Toyota Corolla Lease Questions

CarMan@Edmunds

Hi everyone. Please use the following discussion to post any questions that you have about leasing a Toyota Corolla. Thanks.

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vbas

Hi everybody,
I am looking at leasing new Corolla LE a/t and can't decide between 05 and 06. Could you help me out? What are money factors and residuals for both of them? Assumptions: base MSRP without any options, 12K/year, $0 down, please give info on both 36 mon & 24 mon leases, if you can. Will I get a better deal on 05? Thanks a lot.

CarMan@Edmunds

Hi vbas. Toyota is not currently providing any sort of lease support on either the 2006 or 2005 Corolla. As a result, if you were to lease either one of these cars through Toyota financial Services this month, you would have to use its standard lease program. The last time that I saw it, TFS' buy rate standard lease money factor for consumers who qualify for its top credit tier and pay a security deposit was around .00245. TFS' current 24 and 36 month, 12,000 miles per year residual values for the 2005 Corolla are 56% and 50%, respectively. The numbers for otherwise identical leases of the 2006 Corolla are 59% and 52%. All things being equal, namely these cars' selling prices, the '06 model's higher residual values will make it less expensive to lease. Having said this, I am sure that dealers will willing to provide larger discounts on '05 Corollas than they are on '06 Corollas right now. The question is whether the additional discount will be large enough to offset the difference in residuals. I suspect that if you want to lease, you may be better off going with the '06 model.

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cobweb

Hey

I'm looking to lease a 2006 Toyota CE. I'm going to put $3000 down and am looking at 36 months. Does anyone have any idea of what a good deal is for this?

Thanks!

CarMan@Edmunds

Hi cobweb. How good a deal the lease that you get on your Corolla is depends upon its selling price. The selling prices of leased vehicles are negotiable, just as if you were financing or paying cash for them. Shop around and find a dealer that will give you a good price on this car, then have them calculate a lease payment on it for you using Toyota Financial Services' buy rate lease money factor. You may be able to get an idea of how much you should pay for this car right now by visiting the following discussion: KarenS, "Toyota Corolla: Prices Paid & Buying Experience" #, 6 Mar 2002 10:48 am.

One thing that you need to know before leasing this car is that you definitely should not make such a large down payment on it. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Corolla would be exactly the same, regardless of whether you had put $3,000 down, or had made absolutely no down payment at all.

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rrant

How many keys should I have gotten. According to the manual, the car comes with 3 keys. So far, they say that's it. What do I have to do to get the other key? Your help would be appreciated.

rrant

riteshd

Hi all,
I have some problem with the rpm in my toyota corrola 2001.
Actually I had turned off the engine while it was in Drive.
Now after 24 hours it is showing high rmp '4' when I drive even at 40 mph. before it was between 1.5 to 2.

Any idea? I am really worried.

thanks,
Ritesh

remmirfp

My daughter turned in her 2002 toyota corolla le for a used camry. The dealer paid the last 3 payments & told her she could drive it until the lease was up & still take the camry. She turned in her corolla & called to make sure everything was right. She was told she had to pay $245.00 for replacing the hubcaps, a $350.00 disposition fee, $45.00 for a dent she didn't even know she had and appx. 600.00 in property taxes. She called the dealer she traded it in to and he could explain nothing. Didn't know what a disposition fee was. She never missed a payment. What now?

CarMan@Edmunds

Hi Ritesh. You should be able to find an answer to your question by visiting the following discussion: "Toyota Corolla: Problems & Solutions".

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danaf

Hi does anyone know how Toyota determines the penalty for ending a lease early (after 12 months, lease term 36 months)? I am thinking of leasing a Corolla but I may have to terminate it after 12 months. If the penalty is high I won't take a chance. Thanks.

cgarrets

We went looking to lease a 2006 Accord under that "Opportunity Knocks" Honda clearance ($1,999 down, $199 a month) and had no luck. They tried to push a 2007 on us but the salesman was sleazy, so we went next door to the Toyota dealership to look at 2006 Corollas. Again, sold out. This guy also tried to push a 2007 on us, but he was much nicer about it, so we listened to his pitch for a Corolla LE. The sticker was $18,100 or so (with the audio/safety packages).

Their original asking price for a 36-month lease with 15K miles a year was $300(!) a month, $1,999 cash down, plus taxes and about $800 in the usual other fees.

I wasn't too happy about that, having started the day thinking I'd get a '06 Accord for $1,999 down and $199 a month. Yes, this is a 2007, but the Corolla's sticker price is $3,000 less, and they're asking $100 more a month?

I countered with $1,500 total out of my pocket today and $225 a month, which they said was impossible.

