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Land Rover Range Rover Sport Lease Questions

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  • mtnbiker5mtnbiker5 Posts: 29
    I am sooo confused right now. Let me ask if this makes sense to anyone, I think it might but I cant figure this out now with all these numbers I've been crunching all weekend. I drive appox 25k year. My car now, I paid it off (I financed it originally) in about 3 years. I've owned it for about 4 1/2 years. Have 105k on it. Dealer is telling me that even with the extra miles I put on my cars, being that I trade in around 4 1/2-5 years, I'd be better off leasing rather than buying. He says even by me paying the extra $$ at the end of the lease, the cost to own it outright doesnt make sense. The problem I'm having with this is that I own a lexus rx that on the low end I could get around 15k on the trade in. Is this guy nuts? I dont see any benefits to me leasing any car while I put this amount of mileage on my car. Am I missing something here? My concern is that if I buy a RRS or even the LR4 its not going to be worth as much as a trade in on another RX 5 years down the road. UGH! Thanks.
  • bignasty1bignasty1 Posts: 23
    It depends on the deal. Often times you can purchase extra miles up front much cheaper than paying for it at the end of the lease. I generally believe in leasing if you put a lot of miles on the car and purchasing if you put only a little on the car. I have a 20,000 mile lease currently on a 7 series BMW. You just have to go through all of your options.
  • HI there

    I am agonizing over a RRS 2010 Sport with Lux pack (was going to add surround cam and HD but ditched it to save more) and wondered what is the best deal I should or could expect on this right now. I am in Colo.

    Thanks
  • jfv_cfaijfv_cfai Posts: 1
    Hi,
    Am considering 2010 RRS Lux. Does anyone know current Land Rover Chase Lease money factor and residual for a 15k, 36 month lease? Located in Chicagoland.
    Thanks
  • On Edmunds incentives page I saw there is marketing support from manufacturer to dealer if you finance through Chase. Is it reasonable to ask for this in negotiations? How would you approach it, ie. negotiate price of the car firsrt and than say i want to finance it hence there's another 1500 (or portion of thereof) i can get? thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings jfv_cfai. Chase's April buy rate lease money factor and residual value for a 36 month lease of a 2010 Land Rover Range Rover Sport Luxury with 15,000 miles per year are .00251 and 49%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey confused11. If I recall correctly, the cash incentive that you saw mentioned is only available on conventional finance contracts, not leases. If you choose to finance a new Range Rover Sport through Chase using its current special program, 1.9% for 3 years, 2.9% for 4 years, or 3.9% for 5 years, then the dealer will receive a $1,500 kickback from Chase. Tell the dealer that you are aware of this cash and that you would like to have it factored into your deal and see what they say.

    Car_man
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  • Car Man

    Can you post 36 month for 12k miles per year and also 48 month for 15k and 12k miles ?

    I was thinking the 15 to 12k may increase residual by 2% but not sure. Either way would still like to know and money factor as well as I am looking at a new lease

    Thanks
  • I am looking at the following:

    RRS 2010
    Straight Grained Walnut
    HD Digital Radio
    Sirius Sat Radio
    Lux Pkg

    Drive off price with one thing and another (cap reduction etc) is $60k. what should I be looking at on
    36 month 10,12,15k miles
    48 month 10,12,15k miles

    Thanks so much getting close and need your help

    WC
  • quel921quel921 Posts: 1
    Hi, Im in the process of looking at at lease on a 2010 RRS (have looked in NJ and NY)...Does any one have the current money factor and residual...10k and 36 months?
    Thanks :)
  • eagleeye3eagleeye3 Posts: 44
    Yeah, it would be great if someone could summarize all the key numbers for the RRS HSE, such as the current MF and Residual for 10K and 36 months, plus any additional incentives. I recently read something about $3K being offered to people coming off a BMW/MB/Audi lease. If true, can this be deducted from the agreed upon selling price (CAP COST) on a lease deal for a RRS HSE? The posts with numbers seem to be old. The killer on the RRS HSE seems to be the residual - appears to be around 53% for 10K & 36 months per a post in Feb. That's nowhere near the +60% you find with a similiarly priced BMW X5 5.0. That equates to a difference of almost $200 a month (assuming both have money factors around .00200). Any help would be appreciated. I love having the info these forums provide before facing the dealer.
  • pangaroopangaroo Posts: 8
    I ended up purchasing, but when we were discussing the lease, they said the $3000 would be dealer credit that would come after the selling price. How that exactly works I cannot tell you, but the credit is there for sure and can be applied to a lease. The lease rates were just so bad it made more sense to buy the car.

    On the purchase, the $3000 was deducted after the selling price was agreed upon and taxes were calculated.

    Good luck
  • bethrbethr Posts: 51
    same thing happened to me , so we bought- leasing is not that great right now with any LR and i hear it is going to stay that way
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey wildcat_1 . Land Rover's May lease money factor and residual value for a 36 month lease of a 2010 Land Rover Range Rover Sport Luxury with 12,000 miles per year are 00251 and 50%, respectively.

    The numbers for an otherwise identical 48 month lease with 15,000 miles per year are .00264 and 40%. If you were to lease for 48 months with only 12,000 miles per year, this truck's residual value would be 2% higher.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi quel921. Please see my previous post for the information that you are looking for. If you were to lease with only 10,000 miles per year instead of 12,000, thie truck's residual value would be 1% higher.

    Car_man
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  • Car_Man-

    Do you have the July Lease numbers yet for the RRS?

    Thanks!

