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Land Rover LR2 Lease Questions

Ask your LR2 lease questions here!

Moderator - Prices Paid, Lease Questions, SUVs

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Comments

  • ajoagajoag Posts: 4
    Kyfdx or anybody else,
    I am looking to lease LR2 - 24 mon/15K per year. Do you know what is the Residual and money factor for that?
  • muddyymuddyy Posts: 60
    It appears LR is selling LR2s but there is nothing on their website about lease prices and the dealer I talked with doesn't know. Does anyone have any information at all? Thanks.
  • I am looking to lease a LR2 for either 24 or 36 months with 12K miles per year. Do you know the residual and money factor in Texas?
  • ajoagajoag Posts: 4
    Folks,
    I went and got a LR2 test drive. I loved it. Here is what dealer offered for 24 months/ 15K miles per year lease.

    MSRP: 36400 (Cold Weather & Lighting package)
    Selling: 34900 (Discount of 1500)
    MF: 0.00216 (5.18%)
    Residual: 68% (64% with tech. package)
    Acquisition: $610

    Can I do better?
  • british_roverbritish_rover Posts: 8,476
    Don't even bother leasing the LR2 right now. The leasing programs make no sense at all and someone screwed up.

    You were quoted the exact right residual and money factors but that program equals out to a stupid high lease payment.

    I was playing with the leasing programs yesterday and depending on the car and leasing term I got payments between $775 and $575 a month. Someone screwed up because that is much to high for a sub 40,000 dollar car.
  • muddyymuddyy Posts: 60
    My dealer and I had a brief discussion about lease price, which LR has not released yet. He said he expected it to be about $450/month with 12,000 miles a year, minimum down, 24 months. That's just about where a loaded BMW X3 is, a car that is $43,000; it leases for $490/month for specs above. Has anyone actually gotten a lease price in writing from Land Rover that is firm; if so, how much per month for specs quoted above? Thanks.
  • britman4britman4 Posts: 27
    i got today, 618 mnth all taxes included

    71% residual
    .00268
    1500 down
    only cold package, no lighting or tech
    24mnth lease
    10.5k per year.

    Thoughts?

    its an LR2 or an X3 for me..on the fence
  • I agree someone really did screw up with the leasing packages. They are absolutely awful!!!

    Here are the quotes I received based on MSRP (dealer in Frisco, TX will not negotiate a dime off the MSRP).

    LR2 fully loaded (cold, lighting & tech pkg)
    $39950 MSRP
    Residual 66% (2yrs - I didn't receive the one for 3yrs)
    Money factor .00297 (24mo) and .00313 (36 mo)
    2yrs/24K miles with $0 down = $910/mo
    2yrs/24K miles with $1000 down = $866/mo
    3yrs/36K miles with $0 down = $813/mo
    3yrs/36K miles with $1000 down = $783/mo

    LR2 (cold & lighting pkg only)
    $36450 MSRP
    Residual 70% (2yrs - I didn't receive the one for 3yrs)
    Money factor .00297 (24mo) and .00313 (36 mo)
    2yrs/24K miles with $0 down = $782/mo
    2yrs/24K miles with $1000 down = $738/mo
    3yrs/36K miles with $0 down = $721/mo
    3yrs/36K miles with $1000 down = $690/mo
  • muddyymuddyy Posts: 60
    Thanks; if this is actually what a 24 month, 12,000 miles/year and mimimum down lease will be ($910/month) then they will sell very poorly. When you say 24 month, 0 down what is actually due at signing? In other words, there is always a minimum due, aquistion, taxes and other charges. Usually zero down means you don't pay anything you don't have to pay and fold everything you can into the lease. Paying anything over the minimum is foolish because you are just basically paying them your lease in advance if you do that and artifically lowering your monthly payment.

    The BMW X3 lease on a loaded $43,000 car is $490/month, that's with 24 month 12,000 miles/year and minimum due at signing (BMW's minimum is $2,800 and that's all "charges" that can't be folded into the lease.) That's a great lease price and that's why they sell tons of them.

    You know, when the RR Sport came out the lease price was $1,000/month for a similar spec. I though that was a terrible deal for a $58,000 car; if you are right about your numbers and LR doesn't offer a lease incentive by summer, they are going to sell very few LR2's. But it wouldn't surprise me, because they didn't sell a lot of RR Sports because of the high price and unattractive lease, and still after almost 2 years have not lowered the price or the lease, and they seem to be okay with that.
  • Just got the word back from my dealer. Looking at the fully loaded LR2 - originally talked to them and they thought that we'd be expecting around $450/mo with nothing down. Fair for the truck...

    First numbers were insulting!
    $693/month
    $3624 due at signing
    36 months/15k miles

    He assured me that Land Rover Capital would come back with a better program because they were determined to compete with the X3.

    Just heard back - a whopping $15/month less! Unbelievable that they are offering LR3s for $400/month but LR2s for $700 (and this was with X-Plan pricing, FYI!)

    I don't know how they will ever compete with BMW on this at these numbers. Too bad though - the truck seems great. I would be inclined to buy it but very unsure of the maintenance record (especially the first few vehicles off the line).

