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Land Rover LR3 Lease Questions

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  • Hello all. The wife and I went to the local LR dealership (Anaheim Hills) and took the LR3 for a test drive last weekend. The off-road course was really impressive, but the on-road was what we liked the most. As a result, we're seriously considering the vehicle.

    So, we're looking for an '06 HSE (or perhaps an SE7-nav) and the typical sticker price is about $55K (HSE+luxury package). Without any negotiating, the salesman told us that a $0-down 48-month lease would be about $850+tax/mo. This seems quite high if you ask me. An equally (street)priced Navigator is about $660/mo for 39-months.

    So, what I want to know is... What should I expect to pay for this vehicle? What should I expect my monthly lease rate to be (looking for either 24 or 36 month). What would be a fair price/rate? What would be an amazing price/rate?

    Perhaps some of you could advise what the effective purchase price for your vehicle was and what your lease rates are? I'd need to know what the lease term is, and the number of miles per year (12K/15K) and if possible. There are other important things like the money factory (effective APR) and the the residual value, but I don't expect people to know those off the top of their heads.

    For instance:
    MSRP: $55K
    Negotiated purchase price: $53K
    Lease: $700/48-mo/15K-year

    Cheers,
    -Alan
  • men2amen2a Posts: 1
    Hello.

    I just obtained a quote from the nearest dealer from my city, which is in Albuquerque, NM. After reviewing some of the postings on this page, I realize that they are quoting extremely high for a 39 MO. lease. Here's what they propose.

    '06 LR# HSE
    Sell Price $ 55825.00 +
    10" DVD, tow hitch + mats $ 1120.00
    15K miles per year.
    Money factor .00314
    Taxes and 1 month security deposit up front +
    $ 591.00 on fees.

    Monthly payment of $ 978.00
    The sales person did not mention any rebates whatsoever.

    I would appreciate any offer suggestions to make to the dealer or any leads to other dealerships where I can get a better quote.
  • I just leased an LR3 HSE, 30 months, 12K,(Heavy Duty, Luxery package, rubber mats) MSRP $56,475 for a selling price of $52,281.96. $614.00 a month plus sales tax. Alittle less than $4,000 down.
  • Hey tdo123. Individual dealers do not have the authority to alter banks' residual values, so the number that your dealer told you is probably correct. If you tell me how long you want to lease this truck for, I can tell you what Land Rover's current residual value for it is.

    Car_man
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  • Hi Alan. I can 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 through Land Rover Capital Group right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00207 and 71%, respectively. The numbers for an otherwise identical 36 month lease should be .00259 and 58%. If you were to lease with only 12,000 miles per year, this truck's residual values would be 2% higher.

    I'd be happy to give you an idea of what sort of lease payment to expect to pay on this truck right now, however in order for me to do so I need you to provide me with its full MSRP and an approximate selling price. You may be able to get an idea of how much you should pay for one right now by visiting the following discussion: Sylvia, "Land Rover LR3: Prices Paid & Buying Experiences" #, 3 Mar 2005 6:49 pm.

    Car_man
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  • Hi men2a. The lease payment that you were quoted does look a little high. There are two ways that you can reduce its payment. the first is to get the dealer that you are working with to lease it to you using Land Rover's buy rate lease money factor. Land Rover Capital Group's current 39 month buy rate lease money factor for the 2006 LR3 HSE is .00264. It appears as though the dealer that you are working with it attempting to mark this factor up to add additional hidden back-end profit to your deal.

    The other way that you can lower your lease payment is to negotiate a more attractive selling price for the truck that you want. I don't know how much of a discount you are being given on this truck because you never mentioned its selling price, but a base '06 LR3 HSE has a whopping spread of over $4,700 between its full MSRP and dealer invoice prices. There is a lot of room to negotiate in there.

    Car_man
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  • Hi Car_man,

    Interested in knowing how you source the information you have on Land Rover Capital Group's current lease programs? For those of us that have to ask ;-), assuming the money factor is the same, what would the buy rate lease residual be for 24mnths/10k miles on the 2006 LR3 HSE? Is it fairly safe to assume in most cases with Land Rover that it will be another 2% over the 12k miles residual? How often do the money factor/residual values fluctuate with Land Rover? Want to get a feel for whether it is safe to assume that if I see lease program information on this site from three days ago, it is probably still current.

