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2013 and earlier-Subaru Legacy Lease Questions

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Comments

  • joymomjoymom Posts: 5
    Dear chuck68516,
    Thank you. Thank you. Thank you!!!
    I was on my way to the dealer, stopped home for the title and thankfully checked my email. I had my father with me and we were so thankful for your guidance. I did not go through with the deal. After sharing with him your findings, the dealer offered me:

    2009 Legacy Special Ed (instead of the LTD)
    $5000.00 cash for my car (2003 PT Cruiser GT- with all the extras in good condition)
    $280.00 monthly/36/12,000 - no hidden fees- all taxes included, included Philadelphia, PA tax

    Dealer also will add the leather/heated seats in the SE (as I liked them in the LTD)

    It was late and decided to make the decision tomorrow- now today 4/7

    My dad and I thought it sounded pretty good. Your thoughts if I could inquire again?

    One other Q-- I saw a review on consumer reports which stated the car had a problem in emergency situations with "It loses major points for handling that gets tricky in emergency maneuvers. " I think the review was not current even though it came up on a 2009 search. Didn't find any reivews that duplicated that-- any knowledge here. Sorry for the note length!!!! Thank you!!!!
  • chuck68516chuck68516 Posts: 195
    Wow. He gave you cash for your car? So you didn't put money down on the lease? I hope not. Good job. Sounds like a pretty solid deal. Maybe could've done a little better but since they are putting in leather seats and giving you cash for your trade in I'd say it is a nice deal. Congrats.
  • joymomjoymom Posts: 5
    HI Chuck,

    DId you edit this message? I thought it expressed a negative response and requested additional? Well , here are the details-- YES, cash for my car and NO i would keep it and put it toward the payments.

    Well here is the info supplied from a second dealer:
    MSRP: 25,903 SUBARU LEGACY SE (NOT LTD)
    SALES PRICE: 21.575 (includes leather seats - heated added in by dealer)
    INCLUDED ALL FEES w/exception of $187.00 tags and reg
    57% RESIDUAL $14,764.71
    .00170 MONEY FACTOR
    my credit: 773
    10% PHILA. SALES TAX rate
    36 mth/ 12,000 mi year
    My car: I receive $5,000 cash (2003 PT Cruiser GT- very good cond)
    The dealer does state inspections at no cost to me for the 3 years

    (after 3 years if I don't buy a SUBARU- I pay $300.00 bank charges)

    I truly appreciate your help-- you have been a WONDERFUL resource and I am so very grateful!!!!!!!!
  • chuck68516chuck68516 Posts: 195
    Yeah, I did edit my intitial response. I originally thought you said you traded in the car for $5,000. Then I went back and saw that you said you received cash. I think you did great. Good job.
  • joymomjoymom Posts: 5
    It went even better..

    5,000 cash and $280 X 36 mo -- everything included. I drove the car home minutes ago. If you were local, I would send you a cake! Blessings!!! I am amazingly thankful to you!!! I am praying blessings to you this evening and the Lord to give you the desire of you heart in His will.
  • chuck68516chuck68516 Posts: 195
    Glad everything worked out. Also, glad to help. I hope I can get as good of a deal when I finally commit.
  • So here's the deal i was given over the phone tonight. It sounds good to me, just thinking it through and asking for your thoughts.

    2009 Legacy SE
    MSRP 22900
    Deal - 20565 (after $1500 rebate and plus the $695 destination charge)

    $256 /month (271 with tax) pay only $271 and drive away.

    I was looking to get to $250 and they said if I put $500 down + $250 first month I'd be on my way.

    I seriously doubt I can find a better offer...thoughts?

    Now, if i can just convince the wife.... :P
  • joymomjoymom Posts: 5
    for how many months?

    and what mileage per year?
  • chuck68516chuck68516 Posts: 195
    Keep holding out. Here's my latest quote:

    Manufacturer's List Price : $23,825.00
    Heuberger Motors Internet Price: $19,677.00 (Including $595 Acquistion Fee).

    The Legacy SE I'm looking at is almost $1,000 higher MSRP and is almost $1,000 lower sale price. That equals $241.69 monthly payment on a 36 month/ 12K per year lease including my 7% sales tax and ZERO down. The only reason I haven't signed the lease agreement yet is I have one dealer telling me they can add the $1400 Special Edition discount back onto MSRP to calculate the residual and one dealer telling me they can't/won't do that. The dealer that will doesn't have the car I want. If I can convince Heuberger Motors to use the pre discounted sticker price of $25,225 my monthly payment will be $219.45 including tax.

    You should be able to get a loaded out 2.5i Limited for $275 a month with zero down. I'd hold out a while longer. Plus, the 2010 Legacy is going to be completely redesigned so the 2009's will soon be even less attractive. Hold out 1-2 more months and you'll be able to get a 2009 for under $200 with nothing down.
  • Its a 36 month lease 12,000 miles /year.

