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Land Rover LR3 Lease Questions

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  • 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: 76
    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.
  • 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...
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