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Land Rover LR3 Lease Questions

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  • Looks like your money factor is awesome. I was quoted .004 (9.6%) which is to high.

    There is a $6000 discount offered from the factor on 2006 models.

    I'm going to try and get a deal like yours.

    Have you purchased your vehicle yet?
  • Deal offered to me:
    I'm interested in purchasing or leasing a 2006 LR3 V8 SE

    Here are details:

    Base price $44,985.00
    lighting package + rear PDC $1,400
    on/off road navigation $2,650
    Personal Telephone integration system $400
    rear seat & climate packate $2,200
    satellite Radio $400
    Java Blackk Paint $400
    Inland Transportation $715
    Total Amount $53,150.00 (full sticker)

    Factory is offering dealer incentive of $6000 for 2006 model.

    So Price is $47,150

    Dealer said he would throw in a tax credit (about $3,000), not sure how that works.
    Residual 65%for 30 month lease or $34,547
    Money factor of .004 (9.6%)this seems way to high
    15k miles per year

    Paying nothing down, no trade.

    They said a 30 month lease would cost $850 per month, what would be a reasonable lease payment.
  • No problem Mark. The 2007 Land Rover LR3's lease money factor is much worse than the 2006 model's is, but the fact that its residual value is higher as well will make up for part of the difference. Through January 8th, Land Rover Capital Group's 36 month buy rate lease money factor and residual value for a lease of the 2006 Land Rover LR3 HSE with 15,000 miles per year are .00180 and 51%, respectively.

    Car_man
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  • Here's the research that you're looking for, mrresearch. Through January 8th, Land Rover Capital Group's buy rate lease money factor and residual value for a 27 month lease of a 2006 Land Rover LR3 V8 SE 7 passenger with 12,000 miles per year are .00160 and 67%, respectively. I have not seen this truck's 30 month numbers, but the numbers for an otherwise identical 36 month lease are .00195 and 55%. This is Land Rover's "special lease program" for this model.

    Car_man
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  • You're very welcome, mac125. The first thing that I notice about this deal is that you are using your trade to make a $5,000 capitalized cost reduction on your lease. There's nothing wrong with trading your current vehicle in when you lease a new one, in fact in some states there are tax advantages to doing so, however it would be in your best interest to have the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making down payments on leased vehicles because if their leased car or truck is totaled in an accident or stolen and never recovered their down payment essentially disappears.

    As far as the rest of this lease goes, the selling price that you were quoted for this truck looks good to me. The money factor that was used to calculate this truck's monthly payment is right in line with Land Rover Capital Group's buy rate for this model as well. If you like the truck, I personally don't see any reason not to pull the trigger on this deal.

    Car_man
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  • Greetings maytal. Let me begin by saying that I personally always advise consumers against making large down payments on leased vehicles. Those who do risk losing them if their car or truck is totaled in an accident or stolen and never recovered. Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction. All you will have to pay at lease signing are your vehicle's first month's payment, a security deposit that's equivalent to its payment rounded up to the nearest $50 increment, Land Rover Capital Group's $595 acquisition fee, and any required state taxes or fees.

    You never mentioned the exact selling price that this lease is based upon. This is a very important number for you to know. Without it, you don't know exactly how much money the dealer is charging you for this truck. If it is in the $43,000 to $44,000 range that you mentioned this is a good deal. Just make sure that the dealer you are working with uses Land Rover Capital Group's buy rate lease money factor of .00160 (through January 8th) to calculate your truck's monthly payment and you're in business.

    Car_man
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  • Hi jdstory. Land Rover is offering either a special lease money factor or the dealer cash that you mentioned on the 2006 LR3 V8 SE right now. Unfortunately, these two incentives cannot be combined. That is why the money factor that you were quoted is so much higher than Land Rover Capital Group's current buy rate of .00160 for a 30 month lease of this truck. Whichever program you choose, make sure to negotiate a dealer discount on this truck. It appears as though the only discount that is being given on the sample lease that you posted is the $6,000 dealer cash. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing. This truck has at least a $4,000 gap between its full MSRP and dealer invoice price. Given how late we are in the model year, you should not have any trouble negotiating a large chunk of that off of this truck's price. Without any additional dealer discount, you are paying too much for this truck.

