2014 Toyota Corolla Lease Questions

steverstever Guest Posts: 52,454
edited May 2015 in Toyota
For current leasing information, go to 2015 Toyota Corolla Lease Questions


Welcome to the Edmunds discussion dedicated to 2014 Toyota Corolla leasing questions.
Here you can find and discuss all the latest lease details for the 2014 Corolla, including cap costs, money factors, residual values, acquisition fees, etc. Please post any leasing questions you have or any details you’d like to share about your own lease deals.

You can also research local dealer inventory and pricing, reviews, features, and specifications, on our 2014 Toyota Corolla page.

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Comments

  • nyolmanyolma Member Posts: 1
    Hi Car Man,
    Could you tell me lease numbers (resedual, mf) for 2014 Toyota Corola for July.
    Thank you.
  • mcollins34mcollins34 Member Posts: 11

    Hi I am looking at leasing a 2014 Corolla LE for 3yrs with $0 down. Looking at both the 30k and 36k miles. Can you tell me what you see as the residuals and the money factor. thx

  • mcollins34mcollins34 Member Posts: 11

    Sorry I should have noted, please assume a strong credit score in the 790 area

  • mcollins34mcollins34 Member Posts: 11

    sorry based on previous posts is also seems relevant what region i am in. I am i South Carolina

  • mcollins34mcollins34 Member Posts: 11

    NYOLMA, did your post ever get answered or is this forum dormant

  • kyfdxkyfdx Moderator Posts: 207,893

    @mcollins34 said:
    Hi I am looking at leasing a 2014 Corolla LE for 3yrs with $0 down. Looking at both the 30k and 36k miles. Can you tell me what you see as the residuals and the money factor. thx

    I think South Carolina is within the Southeast Toyota Distributors region.

    .00190 MF and 69% residual for 36mo, 12K mi./yr. I'm not sure, but I think the subsidized Corolla leases for SET are in the 42-48 month range.

    And, while that residual is really high, Toyota doesn't residualize a lot of their options, so the effective residual percentage will likely be lower, unless you lease an LE with no options.

    On the plus side, only $300 for sales tax in SC!

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  • mcollins34mcollins34 Member Posts: 11

    Ugh that MF is not particularly good. I just leased an Audi A6 on a MF of .00031. Thanks for the info

  • mcollins34mcollins34 Member Posts: 11

    just to confirm the MF you gave me above is equivalent to approximately 4.6% APR (just multiplied by 2400), correct?

  • MichaellMichaell ColoradoModerator Posts: 206,343

    @mcollins34 said:
    just to confirm the MF you gave me above is equivalent to approximately 4.6% APR (just multiplied by 2400), correct?

    Yes, MF x 2400 generates the equivalent interest rate.

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  • 1985mb1985mb Member Posts: 60

    MF and RV (assuming no options) for '14 Corolla LE in Northeast? 36mo/15k mi

  • kyfdxkyfdx Moderator Posts: 207,893

    @1985mb said:
    MF and RV (assuming no options) for '14 Corolla LE in Northeast? 36mo/15k mi

    .00010 MF and 61% residual

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  • 1985mb1985mb Member Posts: 60

    Thanks!

  • 1985mb1985mb Member Posts: 60

    One NY dealer has told me 36/15k residual is 58%, waiting to hear back from another one in NJ.

  • kyfdxkyfdx Moderator Posts: 207,893

    I'll be real honest.. Toyota breaks up their numbers into many, many different regions and distributorships, and run regional short-term specials. We don't get all of the info, and many times, it changes mid-month, which we don't find out about, at all.

    Plus, they don't residualize all of the options, so even the residual numbers don't add up.. So, I can't vouch for our numbers as being accurate for Toyota (like I could for BMW, Audi, Mazda, Nissan, etc.)

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  • 1985mb1985mb Member Posts: 60

    You were actually correct on the percentage! It's just that Toyata/TFS calculates it on the base MSRP, even without destination. I had remembered you had said earlier that they don't residualize certain options, but I didn't realize they even take out Dest--first time I'm seeing this after calculating many leases for BMWFS, MBFS, Infiniti/Nissan FS, etc.

    I mis-spoke earlier when I said the dealer had told me 58%. He had actually told me $11,163 residual (36/15k) on a '14 LE (MSRP $19,110) and I did the math on the back of an envelope. When another dealer told me the same $RV on another LE with floor mats (MSRP $19,335) I remembered what you'd said about options and started to back stuff out. Lo and behold, 11,163 is 61% of the base MSRP before Dest ($18,300).

    @[email protected] said:
    I'll be real honest.. Toyota breaks up their numbers into many, many different regions and distributorships, and run regional short-term specials. We don't get all of the info, and many times, it changes mid-month, which we don't find out about, at all.

    Plus, they don't residualize all of the options, so even the residual numbers don't add up.. So, I can't vouch for our numbers as being accurate for Toyota (like I could for BMW, Audi, Mazda, Nissan, etc.)

