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What is the IFS published MF for 24 and 36 and 39 month lease. ???
What I do not understand is if I plug the numbers in to leaseguide.com calculator i get a payment of $ 520 which is what I was quoted. I used a MF of 0.00123 on the lease calculator. Does this mean that the dealer rate of 1.380 is the same as a MF of 0.00123.
It seems the tax is collected upfront as part of the net cap. This is in Ohio.
Thanks
When you said "cap cost" in your earlier post I assumed that was net cap cost so I did not add the $595 bank fee to that number. With that added the payment is $486.34 month. 6.5% tax on that payment would be $31.62 x 24 = $758.88 tax. If I roll that back into the lease the payment should be $518.90. So I don't get the same thing they do for tax or for payment.
It looks like they are hiding $378 in your lease someplace. If I put in the car plus $595 bank fee plus $378 I get a net cap of $37,763 which results in a payment of $502.54. Tax on that payment would be $32.67 x 24 = $784.08 (looks like your number for tax). If I roll that back into the cap the new net cap is $38,547.08 and makes for a payment of $536.18 per month. That is higher than what they state the payment is.
So I don't know.
AFAIK, there is nothing different between the cars produces before and after the price increase - other than the MSRP and invoice numbers.
IFS does not publish its rates, but the MF for the 24 month lease is 0.00123 . Some times dealers slide the decimal over to make it easier to say but in dealer speak I would assume 1.23 is the same as 0.00123 which is 2.952% effective finance rate. This is the "buy rate" (what the dealer pays) for top tier lessees. The dealer is allowed to mark this up for extra profit - and many do. Folks with below top tier credit could still qualify for a lease but the rate would be higher.
Dennis
Using a net cap of $37,385.38 (car + $595 bank fee) and the jacked up rate I get a payment of $496.09. Tax on that payment x 24 would be $773.90. I roll that back in and the new cap is $38,159.28 which results in a payment of $529.41 which matches the payment you stated in your first posting.
I would call them on the rate jack up and see if you can get the buy rate - or perhaps you didn't qualify for that rate (no offense intended).
In the end, your deal is not that hot. You are paying nearly $720 more than invoice AND a $250 doc fee so your price is $970 over invoice and then your dealer is (it would seem) jacking up the lease MF for extra profit.
To me, you need to be closer to $500 over invoice including the doc fee or certainly within $700 and you need to be getting the lease buy rate that you qualify for.
Dennis
I just put in a deposit and submitted my credit application for the following:
G35x, Premium, Cargo Net, Splash (in Blue Slate, Graphite Interior)
MSRP: $37,575
Invoice: $34,444
Price Paid: $34,027 + Doc Fee of $289 = $34,316
NJ Sales Tax (7% on $34,027) = $2,382
NJ Tire Tax = $7.50
Registration / Title Fee (new plates) = $344
Total OTD = $37,049.39
Dennis / Other: I would love your comments on the deal. I also have the following questions.
1. After doing the deal, I found out that the car that was sold to me was priced on the old MSRP, which is $250 less. Was I right in not making a big deal out of it?
2. I was surprised by the amount charged for registration and title fee ($344). I was told that these were just pass through costs for dealership and they had to collect all those fees on behalf of DMV. Do you guys have any info about this?
3. I will find out about my credit application in a couple of days. I was told that I should qualify for the 1.9%/2.9% APR based on my credit score. Is there anything to lookout for or concerned about there?
4. What should I focus on when I go pick up my car next week?
Dennis: Your insights were invaluable for me while negotiating this deal. Thanks for providing the leadership on this board.
Kindly provide my with your reaction / feedback.
Regards,
Adam
2. I don't live in NJ but I believe the title fee is about correct b/c you get 4 years registration in NJ for a new car (no inspection for 4 years also).
3. I think to get 1.9%APR, your credit score needs to be above 700?
4. Just the usual and enjoy your car :shades:
Also I am seeing the MF at .00144 (3.45%) 24M and .00167 (4.11%) 36M
Is this accurate as I see here 1.9?
