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Toyota Corolla Lease Questions

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  • No problem, radicimo. You're right, Texas is in Toyota's Gulf States region. If you think that you might have exceeded your mileage limit, financing was probably the way to go. Enjoy your new car :shades: .

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • TemorTemor Posts: 1
    Hey, I am looking to see how much a lease for a Corolla would cost me on a monthly basis. I am looking to buy it in the Virginia area and willing to put down $2000 so the monthly would go down. Thanks
  • bostonbenbostonben Posts: 65
    Hi Car Man,

    What are the current lease incentives in the Boston, MA (02115) area? I know toyota is offering some rebates on the Corolla. I was wondering if those can apply to the selling price and the car still leased? Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings to the appropriately named bostonben. Toyota just introduced its new May incentives yesterday. I haven't seen the complete program for your region yet, but I can tell you that Toyota is currently offering an extremely attractive finance rate of 0% for up to 5 years or $1,000 customer cash on the 2009 Corolla in your area right now.

    Unfortunately, the aforementioned cash incentive is not compatible with Toyota Financial Services' special lease program.

    I'm not sure what TFS' lease money factor is for this model in your area yet, but I know that in some areas Toyota is essentially providing 0% financing on leases (a .00001 money factor). That's as good as it is going to get on this car. If you really want to lease a Corolla, now is definitely the time to do so.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • belarusbelarus Posts: 2
    Corolla S, no leather, no JBL etc - just the SX pkg.

    $300 total drive off, that included registration, fees etc.
    $263/mth (taxes all included)
    15k miles for 36 months

    mf was 0.00068 with the incentive these days and residual is 10,430.
    I bought in the SF bay area.

    Thanks
  • shand32783shand32783 Posts: 57
    One dealer tells me that they don't subsidize"> the lease on anything over three years and that the rate on a five year lease would be between .0029 & .005.

    Another tells me that the lease rate on a 2010 would be .00005 on a 3 or 5 year lease and that she has the paperwork right in front of her if I wanted to come down and look at it.

    I'm interested in the 5 year as part of the cash for clunker program. Has / does anyone know the answer?

    Confused,
    shane
  • Kirstie_HKirstie_H Posts: 10,907
    Try asking in our Cash for Clunkers - Does it Work for You? discussion. Helpful & knowledgeable folks hang out there.

    MODERATOR
    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • MSRP 19874
    Invoice 18388
    Was offered Invoice minus the $500 rebate and the 5 year cash for clunker lease rate of .00047.

    Has anyone else done the Corolla on the 5 year lease through the cash for clunker deal on toyota.com with the $500 rebate?

    What was your payment per month?
  • Yes, I signed a deal to lease the Corolla LE. Nothing out of pocket other than the plates. 12k mi/year for 5 years. Also going towards this deal is a $4500.00 clunker.

    MSRP: 17950
    Sales Price: 17200
    Money Factor: .00047
    Residual: 7445

    $132 /month
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi shane. In a way, both salespeople that you spoke with are right. Normally, Toyota does not provide support on leases that are longer than 36 months. However, when the government rolled out its Cash for Clunkers program, which for some unknown reason only allows people who take advantage of it to lease for 5 years, Toyota responded by launching a special 60-month lease program on select models.

    Toyota Financial Services' current buy rate lease money factor for a 60-month lease of a 2010 Corolla is .00047 (this factor may vary by region).

