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Land Rover LR3 Lease Questions

Hi everyone. Please use the following discussion to post any questions that you have about leasing a Land Rover LR3. Thanks.

Car_man
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  • Hi, looking for lease information on this SUV. The HSE model with the V-8 fully loaded with DVD and Nav system along with the 560 Watt sound system and 19" wheels I believe. Can someone give me an idea what the current rate is for a Lease at 15K miles per year for 36 or 48 months.
    Thanks for whomever helps or replys to this question. Mark
  • Greetings Mark. I would be happy to give you an idea of what this truck's current lease program is like. If you were to lease a 2006 Land Rover LR3 HSE V8 with DVD and navigation through Land Rover Capital Group right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00295 and 58%, respectively. the numbers for an otherwise identical 48 month lease should be .00335 and 46%. Land Rover is providing cash incentives on both leases and purchases of '06 LR3 V6 models right now, unfortunately it is not giving any cash support on V8 models.

    Car_man
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  • hey car_man,

    quick question

    how do I get landrover capital to negotiate purchase price on a lease return vehicle?

    jcomeaux
  • Hi jcomeaux. There really isn't any sort of specific method that will guarantee that the bank that you are leasing through will lower your leased vehicle's end of term purchase price. The best way to go about trying to get them to do so is to place a call directly to Land Rover Capital Group a month or two before the scheduled end of your lease to see if they will be willing to lower your truck's purchase price. If your initial contact there is unwilling to work with you, you may have better luck if you work your way up to a manager. During your conversation, be sure to give the impression that you are right around your truck's mileage limit. If you are way over, they may want that large excess mileage check that they have coming to them and if you are way under your truck is more desirable to get back. There certainly is no guarantee that they will be willing to lower your truck's purchase price, more often than not banks won't, but you don't have anything to lose by asking. Good luck.

    Car_man
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  • hvfhvf Posts: 12
    Hi Car_man, could you review the following numbers and tell me if this is a rip off:
    LR3 HSE
    MSRP 55825
    LEV 70 %
    MFSR 0.00307
    Tax 1513
    Bank fee/gap 595
    cod 2334 monthly 775.99
  • hvfhvf Posts: 12
    53208 selling price
    again 775.99 monthly
  • kyfdxkyfdx Posts: 27,991
    hvf.. You'll also need to include the term and mileage allowance of the lease...

    regards,
    kyfdx
    Host-Prices Paid Forums

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • hvfhvf Posts: 12
    mileage 15000/yr for 30 mts
    thanks
  • hvfhvf Posts: 12
    Hi ,, could someone review the following numbers and tell me if this is a rip off:
    LR3 HSE
    MSRP 55825
    LEV 70 %
    MFSR 0.00307
    Tax 1513
    Bank fee/gap 595
    cod 2334 monthly 775.99
    53208 selling price
    again 775.99 monthly
    mileage 15000/yr for 30 mts
    thanks
  • What is the current money factory on a 30 month lease for a V8 SE? the residual i got was 77% which is the highest i have ever seen but I think the dealer is padding the money factor (0.0032)
    thanks
  • hvfhvf Posts: 12
    money factor 0.00307
  • Just picked up my new 2005 LR3 last night and wanted to share some info. Got a 30 month lease with $1186 down and a payment of $485/mo. for a non-used service loaner with a V8, cold climate package, rear seat, and rear park assist. Since it was a service loaner (even though it only had 179 miles on it)they were able to knock off $4400 off the list price of $47,515 and then an additional $5000 in Land Rover incentive. This brought the cap. cost down to $38,135 and they even applied a $700 rebate to the down payment to bring it down to the $1186 listed above. I think I got a great deal and couldn't be happier with my new LR3.

    I think these numbers are only good on 2005 service loaners that are left over. They are just trying to move them out.
  • Thanks for all of the additional information, hvf. OK, first let's take a look at this truck's selling price. You are being given a $2,600 discount of of its full MSRP, which isn't bad. However, given the typical spread between this truck's full MSRP and dealer invoice prices this is probably still over $2,000 over invoice. If you are in an area where there is a lot of competition for your business, I would not be surprised if you were able to beat this deal. You may want to stop by the following discussion to see how much other community members have paid for similar trucks: "Land Rover LR3: Prices Paid & Buying Experiences".

    The lease money factor and residual value that you were quoted for this truck are in line with Land Rover Capital Group's current lease program for it, but are still not great. The residual is strong, but the money factor is terrible. This is a great time to lease an SUV right now. There is a lot of competition out there and the potential pool of buyers shrank some once gas prices went up. Unfortunately, the LR3's lease program is not that great.

    I just calculated a lease payment on this truck using the prices and lease program that you mentioned in your post and I came up with a zero down, pre-tax monthly payment of around $755. If the payment that you were quoted does not include tax, it looks as though it is a little off.

    Car_man
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  • Hi shodorov. I haven't seen the exact lease program that you are looking for, the 30 month term, but I can tell you want the 24 and 36 month lease programs are like for the truck that you are interested in. If you were to lease a 2006 Land Rover LR3 SE5 V8 through Land Rover Capital Group right now for 24 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00293 and 76%, respectively for consumers who qualify for its top credit tier and pay a security deposit. The numbers for an otherwise identical 36 month lease should be .00295 and 63%.

    Car_man
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  • Congratulations on your new truck, rwalker4! Thanks for taking the time to share the details of your deal with everyone.