Currently they are offering the vehicle at $482 above invoice with their dealer processing fee figured in and have offered the actual buy rates on the MF. I believe I can get them down closer to invoice but may still be $250 over. The question is what the March MF rates will look like as if I run the vehicle at invoice with the January MF rates I would actually have paid more over the 3 year lease than taking their current offer with the February MF rates.
I am coming off an Acura TL lease which ends in March and the longer their vehicle sits on the lot the better deal I can get assuming MF does not increase.
Any guidance would be appreciated.
2008 G35 Sedan, Prem Package, Nav Package, 12K Miles a year, 3K down, 36 months - $393 a month?
Thanks
2) Must be a NJ thing.
3) With IFS Tier 0 is 740 and up and tier 1 is 700 and up, AFAIK the cheap money requires you to just be in the top 2 tiers - so 700 and up should do it. They probably use an "auto enhanced" number which gives more weight to car credit than normal.
4) Make sure nothing is wrong with it - scratches, etc. Be sure that you get the deal done before the cheap money expires (shows 3/31/08 online).
Nice price, by the way.
Dennis
Dennis
1750 down
487 per month
The 487 includes taxes. The 1750 is lease inception fees.
2008 G35 Journey with premium for $3348 + tax, license and title required at consummation. $349 per month + tax for 24 months.
I would love to be able to get this car for just 2k down out the door and a monthly of 349 + tax. Unreasonable?
Can you please help me and verify if my offer is realistic. I believe I'm offering lease at invoice.
G35x w/premium,nav,splash guards,and cargo net.
MSRP is 39475 mfg before 1/08.
I estimate invoice at 36071.
595 lease aquisition fee in the lease
Net Cap Cost would be 36666.
Residual would be 71% = 28027.25 (please verify accuracy)
MF = .00123
2year lease with 12k per year
247.50 = MV docs,registration,title and tire disposal (Is this realistic?)
NJ tax rate is 7%
Monthly 470.29 includes tax.
OTD = 717.79 with 23 remaining monthly payments.
At invoice is this a correct rate calculation.
Thanks for your help.
I am a leasing Veteran, as I have had 5 leases with American Honda Finance on Hondas and Acuras over the last dozen years or so for my wife and myself.
I'm looking at the 24 month lease on the G35X, probably at the end of March, as my TL lease expires at the end of April. As such I have a few questions about leasing through IFS. They are as follows:
1. Does Infiniti offer a one payment lease, and if so, do they reduce the money factor used in calculating the payment?
2. Will IFS let me put a cap cost reduction down that would reduce the payment to $200 per month and still take full advantage of the maximum money factor reduction allowable by putting down 9 security deposits? (As I figure it, this would save me about $50 per month, effectively giving me a 30+% annual return on the security deposits - e.g. save about $600 each year by putting down extra $1800 in deposits.)
3. Will IFS let you extend the lease, or is it on a case by case basis, and if it is case by case, do they typically grant extensions?
4. Given what appears to be slowing sales, both across the industry, and on this car in particular, does anybody have any thoughts on the possibility of dealer cash on this model next month, and if so, does IFS usually allow dealer cash even on leased cars?
Let me also say that, in asking the first two questions, I understand and appreciate the risks that come along with those two things. It is a strategy that has worked for me before for family budgeting, and keeping the peace in the household. I live in rural Pennsylvania where auto theft is not generally a problem, and I figure that the odds that I will total a car are relatively small.
Thanks in advance for any info that anyone can provide. I'm at least 100 miles from the nearest dealer, but I will be traveling for work on Friday, so I'm going to go a little out of the way to hit a dealer to check out the car.
Brian
So it would appear that the current offers (and most/all lease numbers) will just be carried over for March.
Dennis
15k miles - 69%
12k miles - 70%
10k miles - IFS does not offer
How do you guys have 71%? Few dealers in NYC area have told me that 71% does not exist. Please help out.
Ed
IFS does offer 10k mile per year leases, but they no longer offer them on 24 month terms. You can get them on longer terms and the residual bumps up 1% over the 12k per year number.
