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Land Rover LR3 Lease Questions

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  • goirish2goirish2 Posts: 10
    Last week I leased a Land Rover LR3 SE v8 (5 passenger) with the lighting package, bluetooth, and sat radio.

    My price was $1K above invoice, then I applied the coupon for a net price of $500 under invoice. The lease term is 24 months with 15K miles. The MF is .00150 and I talked them into bumping the residual to 73%. My only fees were the state mandated fees and tax, tag, and title and the $595 acquisition fee. I rolled all of those into the lease for a payment of about $525 per month. They threw in a set of black rubber floor mats ($130.00).

    Overall, I was happy with the experience, but disappointed that I couldn't get them to go a little lower. Here in SWFL, they just don't have much competition. I've had the car for a week and really love it.
  • mrchilimrchili Posts: 17
    Hey Teki,

    go to landroverusa.com and on the right side of the screen you'll see 4 drop down columns.....go to the "request information" drop box and just fill in the info.

    Can't really say when their going to stop sending them to people, mine was valid for month of June.

    Good luck
  • ralrobralrob Posts: 2
    By clicking on the more information link, I got in the mail a nice brochure about Land Rover vehicles, no coupon!
  • Goirish2 that sounds like an incredible deal. Are you kidding me, $525 a month for 24 months with all the fees rolled into the deal. Frankly I think it's impossible.

    Car Man can this deal be true? The car goirish is talking about has MSRP of $47,900. Invoice is at $43,600. Assume after wrapping everything in as he suggests, he is still at invoice (which is hard to believe all by itself). With a money factor of .00150 and a residual of 73%, the payments for 24 months should be $604 plus tax. Unless my calculator is wrong, which I doubt, there is no way in heck you can be at $525. Where is this dealer and how do I get the same deal? I'll take two at that price.

    I was just at the Land Rover dealer a few hours ago trying to work on a deal, but I couldn't get it anywhere close to that price. Just FYI, the deal I was quoted was on an LR3 V8 SE 7 seat, with no other options. The MSRP is $47,900 & invoice is $43,600. Assume I can get it at right above invoice, i.e. $44,000. I am a current Discovery lessee so I get a customer loyalty deal, meaning I get an additional $1,000 off and first month's payment made by Land Rover. So that takes me down to $43,000 as purchase price. The residual they gave me through LRCG on a 24 month deal was 70% with money factor of .00117. The MF is great, but residual could use some work. By the way this is on 12,000 miles per year. Car Man, based on the info I've provided, I'm getting a payment of $623 plus tax no cap reduction, and first month's payment paid by landrover. All I pay is TTLR. Is there more wiggle room here? Are my numbers adding up?

    Any assistance would be greatly appreciated.

    Thanks.
  • british_roverbritish_rover Posts: 8,476
    I ran his terms through my Land Rover lease calculator and I get a payment of 526 a month with all taxes, property and sales, stripped out. If he happend to live in a state with no property or sales tax, not sure if that state exists, then yes it could be true.

    What he left out was how much money he put down on the lease. The certificate from land rover works like cash basicly so his out of pocked expenses were just over 3,000 dollars minus the 1,500 dollar coupon.

    Another thing to think of is just about everyone orders the Cold climate package even in warm climate states and he did not list that with his options.
  • trek96trek96 Posts: 1
    Hey Car Man.... great site. I just picked up my LR3 last night, and want your opinion on if this is a good deal. It is a 2006 5 pass with the lighting package, and sat radio. The msrp is 47600. On my contract I paid 44024 (after a lot of negotiating). The residual is 71% (value at 33796 at lease end) I do not know my money factor. I wanted to keep my payments as low as humanly possible. I put 6400 down, and paid 435 acquisition fee, and 342 title fees. My payment for 24 months is 311 plus tax with 10500 miles a year. ps wish I would have known about that 1500 off coupon. Thanks!!!!!!
  • goirish2goirish2 Posts: 10
    I think you both need to fix your calculators. My base payment is $523.11. After the FL sales tax, its $554.60 per month. All I paid at inception was the first month's payment. In FL we don't pay sales tax up front and we don't pay property tax on the vehicle. The fees rolled into the lease amount to $258.

    No cold weather package.

    And Skeptic- You can get a better residual number than 70%. They initially quoted me 71% on 15K they quickly caved to a 2% bump to 73%.
  • british_roverbritish_rover Posts: 8,476
    You cannot bump the residual. The residual is set by LRCG and is not movable at all. Now if you ended up doing a 12,000 miles a year lease then yes you could get a 2 percent bump in residual to 73 percent. Money factors can be played with by the dealership either bumping them up or buying them down in some cases but the residual is. The residual is the one thing of the lease that can not be negotiated.
  • maytalmaytal Posts: 12
    Hi Everyone,

    I'm just starting my LR3 research and still a bit of a newbie to the whole lease area.

    I have 5 months left on my Audi A4 lease and I'm looking to lease a 7 seater LR3 next. One simple question, do I have to wait till my Audi Lease is up before getting a new car or is it possible for LandRover to take over my lease? or does it not make financial sense to do that?