    Car_man
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  • danny14danny14 Posts: 12
    Carman - what are the current residual and MF on 3 years/36k lease for 2010 Manual Corolla S with Extra Value Package leased in Northern Virginia. Is the $1k college rebate combinable with the special lease?
  • danny14danny14 Posts: 12
    In addition to that can you give me the residual and MF for 3yr/36k lease on a Corolla LE (model 1838) that's featured under Toyota's current lease special of $149/mo with 1,850 down. This is all for Northern Virginia
  • Could someone please provide the MF and residual for a 2010 Corolla LE lease? I am interested in the basic 1838 model that is available for $189/month with $839 down.
  • zaheerzaheer Posts: 23
    We leased a Corolla S, 5-spd Manual transmission with Leather using the special Lease from Toyota Financial:

    MSRP - $19,425
    Cap Cost - $18,864
    MF - 0.00038
    Term - 36 months
    Cap Cost Reduction - $2,180
    Residual - $11,223 with 12k miles
    Monthly Payment - $199.58 ($181.85 + tax)
    Total Drive-off - $2,995 (includes DMV - $304, Tax on Cap Reduction - $212.52, 1st month's payment - $199.58 + Doc Fee + CA Tire Fee)

    We applied the same terms to the Corolla S as with the ad car on Toyota's Website which was the base Corolla LE being offered at $119 per month with $2,999 drive-off. The MF was the lowest that I have seen. There is only about $10 going towards the rental charge; the rest is depreciation. If we had gone with 0 Cap Cost Reduction, the payment would have been $267 with around $800 Drive-off.

    If the MF was not subsidized by Toyota Financial, the payment would have been higher by at least $45 per month.
  • Hello Carman,

    What should the money factor and residual be for a 2010 Corolla LE for the current lease specials they are running?
  • Hello CarMan or kyfdx,

    I am looking for information for a 2010 Corolla LE for a 36 or 39 month lease. I was told that money factor is .0028 and the residual is .70 by Clearwater Toyota. They use Southeast Toyota Finance. These numbers do not sound right to me. Based on the advertised lease special it seems that the money factors should be .00039 - .00050. The residual should be 0.60 - 0.68.
  • Congratulations on getting your new Corolla, zaheer. Thanks for taking the time to share the details of your lease with everyone. Real world examples like this are always helpful for people who are in the market for similar vehicles.

    If you haven't already, make sure to hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others as well.

    Thanks again and enjoy your new ride!

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi christostp. The problem is that dealers in your area you are forced to deal with Southeast Toyota, which is an independent distributor rather than with Toyota directly like dealers in most of the rest of the country. SE Toyota is essentially a middleman that helped Toyota sell vehicles in the U.S. when it first arrived here. It now controls the rights to sell Toyota vehicles in the Southeastern United States even though Toyota no longer needs them. SE Toyota usually tacks on all sorts of annoying fees to deals and it forces consumers to lease through its own personal captive finance company rather than Toyota Financial Services, which is what consumers in the rest of the country use.

    Unfortunately, I do not know exactly what the details of SE Toyota Finance's current lease program are, but I would not be surprised in the least if its money factors were higher than the .00050 or so that Toyota is using in other parts of the country.

    Car_man
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  • Leased yesterday 2010 corolla LE. $135 a month $3000.00 down everything included. 36 months 12000 miles .15 after. I think it is really a good deal. I have shopped around for like 1 month, tried Civic and Sentra, they are really expensive.

    This is really good looking car. But I paid less so couldn't pick my fav color. I got a red toyota. But it looks nice. No regrets....

    One question...should I take GAP insurance??? Its gonna cost me $600.00.
  • Below is the calculations on my most recent lease. Any advice in terms of what I can do better? Need to do another lease for another child of mine. Appreciate any feedback. Probably going to wait until January 2 in order not to pay property tax in my state. End of the day I am at $103mo with tax after after a $2,700 trade.

    PS -- Why do we pay tax on the rebate, especially when the rebate is basically fronting the acquisition fee?

