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Land Rover LR3 Lease Questions

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  • ahgouahahgouah Posts: 1
    Hi Car_man,
    Interested in leasing the LR3 HSE w/ options. MSRP from Edmunds is $55,850 & Invoice is $50,888. Got a lease quote from a dealer: MSRP $55,950 & the selling price/cap cost is $51,352. 15,000 miles per year for 30 months, money factor is 1.61%,residual value @60% ($3,3570) with minimum drive off, payment is $751.82 plus tax. Please let me know if it is a good deal.
    I'm also interested in leasing for 24 or 30 months at 15,000 and 18,000 miles per year. Would you please run the numbers for me? Is it better to lease a LR3 V8-SE model with MSRP $53,100 Invoice $48,895 Selling Price/Cap Cost@47,895. Please advise.
    Thanks a lot!
  • mrchilimrchili Posts: 17
    Ok, here's the final number....I pick the car up on Monday.

    2006 LR3 SE w/Cold Climate Pkg, Lgt Pkg w-PDC, Rear Seat & Climate Pkg

    MSRP $50600, got it for invoice which is $47000
    2yr lease w/12k a yr

    MF .00167 (I know its .00157 but they claim there's a processing fee mixed in there.....whatever)

    Residual is 73%

    $1500 coupon from LandRover good for New Purchase or Lease on LR3 (all I did was inquire on the LandRover home page and they sent me a coupon......it also had $2k of Range Rover but wife wouldn't let me get that one) I highly recommend going on the website and filling out the inquiry form.....it's found money.

    so apply the $1500 to the $47k invoice px and now I'm down to $45500 sale price.

    $2064.67 out of my pocket....$595 bk fee, $550.00 sec deposit, $212 Registration and title fee, $7.50 MV tire fee, $169 doc fee, and $531.17 1st month payment.

    so that's the final number a month....$531.17 for 2yr/12k lease.....I think I did very well....due to all the info I got off this site.

    so Thank you all !
  • mrchilimrchili Posts: 17
    btw....here's a great website if anyone needs to run numbers...my numbers are off about $6 but otherwise it works very well.

    http://www.leaseguide.com/calc.htm
  • bigjoelr3bigjoelr3 Posts: 16
    "$1500 coupon from LandRover good for New Purchase or Lease on LR3 (all I did was inquire on the LandRover home page and they sent me a coupon."

    Can you state exactly where you inquired? Was it just to request information?
  • mrchilimrchili Posts: 17
    No problem, it was at....

    http://www.landroverusa.com/us/en/Vehicles/home.htm

    go to the "request information" window and fill out the form. I was very suprised when I got it in the mail about 10 days later.

    Enjoy !
  • sanman5sanman5 Posts: 1
    Car_Man,

    Need your advice. I was orginally not thinking of a LR3 however a recent newspaper advertisement peaked my interest. My local Land Rover dealership is advertising a 24 month lease deal for $399/month with $2495 down. This does not include TT&L or a security deposit (not sure how much this will be). The terms are 10K miles a year with a residual of $34,891. This lease deal is for an LR3 V8 SE. Is this as good of a deal as it appears? Thanks for your help.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey bigjoelr3. I believe that Land Rover Capital Group charges an acquisition fee of around $595 on every vehicle that it leases. Bank fees and acquisition fees are the same thing, so that second charge that you mentioned is probably just a way for the dealer to pad its profit. Skip the WearCare, it's not worth it...especially on a lease. All you should have to pay on your lease is your truck's first month's payment, a security deposit that is equivalent to that payment rounded up to the nearest $50 increment, a acquisition fee, and any required state taxes or fees.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi s.k. It certainly sounds like the dealership that you dealt with pulled the old bait and switch on you. The truck that it advertised in the paper is nothing like the one that they were actually selling, it was a different model year, had less options, never mentioned the mileage...etc. That would have left a really bad taste in my mouth right off the bat. Let's see how much it would have cost you to lease a 2006 LR3. Let's assume that you were able to get the truck that you mentioned, an '06 LR3 SE V6 5-Passenger with an MSRP of $51,050 and a dealer invoice price of $46,520, for $500 over invoice. Using these prices and Land Rover's actual lease program I estimate that your 36 month, 15,000 mile per year, zero down, pre-tax monthly payment should be around $654. Unfortunately now that you have signed the lease for your '05 LR3 and have physically taken delivery of it, there really is not anything that you can do to unwind your deal. Just chalk it up as a learning experience and research your next lease thoroughly before committing.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi ahgouah. I'm surprised that you were quoted such an attractive money factor for this truck. The last time that I saw its lease program, Land Rover's buy rates lease money factors for it were .00132 for 24 months and .00202 for 36 months (I have not seen its 30 month numbers). these are equivalent to interest rates of around 3.17% and 4.85%, respectively. Perhaps the 30 month money factor that you were quoted was .00161. Let's use Land Rover's actual lease program to estimate what this truck's payments should be. According to my calculations, if you were to lease a 2006 Land Rover LR3 HSE with an MSRP of $55,950 and a selling of $51,352 through Land Rover Capital Group right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $673. Interestingly, the payment for an otherwise identical 36 month lease is not as attractive, at around $724. The payments for the V8 SE model will probably be a little lower than this because it is a less expensive truck.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Congratulations on your new truck, mrchili. Thanks for taking the time to share the details with everyone. Enjoy!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi sanman5. That is an attractive monthly payment. Of course, it will be higher than that for a $0 down lease. I'd be happy to work up a payment for you on any truck that you are considering, exactly as you want it equipped, if you provide me with its full MSRP and approximate selling price.

