Toyota Financial Services Lease or buy

[Anonymous]

The good, the bad, and the ugly.  Would anyone like to share their experience?  I'm thinking of trying to lease a 2015 Corolla.  They're advertising a 2015 LE for $169 /mo. with $1500 down. 

I've never leased a car before, always purchased with financing.  MyFico.scores are EQ 724 TU 709 EX 715

I do still have a judgement and 3 small CAs reporting on all 3.  This would be the last credit app before I go to the garden for at least a year maybe 2.

Thanks to everyone!!!  

[SamsungHDTV]

Buy > lease. Financially, this is always the best route. The only way I would ever recommend a lease (basically a long term rental with mileage restrtictions), is if you're fancy and like to switch cars every few years. 

Buy buy buy!

[heyitsyeh]

You should definitely buy if it's a Corolla. Those cars are meant to last 10+ years (which obviously favors buying) with minimal maintenance but also have really good resale value if you don't want to keep it that long. Can't go wrong with buying if you want to keep your options open.

[Anonymous]

I purchased a scion xB through Toyota Financial in 2004. They were helpful and I never had a problem. 

I too would suggest buying the Corolla as opposed to lease. My scion (a Toyota under the hood) has been absolutely bomb-proof. Change the oil, change the brake pads, and away you go. 131k miles and counting. Granted, not the most enjoyable ride in the world, but there ya go.

While I understand the financial reasons a lease isn't the best way to go, I am actually considering it for my new ride. Because I wouldn't mind making lower payments for 2 years while I build my credit up even better, in time for my next "ten year car" purchase. (I can't afford my "forever car" at the moment) Nonetheless, that Corolla will last you forever if you want it to, so buy away.

[salem]

I leased my Toyota Corolla 5 years ago for 36 months and then bought it out. It was a nice car with a great buyout ....around 12k....when I bought it after my lease ended with no money down I kept it for two years and recently traded it in with full payoff from dealer for my trade. I could have sold it privately and made money after just two years of financing making my minimum monthly payment. I have leased many cars and always enjoyed having a lower payment and I liked the fact that I could buy it out and it would be considerably less than it was three years ago (if I had bought new) but that I knew who took care of it and that it was well maintained. I know that toyotas and Hondas values hold up pretty good and those are the only cars I have leased. I just recently leased a Honda one month ago and I Plan to buy it out after my lease as well! No haggling over the price and it's easy in and out !!

[Anonymous]

Thanks!

[salem]

I should add that I have never put any money down on a lease. They can do zero loan options and for that deal you have above zero down would probably be around $200 a month. The Honda civic I just leased is for $220 a month with zero down and it was their base model. Just make sure you know what the mileage is and the cost of you go over , however if you buy it out you most likely won't have to pay for miles. Also pay attention to the "disposition" fee and that's for if your turn it back after lease usually anywhere from $300-700. Often times if you lease another or buy then you won't need to worry about it . Hope this helps! 😊

[Anonymous]

The only reason I'm considering a lease at this particular time is I need a new car (predictable maintenance exp for the most part), and lowest monthly cash outlay for the next 12-24 months while I reenter the workforce and stabilize my personal situation.

The advertised lease payment in combination with the Toyota no cost maintenance for 24 months is looking really attractive to me. I know I can afford $200/month on my current income, and I have enough available credit/savings to handle most emergergencies. Also within 12 months I'll have my daughter's braces pd off which frees up another $200 month. Add in income from new job during that time, things are looking pretty darn i good for me.

Can anyone give me an idea about Toyota's credit/lease eligibility resuirements?

[Luscher]

I leased a scion tc through TFS in 2011. Very easy and all maintenance was free. (oil changes, inspections) It was great. I even bought out my lease at the end.