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Land Rover LR3 Lease Questions

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  • LR is offering the following lease. Anyone have any perspective for whether it is competitive?

    2008 LR3 SE with Cold Climate Package: $599/month* with a 24-month lease and a $4,687 initial payment
    Security deposit waived. Excludes taxes, title and license fees. *New and previously untitled vehicles only. Not all lessees will qualify for lowest Land Rover Credit lease. Payments may vary. Residency restrictions apply. Lessee responsible for excess wear and mileage over 21,000 miles at $0.20/mile. Lessee has the option to purchase vehicle at lease end at price negotiated with dealer at signing. Initial payment includes: $3,493 down payment, $595 acquisition fee, $0 security deposit and $599 first month´s payment. Take new retail delivery from dealer stock by 3/31/08.
  • ssp1ssp1 Posts: 115
    THanks - i never saw this reply. (My question was whther to buy at the end of the lease and you mentioned comparing market prices etc) Myfollow up question is - if the dealer has to turn around and sell my car at market, and certify it, why wouldnt they do that for me the current owner (the lease end price is like 40K and thats about 2k over market for a certified used LR3 comparably equipped). Doesnt it make sense to just sell the car right away instead of trying to take it back and then have the cost of holding it and selling it for the market price anyway?
  • Can anyone tell me the current lease rates for HSE and SE LR3's. I'm interested in the money factor and residual percentages. I have 3 months to go on my 2006 LR3 SE lease which was a 24 month w/ 15,000. Back then I put nothing other than the minimum down and pay $617/mo for a fully loaded SE with all the bells and whistles.

    I am looking for the same lease, unless there is a better rate on a 30 or 36 month lease.

    Looking at some of these deals people are getting it looks like the residuals are now a lot worse. My lease was based on a 73% residual I believe.

    Anyone gotten a good deal on a lease in the So. Cal. area?
  • Does any have any tips regarding the end of lease for a LR3?

    I am due for a end of lease soon, love the car, and am turned off at the price when comparable models with the same mileage are on ebay around 3-5K cheaper than my buy out price...

    Can you negotiate the buy out price and if so has anyone had any success doing so?
  • jjf030jjf030 Posts: 4
    I just went through the same situation with Land Rover Capital, my lease was up on my 06 LR3 HSE and I wanted to buy the vehicle, but the residual was about $5k more than it was worth. They told me on several occasions they will NOT negotiate the residual, the dealer verified this also.

    I turned the vehicle in with low miles. I leased an 08 LR3 HSE that was a service loaner and got a really good deal and big discount off the MSRP. The money factor and payment is less than my 06.

    Good Luck!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi geoffflynn. Manufacturers' official advertised lease payments are usually decent deals. However, savvy consumers who are in areas that have a decent level of competition are usually able to beat them. If I was in the market for a new Land Rover LR3, I personally would look up its dealer invoice price right here at Edmunds.com and try to negotiate a selling price that is as close as possible to that. After I had arrived at a selling price that I was comfortable with, I would have the dealer calculate my truck's monthly payment using Land Rover's buy rate lease money factor. According to the latest information that I have seen, its buy rate for a 24 month lease of an '08 LR3 SE is an attractive .00007.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ssp1. Technically the dealer doesn't own your truck, Land Rover Capital Group or whichever bank you are leasing it through does. In order to sell your truck on its lot after you turn it in, the dealer would have to buy it from the bank. They will likely be given the first shot at it before the bank takes it back and sends it to a different dealer or to auction. If you really like your truck and you want to get it certified, you may be able to get the dealer to work with you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the information that you're looking for, bigjoelr3. Land Rover Capital Group's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Land Rover LR3 HSE with 15,000 miles per year are .00023 and 58%, respectively. The numbers for an otherwise identical lease of an '08 LR3 SE are .00007 and 58%. Land Rover is providing much better money factors on 24 month leases of these trucks than it is on 30 and 36 month leases. You're right about the residual values. You were fortunately to get a 73% resid when you leased your LR3 several years ago, boy was that out of whack. The 58% residual value that Land Rover is using for this truck now is much more realistic.

    Car_man
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  • ctfarmboyctfarmboy Posts: 11
    jjf030
    I may be doing the same lease of an HSE loaner. Can you let me know your deal? My deal is around $635/mth before taxes; 30 mths; 15,000 miles/yr; no money down.
  • F.Y.I. I was offered $608 on a Loaded 2008 LR3 SE with Tech Pkg, Front/Rear Parking/Bi-Xenon, and Cold Weather Group - 3,000miles, Dealer Loaner for 36months/15,000 miles/yr.
  • jjf030jjf030 Posts: 4
    My 08 LR3 HSE, has Luxury Package, Cold Weather and Sirius. MSRP was about $58,600. I paid $50,300 for the truck, then leased it for 24 mos for $735 per month, 12K miles, no money down. It was a service loaner and had 5k miles on it.

