Deal Check: Toyota Corolla LE 2020

Hi hackers,

so I just got back from the Toyota dealership to renew my lease for a Toyota Corolla LE 2020. I didn’t make a purchase yet. I just wanted to evaluate the deal before signing anything. Here’s what they gave me for 12k Miles, 36months

Retail price: $21,522
Selling price: $20,265

I added the $500 graduation rebate on top of the cap cost decreasing the overall price to $19,765.

Therefore the dealer gave me $240/monthly with tax NOT levied into the monthly
OR
$255/month WITH the tax levied into the monthly payments

the dealership managed to waive the Document fees of $595 putting the amount id put down to $2,900. This includes all the fees I cant avoid such as (destination fee, license & registration, acquisition, etc), the first month payment, and the $546 total tax
[TAX IS ($240*6.6%) = 15.84/month * 36 months $570 total]

Can you please evaluate my deal and whether if this is a good deal or not. and what else i can do???

No they didn’t. It’s not negotiable and not possible.

Post the lease sheet or all the relevant info please. At first glance it seems like a pretty meager discount.

Edit: I read acquisition fee sorry…doc fees vary by state and they are dealer set up to the maximum allowed by the state. For example here in MI it’s max $230 or 5% of the selling price whichever is less. Research dealer doc fees for your state. Every state is different for doc fees.

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Ya I’d definitely dig for a better discount. The corolla and Toyota in general is a volume car/brand. You should be aiming for 12-15% off msrp (before incentives). You’re at 6% with what you posted without the grad incentive

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Only $1,250 discount? Really?
Should be at least the double, if not $3,000

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I quickly searched the forum and found a broker deal in CA that was significantly less DAS and a lower monthly payment (like $1500 DAS and $220/month).

Have you searched any of the broker deals near you? Looks like based on your profile you are in NJ. Even if you don’t want to go through a broker, looking at those deals will allow you to better understand what % discount to be aiming for in your area.

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I tried to negotiate the price but they actually gave me the retail/dealership price sheet. (Which I will have attached) he noted that the dealer price at $20,265 is the lowest they can go otherwise they will be at a loss.

I also brought up the Fair market price for a Toyota Corolla LE in my area shown on kellybluebook and it’s $18,122 - $20,269. Idk how else i can negotiate the price lower besides using KBB fair market price.

He showed my a binder of all the fees. Destination fee was $795. My last lease At Toyota 3 years ago was $500.

He made it seem like all those fees were fixed. I’ve also heard it’s hard to get those fees waived, reason being it’s so important trying to reduce the total cap cost of the car at low as possible.

Woah that’s insanely cheap! Unfortunately I’m not familiar with working with a broker for a car lol like where would I start?

They should sell it at lost. What are you talking about?
Go to another dealer. Pass this one

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It’s a Corolla, it should be a huge loss. Pretty normal on that car

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Just stating what the guy said. Still new to this, so when the dealer says that’s the lowest they can go after showing the FMV on KBB and Truecar, idk what else to say. It came down to a yes or no after 3 hours of negotiating. But will do. Thank you.

You can search this forum for brokers by region and read their review pages to see if you’d want to work with them. Here’s a link to a Toyota New Jersey search in the Marketplace where brokers have posted deals: https://forum.leasehackr.com/search?q=toyota%20category%3A7
You’ll have to weed through some non-relevant topics (ie brokers in California) but there are at least two - three brokers in your region that have posted recently.

If you don’t want to work with a broker and you want to do the legwork yourself, I’d definitely suggest reading up on the Leasing 101 article and the FAQs to get a better idea for how the leasing process works/what you need to focus on when negotiating.

I would also highly suggest that you don’t visit dealerships to negotiate - do all of it via email or phone.

Also, are you absolutely set on a Corolla? Depending on incentives, MF, and RV, you may be better off casting a wider net and considering other makes/models.

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Here’s just a suggestion below you can look into for a solid deal, and he’s not far away from you. Again, you’ll need to do more research so you’re more comfortable with next steps. GLWT!

Look to put as little down as possible. With $2900 down the deal you posted is horrible. I think you should be around the payment you posted with $0 due at signing (sign and drive).

Shop around, if they won’t work with you, move to another dealer who will. Or if you don’t want to deal with the hassle there’s plenty of great broker deals on here that will save you time and money.

Hey, at least you asked before you signed!! Too many people check their deal after they’ve signed, only to find out it’s not very good.

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Corolla LE is very bare bones. Get a Hyundai Elantra SEL with a ton more features for less

Also, this is one of the worst deals in Toyota history. Walk away from this dealer and never contact them again.

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Uhm in the picture you posted above this, it clearly states the destination fee is $955. Acquisition fee and destination fee are two different things. Destination fee is included in the MSRP. Acquisition fee is a fee charged when leasing.

As others have said, this is clearly an atrocious deal. Do all negotiation over phone and email. There is no need to go into the dealership and risk infection. I’m guessing this dealership has robbed you blind on all your previous leases.

Leasing a Corolla makes 0 sense typically. They’re reliable and make sense to buy and just hold. It’s all routine maintenance on them. A Tacoma, Elantra, etc will be much cheaper

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Guys thank you so much. The amount of support I got from this forum is truly amazing. I really appreciate everyone’s help! I’m still new to this forum, I literally just signed up yesterday so I’m still new to all this information.

Yeah your right. My first lease was my previous lease at Toyota, 2k down + 1800 fees for 183/month including wear and tear. So yeah they did rob me…but i desperately needed a car at the time. Now I’m trying to be smarter this time.

You say “no”

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Another point: You need to always stay away from non residualized accessories/dealer adds. If the vehicle already has them, refuse to pay for them.

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