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Toyota Corolla Lease Questions

108 messages,  Last post on Nov 15, 2012 at 11:39 AM

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What is this discussion about? Toyota Corolla, Car Leasing, Sedan

Messages Page 9 of 11

#79 of 108 October 2009 Lease Terms for 2010 Corolla by christostp

Oct 28, 2009 (7:59 am)

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

#80 of 108 Lease Money Factors and Residual Values by christostp

Oct 28, 2009 (1:11 pm)

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.

#81 of 108 Re: Lease Details on Corolla S in SF Bay Area [zaheer] by Car_man HOST

Nov 03, 2009 (4:03 am)

Replying to: zaheer (Oct 06, 2009 1:54 am)
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
Host
Prices Paid: Buying & Leasing Experiences Forum

#82 of 108 Re: Lease Money Factors and Residual Values [christostp] by Car_man HOST

Nov 03, 2009 (4:09 am)

Replying to: christostp (Oct 28, 2009 1:11 pm)
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
Host
Prices Paid: Buying & Leasing Experiences Forum

#83 of 108 Just leased by mikeanwa

Dec 04, 2009 (3:53 pm)

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.

#84 of 108 Leased, ready to do another one -- advice requested by value911

Dec 14, 2009 (11:15 pm)

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

#85 of 108 Re: Just leased [mikeanwa] by value911

Dec 14, 2009 (11:17 pm)

Replying to: mikeanwa (Dec 04, 2009 3:53 pm)
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.

#86 of 108 Toyotathon Lease -- Is it any good? by rosca

Dec 22, 2009 (2:34 pm)

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!

#87 of 108 Re: Toyotathon Lease -- Is it any good? [rosca] by value911

Jan 07, 2010 (1:57 pm)

Replying to: rosca (Dec 22, 2009 2:34 pm)
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,

#88 of 108 Re: Toyotathon Lease -- Is it any good? [value911] by rosca

Jan 11, 2010 (5:22 pm)

Replying to: value911 (Jan 07, 2010 1:57 pm)
Thanks Value911: Yes, it was a learning experience for me and I hope to do a better job next time around.

Messages Page 9 of 11

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