    Thanks,

    ddwinell
  • My disco ll lease is up and I want to get a LR3. Is there any special programs for leaseing LR3 se7's I won't get the HSE. I prefer to lease. I can calculate the payments from the other info available here but is there any mfg to dealer money not shown on Edmunds Incentive site??
  • Hi ddwinell. I am not aware of any resource that provides information on manufacturers current lease money factors and residual values to the general public. If you were to lease a 2006 Land Rover LR3 HSE through its captive finance company right now for 24 months with 10,000 miles per year, its buy rate lease money factor and residual value should be .00207 and 74%, respectively. The residual values for 10,000 mile per year leases for Land Rovers are only 1% higher than its 12,000 miles per residuals. Unlike a number of other manufacturers that change their lease programs every month or every other month, Land Rover usually only revises its lease program on vehicles quarterly.

    Car_man
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  • Hi bikeswimrun. That sounds like the username for a triathlete. If so, I'm impressed. My triathalon usually consists of type, scroll, click :D . Anyhow, Land Rover is currently providing $1,000 dealer cash on 2006 LR3 V6 models, however this cash is not compatible with its special lease program. In your post you mentioned that you currently have a Disco. That is good news because it means that you probably qualify for the $1,000 owner loyalty cash that Land Rover has available on the '06 LR3. This cash is compatible with the lease program.

    Car_man
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  • Hi Car_man,

    I'm looking at leasing a 2006 LR3 HSE within the next few days and wanted to see if the previous Money Factor and Residual Numbers talked about last month are still valid.

    I'm looking at either 24 or 36 months for lease term and 12K miles per year.

    Thanks!
  • Hi Car_man,

    I'm looking at leasing a 2006 LR3 HSE within the next few days and wanted to see if the previous Money Factor and Residual Numbers talked about last month are still valid.

    I'm looking at either 24 or 36 months for lease term and 12K miles per year.

    Thanks!
  • british_roverbritish_rover Posts: 8,476
    Land Rover keeps their leasing programs the same normaly through the end of the quarter so no changes yet. We will probably get new leasing programs on Monday April, 4th.
  • bgardinbgardin Posts: 1
    I would appreciate you posting the new rates when they are established for the new quarter.

    Also, someone mentioned above $4700 difference between MSRP and invoice for the HSE. Anyone know the difference for the SE?

    BTW, I'm in Los Angeles, if that makes a difference on any of the rates/pricing.

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello gspringer. If you were to lease a 2006 Land Rover LR3 HSE through Land Rover Capital right now for 24 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00132 and 70%, respectively. The numbers for an otherwise identical 36 month lease should be .00202 and 58%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi bgardin. I'd be happy to give you an idea of what the LR3's new second quarter lease program is like. In order for me to do so though I need you to tell me exactly which model you want, how long you want to lease it for, and how many miles per year you need to be able to drive it. As far as this truck's pricing goes, you can find all the information that you need in the following section of this site: Edmunds.com - New Vehicle Pricing.

    Car_man
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  • I would like lease info for a 2006 LR3-SE7, MSRP-$50,500, 24 month lease, 10,500 miles a year. The salesman quoted me a sales price of $49,000, and with $0 down, he qouted me an intial payment of $1,690 at signing, and $768/month payment. This seems high to me. Any info would be helpful.
  • swanrsswanrs Posts: 1
    Car_man:

    Looking for a little help...

    I'm wanting to lease a 2006 HSE LR3 (MSRP of $55,600) for 36 months and 12,000 miles. I negotiated the price down to $51,400. Using a residual of 58% and a money factor of .00202, rolling in taxes of 6.75%, and putting no money down, I can calculate payments (using Edmunds calculator) at about $815 per month. Over the phone, my dealership agreed to all the numbers, but gave me a monthly payment of $940. He told me there were other "fees and factors" involved that brought the payment up. Am I missing something? or should I just move on to another dealer? Any help you can give is greatly appreciated.
  • madisclmadiscl Posts: 4
    car man (or anyone else that may be able to help),
    i'm considering leasing an LR3; my local dealership has a 2005 SE w/3900 miles, listed at $41,900 (I'm thinking i can get the net cap cost down to $38k). I have a trade-in, but my payoff is about equal with the trade-in value; however i can put a couple thousand down, if necessary. i would like to get into an LR3 lease with a payment less than $500...is this possible, or am i dreaming?
  • british_roverbritish_rover Posts: 8,476
    You could have done it back in December but the 2005's don't lease out well anymore so you waited too long.

    You might be able to hit that payment if you pick a 2006 V6 service loaner. They have stronger residuals then the left over 2005's.
  • pooochiepooochie Posts: 1
    Today, i was offered the following lease on a 2006 LR3 SE with cold climate pkg, lighting pkg,pti, rear seat/climate pkg, and sat radio. MSRP - $51,400...negotiated price - $47,500, Term 24 months, money factor .00174, residual value 73%, 10.5k miles per year. $0 down except for first payment, sec deposit (600), bank fee (595), and taxes (900). Monthly payments are $563.71.