    Car_man
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  • mac125mac125 Posts: 4
    Won't my GAP insurance cover the down payment/cap reduction from my trade in?
  • Cutting to the chase, I Leased a new 2006 LR3 MSRP of $49,700, with $2,500 down for $499.00 + tax for 30 months, 10,500 miles per year?
    Thank you for your response.
  • bgsntthbgsntth Posts: 73
    I got the floor model with almost every dealer-installed option available (DVD system with game port, Running Boards, Brush and taillight guards, crossbars and ski rack, etc.), so my deal was a little screwy. Nevertheless, the Residual value on LRNA's special 30month/10.5K is 68% and the money factor works out to 3._%. Combined with the $1500 LRNA certificate, the deal works out to $548.55 per month plus tax and $0 drive-off. I paid $2k drive-off for all of the dealer-installed paraphenalia, which is not residualized. The combo deal ends on 1/8, but the $1500 certificate is good through the end of February.

    So, if you are on the fence-move! Some dealers are quoting this deal for base LR3s with no options, but LRNA specifically states it is for those with Rear-Seat, Cold, Lighting, and Bluetooth,/Sirius. So beware.
  • amcinkamcink Posts: 5
    Hello All
    How does the $1,500 certificate works. I got my wife the LR3 also and they dealer said that the $1,500 certiface only owrked if you got trug a regular lease and not the Land Rover bank lease. Please let me knoe more about it.
    My deal 2006 LR3 SE V8 (60 miles only)
    Fully load everything except the kitchen sink!!! (Rear-Seats, cold, xenon lighting, blue tooth etc)(no dvd)
    MSRP=$55,620
    Dealer rebate = $5,000
    Land Rove Rebate = $6,000
    Sub total = 44,620
    Negotiate LR3 at = $46,000 final price (about $1,380 for dealer)
    Down Payment = 3K
    Money Factor = .00038
    Residual Value = 67% (it seem kind of high I was hoping 60%)
    36K at lease term
    Lease term= 30 months
    Lease Payment= $600
    Two minor items that I'm going in for repair. The screen on the middle sunroof does not lock and the passenger side seat at the base of the left handle next to the head rest the leather of the seat is off the base of the handle. They said they are simple repair issues.
    Color is Red with Tan interiors (it will be hard to keep it clean . I want it balck interiors).
    By the way there were only 2 left and there were another couple waiting in line if I did not taken the Red one since they want it. I belive I got a decent deal and I liked the car.
    Hope this help
  • Hi all. 1/6/07 I went to CO Springs dealership and looked at leasing a loaded new java black V8 SE '06, 12,500 mi/yr for 30mo. MSRP $54,300 and trade a F150 supercrew lariat (trade $24,500, owe $28,400). Money factor 0.0016, residual 67% and $805/mo pymt after $4000 down. Dealer did not want to come down from MSRP ON A 2006, could this be because I'm a physician? I said I would think about it and let them know 1/8/07, which is the day the special program ends. Can someone offer some advice?
  • amcinkamcink Posts: 5
    Hello
    The $6,000 rebate is an Land Rover discount directly to the dealer base from the invoice price. Therefore the Dealer discount between the MSRP and the invoice is the one in question. I believe is just plain market forces (supply and demand) since everyone is looking for these LR3's due to the great discounts. You will have to negotiate at this time. Also it could be that if you are trading a vehicle you are not getting the $6,000 discount from LR Credit. When I was in they quote $52,000 for the SUV if I want it the low Money factor (pay $46,000). Therefore If you can sell the Lariat on your own that will be the best deal with all discounts. You will be in abetter situation.
    Hope this help
  • bgsntthbgsntth Posts: 73
    amcink,

    I'm fairly certain that your dealer is mistaken. The $1500 certificate was sent to me by LRNA after I signed-up for promotions/info on the Web site. I presented it to my dealer after we had already negotiated the price, as I received it between then and signing anything. LRNA actually made a mistake on the ones they initially sent-out, and my dealer had to go all the way up the food chain to resolve it and get me the discount. They applied it to the lease cap to bring my monthly down. Looks like you got a great deal-regardless.
  • amcinkamcink Posts: 5
    Hello
    Where on the LRNA I need to go? I input LRNA.com and the site does not exist. Even though I already made the deal this past weekend 01/06/06. I will pursuit the extra $1,500. I need any savings I can get.
    Thanks for followin up. However I need the correct site to input my information and receive the certificate.
    Thanks again
  • dad23dad23 Posts: 430
    The website is www.landrover.com, but if you're deal is done, I wouldn't waste my time trying to get a certificate and going back.
  • sparchsparch Posts: 3
    Thanks Car_man. I decided to wait and purchase a 2007.
  • Has anyone heard yet whether LandRover has extended the $6k marketing support or the lease special on '06 LR3's for this month? I know the most recent specials were set to expire yesterday.
  • Could someone post LRC's January rates/residuals for 07 LR3s? And can you throw in the Range Rover Sport for comparison?
  • Hi jcwcali. You never mentioned the selling price of the LR3 that you leased. I would be happy to give you my opinion of this deal if you let me know what it is.