If someone is looking at a non-IFS lease then they residuals and mile limits could be anything.
Dennis
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1750 + 487*24 = 13438
your total lease price of $13,438 doesn't sound like a good deal to me for G35x premium + navigation. You should have room to bargain that price down to $12,400.
Also, ask the dealership to break down your inception fees. Make sure they do NOT charge you for destination. This is because destination is always included in the MSRP (check the infiniti website). If they do not agree to void the destination charge from the inception fees, you should look to another dealership.
Keep in mind that the dealer can't change the residual, it is set by the lease bank (IFS in this case). Dealers can, and some dealers do, mark up the lease MF for extra profit. Some dealers also try to mark up the $595 bank fee, but those are pretty rare.
Dennis
That does not help at all. If you compare leases posted here from a state with 8% tax on the payment with one with a 3% tax you would think the 3% deal was better even if it was not.
If you are comparing dealer A VS dealer B for yourself from the same state, then it does tell you which is the BETTER deal but gives you no clue if you have a GOOD deal or not. You goal should be to get the best possible deal, not settle for the best possible OFFER from all the dealers you work with.
You deal the price of the car down near (or below?) invoice including the car, destination, and dealer fee (if any). The roll in the bank fee and calculate the lease payments using the IFS buy rate MF. Add taxes, title, registration, etc. The resulting payment is a good deal - and if that does not match what a dealer is offering then they are packing stuff on your deal or you figured it wrong
Dennis
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As far as this car's money factors go, Infiniti just introduced a new, slightly different lease program on it today. I believe that Infiniti Financial Services' current 24 month buy rate lease money factor the 2008 G35x is now .00123. Its 36 month money factor is now .00149.
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A credit score of 730 is great. As long as you have some sort of credit history, you should have no problem getting approved to lease this car using IFS' best money factors. They won't care that you have never leased a vehicle before.
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The best way to get a good deal on the G35 that you want is to shoot for the lowest possible selling price and then have the dealer that gives you that price calculate your car's monthly payment using its buy rate lease money factor. If I was in the market for an '08 G35 Sedan right now, I personally would shoot for a selling price of $500 over invoice.
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I just worked up a lease payment on this car for you that you can compare to the one that you came up with. According to my calculations, if you were to lease a car that has an MSRP $39,475, a capitalized cost of $36,666, a money factor of .00123, and a residual value of 71% for 24 months, its zero down, pre-tax monthly payment would be around $440.
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how much would the taxes be if i get the deal close to invoice? Dealer is offering $ 1700 total out of pocket $450 a month 24 month 12k a year. He also told me that they would make 1 out of 2 payments for my 06 coupe. Is it a good deal?
IFS used to have a multiple security deposit program that enabled lessees to make up to nine additional deposits with each one reducing the money factor that is used to calculate their monthly payment by .00010. However, just last week IFS eliminated its security deposit requirement on leases. I don't know if this changes its MSD program. Making additional security deposits, if it is still allowed, is a much better way to reduce your car's monthly payment than making a down payment aka capitalized cost reduction would be.
Most banks do allow lessees to extend their leases when then approach lease-end, either for a certain number of months or on a month to month basis, but I don't know IFS' specific policy on this matter.
I don't anticipate Infiniti introducing any dealer cash on the G35 Sedan in March. Even if it does, chances are that it will be retail dealer cash that is not compatible with IFS' special lease program. Infiniti's dealer cash usually is not compatible with its special lease money factors. Of course, it is difficult to predict exactly what automakers will do with their future programs with 100% accuracy.
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Missouri, Connecticut, and California use this method. The second way is to tax the entire selling price of the vehicle. This is how sales tax is calculated on leases in states like Illinois, Texas, and now Ohio. Lastly, some states only tax the depreciation portion of leases. This is tax is calculated on leased vehicles in New Jersey. I am not sure how it is calculated in New York, but you may be able to find out by visiting one of the following sites: New York State Department of Taxation and Finance or New York State Department of Motor Vehicles.
