Leasing 2017 Toyota Corolla SE Silver

Ask the Hackrs
1

Hi All,

I need some advice and opinion on the leasing deal attached. I am in Torrance, CA (90505).

I have been offered a 2017 Toyota Corolla SE for $ 180 per month (with taxes), at 0 down and 0 drive off, with a Selling price of $ 19,113.53, Cap cost of $ 17,974.81 and Money Factor of 0.00001 for 36 months and 12,000 miles. Residual value is $ 12,068.00 calculated at 53 % of MSRP $ 21,942.00

However, I was not informed about an additional $ 20 per month to include the GAP insurance provided by the dealer, until the lease was printed and offered for signing. Including the GAP insurance, my monthly payment shoots up to $ 200 per month. I felt skeptical about the GAP insurance not being included in the deal, so I did not buy it through the dealer.

I have signed the deal, but I have not driven the car home yet. I am supposed to pick it up tomorrow from the dealership.

I was happy with the deal until the additional expense 20 bucks per month for GAP insurance was revealed to me at the time of signing. I assumed that most brands include GAP insurance in the deal, and it is not an option for the lessee to choose. Was I tricked here ?

If so, do I have a chance to still refuse to pick up the car tomorrow and cancel the deal ? I was trying to find a lease deal under $ 180 for a basic sedan in Southern CA, and Toyota seemed to offer good features in this range. Can anyone suggest a good deal or brand to target in this range?

Thank you.!

IMG_5326 (1)
IMG_5326 (1)2306×1473 638 KB

2

TFS does not include GAP in their leases. You can decline it or get it through your own insurance if you like.

3

@Jon, thanks for your quick response. Do you have any recommendations for GAP insurance providers ? Some auto insurance companies offer GAP, but they only cover for 25% of the total amount. I am looking for a GAP insurance provider that offers to cover 100% of my GAP amount at the time of loss.

Besides the GAP, how do you like the deal ? Does 180 per month for a 2017 Corolla SE at 0 down sound like a good deal ?

Thanks.

4

I’ve never heard about GAP covering only 25%, but then again, I’ve never done much research on GAP insurance since I have leases through LFS and IFS and they both include it.

The Corolla deal looks good, but you can always get a quick quote from @Cody_Carter to compare. Good luck.

5

You must be College grad getting that large of a rebate. Its about $1600 under invoice. If you were to give the dealer a small (Fair) Profit you could buy gap at $370 and your payment will increase by $11.57 per month.

Retail on Gap is $995.00
Cost is $170

I normally could beat this deal they offered you but I am sold out of 2017 SE.

Hope this helps

1 Like