    Your deal sounds pretty good, especially if it has the luxury package and all of the options. I am in Atlanta and bought mine locally here. Where are you located?
  • ctfarmboyctfarmboy Posts: 11
    I'm located in Northern NJ. this thing is fully loaded HSE, sticker of $57,950. It has 8,000 miles, which means it could cost me a second round of brakes/tires - my current LR3 SE needed brakes/tires at 20k miles.
  • abarryabarry Posts: 1
    I am shopping for a Land Rover LR3 HSE and would like to lease. I'm in the Atlanta area as well. It sounds like you got a good deal. Where did you buy and can you offer any tips? Thx!
  • jjf030jjf030 Posts: 4
    I bought my LR3 from Land Rover Buckhead. This is the second rover I have leased from them. I have been pleased with their service and price.
  • I am leasing an new LR3 HSE all options except the Heavy package. MSRP -$58,350
    Money factor .0019, with $7500 dealer incentive. 36 months 15000 miles/yr. I am also trading in my 01 Wrangler 4cy 72000 miles for $6200.
    Monthly payment is $685 with a buyout of $24,653 at end of contract.

    This is my first lease and I new to money factors, rent charge, etc. It seems that if I lease instead of buy I will save $4000 after I buyout.
    The purchase price for the vehicle is $54,600.

    Does this seem like a fair deal?
  • havebluehaveblue Posts: 7
    I'm in VA and just got two quotes today on an HSE w/ Lux. Both leases were for 36month w 12k miles per year and only the 1st months payment due at signing. No trade-in involved yet. Something doesn't add up so I'm investigating further.

    Deal #1
    54.1k sales price and lease for $796/month

    Deal #2
    51.3k sales price and lease for $826/month

    I think deal #2 is trying to make up the difference by charging me more interest but I didn't get the money factors out of either dealer. I have a leasing agent in TX that has done leases for me before through US Bank (apparently US Bank is starting to do LR leases for LR Dealers too)

    Both would prefer to sell me something out of their stock but I want a color that neither has in stock so both are willing to find me a truck.

    I won't know anything more until tomorrow at least. Let me know what you decide. I'll post what I find out.
  • Well you have to figure I am trading in a vehicle at $6200, that would be an extra $100/month to my bill. A few questions I am asking are.

    1-Is there a mileage charge at buyout, if not I want it in writing.

    2-Does the leasing company charge ANY fees for oving out of state, in writing.

    3-There is a $400 disposition fee if you do not purchase the vehicle, is there one if you do. In writing again.

    This link was helpful http://www.carbuyingtips.com/lease5.htm
  • havebluehaveblue Posts: 7
    I talked to a friend last night who is not involved with this deal but he is a a leasing agent and he writes leases for US Bank. When he plugged in the numbers I gave him he said that he could not match them even if he charged me nothing for his services. He's a nice guy but not my brother or anything. So now we are both curious. I'm going to contact both dealerships early this week to see if I can get the money factors that they are using on the deals.

    I have leased more than 10 higher end cars in my life and I almost always exit them a little early. I have also moved across country with leased cars several times. No one has ever asked me if I put too many miles on the car when they get my payoff check. No one has ever even batted an eye when I turned a car in 2,000 miles away from where I leased it. Heck I've leased several vehicles from dealers more than 1,000 miles. You can ask about #1 and #2 but I don't think that LRCG or US Bank will give you any hassle at all. #3 I'm not sure about as I haven't paid that close of attention to it.
  • Well I got the truck last night. Have 3 problems so far.
    1- Sunroof not working, tested it at dealership, hour later wife tried and no go!
    2- Scratches that we not repaired on drivers seat as requested, they will have to refinish seat.
    3-Sat. Radio says "acquiring signal" every time I change stations, could be ant. or bad signal. The Sat radio still works but takes 10 secs to acquire signal.

    Oh yeah I was extremely disappointed with the detailing job the dealership did, 55K on a vehicle and they did a $30 detail job.

    However I had the best salesman and the best buying experience I have ever had.

    Dealer is checking them all out on Monday.
  • british_roverbritish_rover Posts: 8,476
    For number one the sunroof module probably just needs to be reprogramed. They lose their memory sometimes and it is something you can do on your own.

    The procedure is in your owner's manual but I think I can recall it from memory.

    Press the close button and hold it for about 30 seconds but up to a minute might be required.

    Now try to open the sunroof and if it opens hold the open button till it is fully open then hold it for 30 seconds to one minute. Now press the close button again and again hold it for 30 seconds to one minute.

