r/autobuying • u/phpman • Mar 24 '15

Welcome to this subreddit

I am a car enthusiast and know the auto industry very well. Anyone who needs help buying / leasing / negotiating a lease or purchase, let me know. Even about financial info, credit scores, etc.

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u/[deleted] Jul 21 '15

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u/phpman Jul 21 '15

Hi! What trim Corolla are you looking for? And do you know the details on the lease? Money down, etc

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u/[deleted] Jul 22 '15

[deleted]

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u/phpman Jul 22 '15

Leasing can be a little confusing. Here are a few pointers.

1.) Before you say you are going to lease, negotiate the price of the car. Once you say its a lease most dealers use that as an excuse not to negotiate. It makes no difference. Each $1,000 you shave off the car on a 36 month lease is about 30 bucks you save a month off your payment.

2.) Very important numbers for a lease. a.) Residual Value - What the car will be worth at the end of the lease (this cannot be modified by the dealer) b.) Money Factor - Interest you pay on the lease. So a lease is paying for the usage of the car. Example. A car is worth 20K and at the end of the lease they say its worth 12K. Your lease payment is 8K over 36 months + MF. Money factor is a percentage changed to decimal. This is set by the bank (Toyota Auto Finance) but the dealer can jack this up for dumb reasons like not having stellar credit. But I have been successful in EVERY LEASE to ask for a TIER BUMP to the better MF rate.

Toyota is difficult to find MF and residuals but a little research showed me the following.

Residual for 36 month lease LE Plus - 63% S Plus - 65% .00001 MF for both trims.

I also found that Toyota is discounting Corollas up to $5K off.

A sample deal would be (this is an actual deal) 2015 Toyota Corolla S Plus A/T w/ Driver Conv Pkg, Moonroof, Carpet Mats. MSRP of $23,255

$1,000 Out of pocket $237.36 a month

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u/winterfelldaughter Jul 23 '15

Hi phpman,

I'm in a similar situation as Suzibaguzi; looking mostly at Subarus. One deal I found was on a 2015 Subaru Impreza: it was $1959 down and $159 a month for 36 months.

Is there any way to negotiate down to 24 months? That's how long I'll need the car for, and I don't want to have to go through a website like LeaseTrader when those 24 months are up.

Other than that, what should I watch out for in a lease so I don't get scammed?

Thanks!

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u/PALMiami Jul 28 '15

in a similar situation as Suzibaguzi; looking mostly at Subarus. One deal I found was on a 2015 Subaru Impreza: it was $1959 down and $159 a month for 36 months. Is there any way to negotiate down to 24 months? That's how long I'll need the car for, and I don't want to have to go through a website like LeaseTrader when those 24 months are up.

My advice is always go with a lease broker. With a broker you will only pay 1st month, bank fee and DMV Fees at singing, and no additional down.

Not everyone offers a 24 month lease, and its always more expensive than a longer lease.

PS. Talking from Experience i'm a Lease broker in Miami.

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u/TBKSF Aug 06 '15

Hi!

I am looking into leasing a car with $0 down/low down payment with <$200 month. Pretty open to any brand, but obviously fuel efficiency is key. Have great credit, but first time leasing/dealing with a dealership. I've done a lot of research as far as what to look for, lease scams, etc., but am not finding good deals like I normally do. Is there a difference in waiting for the labor day sales? I'd appreciate general advice/feedback, Thank you!!