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2013 and earlier-Subaru Impreza Lease Questions

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  • Does anyone know what the current buy rate lease/MF is for an '08 Subaru Impreza WRX and WRX STI as of June? What about the residual? Also it seems as if the residual is different for different people for what appears to be the same model/trim, why is that? I'm about to go visit the local dealer soon so if anyone knows this info, it would be a great help. Thanks!
  • adrian12adrian12 Posts: 1
    I've leased a 2006 Subaru Impreza 2.5i (manual shift) and would like to "trade-up" to a Legacy (Automatic) at the same dealership. I talked to the dealership and he told me they can't do a trade, but they can give me a trade-in value (appraise the car) for my leased car and then lease me another car (meaning that they're 2 separate transactions). I've searched on the internet a bit and saw that many people don't recommend trading in a leased car because it's most likely a ripoff. I'm stressing now because I have so many questions!

    1. I read online that if I return the car then there must be early termination fee and it will be factored into my new lease, making it more expensive. They are having a promotion on leasing the Legacy, but most likely they won't give the deal to me because they'll have to pay all the extra?

    2. Is it possible that they take my car, saying that I don't have to make payments anymore, but later the leasing company bill me for the early termination fee? I'll have to make sure that there's no sudden payment popping up from somewhere else?

    I'm thinking about still going to the dealership and see what trade-in value I can get and go from there. What can I expect? What are important questions that I have to ask and look out for?

    I don't know if it helps, but this is my situation:
    My boyfriend and I have two cars, he recently got his old car back from a friend so now he has 2 cars. He's happy with the old car and doesn't need the leased Subaru anymore. His mother is willing to take the remaining of the lease (essentially just making the payments for him since Chase Auto Finance doesn't allow lease takeover) but would like a Automatic Legacy.

    I appreciate any help and if there's any info missing please ask me! Thank you for your help!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Welcome whtcldjd. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    The money factor and residual value that you mentioned look about right to me. Let's work up a lease payment on this car and see what we come up with. According to my calculations, if you were to lease a 2008 Subaru Impreza that has an MSRP of $23,212 and a selling price of $20,883 for 36 months using the lease program that you mentioned, its zero down, pre-tax monthly payment would be around $270.

    Since the dealer that you are working with is already using Subaru's buy rate lease money factor, the only way to get a lower monthly payment than this would be to negotiate a lower selling price, which would probably be difficult given how much below dealer invoice this car already is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi azbriank. I have seen Subaru's June lease program. You never mentioned how long you want to lease this car for or what mileage allowance you need, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Subaru's current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Impreza WRX Wagon with 15,000 miles per year are .00135 and 55%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    I can help you out, trackwrench. You never mentioned how long you want to lease this car for or what mileage allowance you need, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Subaru's current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Impreza WRX Wagon with 15,000 miles per year are .00135 and 55%, respectively. The numbers for an otherwise identical lease of an '08 WRX STi Wagon are .00215 and 58%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi adrian12. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates, even if you are trying to keep things in the family so to speak by purchasing a different vehicle from the same manufacturer. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

    Car_man
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  • backybacky Twin CitiesPosts: 18,628
    I got the following quote on a 2.5i wagon with AT: 36 months, $189/month and about $1700 up front, which includes sales tax (must be paid up front in my state), cap cost reduction of about $360, acquisition fee (which includes gap insurance) of about $650, first payment, and license. Does this seem like a good deal? I would prefer to pay less up front, and am especially interested if others have negotiated away the cap cost reduction and some/all of the acquisition fee. The rep also said their is a disposition fee of about $150-200. I would prefer not to pay that either. :)
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello backy. You never mentioned the selling price or MSRP of the Impreza that you are interested in leasing. These are important numbers 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 what this vehicle's selling price is in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I am sure that either myself or another knowledgeable community member be happy to give you their opinion of this deal if you let me know what these numbers are.