    The exact procedure is in your owner's manual just look in the index under sunroof.

    No idea on the sat radio thing. It could be a lot of things from something wrong with the satellites in your area to an antenna or module problem. I had a LR3 I delivered one time where the SAT radio module never got programed at the factory so even though the car had the SAT radio option it didn't recognize anything. They tried to reprogram the module but it wouldn't take so they had to just replace it.
  • havebluehaveblue Posts: 7
    Congrats on the new car!

    If the scratches you are referring to are on the leather, I don't know how that is going to turn out good. Please let me know what happens.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on getting your new truck, squealpigs. Make sure to stop on over to the Dealer Ratings & Reviews to share your thoughts on your recent dealer experience with others. Enjoy your new ride :shades: !

    Car_man
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  • mrchilimrchili Posts: 17
    Carman-
    My lease is almost up on my 2006 LR3 SE, I had a 24mo 12k yr, and I'm confused on the price of another lease. My 2006 MSRP was $50600, purchase price $47k and my pyt was $531.17 w/$3564.67 down which included everything (1st pyt, motor vehicle, bank fee, doc fee, reg fee, sec deposit). I'm now being told that a 2008 LR3 with the same features (tech pkg) is $744.26 w/$2188.76 due at signing for 24mo's 10500 miles. How could the LR3 go up that much? is this right ??

    At the same point they tell my the RR Sport is $729mo w/$3472.45 due at signing for 24mo and 10500yr. If you add all the numbers up the Sport is only $917.45 more over 2yr's......DUH, which one sounds better????

    btw....my current LR3's tires are totally worn on the inside due to a factory issue and they offered to split the $2k cost with me. It has 19k miles and I'm giving it back in a month and they want $1k because of a factory problem...has anyone ran into this problem????
  • bgsntthbgsntth Posts: 80
    I do not think there is any factory support right now on leases, so the money factor, lease cash and residual may all be effected. In 2006 they seemed to have a plethora of LR3's and no Sports. Now it seems reversed, plus the RRS has a better resale value-one of the best I've read.

    I have an unblievable lease on my 2006 as well, which I do not anticipate replicating when I turn ours in next year. Especially as I've read that only a fully-painted Gucci HSE version of the LR3 will be available.

    I would replace the GY's with the cheapest tires that fulfill LRNA's minimum req's, which I believe are HR rated and 110LI. Toyo's Open Country HT comes to mind, and is actually a better tire regardless, or the ST http://www.treadepot.com/tirelist.html

    Or the new Kumho Road Venture, which Tirerack has for only $116 a piece. http://www.tirerack.com/tires/Sizes.jsp?make=Kumho&model=Road+Venture+APT+KL51
  • british_roverbritish_rover Posts: 8,476
    The 2008 LR3 will come in just LR3, LR3 HSE and LR3 HSE LUX trim levels.

    The 2009 LR3 is essentially what a LR3 SE is now.
  • claimguruclaimguru Posts: 3
    Can anyone tell me the new lease rates for May 08 for LR3 HSE for 15,000 miles yearly for both 24 and 36 months?
  • claimguruclaimguru Posts: 3
    I received a deal today for a 2008 LR# HSE fully loaded (except entertainment system) and was wondering if it is a good deal for 36 months

    msrp 55200
    purchase price 52200
    total capital cost of 45759.95 (includes 7500.00 discount from lease company)
    acquisition fee 695
    fees and ins 599.95
    residual 43%
    15,000 miles year
    with 1424.04 down
    monthly payments included tax 802.45

    Would like to close the deal tomorrow 5/4/08
  • fallon511fallon511 Posts: 4
    I have been offered $ 7500.00 discount (non Land Rover lease). So did you negotiate your price over and beyond the 7500 discount?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the latest information, claimguru. Land Rover Capital Group's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Land Rover LR3 HSE with 15,000 miles per year are .00001 and 54%, respectively. The numbers for an otherwise identical 36 month lease are .00092 and 44%.

    Car_man
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  • xsalukixsaluki Posts: 1
    btw....my current LR3's tires are totally worn on the inside due to a factory issue and they offered to split the $2k cost with me. It has 19k miles and I'm giving it back in a month and they want $1k because of a factory problem...has anyone ran into this problem????
    ---------------------

    Yes. I have the same problem. $1400 was the cost quoted to me. It is obvious that the air suspension doesn't align properly when driving at normal speeds.

    They just decided to tell me at my last service before I return mine. They knew of an issue on my last LR related to breaks, denied it at purchase time and then wanted money at returned time.

    I will never do business with LR again. I can take mistakes, but the lying is another thing.
This discussion has been closed.