    MSRP $17,950.00
    Capital Cost Figure $14,056.00
    DEALER REBATE ON LEASE $(750.00)
    Less Trade In $(2,700.00)
    Acquisition Fee $650.00
    Document Prep Fee $85.00
    Net Cap Cost $14,056.00

    3YR depreciation percentage

    RESIDUAL VALUE $10,988.00
    DEPRECIATION $3,068.00

    Term period 3 year 36

    Term period 3 year interest rate-Money Factor 0.00050


    Cap + Residual $25,044.00
    $12.52

    Deprecitiation expense $85.22

    Total Base Payment $97.74

    Sales Tax @ 6.325% $6.18

    Total w/Sales Tax $103.93

    License Fee $79.00
    Tax on Rebate - 750 $47.44
    1st Month $103.93
    Total Out of Pocket $230.36
  • Yes you want GAP -- unless you want to roll the dice and assume no accident over the next few years. My gap is only $5/mo. You may want to call your insurance agent.
  • roscarosca Posts: 8
    Well, I found out too late about this forum; just drove off with the leased corolla yesterday. But would still like to know how is the following deal ...

    Leased a Corolla 2010 LE A/T with extra value package (fully powered, cruise control, weather guard, heated outside mirrors) and floor mats; 36 Mo/36 K; Residual of nearly $11,000; Paid $1400 down and now need to make 35 payments of $200 each, which includes the GAP coverage from TFS.

    Also, does any one have any experience of what happens when one turns in a leased car at the end and wants to walk away? Do they really try to nail you with even minute details and claim that it is excess wear and tear? Put another way, if I were to walk away from the leased car without a new lease or buying the leased car, how much am I looking to pay in terms of end charges? I am really worried about this since this is my first lease and I don't want to become obsessed with keeping the car clean at all times, etc.

    Thanks in advance for a detailed reply on both questions!
  • Rosca -- looks like you may have paid a bit too much, but if you are happy with the vehicle don't worry about it. I just did a second one for less than my first one. You learn each time. Most recent one was for $147 per month (tax and all) with $1,000 college grad amount. This was for a $18,210 list price, which I negotiated to $16,358, less 750 for the lease rebate and $1,000 for the college grad. At the end of the day -- don't pay anything down when you negotiate -- it may lower your monthly -- but if you crack it up after a month or two, you are out your money down.

    As for the return, I have not done one, but would not worry about it. Do a search for a 3 year old Corolla and see how many under $11K with 36K miles. Probably non. Worse case scenario you buy the vehicle -- sell it and make a grand or two,
  • roscarosca Posts: 8
    Thanks Value911: Yes, it was a learning experience for me and I hope to do a better job next time around.
  • mikenymikeny Posts: 10
    Hi,
    I'm planning to lease Corolla LE MSRP around 18150 , what is current MF and Resid. Value for a 36 month 12k lease, what would be a good price invoice/below?

    Thx
  • Hi mikeny. Toyota's lease program varies depending upon which one of its twelve regions one is in. Judging by the "ny" part of your username, I suspect that you are in New York. Let me know if this assumption is incorrect.

    Toyota Financial Services current New York region buy rate lease money factor and residual value for a 36 month lease of a 2010 Corolla LE with 12,000 miles per year are .00050 and 65%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier.

    While this residual value looks absolutely amazing, it is misleading. TFS places restrictions upon the options that can be residualized, making its real-world resids lower than its published percentages.

    As far as what sort of selling price to pay, if I was in the market for this car right now I personally would shoot for dealer invoice or slightly over.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • carzcarz Posts: 20
    I stopped by a Toyota dealer today in NYC to get a quote on a Corolla S lease. The sticker was $20655.00. The lease quote was $275.00 p/m for 36 months with only $492.00 down. The money factor used was .00050.
  • If you are in the market for a lease deal on a corolla--do it now! I just paid yesterday Zero out of pocket no payments for 30 days at 182 a month for a loaded S that books at 21,000. My money factor was .00002--wow! That is .048 percent APR. The resid on it is 12300 in three years. :D
  • afarsidafarsid Posts: 5
    Could you define a loaded S? Moonroof?

    I got a quote for a Corolla S for $179/mo, 15k miles/year, $0 down, all taxes/title/reg included, and a grad rebate. Is this good? Can they go lower?

    the msrp is $17200
  • afarsidafarsid Posts: 5
    Also, I'm in massachusetts
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