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2013 and earlier-Subaru Impreza Lease Questions

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  • jasvicjasvic Posts: 13
    :) I've always wanted to visit Colorado though!

    So the WRX is probably out of my reach... Maybe a 5 speed 2.5i...

    So I'm currently in a 1998 A4 1.8T AWD with 141,000 miles on it that I still owe $4,000 on (got it before I graduated, got a job, and fixed my credit.. had tiny payments and huge interest and now just want to be done with the darn thing)

    KBB for fair condition is $2,600... runs pretty well considering the age (had timing belt replaced around 120,000) but interior is a bit beat up so I'd be happy (and lucky) to get $2,000 for it.

    I guess I'd want to lease a basic '09 5-speed 4-door 2.5i for about 36 months with minimum due at signing... have them give me $2,000 for my car and I pay the other $2,000 at signing or have them roll it into the lease... Any idea what range a fair monthly would be on that?

    Thank you for your time and advice, much appreciated.
  • chuck68516chuck68516 Posts: 195
    That would definitely be a smarter way to go. The Impreza 2.5i Sedan (9JB) has a 36 month/15,000 mile residual of 61% and a money factor of .00190. Even rolling in $2K of negative equity your payment would be $260 before tax. That was based on an MSRP of $19,190 and a NET CAP of $19,000. I've seen internet pricing at $16,446 for this exact car.
  • jasvicjasvic Posts: 13
    Yeah that definitely sounds much more like it.. although I may be able to swing one with the premium package w/ ipod hookup and subwoofer... back on 2/12 car man posted..".00220 and 61%" for Impreza w/ premium and 15K miles per year" so assuming that's the same and using TMV MSRP / invoice as a starting point:

    MSRP: $20,839 (seems low based on the MSRP you gave for the stock?)
    Invoice: $19,701
    TMV: $20,008

    Base Cap Cost: $20,000
    Additions: $2,000 (balance on my trade if I'm lucky)
    Residual: 61% or $12,712
    Money Factor: .00220
    Term: 36 months
    Sales Tax NJ: 6%

    Monthly: $334.37 + $20.06 tax = $354.43 and $350 was my sweet spot...

    Did I do this right? Payment too high / low? What should I expect to pay at signing for fees etc..? I'm going car shopping later today and will probably try to get this deal...

    Thanks again for the help - I would have been absolutely clueless
  • chuck68516chuck68516 Posts: 195
    2009 Impreza Sedan Premium (9JC) manual has a residual of 60% and a money factor of .00190. The lowest MSRP I've seen is $20,810. Sale price of $19,700. Not much of a discount but there are no customer rebates. Payment works out to $359. You may be able to get a better sale price. Subaru is giving the dealer $1,000 incentive for every lease of this model.
  • jasvicjasvic Posts: 13
    Just got back from the dealer...

    2009 5 speed Impreza (9JC) Sedan Premium Package w/ ipod hookup and subwoofer.

    MSRP: $21,428
    Cap Cost: $20,271
    Rebate: ($1,000)

    Fees: $797.50
    Tax: $672.81 (paying at signing)
    Motor Vehicle: $250.00

    Adjusted Cap Cost: $19,271
    Due at Signing: $1,959.52
    Monthly: $239.21

    Your numbers were right on: 60% residual and .0019 money factor

    36 months, 15,000 miles per year. $300 disposition with $0.15 over mileage charge.

    The kicker - they are giving me $3,000(!!!) for my Audi and I'm just going to pay off the remaining balance of $1,000 up front (they would have rolled it in but I prefer it this way)

    One problem - they didn't have it in stock. They said they will find it for me (left them a fully refundable $500 deposit) So I'm wary of a bait and switch in which case I'll walk away, but as long as they deliver I'm going ahead with the deal!

    Just hope my credit doesn't kill the deal, they didn't run it yet but it's 650 to 700 range.... guess I'll find out Monday.

    Thanks so much the help!
  • chuck68516chuck68516 Posts: 195
    Nice! They are even giving you the direct to dealer $1,000. Cool.

