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2013 and earlier Volvo S60 Lease Questions

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  • volvomaxvolvomax Posts: 5,274
    Umm, they are providing special lease rates on the V70R.
    The program we have is good in all markets except NY.
  • volvomax,

    would you be willing to share the basics info on those lease rates? The volvo website never seems to have any information on leases, perhaps designed so you need to visit the dealer.
  • volvomaxvolvomax Posts: 5,274
    Nothing to share. Volvo doesn't have a special lease program for the S60 R, period.
    Maybe in NY state they do, but no where else.
  • A friend is looking at leasing volvo also through US Bank and he wanted to reduce the monthly by putting a downpayment as a cap cost reduction.

    As everyone has posted, I warned him that if in a total or theft incidence, he would lose that money. He should rather put it against the security dep to lower the MF.

    He asked the dealer and they stated US Bank does not take extra security deposits. The dealership further stated that the lease includes GAP insurance, so he would not lose any of his cap cost reduction(downpayment) if he put money down.

    Please advise if this is true?
  • I am considering leasing a 2007 S60 2.5T. Are there any incentives currently. I am not in a big hurry and can wait until summer if that is the better time to lease.
    Also, what is required to maintain the car for the first 3 years assuming 15,000 miles per year. How do insurance rates on Volvo's compare to other cars. THANKS. I have learned a lot already from this forum and look forward to your comments and suggestions.
  • volvomaxvolvomax Posts: 5,274
    downpayment money on a lease is always gone.
    GAP insurance doesn't mean he would get the money back.
    GAP only means that IF the cars value was less than the lease payoff amount the policy would cover that difference.
  • volvomaxvolvomax Posts: 5,274
    while there may be more incentive money at the end of the model year, the residuals will be lower and the selection won't be as good.
    Chances are you won't save much at all by waiting.
  • rriulrriul Posts: 8
    Hi,

    I am new to lease. I went to the local Volvo dealer today to check out the lease deal on S60 that without any options.

    Here is what I got.

    12000 miles/year for 3 years
    $299/month
    Tax: $2131.65 (IL, 6.75% on MSRP)
    Plate: $ 143
    1st payment: $ 299
    ----------------------
    Out of pocket $2573.65

    I have the option to buy the car at the end of lease for $13579.40 or pay $350 to return to dealer.

    Does above figure sound right?

    Many thanks! :blush:
  • Hi rriul. The 2007 Volvo S60 2.5T Base model appears to be the only S60 trim level that there is a special lease on through Volvo Finance right now. Volvo Finance's current buy rate lease money factor and residual value for a 36 month lease of one through Volvo Finance with 15,000 miles per year are an amazingly low .00001 and 46%, respectively. When negotiating your lease on this car, make sure to take the $2,000 lease cash that is currently available on it into account. This cash will help you to negotiate an attractive capitalized cost for your lease.

    I'd be happy to give you my opinion on the specific lease that you were quoted, but you never mentioned this car's MSRP or selling price. Let me know what they are and I'll tell you what I think.

    Car_man
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  • qbrozenqbrozen Posts: 17,536
    based on carman's numbers, i can't come anywhere NEAR $299/mo. So it sounds like you are getting a screaming deal.

    Using the .00001 MF and 46% residual, and a selling price of invoice minus $2k rebate on a no-options 2.5T, I come up with a payment of $326 BEFORE tax. Almost $350 after tax. And that's with an even $3k down. You are putting less down and getting a payment $50 under that. Of course, you are talking 12k miles instead of 15k, but that usually only makes a difference of around 2% on the residual, which makes a difference of ~$18/mo. So, assuming carman's numbers are correct, I think you should jump on it. By my calculations, you are getting the vehicle for about $700-$800 UNDER invoice PLUS the extra $2k off.

    I'm hoping to find that deal for my brother-in-law, but I'm seriously doubting I could.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • rriulrriul Posts: 8
    Hi,

    Thanks for the info.

    The dealer uses MSRP $31580 (including destination charge) as the purchase price.

    Thanks.
  • rriulrriul Posts: 8
    Hi,

    I forgot to mention that dealer has $7500 cash back (something around there) on the lease. :blush:

    Thanks.
  • qbrozenqbrozen Posts: 17,536
    OHHHH!!! Interesting. So they aren't using volvo finance, then, if I understand everything correctly. Do you know what money factor and residual you are getting?

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • rriulrriul Posts: 8
    Hi

    After 3 years, the residual is $13579.40 which I assume is the price to buy if I am going to purchase the car at the end of lease. I did not ask for the money factor.

    Thanks.
  • qbrozenqbrozen Posts: 17,536
    So that's a 43% residual, which is actually lower than volvo finance's residual. Hmmm... well, thanks for that info. It is helpful.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • mmjmmj Posts: 4
    I have a 2004 Volvo S60R in excellent condition that is coming off of lease. I would love to purchase it and then sell it. Is that a good idea? It has maintained it's value and I think it would sell fast. The dealer wants it bad so they can sell it...we got a little inside tip on that information. The problem is I don't know the best way to sell it. Can anyone help.
  • qbrozenqbrozen Posts: 17,536
    what's the purchase price and car details?

    best way to sell a car? well, the pros around here have repeatedly told me to put an ad in the biggest paper around. I've found that too expensive. Honestly, the best bang for the buck I've gotten is through Ebay. 10 days of national full-color advertising for something like $30 is quite the bargain.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • mmjmmj Posts: 4
    Purchase price/buy out option is $21,980.40. Mileage: 34,000; 6 Speed Manual; AWD; 300 HP Turbo Charged 2.5L 5Cyl; Brembo Brakes; Bi-Xenon Headlights; Leather Sport Seats; 18" Titanium Wheels; Premium Sound Package & CD Changer & more.
  • qbrozenqbrozen Posts: 17,536
    hmmm... well, i'm not sure how much you'll make by buying and reselling it. It is up to you if it is worth the trouble. My guess is you might make a grand on it.