    The MSRP was the same as yours (chuck), i just used the Edmunds MSRP. They are e-mailing me the sticker today so I can compare it.

    As far as residual, I am using the $14,XXX from the Subaru website on the details of the lease offer.

    Big question, when using an online lease calculator, I couldn't get the standard Subaru lease offer to work without removing $300, so that is what I was using as a baseline. Do you happen to know where that comes from?

    When I get home and see the sticker price, I will put all the details in.

    Thanks for your help!
  • chuck68516chuck68516 Posts: 195
    CORRECTION: I said the Special Edition Discount on the sticker was $1400. It is actually $1750.

    Residual is 57% and MF is .00170 on a 36 month lease. The actual figured MSRP $23,825 (plus $1750 Special Edition Discount) is $25,575. Actual residual value is $14,577.75. Cap cost including acquistion fee of $595 is $19,667. Monthly payment is $213.87.

    From Subaru's Website: "Now through April 30, 2009 - $199 per month for 36 months with $1,999 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. Offer ends April 30, 2009. MSRP $22,990 ($695 includes destination delivery charge). Total net capitalized cost after $1,500 lease cash of $19,184 includes $595 acquisition fee. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, dealer documentation fees, options, insurance and the like. Not all buyers may qualify. Dealer participation may affect final cost. At lease end, lessee responsible for vehicle maintenance repairs not covered by warranty, excessive wear/tear and 15 cents/mi. over 12,000 miles/year and $300 disposition fee. Total monthly payments $7,164. Option to purchase at lease end $14,102."

    This ADVERTISED "LEASE DEAL" is with $1999 down and does not include tax. The ZERO down payment would be $256.68 NOT INCLUDING TAX. That's $57.78 more than my deal pre-tax.

    As you can see, the advertised "LEASE SPECIALS" on the Subaru website are absolutely useless. Anyone can get a WAY better deal than that. Just concentrate on the lease numbers and getting the dealer to go WAY under invoice price. Everything else will work out.

    To further illustrate the ridiculousness of the Subaru website's "LEASE SPECIALS" I also have a quote for a ZERO down 10,000 mile/ 36 month lease of a 2009 Tribeca Special Edition MSRP $32,753 including 7% sales tax is $373.

    Website says:
    "Now through April 30, 2009 - $319 per month for 39 months with $2,999 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.
    Offer ends April 30, 2009. MSRP $31,990 ($695 includes destination delivery charge). Total net capitalized cost after $2,500 lease cash of $25,711 includes $595 acquisition fee. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, dealer documentation fees, options, insurance and the like. Not all buyers may qualify. Dealer participation may affect final cost. At lease end, lessee responsible for vehicle maintenance repairs not covered by warranty, excessive wear/tear and 15 cents/mi. over 10,000 miles/year and $300 disposition fee. Total monthly payments $12,441. Option to purchase at lease end $15,693."


    That advertised $319 a month is with $2,999 down and DOES NOT include sales tax. Subaru's ADVERTISED LEASE with ZERO DOWN would be $408.05 not including tax. That's $59.05 a month more than my pre-tax deal.
  • Thanks for the info. The one I am looking at in in KY so I can't get the deals that I could in CO. (I just moved from Denver so I know how it is!). I'm still working with them to see what they can do. Sticker on the one I'm looking at is $23,342...inlcuding destination and the SE discount.

    They are offering me 20,565 after the $1500 lease cash. I think they are not including destination, and I just called them out on that. I usually never have a problem getting dealers under invoice, but there are barely any Legacys on the lots out here...so it makes it tough.

    Also, you mentioned waiting for the 2010's to come out....wont that reduce the residual and make the actual lease prices go up? I've run into that in the past.

    Thanks again for the help.
  • chuck68516chuck68516 Posts: 195
    The residual can usually go down 1% every couple of months but it depends on supply and demand. My local dealers have a ton of Legacy's and Imprezas. I don't see either model depreciating more than 2% by August.
  • You have been a great help chuck...thank you.

    How are you figuring out your numbers? I am using a lease calculator online and i ran the scenario of $25042 (MSRP +$1700 SE discount) - Negotiated price at Edmunds invoice of $21921 (including destination) + $595 acquisition fee -$1500 rebate, 0 down (net cap cost of 21016) 57% residual ($13305) and money factor of 0.00170 for 36 months and I came up with $272.54 + tax. Am I missing something.

    I usually don't lease so I am trying to wrap my head around all the numbers that can be played with before I make a deal.

    Thanks again!
  • chuck68516chuck68516 Posts: 195
    I just use a calculator and/or some scrap paper to calculate my leases. Simple math is all you need. 99% of the online lease calculators don't give you an accurate payment, especially the Edmunds's lease calculator.