    You'll need a credit score of 700 or higher to qualify for the top tier .00190. Good luck.
  • mattf2mattf2 Posts: 2
    I'm buying the 09 Impreza 5-door with navigation. Very hard to find here in the Midwest. Planning to close the deal tonight (Monday). The dealer (who I found on Edmunds) quoted me "MSRP of $24,158. Your special internet price is $21,407. Price includes all available rebates & incentives & DESTINATION FEE ($670). Price + tt&l." Using Edmunds lease calculator, I entered $21,407 + 10% tax + $321 title & reg. I entered a residual price of $14,736 (61% of MSRP - is that right?), money factor .0019, 12Kmiles/year, and got a monthly price of $289.85. Am I doing it right? Thanks for your help. :confuse:
  • jasvicjasvic Posts: 13
    Crap I'm boned then...

    Experian - 656
    Equifax - 679
    Transunion - 690

    Any idea what the money factor on the next tier is so they don't bump it higher than it should be?

    Thanks
  • lch77lch77 Posts: 53
    Matt

    Here are things that could change the rate:

    1. In post #243, Chuck wrote that 61% and .0019 are for 15,000 miles per year. If you want 12,000, I'd expect the residual to be higher. That's good for you. Check these boards to see if it's posted.

    2. The "internet" price and rebates usually apply to purchaseprice. The fine print usually says it cannot be combined with other offers (like the .00190 MF). Therefore, you might not get $21,407 as your base cap cost in the lease calculations.

    3. Different States apply the lease sales tax differently. Some add the the sales tax percentage to the cap cost and roll into the lease, as you did. Others, like here in PA, use a different percentage and add to the monthly lease price.

    Go to the incentives portion of Edmunds to see the special lease deals available to the Subaru's. Good luck.
  • I am leaning towards leasing an 09 WRX 5 door. I can take advantage of the Subaru VIP program through IMBA, and I was wondering what I could expect for a 10k/year 36 month lease. For tax, I am in Vermont, so 6%. I would be leasing though Burlington Subaru. Although I would prefer an XT Outback, I think it is going to be way to much :-P Thanks in advance for your help. PS, did I hear there might be a rebate for the sales tax on vehicles purchased/leased this year?
  • I figured I'd post the numbers I got yesterday for WRX's. The lease rates aren't really relevant since I didn't negotiate any further once I saw the money factor. I was quoted with a 0.0033 money factor on both the WRX base and Premium. Based on 12k mi/yr 36 month leases, the base had a residual of 58% and the premium 55%. It's really unfortunate, I know they'd bring the buying price down quite a bit, and the residual is very good, but the money factor kills leasing a WRX right now. Hopefully the April numbers will be better.
  • Holy cow! Yeah, I guess I'll definitely wait at least till April's numbers come out before I decide on whether or not lease a WRX Premium now. I was hoping someone here would know historically how the money factors and residuals have changed over the summer into early fall. Thanks for the info z2adambomb, please let me know if you get any updated info.
  • mattf2mattf2 Posts: 2
    I closed Monday on a 2009 Impreza wagon with navigation and satellite radio in the Chicago area. The MSRP with options was $24,158, but they sold it to me for $21,407 after a $750 rebate (several hundred dollars below invoice). The Tier I money factor was .0027 for 36 months, .00269 for 39, .00266 for 42 months, and .00274 for 48 months. The residual value was 52% for 36 months, 50% for 39, 49% for 42 months, and 44% for 48 months. I went with 42 months. An independent leasing company told me the residual on the Impreza wagon is lower than the sedan; apparently fewer people want to wagon. (I think that's weird, but I like hatchbacks.) Thanks for your help.
  • sdfoersdfoer Posts: 2
    how you guys doin.me and my wife recentlly went to a subaru dealer in nj she was interested in leasing a impreza they ran her credit and then told her she couldnt because she had a credit score of 635 she filed bankruptcy 4 years ago and everything is discharged can yo get a lease even tho you dont have perfect credit? this is our first car we are trying to get so the game is new to us any help is appreciated
    thanks in advance
    :confuse: :mad:
  • stoopystoopy Posts: 105
    You CAN lease a car with a Tier IV credit score of 620 although you wouldn't want to. The finance charge (money factor) is more than twice that of a 700+ Tier I. Wouldnt make any financial sense.

