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Toyota Corolla Lease Questions

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  • amurphy7amurphy7 Member Posts: 3
    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
    >
  • amurphy7amurphy7 Member Posts: 3
    Anyone have feedback?
  • rajacorollarajacorolla Member Posts: 3
    I have Tayota Corolla,ce,07/ 59,000kms. Is it worth buying 1400CAD+Tax for 5year/150000 Warranty extension?
  • t_ct_c Member Posts: 13
    Whats the money factor on the Corolla this month? (anyone please)
  • t_ct_c Member 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
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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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  • sfbay998sfbay998 Member Posts: 8
    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"
  • radicimoradicimo Member Posts: 2
    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?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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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  • radicimoradicimo Member Posts: 2
    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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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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  • TemorTemor Member Posts: 3
    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 Member Posts: 71
    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 Member Posts: 38,514
    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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  • belarusbelarus Member 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 Member Posts: 76
    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 Administrator Posts: 11,148
    Try asking in our Cash for Clunkers - Does it Work for You? discussion. Helpful & knowledgeable folks hang out there.

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  • shand32783shand32783 Member Posts: 76
    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?
  • mnappi0606mnappi0606 Member Posts: 14
    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 Member Posts: 38,514
    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 Member Posts: 30
    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 Member Posts: 30
    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
  • yossarian3yossarian3 Member Posts: 30
    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 Member 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.
  • christostpchristostp Member Posts: 5
    Hello Carman,

    What should the money factor and residual be for a 2010 Corolla LE for the current lease specials they are running?
  • christostpchristostp Member Posts: 5
    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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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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  • mikeanwamikeanwa Member Posts: 2
    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.
  • value911value911 Member Posts: 15
    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
  • value911value911 Member Posts: 15
    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 Member 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!
  • value911value911 Member Posts: 15
    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 Member Posts: 8
    Thanks Value911: Yes, it was a learning experience for me and I hope to do a better job next time around.
  • mikenymikeny Member 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
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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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  • carzcarz Member Posts: 26
    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.
  • phatsprintphatsprint Member Posts: 11
    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 Member 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 Member Posts: 5
    Also, I'm in massachusetts
  • phatsprintphatsprint Member Posts: 11
    My loaded s was $19895. I had the extra value package three, moonroof, six disk, all weather package
  • afarsidafarsid Member Posts: 5
    how many miles? be more specific
    what state?
  • luckywith8sluckywith8s Member Posts: 1
    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 Member 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 Member 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
  • doyourhomeworkdoyourhomework Member Posts: 2
    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!!!
  • chudrok84chudrok84 Member Posts: 14
    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 Member Posts: 8
    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 Member Posts: 4
    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 Member 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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