    On a side note, when do the 2007's come out? do you think its better to wait for a 2007 LR3?

    Thanks,
    Maytal
  • mando42mando42 Posts: 1
    Hi Car_Man,
    Thanks for keeping up the good information flow. It helps. I would like some advice on a 2006LR3 HSE lease negotiation. I am working on a 24 month lease with a 66% residual and a MF of 0.00139. Here are other stats: List $56,475, Selling Price$51,475 Sales tax ( 7% NJ... yuk) $3,610, Doumentary Fee $167.50, Motor Vehicle Fee $339 = Purchase Price of $55,592.25. When I added a trailer hitch/electrical harness and side molding to the previously quoted selling price, the dealer said they would absorb approximately half ($400) of this. (I was told that adding these 2 options would mean they would be "entirely paid off" over the lease time of 24 months and not rolled into any residual calculations. Is that standard?) This vehicle does not include the Lux package or satelite radio.

    The final monthly payment quoted was about $861 after about an $1,800 up front cost, no security deposit. This seems too high or am I missing something? I assume the payments include the financed taxes. Also, is there any reason to pay the taxes up front?

    Thanks for your help.
  • goirish2goirish2 Posts: 10
    Maybe the residual can't be negotiated, but I'm looking at my dealer's lease worksheet. On the left hand side it has an entry that says Residual - .71 right under it is a line item that says residual bump .02. My lease is calculated with a .73 residual for 15K per year.
  • british_roverbritish_rover Posts: 8,476
    Give Land Rover Capital Group a call and ask what your mileage limit is. I have a feeling that it is really 12,000 miles a year not 15,000 as I am almost positive 73 percent was the residual in last quarter's pargram for a 12,000 mile a year 24 month lease.

    I am not trying to be a jerk I just think you might have gotten misled into what your lease mileage limit really is. If I am wrong then I am wrong but it would suck to have to pay 20 cents per mile in overage charges for 6,000 miles if I am right.
  • You're right....my calculator did need fixing. The lease calculator I had downloaded was calculating the residual based on the negotiated selling price, instead of the MSRP. Anyway, the numbers now make sense since the new calculator I dowloaded asks for the MSRP and the Capitalized Cost, and calculates the residual based on a percentage of the MSRP... good thing I figured that out before doing a deal, the calculator could have really screwed me up and made me look foolish. Just goes to show how valuable this forum is.

    Thanks.
  • I am looking to lease an LR3 SE 5 passenger. Went to the dealer today and they are really pushing the 7 passenger. One local dealer in WPBch, FL has a sign and drive deal $549 + tax per month, lease is for 24 months/ 10,500 miles per year. How can I find out what the MF, the residual and cost of the vehicle on this deal? I want to save a trip from MIA to WP and they do not give to much info over the phone.

    They also have a 2000 off coupon for new vehicles but it does not specify if it will count towards a lease. They also have 5000 off the MSRP again not sure if applies to leases.

    I want to make a deal by the end of the week
  • tjones39tjones39 Posts: 28
    Just got back from land Rover of Orlando. Very knowledgeable salesman and we were more impressed with the LR3 than we thought we would be so its a good possibility. They have 3 to 4 of their loaners that have never been titled with around 3500-4500 miles on them that they can lease. The one we are looking at is a V8 Se with 3rd row seating, Bi-Xenon light pkg, bluetooth & Sirius. Total retail of 49,450 and they will give it to me for $44,450 which is cost I believe or lower. They say for a 24 month lease right now its 68% for 15k miles and Land Rover sets these and there is no way to negotiate the residual value up .02 to 70%? I told them that someone had done this in Florida but he said the only way must have been to drop the miles from 15k to 12,5k. Now also is the $595 acquisition fee or the MLS charge of $750 negotiable also? How does this lease deal sound? Can I get the new rebates above for the 2k or 5k on a lease deal also? Thanks so much for the help!
  • goirish2goirish2 Posts: 10
    british rover-

    I'm not trying to be a jerk either, so no worries.

    I am looking at my lease contract. It shows 30K miles for a 24 month period.
  • tjones39tjones39 Posts: 28
    My lease factor is also .00127 which is good, please tell me what you think?