    Buy it on a 60 month bank loan, it will be way, way cheaper.
  • chuck68516chuck68516 Posts: 195
    Actually, the Money Factor for Tier I is .00220 not the .00270 you got. You are probably Tier II. 39 month would've also been .00220 not .00269. They effed you if your credit score is actually above 700.

    Why would you lease for 42 months? You are going to be out of warranty for 6 months. Plus you'll have to put new tires on it before you turn it in. I'm guessing your payment is just over $355 a month unless you put money down. Not a good deal at all in my opinion.
  • lch77lch77 Posts: 53
    I still think my "quick" check of lease prices takes everything (MSRP, MF, Cap Cost, rebates and residual) into account. I base it on minimal money down (title & doc fees, etc.), 36 months and 15,000 miles per year. Just divide the MSRP by the monthly payment. 70-75 is typical. 80 is very good. 90 is excellent, and 100 and over is great. As a test, try this on any lease you're looking at. Of course, the best way is to convert all of your costs into PV using your personal opportunity interest rate (not the MF), but this method is complicated and time consuming.

    Anyway, now that I am reviewing the details below (lease factor of 74 - not too good), but it looks like I'm paying within $26 of Invoice less $1000 in rebates plus acquisition fee.

    2009 Subaru Outback Sport with iPod interface, splash guards, armrest extension with an MSRP of $22,208.

    MSRP: $22,208
    Edmunds Invoice: $20,997
    Aquisition fee: $595
    Residual: $12658.56 (based on the above 58%, it appears that the splash guards are included in the residual, but the iPod interface and arm rest extension are not)
    Car Show Coupon: $500
    Factory Rebate: $500
    Cap Cost: $20,566.35
    MF: .00220 (as reported here, not from the dealer)

    Monthly Lease: $301.73 plus 9% PA tax= $328.89
    OTD: $549 ($328.89+doc, license, title fees of $220.11)
  • sdfoersdfoer Posts: 2
    thanks for the help....we are going to buy either a impreza or mazda 3 well see....its just dealing with the shady salesmen sometimes gets frustrating first car so we are learning as we go to dealers and hlp wit purchasing options is appreciated
    thanks again
  • There really is no need to do any kind of "GUESSTIMATES." It only takes 30 seconds to calculate a lease down to the penny. All you need is the MF, Residual, MSRP, Selling Price + fees, sales tax rate. It literallly takes half a minute to figure. I could see inventing some kind of shortcut if it was a Good WIll Hunting type equation but it isn't. Basic math skills will give you an EXACT payment in mere seconds.

    Also, the 15,000 mile residuals for a 2009 Outback Sport AT is 65% on 24 months, 57% on 36 months and there are no factory rebates to customer. There is $500 in manufacturer to dealer cash. I've seen selling prices for these at $19,500 plus the acquistion fee. Don't even bother to check TMV price. Doesn't equate to anything. Monthly payment for 15K, 36 months would be $303.87 including tax. 12,000 miles would be $297.68 including tax.
  • I just leased a 2009 Impreza, automatic transmission with Premium Pkg plus a remote auto start and iPod adapter. 36 month lease, 10k miles per year. $950 down, $275/month. Buyout is $12,300. Seemed like a good eal. enjoying the vehicle so far. FYI, this was from a northern NJ Subaru dealership, leased through their arrangement with Chase.
  • lch77lch77 Posts: 53
    True you can do that with a lease calculator after you get those factors, but the only place I've been able to find out what they are is when Car Man posts them. Also, I believe your numbers are for the Outback, not the Imprezza Outback Sport, correct?