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Where did 71% residual for 24 months come from in your calculations. I know for February the IFS G35x 24months/12k miles program had 70% residual. Did it go up for March? Do you happen to have the new MF? The old one was .00123
Thanks,
Ed
What are the March lease rates for 15K lease, 24 and 36 month on a G35 journey with premium, nav and sport.
I've read that a lot of people here say not to pay anything down if possible on the car. Is that true?
G35 journey 0.00178 60%
G35 sport 6mt 0.00178 58%
G35x 0.00160 60%
G37 journey 0.00202 61%
G37 sport 6mt 0.00211 64%
These are the March IFS lease numbers for a 36 month lease with 15k miles per year. Add 1% to the residual for 12k miles per year and 2% for 10k per year. Note that to get these rates you have to be in IFS tier 0 or tier 1 (700 and up credit score) and that while you may QUALIFY for these rates many Infiniti dealers mark them up for extra profit.
I THINK the Feb numbers are good through Monday, so if your payment nets out to less using those numbers today would be a good day to visit your friendly dealer .
Dennis
MSRP $41,025
Net Cap Cost $38,000 (w/dealer prep & bank fee)
36 month/15K miles
MF .00178 (March rate)
Residual 60%, $24,615 (March rate)
Payment w/tax $514.67 (6.5%)
MSD (5) $2,750
Adj. Payment $488
Cash at Signing $3,406.32
When I went to review the numbers the total cap cost showed $38,500 with a $500 cap cost reduction. Before I could make the comment about the numbers being wrong he showed me a section with a $500 rebate which brought my cash at signing back in line. The only difference was I had to pay 6.5% tax ($32.50) on the cap cost reduction. However, since he was able to use the March rates and I had agreed on a deal Friday using February numbers it dropped by adjusted payment to $488.00 versus $492.24. The net affect was a $120 savings over the life of the lease so I did not have an issue with the deal.
The point of my long winded explanation is that there may be some support dollars out there from Infiniti to the dealers. Not sure but thought it was worth mentioning. Worked with Atlantic Infiniti in Jacksonville and they had the same vehicle available in Liquid Platinum just without the spoiler.
Thanks again for all the help, now I just need to find the time to learn all the features on my new toy.
Is the residual at 71% valid for 24 months and 12K.
What should the Docs, registration etc be for Northern NJ?
Thanks for your help.
Here's the deal I got at Costa Mesa Infiniti (CA) on a 2008 Black/Ebony G35 Journey with Navigation, Premium package, splash guards, and cargo net:
MSRP: $37665
Invoice price: $34432
Selling price: $34263 + document fee ($45) = $34,308
24 months, 12,000 miles per year (payment was only $2.00/month more for 36 months, but I preferred 24 months)
Total out-of-pocket: $1,384.80 (1st month's payment of $451.94, acquisition fee of $595.00, and some type of "tax" ($46.11), license fee ($288), and tire assesment fee ($8.75)
Residual value: 70%
Money factor: 0.00144
Payment: $419.41 + 7.75% CA sales tax = $451.94
I'm loving the car so far. Best of luck to the rest of you who are in the market.
Do you have March rates and residual for 24 months.
Thanks,
V
Just kidding, I posted what I have. If I get more, I will post those too.
Dennis
I just plugged your numbers into my lease calculator as:
Car Price - $34,308
Fees and Charges - $938
Gross Cap Cost - $35,246
Cap Cost Redusctions - $1384
Adjusted Cap Cost - $33,862
Residual Value - $26,665
Money Factor - 0.00144
Lease Term - 24 Months
Base Monthly Payment - $387.03
Sales Tax Rate (CA) 7.75%
Monthly Payment - $417.02
Am I wrong somewhere?
I'd like to put only the first month payment and fees but was wondering what the standard practice is for getting back the difference from my trade in. Can I expect the dealer to write me a check for the difference? Do they like to do that sort of thing or am I just better off trying to sell it on my own where I may be able to make a few more bucks? I just prefer the hassle of having to sell it on my own.
Thanks Much
Danny
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