Alright just got quoted on a 36 / 12 lease let me give you some background first:
Edmunds came in at MF .00071 with 57% residual with $300 in lease cash
MSRP $26,883
Discount $3360
Rebate $1300
Sale Price $22,216
Taxable Fees $665
Tax $606
Non-tax fees $75
Net Price $23,563
They broke it down to $2,400 drive off with $196/month.
I told them it didn’t compute with what I ran and I wanted lower. We left with nearly matching offers from Honda on an EX-L Civic Hatch and a Toyota Corolla XSE Sedan (different dealer networks different days).
Any input on the deal? It was run through TFS where I have a lease already. My wife is split on the deal because it is optioned up leather/heated/remote start/premium wheels ect. Toyota Care is 2 years and Honda Maintenance is just 1 year.
Outside of that total effective cost 262 Toyota / 272 Honda with less than $100 difference in drive off.
Fire away! Good deal? Bad Deal? Any techniques to sweeten the pot? Tonight the F&I guy asked if when my wife comes back that I let here do it alone (hahaha) because I suggested cap reduction by pulling the fees&taxes out + applying MSDs and running it through Ally/US Bank vs TFS. He basically was like wtf guy I can’t do better was his tactic.
How are you coming up with $1300 rebate if you said the lease cash is $300
I have no idea. I spoke to them and when I handed the deal over to my wife they changed it and came back with a more aggressive price. IDK what rebate they grabbed as I was dealing with my vehicle at the time in service dept.
I was surprised too. Maybe she Lewinsky’d the deal when I was out of the room. When I ran the #'s on the calculator I was way lower than $196/2400.
I suspect due to her Honda and Hyundai offers they were trying to match to get a return customer.
She’s probably factoring in the purchase rebate and the lease rebate. They can’t be combined
What other rebates and where do the incentives fall? When I don’t look at it as a straight PO with Cap Cost and Reductions.
Keep in mind I did this from memory since no one wants their proposals and POs walking out the door these days. I may be off a few places but I do remember small rebate, return big rebate. But it was NEVER $300 or $600 like I have seen quoted here and on Edmunds.
We do tick the box for loyalty, military, college, toyotathon blah blah blah. Like if there was a rebate, incentive, or advertised thing like Presidents sale I read the fine print and made sure they had what they needed to cover our bases. Once I gave them what they needed she took over and they did their thing. We were told not all of those apply with eachother during the process.
We have a nearly matching offer from Honda on a Civic EX-L and their dealer breakdown was almost EXACTLY the same. Different days, different auto groups in different towns.
Toyota doesn’t do a ton of rebates so it’s unlikely.
Unless you have a currently corolla lease which might add extra $500 depending on your region.
Hard without the worksheet.
Our region a blow out deal is $0 drive $282 plus tax. $600 lease rebate
I asked for a worksheet or P/O up front. The only reason we looked at the car was one of the Honda finance lady’s pissed me off and I wanted to get one over on her by sending her a Toyota competing proposal haha. Also, the Toyota guys didn’t know anything about MSD’s and scoffed at the idea that a current TFS customer would ask them to run it through Ally and US Bank.
When I leased last time with TFS I got my eyes screwed out initially but my lease equity turned out okay in the end. It was my first lease. Then I handled acquisitions in my next position and ended up handling a bunch of BMW/Lexus/Toyota/Nissan ect leases for executives at my work.
I’ll be straight up I was trying to Lease Hack a Honda Civic for my wife. But when we may have lease hacked a Corolla? IDK if its technically a deal though because we could have gotten $275/$0 up front and effective cost with a big out of pocket only brought that down to $262 effective. But for a loaded up gas getter I thought it was an okay. It didn’t do it for me personally as I’d want like a $160 payment to take a Corolla over that hot looking Civic Hatch any day but whatever my wife chooses thats on her. She clearly did okay negotiating. I didn’t return to a $400/month proposal like I did at Hyundai (I laughed and told that woman Acura ILX A-Spec beat her Hyundai deal followed by BMW and Lexus)
I’m no longer welcome at Hyundai.
In case anyone is wondering I haven’t seen the worksheet yet or signed, but Honda hit me back with a 2020 Civic EX-L Hatchback that beat this Corolla XSE deal!
I was surprised too. Now its up to my wife to choose which one she wants. I think TFS didn’t wanna lend above T2 and I think Honda gave her the bump to T1 to make it happen.
So honestly its a wash… She’s down to figuring our which colors she likes more. We also have a 2nd Honda dealer that is yet to return their final #'s so who knows? I have a signed offer from each Toyota and Honda at this point. Shopped 2 dealer networks each and hunted brokers on here. Can’t find better deals anywhere.
@Cody_Carter what happens if they deny my wife one (or more) of these rebates after the fact? Like if they wrongly stacked or she didn’t meet some fine print
I ran the #'s and she didn’t get a smoking deal in the breakdown. Like usual I guided her as best I could but I left the room and let her do her thing. They got a couple things over on her but she still walked out $195 / $2500 at a fair deal. She had no credit history and wasn’t confident so I knew she wasn’t walking out T1 when she got mad when I told her to walk on the deal. If you can’t walk and are unsure of the techniques they will win some for sure.
Had she listened to my advise about how to use that money and what to look out for she would have landed with the proper MF and a lower monthly. But if she’s happy I’m happy. I would have also been more picky about where they utilized my funds (applying MSD, knowing whether cap reductions are worth it with OH taxes on them ect).
Still couldn’t find where that hefty rebate came from but as usual they tried to mark up to apply big discounts. Normal F&I games nothing worth crying home about. She can afford her minor mistakes. I pulled the calculator and lined up what she could have gotten vs where she landed and showed her how they manipulated to pad the rent charge. I think she understands better her power. She also now will have a tier 1 when she goes back in a couple years she can try again.
She made out better than I did when I did my first lease.