    Car_man
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  • Hi jsandova. Let me get this straight, the dealer that you spoke with didn't want to provide you with any discount off of a 2006 Land Rover LR3's MSRP? If so you were right to walk away from this deal. Don't worry about the incentive program expiring either. Land Rover is still providing lease support on the 2006 LR3 in January. In fact, it introduced $3,725 lease cash on the 2006 LR3 V8 SE this month. This cash will help you to negotiate an attractive capitalized cost for your lease. If this dealer is still not willing to provide you with a discount on this truck, try shopping around with another dealer or two.

    Car_man
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  • You're very welcome, sparch.

    Car_man
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  • Hi bigsexcg. Land Rover extended the $6,000 dealer cash that it has been providing on the 2006 LR3 through April 4th. It still has a special lease program on this truck, but its month factors and residual values are different. Plus, it introduced new lease cash on select models. Specifically, it is now providing $3,725 on '06 LR3 V8 SE, $3,650 on LR3 V8 HSE, and $1,000 on LR3 V6 models. It is also waiving lessees first month's lease payments on V6 models.

    Car_man
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  • Hi lsleelee. These trucks' lease programs vary by trim level, term, and mileage allowance. I would be happy to give you an idea of what these trucks' current programs are like if you provide me with this information.

    Car_man
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  • Car_Man -

    I had no idea there are such great deals on left over '06 LR3s. So if I'm looking at a HSE with a msrp of $56k, what type of discounts are available? Is the $6k dealer cash, $3,650 in lease cash and this mysterious $1,500 certificate available for a total discount (before negotiating) of $11,150? What is the most advantagous lease terms right now for 15k/year? 24, 30 or 36 months? Please provide residual and money factor information.
    Thanks!
  • LR3 V8 SE & V8 HSE, Range Rover Sport HSE & Supercharged, all for 36mo/12000K. Thanks.

    Also, do you know if Land Rover dealers are limited to a maximum MF markup like, say, BMW?
  • bgsntthbgsntth Posts: 73
    1stLexus,

    The $6K can only be applied to a purchase, not a lease-I believe. You can combine the lease cash and $1500 certificate to bring the cap cost down. My deal is above, but I think the residuals and money factor have changed.

    So did your GX470's lease end? Mine did.
  • Car Man,
    I just received a quote on 2006 LR3 HS V8 (with moonroof, and cold weather pacjage, and satelite radio). Pleas elet me know if it's a good deal. Here a re the numbers:
    MSRP: 50,000
    Dealer Cash: 4,000
    My cash contribution: 4000
    Cap cost: 42,650
    Lease term: 24 mos
    Resid %: 65%
    Money factor: .00045
    residual value at lease end: 32,500
    Monthly lease quoted (inldudes all taxes and fees): $385.19

    What do you think???
  • bgsntth - Thanks for the information. That is what I was afraid of. Negotiating with area dealers for the best deal on a left over '06.

    Sold the GX about a year ago on ebay (would buy another in a second if they made the second row of seats pass through to the third row (no idea why SUV makers don't provide this option)).

    Anyways, bought a Odyssey Touring last year, but wife doesn't like a minivan. We rented a LR3 while on vacation last month and really liked the setup as the third row is useable on a daily basis for our 3 kids. LR3 is the only SUV which offers this functionality that we have found and the only real alt to a minivan. Given how frequently we seem to trade cars, no interest in buying but would rather lease to avoid the resale/trade hassle. Trying to find a third party lessor that has respectible residuals and mf so I can still use the LR $6k dealer cash rather than the $3.6k lease cash.
  • bgsntthbgsntth Posts: 73
    Is this an SE or HSE? How many miles per year? My residual for 30month/10.5K is 68%, so yours seems low if it is an SE or the same miles. LRNA extended the terms I bought mine under: zero drive-off/599 per month, which goes down to $548 when you apply the $1500 certificate. This is for an V8 SE w/ every option except navigation.
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