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Toyota Corolla Lease Questions

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Comments

  • 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
    Host
    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
  • My loaded s was $19895. I had the extra value package three, moonroof, six disk, all weather package
  • afarsidafarsid Posts: 5
    how many miles? be more specific
    what state?
  • Hi-
    Hopefully you can help me out. I'm looking for lease deals on a corolla in the Scranton PA area. I'm in zipcode 18512. Can you assist me in finding a good deal? Here's one I've seen-

    Corolla Sedan (not S)
    $139/month
    $2000 down plus tax, tags, etc.

    I wonder what the money factor could be on this. I haven't been in the dealership yet. I'd like to get the down payment down to zero.

    Thanks for your help!
  • kenleslie76kenleslie76 Posts: 22
    edited June 2010
    Hello All,
    I need your help. I want to lease the Corolla S Model Auto. The dealer offer me with $1,400 down and $185 a month for 36 months. The resid value will be $11.3K after. The MSRP is $18,805 not including the anti-theft alarm by the dealer valued at $499. I'm from So Cal and the dealer is in So Cal also. Is this a good deal or I can find something better than this?
  • nujoenujoe Posts: 1
    I have been shopping for a Corolla LE in Arkansas with several options that has an MSRP of $19,000.00
    I have been quoted a lease deal based upon a sales price of $17,200.00 including a $1000.00 college grad rebate
    Money factor is .00002

    3 yr; 36K
    1800 cap cost
    $173/month = Arkansas tax = $199
    This deal seems to be a bit costly for this vehicle.
    Any feedback would be greatly appreciated.Thanks
  • Please help...Fuccillo Toyota in Grand Island NY is trying to renege on the free maintenance portion of our lease agreement. My wife leased a Toyota Corolla in April of this year because Toyota was offering the nationwide free maintenance incentive. Now, in August, we are being told that they're not sure if we "qualify" for the free maintenance. Wasn't the free maintenance incentive offered to EVERYONE in April???

    Carman and others please help!!!
  • Hey car_man & kyfdx,

    I went to a Toyota Dealership in Queens, NY yesterday and walked out with these numbers, I want to run it by you guys to see what you think of the deal:

    2010 Corolla LE
    MSRP: $18000
    Agreed Price: $16900, which he says is dealer invoice for this car. I checked on Edmonds and it's pretty spot on.
    Residual: $10210
    Bank Fee: $650
    Money Factor: .00001 (ridiculous!)
    Term: 3 yrs, 36000miles

    My questions:

    1. So, the dealer is saying that the total will be $228 a month. I did the math using the formulas and I came close to what he showed me. I got $222.03, a difference of 6 bucks. Should my number be spot on or is a difference of 6 okay?
    2. Also, is it common that Toyota doesn't include Gap Coverage? The dealer said it can be purchased for $7 a month. Can I negotiate this to be included free of charge?
    3. He gave me the residual value but I'm not sure of the residual percentage. How can I find the the residual percentage for this car?
    4. I'm trying to bring the total monthly payment to $200-$215.If they won't budge on price then I'd like to try to get a moonroof included in the car for no additional charge. Do you think this is possible?

    Please give me advice on some negotiating options I may have to bring the price down. Thanks you!
  • moe35moe35 Posts: 2
    Car_man,

    I am considering a lease of a basic Corolla LE. What is the current MF and Residual for a 36 month, 12k lease in my region (Wisconsin)?

    Thanks!
  • bee213bee213 Posts: 2
    FYI
    Here are the details of the lease I signed on January 20, 2011 in Massachusetts:

    Dealer paid off my trade ($29,000 owed)

    2010 Corolla LE Automatic
    $214/mo. for 36 months
    12k miles/year

    $627 out of pocket (included my first month payment of $214)
  • jjadamojjadamo Posts: 1
    I have a 2009 Toyota Corolla with one more year left on the lease. Once I have built equity into the car (I am guessing in about 5-6 months, once I make a few more payments, my balance I owe on the lease will be less than my trade in). A car dealer has told me an option for me to get into a new car would be for them to just buy out the lease. Would I be charged early termination fees for doing this? What other fees could I expect? Is this an option? I would be using the equity towards the lease of another car. (Not a toyota)
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