was priced $19,100. I think the Corolla should have cheaper payments. I would appreciate any thoughts on this! Thank you!! :)

    ~KneedsAcar
  • ral2167ral2167 Posts: 642
    based on that, get the jetta
  • dvrmandvrman Posts: 12
    Just leased a corolla LE with power package and mats MSRP 18K$ and change) for 189$ a month and 1800$ down including TTL in Los Angeles at marina Del ray toyota.
    Any comments ?
  • azmom99azmom99 Posts: 1
    i recently leased a toyota corolla le the msrp 18,154.......my cap cost was 16, 604 my monthly payment before taxes is 185.72 and down payment was 1,900 was my lease a good deal or not? if it was or is not please explain why.......thanks!
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