  • 1985mb1985mb Member Posts: 60

    Helped a family member close the following deal today:

    2014 Corolla LE
    36 month lease, 15k mi/yr

    MSRP $18,300 + $810 Destination

    • Options: Floor Mats ($225)

    Selling Price: $17,316.00 + Doc Fee $399.00
    (easiest way to compare apples-to-apples)
    Found using Truecar

    Cap Cost: Selling price + Doc + Acq fee $650
    Down payment AKA Cap cost reduction: $109.00
    Net cap cost: $18,256.00

    Residual: 61% of base MSRP: $11,163.00
    MF: .00010

    Lease payment per month: $199.97
    Due at signing: 1st + 7% tax + Reg/title 229.50 + down $109 = $1,042.39

    If anyone wants to play around with these numbers, here's one of my spreadsheets:

    https://docs.google.com/spreadsheet/ccc?key=0AqQ7UqzGm5fRdEFVdktaN3RQeHdfR0hnX3Z4NTJHYWc&usp=sharing

    PS: Some other comments on the process

    A. Even after dealer saying throughout process that they "always honor their TrueCar pricing" they tried to sneak things like $299 window etching in there and justify it by saying TC allows them to charge whatever dealer fees they want. BS! TC states each dealer's Doc Fee upfront, and beyond that I'll choose what options I want. If I don't want etching, I won't take etching. So it got taken off.

    B. TFS' customer rebates: this seemed the shadiest part of the deal. Almost like the dealer didn't want to give it, even if it's a factory rebate that supposedly goes directly from Toyota to the end customer. Do they pocket these somehow? I've seen the fine print on many ads which say "All applicable rebates to dealer" or something to that effect. But I just don't understand how the dealer benefited from taking the rebate off the table, but they were much more agreeable without the supposed customer rebate as part of the deal.

  • kyfdxkyfdx Moderator Posts: 207,893

    Thanks.. that's good to know. I didn't realize that none of the options were residualized. That sucks.

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  • 1985mb1985mb Member Posts: 60

    I am not sure how much can be generalized from this instance. I asked dealers about the '14 LE and they came back with 11,163 so by my reverse-math I guess floor mats do not get residualized. Perhaps some other options do?

    @[email protected] said:
    Thanks.. that's good to know. I didn't realize that none of the options were residualized. That sucks.

  • kyfdxkyfdx Moderator Posts: 207,893

    I think I remember now, why I never leased a Toyota.. ;)

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  • BamaGuy35470BamaGuy35470 Member Posts: 18

    What is the money factor and residual value for a 2014 Corolla CVT LE for a 36 month/45K lease in the Raleigh, North Carolina area?

  • kyfdxkyfdx Moderator Posts: 207,893

    @BamaGuy35470 said:
    What is the money factor and residual value for a 2014 Corolla CVT LE for a 36 month/45K lease in the Raleigh, North Carolina area?

    .00190 MF and 61% residual

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  • gtmiamigtmiami Member Posts: 34

    Hello everyone,im looking to lease or if its better to finance a 2014 Corolla S - no navi just the stock.what is a good deal for South Florida?

  • txjohnnytxjohnny Member Posts: 19

    Can anyone help with RV % and MF in Texas for the following:

    2014 Corolla S - Auto - 24mth & 10k miles / year

    2014 Corolla LE Plus - Auto - 24 mth & 10k miles / year

    Thanks in advance for any help.
    John

  • MichaellMichaell ColoradoModerator Posts: 206,343

    @txjohnny said:
    Can anyone help with RV % and MF in Texas for the following:

    2014 Corolla S - Auto - 24mth & 10k miles / year

    There are no 10K miles per year Toyota leases. Residual value for 24/12 is 75%

    2014 Corolla LE Plus - Auto - 24 mth & 10k miles / year

    24/15 is 73%

    Thanks in advance for any help.
    John

    .00001 MF for both.

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  • txjohnnytxjohnny Member Posts: 19

    @Michaell - Thanks, very much appreciated!

  • MichaellMichaell ColoradoModerator Posts: 206,343

    @txjohnny said:
    Michaell - Thanks, very much appreciated!

    if you are in texas, be advised that they tax the entire purchase price of the car up front rather than just taxing the payment amount. There are tax credits to offset this.

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  • thezonehomethezonehome WashingtonMember Posts: 4

    Can anyone help with RV % and MF in WA or ID state for Tier 1 credit for the following:

    2014 Corolla S Plus - Auto - 24mth & 12k miles / year

  • nextel123nextel123 Member Posts: 6
    edited July 2014

    Hi there, I'm looking for MF, residual and any lease cash for Corolla L 3 year/36K miles in Virginia. Thanks!

  • MichaellMichaell ColoradoModerator Posts: 206,343

    @thezonehome said:
    Can anyone help with RV % and MF in WA or ID state for Tier 1 credit for the following:

    2014 Corolla S Plus - Auto - 24mth & 12k miles / year

    At the moment, we only have numbers for the southeast US. Perhaps we will get more in the next few days.

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  • MichaellMichaell ColoradoModerator Posts: 206,343

    @nextel123 said:
    Hi there, I'm looking for MF, residual and any lease cash for Corolla L 3 year/36K miles in Virginia. Thanks!

    Not sure if VA is part of the SE Toyota region, but the MF there is .00190 and the residual is 63%.

