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Land Rover LR3 Lease Questions

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  • jayrod422jayrod422 Posts: 4
    My 2006 lr3 se had the factory tire issue also.. My dealership told me that I would only have to pay for 1 tire. The other 3 and the install costs would be picked by them and landrover..

    Bring up the class action lawsuit with them and tell them you will pursue it against the dealership and landrover... My dealership tried pulling this crap with me but once I started talking lawsuit and class action things changed very quickly..
  • Carman,

    Can you quote me just the residual and what kind of a lease fee that I can expect to pay for the following vehicle? I'm in Atlanta, GA.

    2008 LR3 HSE, MSRP: $57,950, Purchase Price: $46,475.
    2 Year Lease @ 10k per year.
    I will be paying the entire lease up front.

    My '08 Jeep Commander is just about to be bought back from Chrysler under Lemon Law and I'm getting back a little over $17k, I paid for that lease up front also. I'm hoping, with the great price I'm getting for the LR3, I won't have to come out of pocket with much more.

    Thanks,
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello postermike. According to the latest information that I have seen, 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 10,500 miles per year are .00213 and 64%, respectively. Using these numbers, an MSRP of $57,950, and a selling price of $46,475, I estimate that this truck's zero down, pre-tax monthly payment should be around $570.

    Car_man
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  • marczmarcz Posts: 17
    I am in California and wanted to lease a fully loaded 2008 LR3HSE (3 years, 15K miles per year). I got written competitive bids from five local dealers through checkbook.org (a non-profit car buying service that several friends had used with excellent results); none of the dealers were using Land Rover Capital. When I called the dealers and checkbook.org to inquire, I was told that LRC had ridiculously low residuals and incredibly high money factors, so all the dealers had switched to US Bank. Then the bottom fell out of the lease market, with several manufacturers saying they would simply not lease any cars. While the lowest bidder discounted the car over $4K below invoice, the residuals with US Bank went down in a matter of days from 42% to 35% for a 39-month lease, with a money factor of .00192. Still no one was using LRC for the leases. Do you have any information that would shed some light on this? It was all very strange. Thanks for your input.
  • marcz, sorry to hear about your problem. I'm planning an LR3 lease also and I'll be contacting checkbook this week or next. I used them on my last two purchases with great results. I'm sure if you contact them and tell them your problem, they will revise your information.

    What were the better lease rates they quoted you on the LR3. I'm trying to decide between a lease and purchase but leaning towards lease. I know you can get good deals on 2008 purchases. Not so sure about the leases.

    Thanks.
  • marczmarcz Posts: 17
    Checkbook got quotes from 7 dealers, all of whom were using US Bank, not Land Rover Capital. All of the dealers quoted identical residuals for a 3-year, 15K mile HSE lease (42%) and identical money factors (.00236); all had a $795 acquisition fee but no security deposit. The best cap cost was $4K below invoice. I had to lease for business reasons, but even the dealer was pushing a purchase as a much better deal. Be sure to ask about shorter and longer term leases, as well as the SE vs. HSE; I think the numbers would be different, and you can never tell which combination will produce the lowest payment. Also, if you can do 10K or 12K miles that will also make a difference. Good luck.
  • So I have an LR3 coming to the end of a 2 year lease. I love this car and in the MA current weather it has come into its own. But what next? Should I buy it at the end of the lease? If so, how much negotiation power do I have? or can I negotiate a reduced lease rate for another 2 years? or is it worth just leasing a new one?

    Currently I got 630 all taxes included for an HS with wood, running boards and other bits and pieces. 10.5k a year which is fine for me.

    We have very good credit scores...but the whole car environment has changed. What should one do?
  • Hi britman4. In order to determine whether you should purchase your vehicle at the end of your lease, you need to compare its purchase price to its value on the open market at this time. Even though it states your car or truck's purchase option price on your lease contract, you should place a call to the bank that you are leasing it through just to make sure that you have the correct figure. When you do so, it never hurts to try to haggle with them. Some banks will negotiate the lease-end purchase prices of vehicles. If your initial contact at your bank is not willing to lower your vehicle's purchase price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they will not, but you don't have anything to lose by asking.

    As I said earlier, once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values".

    Having said all of this, the market for used vehicles, particularly trucks, has absolutely imploded over the past several months. If I had to make an educated guess, I would say that your LR3's end-of-term purchase option price is likely much higher than this truck's actual value on the open market at this time. If so, you will be better off just walking away from it at lease-end.

    You might be able to re-lease this truck, but given the lack of support on used vehicle leases chances are that you would be able to get a better deal on a lease of a brand new Mercedes or Lexus.

    Car_man
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  • njmdxnjmdx Posts: 17
    CarMan,

    I've been hearing Land Rover will start an aggressive lease program for the LR3 in january -- have you heard anything about this? Current lease deals are not so good!

    thanks
  • gillzgillz Posts: 15
    Understand LR will release 2010 MY LR3's in May of 2009 which will mean many dealers won't even be ordering the 2009 models. Can this be verified ? Also wondering what big changes are in store for 2010 MY to prompt this move by Land Rover...
  • The 2010 MY LR3 will be the 2009 Discovery that is now on sale in the United Kingdom. You can see pictures and details by going to the LR site and entering the United Kingdom area instead of the U.S.