    (looked real quick and found a certified one by me with 10k less miles with an asking price of $26,9)

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • volvomaxvolvomax Posts: 5,274
    Here is the problem.
    If you buy out the lease, you will have to pay sales tax on the buyout price.
    That may wipe out any profit you might make.
    Also, in most cases the dealer can buy the car at auction cheaper than the lease co. will sell it to you for.
  • qbrozenqbrozen Posts: 17,536
    oh hell. if you have to pay tax on TOP of that price, yeah, forget it. No profit there at all. (i was thinking your number was with tax)

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • Does this lease quote sound like a Good/Avg./Bad deal?

    2007 s60 R - Everything except Navigation
    MSRP - 44560.00
    Negotiated Price - 32400.00
    residual value - 19176.00
    MF .00225
    1500.00 total due at signing
    486.00 per month fir 39 months

    This is supposedly on the x-Plan with Wells Fargo as the lender.

    Sound like a good deal?
  • m.lm.l Posts: 3
    How is this deal on a 36 month, 12k/year lease in Southern California?

    2007 t5 s60 with metallic paint, premium package, auto transmission, bi xenon headlights, satellite radio prep:

    msrp 38450
    cap cost 27,842
    mf .00202
    residual 43%
    437.08/month including tax
    1,000 drive off (including 1st mo, title, bank fee)
  • lease1lease1 Posts: 2
    Car Man

    Dealer has offered the following terms on a 2007 demo, (4800 miles)with premium package, metallic paint:

    36 months, 15k miles per year.
    $600.00 out of pocket, which include first months payment
    $339 per month plus tax.

    Seems like a good deal, can you please confirm.
  • hts666hts666 Posts: 8
    How does this sound for a 39 month/12k year lease deal for Los Angeles.

    2007 S60R, metallic paint, premium package, auto transmission, 18" wheels.

    MSRP: $44,895,
    Quoted price: $37775
    Lease price I was quoted was 429(+tax) with a 2k down payment.

    I got similar numbers ($435/month) from another dealer in the area.

    Does this sound about right, or can I do better?

    Thank you.
  • rrm1020rrm1020 Posts: 1
    Im coming out early off a 2005 BMW 3Series lease, I put way too many miles.
    In order for me to get out of the lease as I am "flipped" ill get into a Volvo Lease with the idea of buying at the end of the lease. This hiccup is the price Im paying for leasing and adding tons of miles.

    2007 Volvo S60 2.5T black saphire w/taupe interior
    Lease price $26,200 (34,200 less $8,000 dealer cash)
    Add payments and over mileage of $5,100 (final amount determined at delivery date)
    Payments factored on $31,300
    MSRP $35,820
    15,000 MILES YEAR
    48 MONTHS @ $499/MO
    TOTAL OUT OF POCKET $2500.00

    What are your thoughts?? Help please!
  • upperc1upperc1 Posts: 7
    Is 15,000 miles enough for you? You might want to see if you can get the same payment on a 36-39 month lease. What is the "over-mileage" charges. Volvo is offering some serious money to dealers if they use "outside" banks to do the lease on the S60. It seems that your dealer is taking off $1500 on his end
    Find out what your buyout is on the lease from your leasing company. Maybe CarMax will offer more and you will be less "upside down" and go into your new lease without working the old lease in the deal. Just a thought
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi fishymick. X-Plan deals usually are very good. The car that you described, a well equipped 2007 Volvo S60 R has a spread of around $2,800 between its full MSRP and its dealer invoice price. I see that you are leasing it through Wells Fargo instead of Volvo Finance. I believe that Volvo is currently providing a whopping $7,000 cash incentive for leases of the '07 S60 R through independent banks. Plus there is $2,000 lease cash and $1,000 owner loyalty or conquest cash on this car right now. Combine these three cash incentives with the spread between this car's MSRP and invoice price and you have a total of around $12,800 to play with. This explains how you were given such a large discount (over $12,000). The price that you were given on this car looks pretty good to me. If you like it, I personally don't see any reason not to go for it.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi m.l. The money factor that you mentioned is different than Volvo Finance's current buy rate for this car. I suspect that your lease is being run through an independent bank rather than through Volvo Finance. Volvo is currently providing a $6,000 cash incentive on leases of the 2007 S60 T5 through independent banks plus $2,000 lease cash, plus $1,000 owner loyalty or conquest cash for a total of $9,000 in cash incentives on this car. Plus the car that you described probably has a spread of around $2,400 between its full MSRP and its dealer invoice price. This gives you a total of $11,400 or so to play with in your negotiations. You were quoted a discount of $10,608 on this car. You might be able to shave another couple hundred dollars off of this car's price if you work at it, but this price isn't bad.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello lease1. You never mentioned the selling price or MSRP of the car 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 this car's selling price 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 would be more than happy to give you my opinion on this deal if you let me know what these numbers are.

    The problem that I personally have with demo vehicles is that dealers never seem to be willing to provide enough of a discount for me to justify purchasing what essentially is a low mileage used vehicle over an otherwise identical brand new one. Of course, there are exceptions to this, but this generally seems to be the case with demos.

    Car_man
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