    My lease factor is not used to determine what the lease is but "is it a good deal?" And this is "is it a good deal versus any car you can lease" versus "is it a good deal" on this particular car." My deal was based on $1000 under Invoice, a .00220 MF and an approximate 58% residual. I think it was about as good as can be had for THIS car in March/April 2009 so in that perspective, it was a good deal, but the lease factor of only 74 tells me that there are better deals out there for other cars.

    If you go to Suburu's website, you see a lease offer that gives a lease factor of over 100. Well, at fist that looks great compared to my 74 but requires $1120 down and only 12K miles. Even with that, it's pretty good as to get that rate they used a 62% residual and an approximate .00180 MF. Delete the down payment and increase the miles to 15K and comparable lease goes to about $220 or a lease factor of 82, which I think is pretty good.

    So how can they advertise a 84 factor when i only got a 74%? Probably, the OBS has options that don't residualize as well and they used a "teaser" MF to get you into the store.
  • chuck68516chuck68516 Posts: 195
    Those are the numbers I have for the Impreza Outback Sport (9LK) as well. 57% & .220

    You could finance this car through Subary at 2.9% for 60 months wiith a payment of $376. Then you could claim the sales tax (financed in) as a deduction on your 2009 Income Tax Return.
  • lch77lch77 Posts: 53
    Wow, I didn't realize that the monthly payment for purchase was that close to the lease. However, for my circumstances the lease works out much better. It is a business car and the IRS rules for a business lease are much simpler than those for a business purchase. I figure with the Section 179 bonus it would be less expensive for the business to buy it, but, as i said, I find it too complicated. To buy a car, I find it easier to purchase it personally and have the business pay me back using the IRS mileage rate even though it is probably too low for all but the cheapest cars. However, this year's Sales Tax deduction does help.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on getting your new Impreza, wonwayout. Thanks for taking the time to share the details of your lease with everyone. Real world examples of payments are always extremely helpful for community members who are in the market for similar vehicles. If you have the time, make sure to hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience as well. Enjoy your new ride :shades: !

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • skaswing17skaswing17 Posts: 6
    Car _Man

    What are the money factors and residuals this month for a 12K, 36 month, manual, 5 door Impreza base, premium, WRX base, and WRX premium? Any rebates, or lease cash available? Thanks

    SKASWING17
  • I have the same question as the above WRX 5 door, base maybe premium but am interested in 15k miles. I have a small business so leasing is easier to account.

    Also with the financing it is not clear to me what the terms are 2.9 for 36 months? then 3.9 for x?

    At .15/ mile penalty fee, is it always better to negotiate extra mileage into the lease or just hold the money and pay it at the end of three years? Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi skaswing17. Here's the information that you're looking for.

    Subaru's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Impreza 5-Door Premium with manual transmission and 12,000 miles per year are .00120 and 53%, respectively.

    The numbers for an otherwise identical lease of an '09 WRX Wagon base are .00270 and 53%.

    The numbers for an otherwise identical lease of an '09 WRX Wagon Premium are .00270 and 50%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi oaklandmatt. If you are interested in leasing a similar vehicle, please see my previous post for the information that you are looking for. Subaru's residual values for leases with 15,000 miles per year are 1% lower than its 12,000 mile per year resids.

    As far as this car's special financing offer goes, I believe that it is now 2.9T for up to 6 years.

    If you believe that you will need to drive more than 15,000 miles per year it probably will be to your benefit to purchase additional miles at lease signing. Most banks provide lessees with a discount per mile versus what they would have to pay as an excess mileage penalty at lease-end for doing so.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Car Man,
    Thanks for your information. I am pretty close to pulling the trigger on a Wagon 9LO? Base at 23750 with nothing down financing over the full 72 months. Looks like a better deal to me than the lease at the moment and then I don't have to even think about the mileage. I am considering a wagon with the short shifter and armrest for 24150. Thanks!

    Matt
  • Hello everyone, I am from Texas, and would like to find out what is the money factor and residual % for a 2009 subaru impreza outback sport (9LK) for this month. That would be a 36 mth lease with 12k miles/yr limit. Do you think leasing is a better deal than buying at this time, or what's the scoop?
    Thanks!
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