    The most significant changes are to the body with body colored fender flares & Bumpers and the door handles that are now the matte silver color, like the current Range Rover Sport. Minor styling cues are also noticable, but not dramatic. They are also changing the interior colors from Alpaca and Black to a choice of Almond, Tundra, & Ebony. The Almond and Ebony are just like the 2008 Alpaca & Black. The Tundra is a gray.

    Strangely enough, the current 2008 MY vehicles that are sitting at the port and were built after October, 2008 are using the 2008 MY body (black fender flares/bumbers) but the 2010 interior colors.

    There are TONS of 2008 LR3s sitting at the ports so LR will be dealing extensively on these until the 2010 models arrive in May, 2009. Currently there are some deals on New (not demo) LR3 HSE w/ Luxury - MSRP $57,950, sales price - $40,100.
  • lhr7lhr7 Posts: 11
    Which dealership is offering the HSE LR3 for $40,100?
  • Does anyone know the current lease rate for LR3 HSE 08 and 09 models 15K per year 24/30/36 months.
  • gillzgillz Posts: 15
    Great information. Thank you. Looks like turning the calendar to a new year won't bring back the economy ...!
  • gillzgillz Posts: 15
    Most dealers offering $14k reduction from MSRP on '08 MY LR3's in stock. Makes the LR2 seem expensive !

    Heard from a local dealer that Land Rover Capital is no longer the finance arm of LR and they have arranged a new program with Chase. Can someone confirm this and also provide some insight as to what the new incentives might be for lease/purchase ?

    Thanks.
  • I'm finally in the market for an LR3. I've been shopping the 2 local dealers this week and found this. (AZ) 8 NEW SE 08's avail. None have navigation, that's an issue. Colors are limited to black or silver. They're quoting $15k off and up to $17k off with a 'wink'. I asked about leasing, was told twice, that leasing is gone. Terms are so terrible it makes no sense. I was quoted financing at 6.25%, 60 months, with Chase who I guess is now the primary source for them given that both dealers under different ownership were talking the same terms. That's for "A" credit. I want a white LR3 with Nav + Bi-xenons. The local dealer did not want to do a search for me as he told me he could not do the discount unless he sells from his own inventory. So, I'm on the horn today to CA and NV dealers looking for that elusive White LR3 I guess. The salesman at one dealership confirmed the 09's will not touch dealer floors until mid summer and less than 1000 of those are even being built. Word was that the 2010 model will be out by August. Anyone believe for a minute they'll be getting anywhere near sticker for a slightly refreshed paint and packaging scheme? I doubt it.
  • Hi njmdx. Land Rover launched a fairly aggressive special lease program on the 2009 Range Rover Sport in January, but I don't believe that it is providing any lease support on the '09 LR3 right now. The only special promotion that I am aware of on the '09 LR3 is 1.9% to 3.9% financing.

    Car_man
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  • Hi roverdude. To the best of my knowledge, Land Rover is not providing lease support on either the 2008 or the 2009 LR3 right now. If this is indeed the case, it means that you would have to use its standard lease money factors to lease one right now. Doing so doesn't make sense, because Land Rover's standard money factors are terrible. Its current 24 month buy rate standard factor is .00515. The standard factor for 30 and 36 month leases is a little more palatable, yet still bad .00380.

    If you want to lease an SUV right now, the LR# probably isn't the right model for you.

    Car_man
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  • As noted in a prior post, I'm looking for a new LR3, preferably an 09'. After literally calling over 20 LR dealers in CA and other Western states I've found loads of 08's, most sans NAV or Bi-xenons, and 1 2009 (the elusive freshened LR3) in the desert.
    Leasing is terrible but word from most dealers is that the new Chase partnership will allow for new attractive leasing in April when the 09's start flowing. Dealers continue to quote $15K+ off MSRP on 08's but you forego the 36 month 0% if you take the discount.
  • SchumiSchumi Posts: 2
    I am in the process of negotiating a lease on a 2008 LR3 SE with Cold Climate Package and Bi-Xenon & Front Park Distance Control. The vehicle has 8088 miles on it and was a service loaner. The MSRP is $52,150. Initially I was offered the vehicle at $36,150. I want to lease the vehicle and their offer is 12k miles for 36 months at $766.93, with $1000 down. There is a $199 doc fee and local taxes of $1580. The money factor is .00229 and the residual value is $14455.

    I have since been able to get them to drop the price to $35,688 and they have now offered a 42 month lease with 12k miles at $697 per month.

    I would like to get some feedback as to how good a deal this really is. I have read some earlier posts which included some pretty low numbers for what appeared to be new vehicles.