    Your adjusted MSRP is $23,342. Add the Special Edition Discount of $1750 back onto that, $23,342 + $1750 = $25,092. Residual is 57% of that = $14,302.44. If your sale price is INVOICE it's kind of high but using the net cap cost of $21,016 minus the residual of $14,302.44 = $6,713.56 divinded by term of 36 months = $186.49. Next, take residual, $14,302.44 plus net cap cost of $21,016 = $35,318.44 multiply by MF of .00170 = $60.04. Add $186.49 plus 60.04 = your pre-tax payment of $246.53.

    As I said, if you are going with invoice, you are doing yourself a disservice. You should easily be able to negotiate to well below invoice. I'm at $19,072 sale price on an MSRP of almost $500 more than the one you are looking at.so you should be at $18,500 at least.

    As far as finding a better deal goes, you can do everything by email and even have a delaer FedEx you the paperwork. Don't just settle with what you can get locally. Check all the high volume dealers in your area. Worst case scenario, you fly from Kentucky to Denver, CO for less than $220. The dealer can/will pick you up from the airport even. I'd do it to save myself over $2,000 in higher payments.
  • Thanks again Chuck. That was a huge help. I will keep shopping the price. Now that I have a more solid calculation....that will help.
  • chuck68516chuck68516 Posts: 195
    I sent a couple emails for you. Joseph Subaru in Florence just sent me a quote, $19,434 sale price on an MSRP $23,276.

    Options Include:
    •All Weather Floor Mats
    •Auto-Dimming Mirror w/Compass
    •Convenience Group 1
    •Off Black Center Armrest Extension
    •Rear Dome/Reading Light

    As you can see, if one dealer can sell a car for $19,072 probably ALL dealers can do so. This price quote was after one email. I've been back and forth with my dealer several times to reach their final "BEST" offer. Keep after them. You can now tell your dealer that Joseph Subaru is at $19,434 and "CAN YOU AT LEAST MATCH THAT PRICE?" Pit them against one another.
  • kyfdxkyfdx Posts: 30,421
    I called Joseph when shopping for my Subaru.. They didn't have the unit I was interested in (manual Impreza sedan), but they were very upfront with pricing... got a really good vibe from them..

    Just my $0.02... :)

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • chuck68516chuck68516 Posts: 195
    I agree, they are very honest and upfront. The salesman said that was his absolute lowest price he could offer until they earn their Subaru sales volume discount perhaps at the end of the month maybe sooner. Sounds legit.
  • deegedeege Posts: 3
    Can anyone confirm if there are any rebates (cash to customer/dealer) that would apply in the New York state/northeast region? I am looking into a lease and want to know what other incentives or rebates are out there that I can incorporate in to my negotiations. Thanks in advance.
  • chuck68516chuck68516 Posts: 195
    Every trim of the Legacy has $1,500 lease cash.
  • Wow chuck! Way to go above and beyond!! Thank you! I will check them out as well and keep playing with the numbers.

    Thanks again!
  • chuck68516chuck68516 Posts: 195
    Philip from World Class Subaru sent me an email and said he can lease a Legacy SE MSRP $23,342 for adjusted cap cost 18,936.00 (including $595 acq fee).
  • What do you say in your e-mails? That's the same guy who gave me the original offer. I may just pay you to go buy me a car!! :P
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi z2adambomb. 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 Legacy GT without navigation with 12,000 miles per year are .00185 and 48%, respectively.

    When negotiating your lease on this car, make sure to use the $1,500 cash incentive that is available on it to negotiate an attractive capitalized cost.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • chuck68516chuck68516 Posts: 195
    I just filled out the request more info box on their websie. Just told them I had a couple quotes and asked if they could match them. He sent back a reply of yes he could match it. This was on stock# 227556.
  • kjikji Posts: 1
    Does anyone happen to know the current residuals and money factors are on the 2.5i SE's for:
    24 mnth 12k/15k
    36 mnth 12k/15k
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi kji. 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 Legacy 2.5i SE with 15,000 miles per year are .00130 and 54%, respectively.

    I didn't mention the 24 month info because Subaru is no longer providing support on two year leases. As a result, it doesn't make sense to lease one for that short a term.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • IagoIago Posts: 4
    Car_man,

    What's the current money factor and residual for a 36 month lease on a 2009 Subaru Legacy 2.5GT Limited?

    12k miles/year.

    Thank you!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Iago. Subaru's May lease program is scheduled to run through today, June 1st. I can give you an idea of what it is like right now. If you want to know the specifics of the new June program please feel free to check back with me in a couple of days.

    Subaru's May buy rate lease money factor and residual value for a 36 month lease of a 2009 Legacy 2.5 GT Limited with 12,000 miles per year are .00165 and 48%, respectively. When negotiating your lease on this car, make sure to take advantage of the $1,500 cash incentive that is currently available on it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
This discussion has been closed.