    Any thoughts? Good deal? Bad Deal? Thanks alot.
  • jaiswaljaiswal Posts: 2
    I think it is a good deal. Today I was offered the following on a Loaner: 2006 LR3 SE, Java Black with 4,300 miles, Cooler box, Cold Climate, Blue tooth, rearseat/climate pkg. 15k/yr for 2yrs, MSRP 49,750 - 4,250 (discount) $4287 down, $500/month. ( This includes tax, title etc.) I am in NY.
  • 2006 LR3 V6, loaner, 2500 miles on it. $1067 down (includes 1st month payment), $500/month, 15K/yr, 30 month lease. Seems like a good deal but not sure. Only extra feature is satellite radio. Thanks in advance, please respons ASAP.
  • jaiswaljaiswal Posts: 2
    Latest on what I was offered today:
    2006 V6 LR3 Loaner car Silver/Alpaca Cooler Box, Cold Climate Pkg, Rear Seats and Rear Climate Control, Blue Tooth, Lighting Pkg and Rear Park Distance Control MSRP $50500 ...This will have about 5k miles on it.
    24 months/10,500 miles per year/ $498 per month/ $2788 total due at signing ( these include 7.375% ny tax, $262.50 dmv fee, $595 bank fee, refundable security deposit and first month payment)

    Also, here is what I was offered on Loaner SEs:
    2006 LR3 Se7 Black/Black v8 Cooler Box,Cold Climate Pkg, Blue tooth, Rear Seat and Rear Climate Control MSRP $49750 selling price $43875 Loaner car about 5k miles on it
    15k miles per year/$510 per month with $2846 total due at signing (includes NY taxes)

    2006 LR3 SE7 v8 Silver/ ALpaca with Cold Climate Pkg, Lighting Pkg with Rear Park distance control, Blue Tooth and Rear Seat Pkg with Rear Climate Control MSRP $50500 selling price is $45269 loaner car also with about 5k miles. 24 months/ 15k miles per year/ $519 per month with $2870 due at signing or
    24 months/ 15k miles per year/ $499 per month with $3325 due at signing.

    Hope this helps :)
  • british_roverbritish_rover Posts: 8,476
    V6 LR3's cannot be had with the lighting package or Park Distance control so that must be a V8.
  • madisclmadiscl Posts: 4
    this is the deal i am currently mulling over:

    2006 LR3 V6 demo. MSRP $43k, negotiated price of $39,900, $2900 down (trade-in equity & cash) to be applied to first month payment, security deposit, doc. & processing fees. 24 mo. lease, 12k miles/yr., 69% residual and money factor of .00097. monthly payment just above $500. does this all seem reasonable?
  • qpmicroqpmicro Posts: 6
    I was recently offered an '06 HSE with an MSRP of $55,450, selling price of $51,950; 24 month lease (74% residual, 10,500 miles) with $5,500 buy-down plus first month payment for $459.00. Is this a solid deal?

    I would look to put down less than the $5,500 plus I have to roll in about $3K in payments on a lease I want to give up. So I'm looking for a payment in the mid-$600
  • this is what i ended up purchasing..

    06 LR3 SE, V8, bluetooth, satellite radio, sunroof, 6 disc changer, loaner car with 2900 miles.

    with GA taxes, $555/month, $1067 down, 15k/yr, 30 month lease.

    not that it matters, but was this a good deal or not? thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi patrick18. A base 2006 Land Rover LR3 SE has a spread of over $4,000 between its full MSRP and dealer invoice prices. You are only being given a discount of $1,500 on the specific truck that you are considering. I suspect that you will be able to negotiate a better price than this if you are in an area where there is a decent level of competition. Stop by the following discussion to see how much other community members have paid for similar trucks lately: "Land Rover LR3: Prices Paid & Buying Experiences".

    When you arrive at a more attractive selling price, make sure the dealer that you are working with uses Land Rover's "buy rate" lease money factor to calculate your truck's lease payment. Land Rover Capital Group's current buy rate lease money factor and residual value for a 24 month lease of an '06 LR3 SE7 V6 with 10,500 miles per year are .00098 and 70%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi swanrs. It is difficult for me to say why the dealership that you spoke with quoted you a different lease payment than the one that you calculated on your own. I can tell you that the payment that the dealership quoted you is definitely too high. I just worked up a zero down, pre-tax monthly payment on the truck that you described, MSRP $55,600, selling price $51,400, money factor .00202, and a 58% residual value, and I came up with a 36 month payment of $701.

    Car_man
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