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  • zezmer1zezmer1 Member Posts: 4

    I just got a quote for a Corolla S $197 after tax. 24 months 12K yearly. $600 down. not so familiar with the MF.

    Good deal?

  • MichaellMichaell ColoradoModerator Posts: 206,343
    edited August 2014

    @zezmer1 said:
    I just got a quote for a Corolla S $197 after tax. 24 months 12K yearly. $600 down. not so familiar with the MF.

    Good deal?

    What is the MSRP and selling price? What state is this?

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  • zezmer1zezmer1 Member Posts: 4

    MSRP is $22,110
    Southern CA

  • MichaellMichaell ColoradoModerator Posts: 206,343

    @zezmer1 said:
    MSRP is $22,110
    Southern CA

    And the selling price?

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  • zezmer1zezmer1 Member Posts: 4
    Like $20,500
  • lilriceleelilricelee Member Posts: 19

    @zezmer1 said:
    I just got a quote for a Corolla S $197 after tax. 24 months 12K yearly. $600 down. not so familiar with the MF.

    Good deal?

    Corolla S Plus??

  • MichaellMichaell ColoradoModerator Posts: 206,343

    @zezmer1 said:
    Like $20,500

    $197/mo is a pretty good deal for a car that stickers at over $22,000. Enjoy!

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  • zezmer1zezmer1 Member Posts: 4
    Yes, plus. It looks like it's a statewide deal. I got the same quote in two different dealerships in southern & northern California.
  • mik821mik821 Member Posts: 5

    Hello, I keep trying to find out what is the money factor and residual for a Corolla S Plus. I am interested in leasing it for 36 months with 12k/year. I am located in Southern California.
    Thank you so much. M

  • kyfdxkyfdx Moderator Posts: 207,893

    @mik821 said:
    Hello, I keep trying to find out what is the money factor and residual for a Corolla S Plus. I am interested in leasing it for 36 months with 12k/year. I am located in Southern California.
    Thank you so much. M

    .00001 MF and 64% residual

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  • mik821mik821 Member Posts: 5

    @kyfdx said:
    .00001 MF and 64% residual

    kyfdx, thank you very much for the info, but I just wanted to clarify the MF value. Is it really .00001 like you wrote or .001 like the others have already posted in this thread?
    Thank you. M

  • MichaellMichaell ColoradoModerator Posts: 206,343

    @mik821 said:
    Thank you. M

    That is in fact 4 zeros in front of the 1 - or an interest rate of .02%.

    Almost free money.

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  • mik821mik821 Member Posts: 5

    I had to check it as it seemed too good to be true. Thanks a lot!
    M

  • kbclutchkbclutch Member Posts: 5

    Can I get the money factor for a 2014 Corolla LE for 24 months w/ 12k/year in central Illinois?

  • kbclutchkbclutch Member Posts: 5

    Also, I'd like to know the residual.

  • MichaellMichaell ColoradoModerator Posts: 206,343

    @kbclutch said:
    Can I get the money factor and residual for a 2014 Corolla LE for 24 months w/ 12k/year in central Illinois?

    .00001 and 72%

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  • bnsync21bnsync21 Member Posts: 3

    Can someone tell me the current (Aug/Sept 2014) MF and Residual values for 2014 Toyota Corolla S Premium with Driver's Convenience Package for 36-months, 15k miles with Excellent Credit? MSRP is $23,585. Thank you in advance!

  • kyfdxkyfdx Moderator Posts: 207,893

    @bnsync21 said:
    Can someone tell me the current (Aug/Sept 2014) MF and Residual values for 2014 Toyota Corolla S Premium with Driver's Convenience Package for 36-months, 15k miles with Excellent Credit? MSRP is $23,585. Thank you in advance!

    .00001 MF and 62% residual

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  • notoriousrodnotoriousrod Member Posts: 19
    Got a dealer in southern california giving me the following quotes for a 12k/3yr lease 0 down:

    2014 Corolla LE Eco Plus (auto) - $228 with tax - MSRP $21,165 - Sale Price $18,354

    He then said I can get a 2015 same model with the following details

    2015 Corolla LE Eco Plus (auto) - $245 with tax - MSRP $21,165 - Sale Price $18,354

    He said same vehicle just a 2015 and he'd give me the same sales price.

    Does this look right or does something seem off?
  • MichaellMichaell ColoradoModerator Posts: 206,343

    Got a dealer in southern california giving me the following quotes for a 12k/3yr lease 0 down:

    2014 Corolla LE Eco Plus (auto) - $228 with tax - MSRP $21,165 - Sale Price $18,354

    He then said I can get a 2015 same model with the following details

    2015 Corolla LE Eco Plus (auto) - $245 with tax - MSRP $21,165 - Sale Price $18,354

    He said same vehicle just a 2015 and he'd give me the same sales price.

    Does this look right or does something seem off?

    MF for 2014 Corolla is .00001and 36/12 residual is 62% - with your MSRP and selling price, I get a pre-tax payment of $145.64/mo. Your quote from the dealer seems high.

    I don't yet have any numbers for the 2015 Corolla so cannot comment on that deal.

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