We went back and forth a bit and eventually it was looking like we were closing in on $260 a month plus $2,000 total out of my pocket for a 42-month lease, but I still didn't like it. I figured it's a 2007 and I'm in no rush. I said I'd think about it and we'd talk again next month.

Anyone have any info like money factor or lease residual value on a 2007 LE, so I can try to figure out what's a reasonable offer?

def3

I am moving from California to New York. I was wondering if anyone knew of any leasing companies that do business in both states that would accept my trade-in in California and credit it against my lease in New York.

Thanks!

bethl

Hi- question regarding leasing a 2007 Corolla LE (auto.)

Puchase Price: $17,500
No money down
Money factor: .00214
monthly payment: $318

What do you think?

It seems this is high for a Corolla, but I have only leased once before (and my monthly payments were $149/month for a Honda Civic which I know I will not be able to come close to this time around on any make/model). Do you know if in general it makes sense to even lease a Corolla at this time vs. a Honda Accord or Civic or VW Jetta?

Thanks

beantown

Yikes.....these offers are terrible IMO. Why would one lease a Corolla for around $300 per month with around $2K down (I realize the $2K down doesn't apply to your deal Bethl, but it does to others)? For 36 months, that would cost around $13K.

For just $2K more, you can OWN a new LE.

altisowner

My wife refuses to listen, but I'm convinced her '03 Altis 1.8L with 45k has developed a vibration in the steering wheel at idle (800-100 rpm). I even notice it in the seats, and suspect the motor mounts are loose. Is this a costly repair, and if I can't convince her to take it to the mechanic, what are the long-term repercussions? Could it be anything else?

kyfdx

Hi, altisowner..

This is a pricing discussion... You'll have a better chance of getting a response to your question here:

Toyota Corolla: Problems & Solutions

regards,
kyfdx

corollaboy

does anyone knoes where i can get a front lip for my 02 toyota corolla s, or one that is from another car that fits, need help.... also where i can get an aftermarket speedometer gauges that goes up in 20's instead of 10's like that factory ones does, and also can the stock spring be drop or lowered a little bit from the corolla?

kyfdx

Hi, corollaboy!!

Welcome to CarSpace.com forums!

You might try this discussion: Toyota Corolla Accessories and Modifications

Or.. check here for the entire Toyota Corolla group of discussions.

regards,
kyfdx
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kbill07

What is the minimum I can expect to pay on a Toyota Corolla S with 0 down,36 months, and need 10k miles.

CarMan@Edmunds

Hi kbill07. The selling price of this car will depend upon what its MSRP and selling price are. The lower your car's selling price is, the lower your monthly payment will be. I suspect that you will be able to negotiate a price that's within a couple hundred dollars of dealer invoice on this car right now. Shop around for the lowest possible price for the Corolla that you want and then have the dealer that you are working with calculate its monthly payment using its buy rate lease money factor. Toyota's lease program varies by region. If you let me know what state you are in, I would be happy to give you an idea of what Toyota's money factor is like for this car in your area right now.

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shay5

Help! My son's 3 year lease on his Honda Civic is almost over. It was a set Honda lease at $159 a mo so it was pretty standard. I've been trying to understand from your forums and the calculator about good lease deals but we've hit a roadblock I have never heard of so I wondered if anyone had done this or if there are pitfalls. My son has been looking at the Corolla. This is the offer he got from a dealer in VA. They will buy his Civic from Honda, he will pay $1500 down and they will lease him a Corolla LE that lists for $18300 for $184 a month including all the taxes and fees including his first payment.
I never heard of a dealer taking your lease vehicle and am a little skeptical.

jlawrence01

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.

dmbst68

(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!!!

rals

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!!

CarMan@Edmunds

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.

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caedward2

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.

yourapproved

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

amyglee4

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!

scalato

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!!!

aaraji

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@Edmunds

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.

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pilewan8

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

yossarian3

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?

yossarian3

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@Edmunds

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.

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CarMan@Edmunds

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.

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space_pilot

Hey yossarian3, what dealership is that deal at? I'm also in CT and looking to lease a car in this class.

kneedsacar

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

ral2167

based on that, get the jetta

dvrman

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 ?

azmom99

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!

sparkland

"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:

movingsale45

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@Edmunds

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.

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wondra14

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.

movingsale45

I am thinking (lease ) 90 Corolla S VS 09 Honda Fit Sport ? which is better deal
SF BayArea, CA thanks

amurphy7

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!

sportjunkies1

where does you mother live and I can be able to help you.

nagual

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.

CarMan@Edmunds

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.

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CarMan@Edmunds

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.

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