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Toyota Corolla Lease Questions

24

Comments

  • 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
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  • 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
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  • 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!
  • sparklandsparkland Posts: 108
    "I strongly suspect that consumer auto leases (at least those sponsored by the auto manufacturers) will be history by the end of the year.

    Chrysler has already announced that they will exit the lease business on August 1st. Cerberus Capital not only owns Chrysler and Chrysler Financial but controlling interest in GMAC as well. So I suspect GM will follow shortly.

    Ford took a $2.1 billion charge for the quarter due to falling lease residual values.

    Honda just released their first quarter financial report and noted that they expect falling lease residual values in the USA to cut their operating profit by $231 million. Just look at the residual calculations on 2006 Ridgeline's as an example of how wildly they miscalculated.

    I believe the manufacturer sponsored consumer lease will soon be history. Only time will tell."

    This information was quoted from "Joe" on the ROC site.

    Interesting reading. Better get your lease while you can. :shades:
  • San Francisco Area: want to know the Residual Value , Money Factor for 09 corolla LE , VS 09 Honda Fit, and which is a better deal , need a car next month ! thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi movingsale45. I have not seen Toyota's specific lease program for its San Francisco region, but the money factor for the 2009 Corolla is currently .00188 for Tier 1+ customers in every other region that I have see its lease program for. This leads me to believe that it is likely .00188 in your area right now as well. Toyota Financial Services' current residual value for a 36 month lease of a 2009 Corolla LE with 15,000 miles per year is 61%. The problem with TFS' residual values is that they are only for base models. It places restrictions upon what options can be residualized, making it difficult for consumers to accurately calculate what the dollar residual values for specific units should be.

    Car_man
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  • Car_Man -

    Wife and I (located in South Orange County, California) are gonna lease a new 2009 Toyota Corolla LE 4dr Sedan. Here's what the lease details include. 36 month lease with 12,000 miles per year. Zero down with zero out of pocket to drive off the lot. Therefore we'll make a total of 35 montly payments. Our monthly payment would be $255. Would you consider this a good deal?

    Thanks in advance.
  • I am thinking (lease ) 90 Corolla S VS 09 Honda Fit Sport ? which is better deal
    SF BayArea, CA thanks
  • Hello everyone,
    I'm trying to assist my mother in leasing a new vehicle. She's been quoted $300/mo with $1k down for a '09 Corolla S 3yr/36k lease. I haven't seen the car or the option list - I just got off the phone with her. Personally, I think this is high. She said the residual is $10.5k. I'm no leasing expert, but I'd expect something in the mid $200/mo range. Heck, my wife's '08 Ford Edge has a $30k sticker on it and we pay $360/mo with zero down for a 3yr/36k lease. Please advise.
    Thanks!
  • where does you mother live and I can be able to help you.
  • Here's my offer from a Los Angeles-area dealer:

    Corolla LE
    12,000 miles/year (more than enough for me)
    No money down
    $257/month includes taxes
    .00188 money factor
    about $500 to drive off the lot - includes first month's payment and DMV fees
    my negotiated price with discounts is $17,499 including the $650 acquisition fee
    About a 61-62% residual

    It's a much better offer than I've received so far from other places on comparable cars. But can I get this lower somehow? I've never leased before, BTW.

    Thanks.
  • Hi wondra14. You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing what this vehicle's selling price is in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I am sure that either myself or another community member would be happy to give you their opinion of this deal if you let us know what these numbers are.

    Car_man
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  • Hi movingsale45. A 1990 Toyota Corolla will definitely be much less expensive than a 2009 Honda Fit. I kid, I kid. Just poking fun at the typo :P . If you are set on leasing, I suspect that the Corolla will be the better choice for you right now. Toyota is providing lease support on the '09 Corolla, but Honda is not providing any lease support on the Fit.

    Car_man
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  • Detroit area. 48240

    Here's what she just sent me from the dealer...

    > Retail
    > Vehicle Base Model ....................: $ 16320.00
    > Total Accessories .....................: $ 2044.00
    > Destination Charge ..........................: $ 720.00

    Total .......................................: $ 19084.00
    >
    > Residual Value ...: 24 36 48 60
    > ------- ------- ------- -------
    > STD 11,773 10,630 8,823 7,354
    > LOW 10,957 9,150 7,681
    >
  • Anyone have feedback?
  • I have Tayota Corolla,ce,07/ 59,000kms. Is it worth buying 1400CAD+Tax for 5year/150000 Warranty extension?
  • t_ct_c Posts: 13
    Whats the money factor on the Corolla this month? (anyone please)
  • t_ct_c Posts: 13
    can someone give me a simple trim level break down on the Corollas?

    it seems like everything is an option, and that drives the price pretty high for a Corolla
  • Hi t_c. Toyota's lease program for the 2009 Corolla varies depending upon which one of its twelve regions you are in. In most regions, Toyota Financial's current buy rate for a 36 month lease of any '09 Corolla is .00163 for consumers who qualify for its Tier 1+ credit tier.

    Car_man
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  • Need Help !! ASAP on 09 Corolla LE in SF Bay Area !!

    Looking for 09 Corolla LE , MSRP=$16750

    After few options (CL Cruise Control,KE Keyless Entry,CF Carpet Floor Mats,FE 50 State Emissions) = $18164 on the window sticker

    what should i start negotiate? if they say they will sell at 1000 above invoice , does it mean $16400+$1000=$17400

    what would you guys start negotiate?
    also ,
    is the MF for Corolla is 0.00163 right now?
    Residual Value= 61%, but is it 61% of MSRP+options $18164 in the following example? or 61% of invoive price $16400? or without option $15158 ?

    <img src="http://img66.imageshack.us/img66/5250/09corollalecapture1oq4.jpg"
  • Anyone know what the terms are being offered by Toyota Finance this month (Nov. 2008) on 2009 model cars?

    What would the money factor be for an 800+ FICO?

    Also, what residual should I expect on a 36mo. 12,000/yr lease of a Corolla base model? Is residual different at all for a standard vs. automatic transmission?

    I'm shopping for a lease right now on a 2009 Corolla base (standard trans.) with only floor mats as an option. My goal is to find one for a capital cost under $14,500 with no money down (except first month), residual 61% or better, money factor .00163 or better. Does this seem like a reasonable expectation?
  • Hi radicimo. Unfortunately, Toyota's lease program varies depending upon which one of its twelve regions on is in. Fortunately, its November program for the 2009 Corolla appears to be pretty consistent across the country...outside of its Gulf States and Southeast regions.

    Toyota Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Corolla with 12,000 miles per year are .00163 and 61%, respectively for consumers who qualify for its Tier 1+ credit tier. The problem with these numbers is that TFS places restrictions upon what options can be residualized. This makes it difficult for anyone outside of dealers, who are given a list of the specific dollar residual values for the units that they have in stock, to calculate lease payments on vehicles.

    Car_man
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  • Well, I am in Texas, which I suppose is in the Gulf States region? Thanks for the information though.

    I have decided to go the loan & buy route. This way I can take advantage of the $1000 rebate, and I don't have to sweat things like mileage overages and minor damage.
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