UDPATE: 2016 Corolla LE Plus College Grad Lease - $125/month - 0.1% APR - No money down

Ask the Hackrs
1

Alright guys, just got back from a toyota dealership and I may have struck gold. Here’s the breakdown:

First, the basics:
2016 Toyota Corolla LE PLUS 36 month lease
MSRP: 20170
Residual amount: 12,304
Residual Value: 61% for 12k

Now comes the good stuff:
Sale Price: 18250
+$1000 Toyota Cash
+$750 College Grad Discount
+special, tier one college grad money factor of .00052 (1.25% APR)
+max multiple security deposits (9 ) = reduced money factor of .00001 or (APR .02%)

Miscellaneous:
-5.5% Sales Tax
-650 acquisition fee paid up front

According to the leasehackr calculator, this virtually interest-free lease should come out to be around 123/month with no money down

Is this the lease of a lifetime or am I dreaming? Someone please give me the green light to get this car.

2

Here are my thoughts:

I can confirm the residual and rebate amounts are correct. The base Tier 1 MF is .00042 in your region, but the provided figure of .00050 is not far off. Perhaps that’s the “college special” Tier 1 for those with limited credit history – I’m not sure.

Typically Toyota only allows MSDs with non-subvented lease rates (i.e., MF of .00200), but it doesn’t hurt to ask.

Dealer doc fees vary by state; CA has a cap of $80, whereas many states do not regulate this. Check the fine print or ask the dealer what their document fee is.

The incentives will likely be taxed.

Sounds like you already got information from dealer(s); did they provide you with a lease quote? Or did you obtain a purchase quote and obtain lease program information elsewhere? If it’s the latter, bear in mind the dealer’s quote may already include incentives, such as a $1,500 cash rebate for purchases only.

Keep us posted!

1 Like
3

I’ve also had a quote for around 165$ with no other incentives applied. They are moving inventory

4

Yes you are dreaming if you think you will just walk into the dealership and get this price right off the bat. Dealerships do not honor lease hacker prices lol. Eventually they will but not right away.

5

UPDATE:

Alright guys, straight from the dealer, here’s the final quote for this 2016 Corolla LE Plus. All fees paid up front. Six multiple security deposits. No money down.

Read it and weep:

1 Like
6

what are the $1750 total cap reduction?

7

I was wondering that, too. I think it’s coming from the $1,750 in rebates that I’m applying immediately. Not sure though…

8

Congrats! $124/month and $1,371 drive-off + $750 security deposit is great for a $20K car.

9

I get most of the lines except the Amount Applied Upfront line, what are those charges related to? is that a trade in?

10

I think that’s just my due on delivery.

11

If its delivery then it really becomes 2120 down, 124.18 month. I spoke to a dealer showing your worksheet and he stated that there was either money down or a trade in related to the upfront money. If that is the case the lease ends up being $182 per month when factoring the down amount.

Can you confirm if there was a down payment or a trade in for this deal?

12

Now that I look at it, you do raise a good question. Let’s do the math.

Right away, $750 of the $2120.86 is coming from the 6 MSDs – money I will later get back.

$1370-$125 first month payment = $1245.

$1245
----minus------
$650 Aquisition fee
$285 Dealer doc fee
$175 license/reg (I know, I know, the pic only shows license fee – trust me)

$ 135 (EDIT: I got $500 initially for some reason. Apparently I can’t count)

Anyone have any guesses on where this additional $135 is coming from, if not a down payment?

13

it could be an incentive.

14

I get a difference of around $135, not $500.

That would be the tax on the rebates and acquisition fee.

$2400 at 5.5% tax rate is around $132.

16

I wanted to use this deal at a dealer in Texas and here’s what I got. I feel something is wrong because it was too easy to get a reply. - Also there’s no $750 in the security deposit. @michael

17

Your quote includes a down payment of $2120 PLUS the drive-off fees due at signing. The OP paid a total of $2120 at signing with zero down payment.

$750 in refundable security deposits to lower the money factor to .00004
$125 first payment
$650 acquisition fee
$285 doc fee
$175 registration
$135 tax on the rebate
=$2120

18

Yes jmac is correct. All the fees outlined above were paid up front. I made no down payment. $2120 was the check I wrote to drive-off, including $750 in security deposits I will later get back.

Also, my initial college grad money factor was .00052. After requesting the max number of multiple security deposits (6), they lowered my MF to .00004, or .1% APR. I would highly suggest doing the same. It will end up saving you hundreds of dollars. Definitely toy-around with the leasehackr calculator before buying…

1 Like
19

Could any of you tell me if any of this makes sense, putting it into the leasehackr calculator the monthly payments and down payments seem inflated from what they should be

20

Where do you live? I might be interested in pulling this off too!

21

What are you using for the residual and MF when you put it into the calculator?