    Kevin
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello Kevin. Here's the information that you're looking for.

    Chase's July buy rate lease money factor and residual value for a 36 month lease of a 2010 Range Rover Sport HSE with 15,000 miles per year are .00198 and 48%, respectively.

    Car_man
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  • john2011john2011 Posts: 4
    Car Man

    do you know when the 2011's are coming out. In Las Vegas trying to get a 36 months deal and not only they want full MSRP($65,450), they also want $2200 down..IT IS a joke and thats for a 2010 RRS with Lux package

    how much is a good deal to negotiate off MSP for lease and do you think I should wait for the 2011??how much do you think they will lower to get rid of the 2010's

    also any way around buying the RRS from different sports where prices are more compatible, Land rover says they have a new policy you must buy in the zip code where you have the dealer and not out of different zip code or out of state

    are they HIGH in this Economy???
  • trade06trade06 Posts: 3
    edited August 2010
    I got a dealer to offer at invoice +500

    Not sure how good of a deal given 2011 are out. Also, does anyone know anything about the land rover business builder program?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey john2011. I believe that the 2011 Land Rovers are starting to arrive at dealers now, or at least very soon if they haven't already. Land Rover published a lease program for them in August.

    I personally wouldn't pay full MSRP for a Land Rover, but I am not intimately familiar with what the market is like for them right now. If I was in the market for one, I'd shoot for more like $1,000 over invoice and see what happens. I'm sure that dealers will be anxious to unload their remaining 2010 models once the '11s begin to arrive en masse.

    I haven't heard about Land Rover's policy stating that you have to purchase from your local dealer before. This almost doesn't sound legal to me. Dealerships are independent businesses that LR shouldn't be able to force to comply with this. I have heard about manufacturers giving dealerships that sell too many vehicles to out of area customers a hard time in the past, but I've never heard about a complete ban on sales to out of area customers.

    Car_man
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  • jkwirelessjkwireless Posts: 3
    edited August 2010
    I encountered the zip code policy when shopping for my Range Rover earlier this year and it was explained to me that while a dealer is allowed to sell a vehicle to any purchaser, it is discouraged by LRNA to cannibalize their neighboring dealers by selling out of their defined area. As a result, if they DO sell a vehicle out of their area, they lose the allocation to replace that vehicle (I believe it goes to the dealer in the area where you zip code is - don't recall this specific).

    This policy drove me a little nuts when I found an RR with the options and interior that I wanted, and the dealer said that they'd only let it go for full MSRP because I was out of their area. So, I think you may find that flexability from dealer to dealer may vary, and it is largely a self-imposed restriction because of the consequence. I ultimately bought inside my area, and paid around $3500 below MSRP at the beginning of this year.
  • Car_Man,

    Do you have the September lease numbers for the RRS?

    Thanks!

    Guillermo
  • Interesting information, jkwireless. Thanks for sharing. A $3,500 dealer discount sounds reasonable to me. Enjoy your new ride!

    Car_man
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  • Hi miamiadjuster. According to the latest information that I have seen, Chase's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Land Rover Range Rover Sport HSE with 15,000 miles per year are .00200 and 50%, respectively.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi Car Man,

    I am looking to lease a 2011 RRS.

    What are the MF and RV of a 36-months lease, with 15K miles per year?

    Also, how is the market condition for 2011 models? In other words, how much discount off MSRP do you think we can get on these new 2011 models? Appreciate your comments.
  • I called a local dealer for a 2011 range rover sport supercharged. I am currently selling my C63 AMG looking for a 36month lease, and is unlimited miles a possible option? I didn't talk figures with the salesman, so if you could help me with how much I'll End up paying total. Thank you for your help. :shades:
  • awf_axisawf_axis Posts: 136
    There is no "unlimited mileage" lease available. The whole design of a lease is for you to pay off the "depreciable" portion of a vehicle over the specified lease term. This means that at the end of 36 months, the residual value must be considered BEFORE figuring out the payments.

    In the most simplistic terms, if the residual of a $80k RRS SC is 50%, then the residual is $40k. You will take the $40k, divide by 36 payments ($1,111), then add the "interest factor" into the monthly depreciation, to get your payment.

    The factor is some value like .0020 times the sum of the overall vehicle price and residual. This would be $120k in this example, so the monthly add-on is $240. So your payment is $1351, before tax. Figure another $100 more for tax at a total payment of $1451. This assumes NO cap reduction, but you pay all registration, doc fees, deposit (if any) in cash.
  • Would that be 1400 a month ? I'm totally new to the lease thing
  • awf_axisawf_axis Posts: 136
    In my example, I'm being generous with the residual to arrive at a $1451 payment. In real life, I believe that the residual is LESS for the SC version, which means the payment is higher.

    I can understand the idea of leasing may be convenient if you don't want to hassle getting rid of it at the end of 3 years. Vehicles in this price range are not easy to find buyers for, and trade-in values can be pretty low.

    However, I opted to purchase because my trade in gave me $33k, and the resulting payments are less than any lease could provide. If you look on this forum for my recent posts (RRS), you can see the deal I made.

    I did not get an SC version, and so the market is a bit better in the long run. If I like the vehicle at the end of its 4 yr warranty, I may buy an extended warranty and drive it till the wheels fall off.

    Good Luck.
  • Can some tell me the current Money Factor and Residual for a Range Rover Sport HSE LUX, best lease term, 12k miles per year? Also, When do the Range Rover programs normally change.

    I would be very grateful for any help I can get.
This discussion has been closed.