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Toyota coralla 99$/month lease for 3yrs in md/n.va- Recent graduates get $1000 reduced of total amount on car
Not sure if anyone bashes me for toyota deal but still for few people its useful
jim coleman toyota and 355 toyota is offering 99$/month + processing amount, http://www.jimcolemantoyota.com/newspecials.htm
If you are recent graduate you will get $1000 cash back which can be used for taxes+processing+title, which will come around 108$ for va and 114$ for md resident and probably delaware is still cheaper but not sure. even though 355 toyota advertised diffrent amount they are honouring this deal.
I feel its good deal for some people.
As per store manager today is last day but may extend the promotion
Even fore camry they advertised same amount but not sure about upfront costs
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The lease deal in the op is pulled from the dealer website and lacks most of the information that you need to even determine if its a good deal and which would be necessary for anyone to understand the terms of the deal and not get conned when they visit a dealership.
That kind of headline pricing in ads is what dealers use to get people into the dealership. Open your weekend newspaper and you'll find tons of them.
In order to evaluate a lease you need the following information. The op should call the dealer, get this information and post it in the deal - only then can you know if it is a deal or not. Without this information and your understanding of it, you will be conned by the dealer.
Term of lease and miles/yr
Acquisition (Bank) Fee
Breakdown of any other fees
Total Driveoff and breakdown of driveoff.
The formula for the monthly payment is
Payment = F x (C + R) + (C - R) / N
F = Money Factor
C = Adjusted Cap Cost
R = Residual Value
N = Term (in months)
P = Monthly Payment
Other information you need to negotiate a selling price is the invoice, dealer cost and incentives in force. When you negotiate a lease you need to negotiate Selling price and ensure youre getting the buy rate on the money factor and bank fee and that any additional fees are minimal (less than $100). The buy rate is the rate that the leasing bank (toyota financial services in this case) charges - Dealer can and will try to mark those up to create additional profit for them selves. Your job is to negotiate the buy rate.
Additionally you should always put no money down on a lease. There is very little upside to putting money down. Your effective payment hardly goes down but you leave yourself open to one big risk - that risk is that if your car gets totaled you lose the down payment you put down, gap insurance will cover the balance you owe on the car. Any lease can be converted to a zero down lease
If you look up offers for md area at Toyota's website[buyatoyota.com] This is what you'll see
* $199 per month for 36 months with $199 due at signing*
*Due at signing includes $0 down, first $199 payment, and no security deposit. Tax, Tags, and Insurance are extra.
Customer is responsible for excessive wear and excess mileage charges of $.15 per mile in excess of 36,000 miles. Your payment may vary based on final negotiated price.
NOT ALL CUSTOMERS WILL QUALIFY.
** Excludes S Models **
Corolla LE 4 Cylinder Automatic Model 1838, MSRP $17,750.
Lease offer is not valid with any other Cash back or APR offer
I'm sure the op deal is based on this deal. By adjusting the drive off and fees the dealer is making the monthly payment look low. Its very likely that you can find a more desirable car at a similar payment or if you want a corolla you can negotiate a better deal from most Toyota dealers
UPDATE : I can see what the what above fellow slickdealer mentioned, i got this deal last evening, with master degree program i got my monthly paymen to $108 without any title, processing fee, tax, aqusition pay. to get the payment to 99 dollars, dealer got the price of toyota to around 14200$ plus 750 acquistion fee, 100 proceesing fee, 440 tax( for virginia, for md it around 700$) and i dont remember exactly for tags. But final amount after recent graduate degree/current pursing any 4 yr degree bought down my paymento 108$. For my friend in maryland without degree program, he got it for 136$ for maryland ( it will be little less for virginia as tax is only 3% here).
And also 2 years sevicing is free ( including oil change/car washes). Forgot to mentioned, only 36000milieage is allowed for 3 years. Again if you are recent graduate or any of your family member then you can get $1000 cash back which makes the deal very good.
Update from muniala
Based on the new information the op provided above, he could have saved a lot more money by being more informed and by educating himself on leasing.
I don't have all the details but based on what he has provided = converting his lease to a zero down leased by capitalizing the inception fee.
His monthly payment = $134 + drive off of 133 +100+440 = 673 + tags
That 134 payment is based on his selling price of 14200 which included the 1000 educational incentive currently offered by Toyota
If you didn't qualify for that incentive the monthly payment would be $162
So the advertised monthly payment of $99 is a sham - the true monthly payment is $162
No surprise there that the dealer's advertised price was all smoke and mirrors
That said the op overpaid quite a bit. Anyone wanting to buy a Corolla LE in the central atlantic states area (same as the op) should be able to negotiate a deal like this.
Based on incentives from Toyota and prices that dealers are offering in that area
Target selling price should be $13900 - $14200 BEFORE educational incentive. This is because there is a $1500 dealer cash on these cars in addition to $500 incentive for Military and $1000 educational incentive/
Reputed online dealers in that area have quoted $13900 - $14200 before the $1000 educational and/or $500 military incentive. There may be even room for further negotiation.
Based on those numbers the monthly payment for the car should be / this is the price anybody should negotiate and should get
Selling price: $14000
Money Factor 0.00002
Residual : $10372
Acq fee : 650
Monthly payment = $127 with zero down - i.e. ~$597 + tags drive off as above (127 + .03*14000 VA sales tax + $50 doc fee )
If you qualify for the educational incentive:
Selling price = $13000 and
monthly payment = $99 with zero down - i.e. ~$539 + tags drive off as above (99 + 0.03*13000 + $50 doc fee)
If you also qualify only for the military incentive
Selling price = $13500 and
Monthly payment = $112 with zero down - i.e. ~$567 + tags drive off as above ( 112 + 405 + 50)
If you also qualify for the military and educational incentive
Selling price = $12500 and
Monthly payment = $85 with zero down - i.e. ~$510 + tags drive off as above (85 + 375 + 50)
So op overpaid $134 - $99 = $35/month or $1260 over the term of the lease
Too bad that's not here in Indiana.. I'd be all over that. Note to others - you do have to pay $1500 on Carmy signing, + ~$750 dealer fees (small print). Corolla appears strictly $100/mo + ~$750 in dealer fees.
I am new to leasing - what would the total cost be over the duration of the lease?
Depends what fine print the dealer tries to add.
1. Cost per mile. You're only allowed to put 36,000 miles on the car. For the average 30 mile and under commuter, this is plenty. However, charges per mile can be extravagant if you go over this.
2. Damage to vehicle. Check the lease agreement, they may charge for damage aside from wear & tear. Sometimes even door dings you haven't caused.
In the end, the dealer won't do a lease if he can't make a profit. That doesn't mean the lease is not in your favor, he may be making money elsewhere (good: incentives from Toyota; bad: nickel and diming you in the lease terms).
1. It says Tier1+ customers. That could mean you need to qualify for the $99 deal through a credit check.
Dealer cost is about $15,000 on this car (no options, basic LE). You'll be giving him about $4500 over the term. That's 1/3rd the price of the vehicle. About in line with depreciation. If you can get the deal, it's good. Sounds like a bait & switch, though.
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