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Land Rover Range Rover Sport Lease Questions

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  • Well, if SocalRover does not reply, I'd love to give you some numbers to run by you:

    Purchase price, $58,050 (not including taxes, etc..)
    Down payment: $5000
    lease term: 60 months (48 month as an alternate)
    Mileage: standard 15,000/yr

    Basically, I know I can afford something like a Toyota Tundra on a 60 month purchase (not a lease), so I'm wondering if leasing a RRS for a similar term is affordable (as viewed on a monthly payment basis).

    Regards,

    NW
  • slykmrslykmr Posts: 2
    Looking at leasing a new RRS. My question is that if i put money down in the beginning isn't that the same as paying that much additional throughout the duration of the lease. Lets say that with 0 down the payment is 1115 per month. Yet with 5000 down the payment is roughly 200 lower per month @ 918. All these #'s are based on a 30 month 15k/year lease, 63000 msrp, .00305 rate. My thinking that the 200 per month saved times 30 months is $6000. Therefore an up front savings of $1000. Though at this point you can figure in the time value of money. Please set me straight if i am on the wrong page.
  • kyfdxkyfdx Posts: 28,733
    Any money you put down on the lease reduces the cap cost by the same amount, and will result in a correspondingly lower payment... In your example, the "extra" savings of not paying finance charges on that $5000 equals about $15/mo.. Or, around $450 over the life of the lease... and, as you stated, you have to balance that against the earnings on that money if you had kept it. So, the actual savings is pretty small...

    You really shouldn't make any downpayment on a lease, though.. If something were to happen to the vehicle early in the lease term (accident or theft), resulting in a total loss, you won't get any of that downpayment money back... A $5000 downpayment on a car that you only lease for 3-4 months would make for a pretty high monthly cost..

    regards,
    kyfdx
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    MODERATOR
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  • kyfdx,

    I would like to pay the taxes upfront to keep the monthly payment down. $999 looks better to the wife than $1200. Does the above also apply here?
  • kyfdxkyfdx Posts: 28,733
    In my opinion, it applies to any amount paid upfront, other than the first payment and security deposit...

    But, overall this risk, while real, is fairly low... I understand exactly what you mean about the how the payment looks to your spouse...

    You have to do what works for you... ;)

    regards,
    kyfdx
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    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • Our leasing programs just changed today and the 30 month lease is no longer the best deal. You are going to have to rework everything to find the sweet spot. Based on our preliminary work the 39 month lease seems to work out the best now.
  • slykmrslykmr Posts: 2
    Due to the money factor or what? The drop in residual from a 30 month lease to a 36 month lease was some 14% or some ridiculous number.
  • The 30 month lease residual dropped several points from the last program and the money factors are up as well.
  • jbratxjbratx Posts: 40
    What is a good credit score (FICO) to have in order to get a great deal on a lease for a 2006 RRS HSE? When I say great deal, I mean some of the deals that have been outlined in this forum.
  • I just returned from a dealership that offered:
    RR Sport
    MSRP $58K
    $3000 down
    30 months/10K miles
    $822.00 plus tax
    Curious to see if that a good deal..
  • hvfhvf Posts: 12
    atsu888
    What equipment has the car that you're talking about?
    DOWN PAYMENT
    Taxes?
  • hvfhvf Posts: 12
    Carman
    I'm currently in NY state moving to florida in few months (3). How should the taxes be calculated. Would it be beneficial just lease down in Florida?

    HVF
  • Hi,

    Can you provide the money factor and residual value on a 2006 RRS supercharged 36 month lease with 12,000 miles a year?

    Thank you,
    Steve
  • OK guys great thread and very helpful

    Couple things off topic before i get into the lease.
    The dealer here in Dallas told me that if i purchase a car from another dealer I will NOT get a car while my car is being serviced. I own and owned many luxery cars Mercedes/BMW/Porsche and never heard of such a thing before. Is this true?

    I was also told at the same dealership that a RRS lease for 36 months zero down would cost me about 1200... reading this thread i see that is crazy. Im not idiot but to me this sounded way to high so i left and decided to do some research. I usually buy but i end up loosing since i keep them for 3 years and get something new anyways.

    30-36 months
    $3000 total out of pocket
    13-15K miles (really need 15k)
    I have perfect credit around 750-780 FICO

    Lease question is:

    I want to do a 32-36 month lease on a RRS with no more than $3000 out of my pocket including taxes and any first payments up front. The options and prices cut and pasted from rover is as stated:

    Range Rover Sport HSE
    Base MSRP $57,250


    Colors - Edit
    Rimini Red $0
    Alpaca Seats/Alpaca Carpet $0


    Options - Edit
    Rear Seat Entertainment $2,500
    Satellite Radio $400
    Personal Telephone Integration $400
    Cold Climate Package
    TOTAL COST: $61850

    Can someone please assist me and tell me what I should or shouldnt pay for this car. I would really like to stay in the 850 range taxes and all a month.

    THANKS IN ADVANCE!
  • Hi tallwoods. There definitely are some things that I don't like about this deal. First, I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for Range Rover Sport would be exactly the same, regardless of whether you had put $5,000 down, or had made absolutely no down payment at all.

    Also, 60 months is way too long to lease any vehicle for. I don't even know if Land Rover will lease their trucks for that long a term. Locking into such a long lease, makes it more likely that you will need to get out of your deal early than if you had leased for a shorter term. Getting out of leases early is usually very expensive to do. You would be much better off leasing the Range Rover Sport that you are interested in for 48, 39, or 36 months.

    I'd be happy to run some calculations for you and let you know what this truck's lease payment should be like right now if you tell me its full MSRP.