    I would prefer a brand new vehicle, but I am not sure I would get the same kind of discount
  • kyfdxkyfdx Posts: 27,905
    It's a terrible deal... LR isn't supporting leases right now..

    At that selling price, you can buy the car for $700/mo. for 60 months..

    If the LR3 is the car you want, that's what I would do..

    regards,
    kyfdx
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    Prices Paid, Lease Questions, SUVs

  • SchumiSchumi Posts: 2
    Thank you for the quick response kyfdx. The lease is actually not thru Land Rover, but a local Colorado bank.

    My fears with purchasing the vehicle is that then I will need to get additional warranty coverage for the last couple of years. From what I have been reading in some of the posts is that there can be quite a bit of maintenance issues that crop up after the first few years. In addition, all of the service will be included in the lease, since we won't put that many miles on the vehicle.

    I love the look, drive (especially off road), and space of the vehicle, but I am not sold on its long term reliability and I thought that I might try it for 3 years. Based on the ~$14k residual, I could finance that over 2 years and be at the same place at the end of 60 months.

    Do you know of any better deals with leases? Should I push to get the money factor lowered? Should I get them to throw in some extras with the lease?
  • kyfdxkyfdx Posts: 27,905
    Your dealer probably has the best independent lease deal available on his computer.. Of course, it's almost impossible to know how much he might be marking up the rate, or if he has more room to move down in price. You can always check a website like leasecompare to see what they are offering.. to see if the dealer's bank is competitive...

    I share your worry about Land Rover's long term reliability, and resale...Having the option of just turning it in is a nice insurance policy. I just couldn't swallow a $700 lease payment on a $36K car... For that amount of payment, I'd be looking elsewhere, but you probably like the car more than I do..

    Sorry I can't be of more help..

    MODERATOR
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  • I have been searching dealers for the best price on a 2008 LR3. I have one tell me he will take $17k off MSRP. My wife fell in love with her friends. It is a great truck to drive.

    It is true there are really no 2009's and the 2010's will be out late spring?

    Is a lease out of the question?? :confuse:
  • Hi Murph. There is indeed a 2009 LR3. They should be at dealers now.

    Car_man
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  • s.k.s.k. Posts: 3
    In May 2006, I leased a 2005 LR3 SE that already had 1600 miles on it at the following terms: 36 month, 15,000 miles/year at $728.44/month (7.5% tax included) with $943 out of pocket (Including the first month payment and paper work. There was no need for security deposit but I will have to pay a disposition fee when I return the car at the end of the lease.)

    I was told by the dealer that the MSRP of truck at that time was $50,770 and that their selling price was $40,770. The options on this truck included GPS, cold weather package, and the lighting group. The dealership also told me that there were a couple thousand dollars worth of additional dealer-installed options that they were not counting in the pricing such as wood grain dash, trailer hitch...I also had a trailer braking system installed afterwards.

    A few days ago, I got a call from Bank US that since my lease is ending in two months, I could either return the truck at the end of May or buy it from them for $23,465 plus any taxes, fees and "other charges". On the other hand, they told me that they would also entertain an offer from me on the purchasing price.

    I would like to seek your advice on: (1) Are there any reasons that I should walk away from this truck at the end of the lease, e.g., some known reliability issues on 2005 LR3, high maintainence costs, etc? (2) If I should go about making an offer, what is a good starting dollar number in your opinion? (3) If I should decide to return the truck, should I do anything in getting the truck ready before returning it to avoid additional charges from the bank?

    BTW, I have about 41000 miles on the truck at this time and its conditions are OK in general. I have already bought another truck (a 2008 GMC Sierra 1500) late last year but could use the LR3 as a spare vehicle.

    Thank!
  • lhr7lhr7 Posts: 11
    To be honest with you, $23,000 is kind of high for a 2005 with 41,000 miles on it. I just traded in my 2007 LR3 HSE with 20,000 miles on it. I bought a 2008 LR3 HSE in the high $38,000. When I went back to the dealership to pick up my plates they had a 2006 LR3 HSE with a little over 20,000 miles on it for the low $20,000s. If you are going to buy a car at this time, remember you have more negotating power then ever before. Take advantage of it and push for what you can get.

    These prices related to a dealership in the DC area.
  • britman4britman4 Posts: 27
    I agree, 23k is way way too much.

    23k will get you an 07 if you're tough with them. You should be looking in the mid teens. And don't let them put the vehicle number in their PC and give you that value. Its rubbish. Just put the bid in and tell em take it or leave it. These people need cash currently
  • slauslau Posts: 3
    Ihr7 and britman4, thanks for your advice. BTW, I used the Edmund's Used Car Appraisal worksheet and got the following pricing information for my LR3 (with all the options):

    Trade in - $15,100, Private Party: $17,500, Dealer Retail: $19,500

    So is it reasonable for me to start the offer at $15,000?
  • padraicpadraic Posts: 1
    Any Word if they are gonna have a more attracttive lease deals on the LR3 in April 09?
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