    goirish2, I see that you are in Florida where did you buy your LandRover? I was in Orlando and told them I had a friend that bought in Florida and he was able to bump his residual by .02 and they said no cant do it?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello mando42. I just calculated a lease payment on the truck that you are interesting using the information that you provided in your post, 24 months, .00139 month factor, 66%, residual value, $56,475 MSRP, and $51,475 selling price, and I came up with a zero down, pre-tax monthly payment of around $716. When I use the latter $55,592 price that you mentioned, this truck's payment increases to around a whopping $893. I definitely would not pay taxes up front on a lease if I was in your situation. The state keeps your tax regardless of what happens to your vehicle, like it is stolen or totaled in an accident. You would be better off rolling sales tax into your lease payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi liv4theroad. All you have to do is ask. Dealers are not required to tell you what money factor they are using to calculate your truck's monthly payment, but I personally would feel a whole lot more comfortable doing business with a dealer that would be upfront with me than one that was trying to play games by hiding the money factor. Regardless of whether they tell you what your truck's money factor is, you absolutely have to find out what the selling price of the truck that you are considering leasing is. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. You wouldn't walk into a dealer and just pay cash for this truck without knowing what you were being charged for it. Not knowing the selling price of your leased vehicle is the same thing.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tjones39. The dealer that you spoke with was correct. Land Rover Capital Group, or whichever bank you are leasing through, sets your vehicle's residual value. Residuals are not negotiable and individual dealers do not have the authority to alter them. The only way to change a vehicle's residual value is by changing its mileage allowance. Land Rover charges an acquisition fee of $595 on every vehicle that it leases. This fee is not negotiable. I am not sure what the "MLS charge" that you mentioned is. Perhaps it is some sort of advertising fee. I do not believe that the dealer cash that Land Rover is currently providing on the LR3 is compatible with its special lease program.

    Car_man
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  • ok Tjones these are my final #'s for a new SEV8 with the lightning pack., bluetooth and sat radio. $45700-1500 coupon= 44200 (550 over invoice), I had a trade which subtracted another 1000K for a final price of 43200 (which is under invoice). I got a 15k miles for 24 mo, for which originally they had told me residual would be 69% but it was actually 68% as Britishrover indicated in another posting. MF was .00127 which went up when I upped to 15k miles. However, i knew that it was the same you were quoted in Orlando. and I really need the extra miles ( and I really needed to get rid of the vehicle I had). they added the 595 fee and I only paid my first month +tag and title.
    After all the back and forth I feel pretty good about my #'s thanks to all the info from this forum. Good luck to all
  • by the way the also gave me the floor mats
  • Great Liv4theroad, so now I know the residual and MF are correct. Did you notice a $750 MLS fee get subtracted right before the final residual number? This is a disposition fee or turn in fee that I think is crazy?

    Congradulations on the new ride, I cant wait to get one also!
  • Well I found out what the MLS fee is its for the loaner car mileage deduction at.15 cents per mile for the 5000 miles on the car. However they are only offering 5k off of msrp for the loaner car but are giving the really good lease rates for the car. I know he can come down on his price some but how much who knows.
  • no, my residual value is exactly 68%.
    There's a 395 disposition fee at the end of the lease if I do not purchase the vehicle, that fee does not play part in any of the calculations, and I was told it will be waived if I lease from them again
  • Is the service loaner a V8 or a V6???
  • The loaner is a V8 SE model with 3rd row seating, bi-xenon lighting pkg and bluetooth, the msrp is 49450 and they will sell it for 44450. The lease rate is .00127MF at 15k miles per year and a 68% residual. I really thought from what I have read here on the forums that I could get a new one for 5k off with the really good 24 month lease but they are saying no this cant be combined. I can get 5k off a purchase but then I dont get the lease incentives?
  • Yeah that is basicly correct. The couple of thousand dollars of marketing support cannot be combined with the Leaseing program if you want to use the special money factor.

    I would think that they would want to sell the car for more then 5,000 dollars off though. Not a whole lot more but maybe 6,000 or so. I don't know the market in the area though. If we were selling that LR3 it probably would be about 6,000 or 6,500 off if you were leasing and 8,000 to 8,500 if you were doing a purchase.
  • That is kind of what I thought, they want too much for a service loaner with 5k miles on it. I am going to push for the $6500 off and the great lease deal and see what they say. If not I am going to shop them with other dealers in the state. Thanks for the insight.
  • Hello, all -

    I am interested in leasing an '06 SE with Navigation, bluetooth, and Lighting package. The MSRP for a so-equipped vehicle is $50,150. Invoice is $45,701. I'm looking for a 24 or 36-month lease. 36 months is fine with me, but the dealer I've been speaking with brought up the 24, saying it's a Land Rover Capital special and the best deal going right now. (Anyone know any details on this?)

    This dealer has a truck with the options I want, plus $2000 worth of options I don't really need and don't want to pay for (MSRP $52,575) and offered it to me at a cap cost of $48,916. 15k miles/yr, 24-month lease, with only the minimum drive-offs for a pre-tax monthly payment of $694.40. I think they can do better, but of course ideally I'd rather find a truck with just the options I want.

    I really only need 12k miles/year (do they offer 12k? If they don't, 10k would work.)I want all this with $0 down.

    Because it's coming up on the end of the year, I'm flexible on color, and most of the dealers around me (there are many) have plenty of SEs in stock, I am obviously shopping hard for the best deal I can get.

    So my question is this - from your experiences, and any other knowledge of incentives, discounts, etc, what's the best price I should expect? I'd ideally like to negotiate a pre-tax monthly lease payment of under $600? Sound realistic?

    I greatly appreciate any advice!

    Cheers,
    christina
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