First lease ever: What do you think about this offer, and a tax credit question

Ask the Hackrs
1

Ok, I’ve always been told that leasing was stupid, that it was throwing away your money. But recently I’ve been talked into looking into it and I’m on the verge of wanting to sign this lease with Pasadena, CA Toyota. Is it a good deal or should I spend a lot of time shopping around?

Dealer says that the 4500 fed tax credit goes to me only, and the Ca rebate goes to me only for a total of 6K. Is this true? If so it seems like my monthly would be somewhere in the 250 range?

I have excellent credit and I drive about 10-11k a year.

I’d love to just do this without a lot of shopping around, and it sounds good, but from reading around here, it seems like leases get torn apart and laughed at all the time. I don’t want to feel like a sucker later on!

Prius Prime Premium, Magnetic Grey Metallic couple extras, nothing noteworthy
Market Value 30,293
Discount savings -2,189 (because of Toyotathon, I think)
Vehicle Selling Price 28,104
Doc prep fee 80
License/Title 311
Tire/Battery/VTR fee 8.75
Acquisition Fee 650
Tax on collected items 126
Total Cap 29,280.34
Down/Cash Cap Reduction -582.54
Rebate Savings -750
Net Cap 27,947.80

Base Payment 381.24
Monthly Tax 36.22
36 Month Payment 417.46

Due on delivery 1000

Rate 0.00001
Annual Miles 12,000
Residual % (30,293) 45+2=47%
Residual Amount 14,237.71

Model Number 1237

Tax 9.50%

Thanks!!! - Blake

2

You do not get the $4500 federal tax credit on a lease. It goes to the lessor. You do get the California tax credit if the lease term is at least 30 months.

3

For CA rebate, there are also income limits.

4

You need to have gross income of less than $150,000 if a single filer, and less than $300,000 if a joint filer to qualify for CA tax credits.

5

So crazy. The salesperson told me once, then again when I double-checked, that the tax credit would be assigned to me. He did hedge a bit saying that that he didn’t handle that part himself, but that Toyota financial would handle that part. Seemed too good to be true…

6

not at all surprised

7

Salesman don’t kno anything. Sometimes in high line dealers they do, but for regular brands like Toyota/Honda the desk guys purposely keep the salesmen in the dark.