    Car_man
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  • Hi atsu888. You never mentioned the selling price of the truck that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion on this lease if you let me know what the selling price is.

    Car_man
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  • Hi hvf. I am not personally familiar with how sales tax is calculated on leased vehicles in Florida. You may be able to find out by visiting one of the following links: Florida Department of Highway Safety & Motor Vehicles or State of Florida Department of Revenue.

    Car_man
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  • Hey Steve. Here's the information that you are looking for. If you were to lease a 2006 Range Rover Sport Supercharged through Land Rover Capital Group right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00305 and 59%, respectively.

    Car_man
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  • Hi dallasrange. Whether you get a loaner car while your vehicle is in for service is really up to the dealer that you use for service. Your local Land Rover dealer certainly has the right to restrict the use of loaners to people who have purchased their car from their store if they choose to. If you don't believe the salesperson who told you this, you can always place an anonymous call to the service department saying that you bought your truck at another dealer, but want to have it serviced there and need a loaner and see what happens.

    Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. I would be happy to give you an idea of what this truck's lease payment should be like. However, in order for me to do so I need you to tell me its selling price. You can get an idea of how much you should pay for this truck by shopping around, or possibly by visiting the following discussion: "Land Rover Range Rover/Sport: Prices Paid & Buying Experience". Let me know what this number is and I'll use Land Rover's actual lease program to tell you what your lease payment should be.

    Car_man
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  • Thanks Car Man. I've edited my parameters. What I am looking at is the base model with a locking rear diff option, that's about it.

    Purchase price, $58,050 (not including taxes, etc..)
    Down payment: $1000 (to cover taxes, fees, etc)
    lease term: 48 months
    Mileage: standard 15,000/yr

    In your calculation, can you list the money factor you use, and where you got it?

    Regards,

    NW
  • No problem, tallwoods. In your most recent post you mentioned the selling price of the new truck that you are interested in, but you never mentioned its MSRP. I need both of these numbers to estimate what your monthly lease payment should be for you. For now, I can tell you that Land rover Capital Group's current buy rate lease money factor and residual value for a 48 month lease with 15,000 miles per year of a 2006 Land Rover Range Rover Sport HSE are .00303 and 45%, respectively. Once you let me know the MSRP, I'll tell you what this truck's payment should be like.

    Car_man
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  • Ah, okay on this vehical the MSRP is the same as the selling price. There are no deals. In fact, I'm told that just getting it at MSRP is a deal :-)
  • kyfdxkyfdx Posts: 28,733
    Okay..... What is the MSRP?

    MODERATOR
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  • Looks like your money factor is .00273 which translates to about 6.54%. I think the rate is a little high. I went to Leasetrader.com and saw someone trying to get rid of a RR Sport HSE for $975/mo. Go to http://www.leasetrader.com/auto/lease/search/2006_Land_Rover_HSE_Sport_Utility_V- 8_93741.xhtml. Personally, I think you can do better, but I guess it depends on the market conditions in your area. By the way, both the residual and the money factor can be negotiated. Best of Luck!
  • eights38eights38 Posts: 137
    Chevallier-

    The residual and money factor are not negotiable. The bank sets the residual and money factor based on market conditions. The residual is adjusted to reflect different amounts of mileage. For example, a 15k mile per year lease will have a lower residual and a higher payment than a comparable 12k mile per year lease. In regard to the money factor, it can change depending on mileage. For example, Land Rover could offer a better money factor (lower money factor) on a 36 month lease than it does on a 24 month lease or vice versa. It all depends on market conditions. Also, prepaying a lease will in turn reduce your money factor by a bank determined reduction in the money factor because the bank is taking less risk and knows that all payments will be met. Hope this helps.
  • jbratxjbratx Posts: 40
    What's the average credit score of those who purchase cars from Land Rover?
  • I see, tallwoods. I knew that the Range Rover Sport was selling well and that Land Rover dealers would probably try to get as much as they could for it, but I didn't realize that they weren't providing any sort of discounts at all. If you were to lease a 2006 Land Rover Range Rover Sport HSE with an MSRP and selling price of $58,050 through Land Rover's captive finance company right now for 48 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $921.

    Car_man
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  • Here's what they're telling me to lease one of these RR Sport HSE's.

    MSRP 61,400 (Base plus the luxury seating package)
    Cap cost-- 60,000

    36 mos/ 10,500 miles/ 2K out the door. (I have excellent-plus credit)

    $1,070 a month!!! (CA tax included) That seems crazy for a 60K truck with incredible residual potential.

    is this right Car Man? I got quoted $895 all in on a Cayenne S that costs five grand more and just a few months ago, my brother leased a 745li (MSRP 78K) for 36 months with 2 grand out the door for 1140 a month! Just a few dollars more...

    Holy Moly! This can't be right. Please tell me this dealership in thousand oaks is just yanking my chain. Or is it cuz the car's so hot? seems crazy. :surprise:

    Is there any way to find this car in the high eight hundreds or even low nine's without putting more money down? That seems like what a truck in the 60 thousands should lease for, or am I crazy?

    Thanks for your help!
  • That fits with what I am seeing for leases on the other side of the country.

    Couple of things you have to remember. There is none, zero, zilch support behind the Sport leases. You aren't getting any break on the Money factor or the residual. The seven series and Cayenne have a fair amount of marketing support behind their leases. The dealer is probably bumping your MF a good bit too. I know we do at least a little to get some back end. Find out what MF they are using and make sure it is not exessivly bumped. That is one thing you can negotiate to get your payment down.

    Other thing to remember is that Land Rover leases roll property tax into the payment. Most other makes don't do that. In order to compare leases you need to compare base payment only no taxes.
  • Thanks british rover, I appreciate the feedback.
This discussion has been closed.