    Car_man
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  • backybacky Twin CitiesPosts: 18,628
    I understand what you are saying about MSRP and selling price, but in this case those numbers (especially selling price) are not very important to me. I know the MSRP for the vehicle is about $19,300-400, depending on how much is charged for the side molding I want (that seems to vary by dealer). Because I am looking for a lease with a low payment ($200 a month or less, 36 months) and low out-of-pocket expenses, those are the numbers that are most meaningful to me. I know from research that any lease with those terms on a car that is close to $20k in MSRP would be a very good deal. I will confirm that by looking at the money factor and residual values on the car. But any other numbers are not relevant to me until/unless I get a deal within the parameters I stated. When I do, then I will pour over all the numbers for the lease. And of course, the car has to be something I would want to drive for 3 years!

    FYI I have yet to find a lease with exactly the terms I want, i.e. payments at/under $200 a month and little or no down, on a car I'd want to drive. The Impreza lease I mentioned above is far and away the best Impreza hatch/AT deal I've received from any dealer in my area, and I've only found one other deal that comes close in terms of total cash outlay, and that was for a Sportage with a MSRP of about $20k. There don't seem to be as many great lease deals out there now as there have been at times in the recent past. :(
  • stygz1stygz1 Posts: 3
    Just leased a 2.5i auto with dealer installed spoiler 0 down 255 month 36 months 12000 miles. all tax and registration included.
  • backybacky Twin CitiesPosts: 18,628
    In light of that, the offer I got for $189/month for an automatic wagon ($500 more MSRP than the sedan) with about $1700 total upfront including 7% sales tax and aobut $300 license fee (sales rep said he could work with me on the cap cost reduction of $360 though) looks pretty good.
  • msolomonsmsolomons Posts: 10
    The MSRP on the 4 door sedan standard transmission WRX with the premium package is $26,350. We just received a quote for $300/month with $2000 down for 36 months and 12,000/year, not including tax and registration It seems to be a good rate but I'd like some validation; I know that Subaru is offering incentives this month on many of their cars.

    Thanks in advance for the advice.

    Mary
  • Hi CarMan,

    Thanks for all the great info.
    Looking for most recent money factor and residual on 2008 Impreza WRX Sedan with Prem. Package. 24 month 15k and 36 month 15k.

    I just started seeing all these ads for Subaru lease deals - Thanks! :surprise:
  • SPECIAL LEASE OFFER* ON 08 SUBARU IMPREZA WRX (8JO)
    Now through August 4, 2008 - $249 per month for 36 months with $999 due at lease signing. $0 security deposit. Tax, title and registration fees extra. Other leases available on other models. Cannot be combined with any other incentives.

    Lease is 10k miles a year.
  • ateixeiraateixeira Posts: 72,587
    Good deal, likely because a lot of people know the 09 will get a few upgrades. Check the Inside Line blog for details.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi msolomons. I'm not sure what you are asking. Are you looking for Subaru Finance's current money factor for this model? If so, its current buy rate lease money factor for a 36 month lease of a 2008 WRX Sedan with the Premium Package is .00110. It is currently providing a $1,000 cash incentive on this car that is compatible with its special lease program.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    No problem coast2coast. Here you go. Subaru Finance's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Impreza WRX Sedan with the Premium Package and 15,000 miles per year are .00125 and 64%, respectively. Its 36 month numbers are .00110 and 55%.

    Car_man
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  • ursusursus Posts: 48
    Car_man,

    Can you please give me the residual and MF on 2008 Impreza 2.5i 5-Door w/premium & automatic for 24/36 month and 12/15K? I need it ASAP. I have the following offer:
    MSRP: $20,970
    Sale price: $18,769
    24/12 - $326
    36/12 - $270
    All taxes & fees included (~$600 tax, $595 accusition, $299 dealer fee and TTL).
    Only first month due at signing.

    Thanks.
  • I'm looking at the '08 Subaru Sport and the dealer has offered me this deal which doesn't seem that good to me, especially as it includes the $500 dealer incentive.

    MSRP: $22,164 (car includes some extras I don't care about like all weather mats, auto-dimming mirror, cargo net but this is what they have on the lot)
    Purchase price: $21,417

    $1500 cash down includes taxes (7.5%), fees, destination, etc.
    $300 for 10K miles with $12,411 residual
    $309 for 12K miles with $12,190 residual

    I'd probably take the 12K miles even though I only drive about 10K a year but I fear running over and the cost differential is negligible. There's a 50/50 chance I'll buy it out at the end of the lease but I just don't know what is going to happen with gas mileage, hybrids, etc., in the next three years.

    All advice welcome!

    Mary
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