    Car_man
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  • Yeah if you can find a 2005 service loaner that is the way to go. You can get incredible deals on them. Your particular car was probably either a VIP service loaner that was never used, I had one of those that I sold for a similar amount that had only 85 miles on it, or was a service loaner involved in the gas tank recall. It probably got punched as a service loaner and then just a day or to later the gast tank recall came out and it could not be driven any more. I have a couple of LR3's like that as well.
  • rwalker14 - which dealer did you get that deal from? thanks
  • rwalker4 - sounds like you got a great deal - it's exactly the type I'm looking for. Can you tell me the name of the dealership and city/state?
  • Car_man, do you know if this is true or a line im being fed? my dealer has a lot full of 05 leftovers which have a 5k rebate. The catch is he can only sell them to me but not lease per Land Rover.

    thanks
  • I got the deal at Land Rover Akron in Akron, OH. Hopefully they still have a few 2005 service loaners left.

    I received both a $4400 discount for the service loaner as well as the $5000 rebate for a lease on my LR3.
  • Hi shodorov. I believe that you are being told the truth. Land Rover's normal dealer cash incentives cannot be used in conjunction with its special lease program. Land Rover is providing a $700 cash incentive for leases through Land Rover Capital Group right now though.

    Car_man
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  • bmk007bmk007 Posts: 27
    hi congrats on your LR3 deal. If you don't mind me asking what kind of payment and term did you get on your lease?

    thanks.
  • I hate to tell you this but for the benefit of others on the forum here goes: I worked back the 485 number with the other numbers you mentioned in your otiginal post - and it looks like you did not get a 5k AND a 4.4k discount - but just a 4.4k discount. with both discount your lease payment would be in the mid/low 300's

    Check your contract again. the cap cost should be in there. if it is indeed in the 38k range you need to talk to the dealer.
  • In order to get the 5k rebate you must use the Land Rover standard lease program. The standard lease programs have much higher money factors and lower residuals but because of the 5k rebate it is actually cheaper to go that route. We have been using this leasing strategy ever since the 5k rebates came out. By doing this you can actually take 5k off the car and then also use the 700 rebate from land towars cap cost reduction. This works out good for everybody the customer gets a lese payment they could never get other wise, we make a good amount of money on the front end of the car cause of the rebate while still showing a substantial discount. And finally we make a good amount of money on the back end since the money factor is higher then the special lease.
  • vt100vt100 Posts: 4
    Hi Car_Man! I've just been quoted the following # for
    2k6 LR3 SE with Navigation, Lighting Package, Cold Weather package, blue tooth, cooler box (i don't want this 2 options but that's what they have their stock packed with).
    The quote was:
    $620/month for
    putting total of $3000 with title/tax/bank fee/ deliver charge, etc... no security deposit.
    The Money Factor used is 0.00307 and residual is 77% ($39,7323)
    That's a 30month lease with 10k/month allowance.
    I've been told if I put down the security deposit of $695 I get a MF of 0,00297 and a monthly payment of $616.
    Is this a good deal, feedback appreciated.

    Thanks
  • vt100vt100 Posts: 4
    If anyone else has a comment on this your feedback will also be appreciated. Time is of the essence and I'm pretty much ready to lease, just want to make sure I'm not making a mistake.

    thanks people, and happy holidays!
  • Hi all, i was just quoted the following numbers for lease and purchase, and i would greatly appreciate it if i could get some feedback before i pull the trigger....thanks. Also, the follwoing numbers were quoted to me without me doing any negotiations, etc. I just told them that i would get back to them...

    FOR LEASE:
    2006 HSE (with Luxury pkg, Heavy Duty PKG)
    MSRP: $55825
    Quoted Price: $52500
    Miles: 15k
    Money Factor: .00307
    Residual: 70%
    Acquision fee $595
    Down payment: $1496.21 (without taxes)
    Monthly payment: $793.88 (includes taxes)

    FOR PURCHASE i was quoted $52500

    Also, i recently receive a $1500 discount coupon from Land Rover in mail. And a few days ago i had also received a 1500 discount offer from LR when i was surfering their site (a pop-up window offer). Am I entitled to one of these discounts on top of the negotiated price with the dealer?

    anxiously awaiting replies, thanks...
  • Hi & I am gald I have found this discussion. I have picked up an LR3 for test drive and was given some lease figures from the dealer and am not sure if it's right or not. It's a '05 LR3 - SE loaded - MSRP of 52,295. They will take the $5k invcentive off and give me the tax credits. They say the residual is 66% @ approx. $38k. The discounted price is approx $47k. My payment on a 30mo. w/ 20k miles per year is $899. (remember- no tax) Is that a good deal? I hope someone responds to this quickly. I plan on returning the truck to the dealer this morning...
  • There is an aditional 700 rebate you can get from land rover to use towards cap cost reduction make sure they are using that. For a 20k mile lease I guess that sounds about right. It looks high to me but I guess that is just cause I am used to using 12k and 15k leases.
  • tdo123tdo123 Posts: 102
    Carman - I am hoping you are still watching this forum.

    I am trying to work out a lease or buy on a 2006 LR3 HSE V8 with a sticker of 55,525. As of this year, they are telling me that the residual has dropped from ~70% to 68%. That seems really harsh to me and can't tell if this is from LR or the dealer.

    Do you have any info from LR that can give us some numbers.

    I am looking for 15K a year on a purchase of 52,255. Any thoughts?
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