    Car_man
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  • bigjoelr3bigjoelr3 Posts: 16
    Here's my deal. SE with every possible option. MSRP 55,025, invoice was 50,147 + 500 RAG Fee (advertising fee) + 120 for mats for a selling price of 50767. I went with the 24 month/10500. I probably should have just done the 15k miles, but thought it was 20 cents/mile for overage and it turned out after the deal was agreed to that its now 25 cents per mile.

    Anyways, money factor was .00157 and residual of 74% or 40718.50. Payment with 8.25% sales tax here in Los Angeles came to a total 0f $610 per month. Had to put down $1998 for first payment, tags, acquisition fee 595 and went with the wear care for $350 because I will undoubtedly beat the crap out of this thing off roading. We'll see if it was money well spent.

    I requested information from Land Rover to see if the $1500 off coupon would come but the wife got tired of me looking for a car so couldn't wait any longer. If the coupon shows up I will be pissed.

    Anythoughts on whether this was a good deal?
  • bigjoelr3bigjoelr3 Posts: 16
    Wouldn't you know it. 2 days after I did my lease, Land Rover sent the $1,500 off coupon in the mail. I even inquired to Land Rover directly whether they would be sending it out. They said no.

    I am going to the dealer tomorrow to demand my $1,500. Wish me luck.

    By the way, just request information from Land Rover on the website and they will send the information to you. The coupon is valid until 7/31/06 for purchase or lease.
  • mrchilimrchili Posts: 17
    mine was valid till end of June, so I guess it depends on when they mail it. . . .

    but good luck anyway, glad someone else took advantage of my advice.
  • bigjoelr3bigjoelr3 Posts: 16
    Dealer was great about giving me the discount after the fact. I upgraded from 10500 miles to 15k with no increase in the monthly payment. That is going to save me more like $2250 not 1500 because I was already planning on driving the 15k per year and paying the overage at the end.

    Funny thing, this morning they also emailed the coupon to me as well.
  • mrchilimrchili Posts: 17
    yeah they did that to me also via email, but my email expired the end of May and they sent it in June, so good thing they sent the snailmail valid till the end of June.
    It dropped my payment from $596 to $531.
  • Just Got into a Black/Black V8 HSE demo at Land Rover in Woodbridge NJ. Vehicle has 2,500 miles on it w/luxury pkg & All season mats. The deal was as follows:
    Total out of pocket: $2,022.00 (Incl. 1st payment, Wearcare, Aquisition fee, tags, title, etc.)-(No coupons) :D
    Terms: $634.88/ month for 24 mos. at 15k miles per year. I think they also have a Silver/Alpaca available for any takers. Hope I didn't get screwed, and that this helps.
  • abraxas23abraxas23 Posts: 2
    I have a 2002 Disco, thinking about upgrading to a LR3 but am thinking I would like to lease. How favorable is LR for trade ins? Do they keep to the blue book? Also, will the trade in help the value of the lease? I am referring more to at the end of the lease as to the upfront. I have never leased before but financing for 4-5 yrs the vehicles change and its nice to have new. Any advise would be appreciated.
  • bigjoelr3bigjoelr3 Posts: 16
    Most dealers in general (not just LR) will give you Kelley Blue book trade in fair market value for your vehicle. From there it depends on how well you can argue with them. You're always better off with a private sale if you have the time..

    Not sure what you mean about the trade in helping the value of the lease at the end? The vehicle's value at the end of the lease is predetermined at the time you enter into the lease. You then pay depreciation (difference between purchase price and agreed value at the end of the lease) plus rent. If you traded in your Disco and used it to pay part of the lease it will lower your payment. However, it generally best to put the minimum down.
  • british_roverbritish_rover Posts: 8,476
    Sorry I have to disagree here. Very rarely is KBB trade value at all a realistic number for trade in purposes. It is almost always unrealisticly high sometimes by thousands of dollars.
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