    Does anyone know a human being that's actually leased one of these???
  • muddyymuddyy Posts: 60
    Has anyone leased an LR2? Can you tell us your deal? Hard to believe LR would charge that much more for a car that is less expensive than the LR3. Can you actually get a 43K plus LR3 for $400/month? Then the LR2 is $700/month? Not believable.
  • You guys should be very happy with the lease prices you have recieved, I actually contacted my LR dealer, and this is what he gave me:
    LR II Basic, No Options Just plain
    Color Flame
    MSRP $34195
    Lease 2 years 15000 Mile $785.00

    I can drive a brand new Mercedes E350 Convertible with this price. What are these people thinking. Is there any lease reduce coming out on LR 2, please confirm
  • vegasrphvegasrph Posts: 47
    Hello everyone! Just wanted to put my 2 cents in here. First, my wife and I tried to lease a 2006 Land Rover LR3 SE V8 a few months ago. Basically, we went round and round with several dealers and got nowhere. Thankfully, I subscribe to several car magazines and a test (shootout) involving 8 (eight) SUVs was in the recent issue. The LR3 came in DEAD LAST (8th place) and the LR3 showed 12 MPG during the test and was called "junk" basically.
    As far as this new Land Rover LR2 is concerned, I would wait a few months and let some road tests be conducted by the popular magazines......to be sure it doesn't follow the LR3. I admit, it looks good inside/out, but $40,000 for a dressed up Ford Escape?? Land Rover is still selling some vehicles to people because of a certain cachet the brand still holds......but Land Rover is in financial trouble.
    $600+ a month for this thing?? Come on people....seriously. My wife and I leased a BRAND NEW 2007 Infiniti FX35 with ALL the goodies (MSRP $45,000) for $483/mo + tax with only $1400 due at signing last month. You can lease a BRAND NEW Cadillac Escalade for $700/month!!!! A Mercedes GL450 is around $650-$700/month!!!! Both these SUVs go for $60k!!!!
  • verdugoverdugo Posts: 1,979
    Here we go again. The LR2 is *NOT* a dressed up Escape.

    Agree on the high leases though.
  • britman4britman4 Posts: 27
    Gosh we are bitter and twisted. Really if you were in the market for an Infinity, why did you even look at an LR3. Come the Sun you can cruise the highstreet and look cool, come the snow we will see you in the ditch. Horses for courses. One thing people seem to miss on here is that Land Rover leases INCLUDE ALL TAX, sales and excise. So stop dropping lease number everywhereHaving just spent a while assessing all sorts of cars and lease plans I found Land Rowver to be the most honest and transparent if nothing else. As regards the LR2 they are selling a bundle of them, certainly up with expectations. So they don't NEED to lease. It's a fabulous car inside and a proper 4 wheel all terrain vehical. Up in the NE I regularly see supposed 4WD cars in ditches. Not LR's or RR's though.

    I ended up with the LR3. But for those who want to know here was my LR2 quote..ALL TAXES INCLUDED.

    $626 10.5K 24 months 4k drive away.

    I went for a bigger vehical.

    But look, until they NEED to drop the lease price, they won't. It's simple economics. If you want one but can't afford it.....tough..it's a classy vehical and selling well.
  • muddyymuddyy Posts: 60
    If you pay over $600/month, much less $650/ month for a $39,950 SUV, you are getting ripped off, period. If you say that's okay because of the Land Rover cache, you are deluding yourself because the LR2 is not the RR Sport or the Range Rover and doesn't carry that level of cache. Is this not obvious?

    The old Freelander: an okay ride, relatively inexpensive, lots of problems with reliability. No true or lasting "Land Rover" cache.
    The LR2: a nice small/mid size SUV, very expensive lease. RR Sport wanna be; cache imagined, sorry.
  • vegasrphvegasrph Posts: 47
    Sorry to have come off "bitter and twisted", but my wife and I really did try to work with Land Rover (several dealers) and to no avail. Basically, I was told over and over that Land Rover builds the BEST SUVs and I should be greatful to pay the outrageous lease price to drive one. No thanks, when in comes in 8th place of 8 SUVs.....it was a blessing that we turned away from the LR3 V8 SE. Now, it doesn't snow or rain much here in Las Vegas, so we didn't need a 4 wheel drive with Terrain Response (who does??) and the Infiniti FX35 is more G35/350Z than SUV. It flies and handles very well.....we love it. The LR2 looks like it has what it takes to match BMW/Acura/MB.....except on price for a lease......way too high. Oh, by the way have you seen the 2008 Ford Escape?
  • britman4britman4 Posts: 27
    Las Vegas....yup nice car and good place to have it. Up in Boston in the Winter you need a bit more traction. And terrain response is very useful.

    As I Said before. People are missing the point of the LR2 lease price. They do NOT want to lease you an LR2. At this stage they want you to BUY an LR2 and they are selling well. Same with the new X5.

    Sure it's way over priced.....its a brand new shape AND maybe it is a poor mans RR Sport but hey if that sells it then who are people to complain.

    This is all simple economics. For those who feel very pleased with themselves saying how LR have "messed up". They I am sure don't think so because they are forcing people into buying.
  • muddyymuddyy Posts: 60
    I disagree, I think it's opportunism as opposed to profit motive; both being an aggressive, natural force of the free market; but one being slightly more negative and cynical. Here's why: LR positioned this car as 1. small 2. economical 3. (sort of) a replacement for the Freelander and they hit every note perfectly except the price. Opportunism or greed? I think it's a fine line. Do people with money to spare care? Of course not. Do people who thought LR was making an economical entry car for their brand, feel... manipulated, well, yeah, of course.

    Cars like this, and the car market in general have a lot in common with the housing market. Everybody who could raise the price through the roof and not suffer for it, did. Now even the lowliest of the low is shockingly high. Cheap, basic houses are now sky high and somehow everybody is okay with that, or at the very least, secretly shocked and complacent (it was commonly referred to as "sticker shock" once but now it's all so over priced that no one uses that term anymore).

    It ends up being such a subjective notion after all about whether you consider LR is overcharging for a basic SUV; most people who want it and can pay would probably pay $10,000 more if LR asked for it (ironically, with some of the loan and lease deals you actually are paying $10,000 more for it after all the interest payments); and people who can't afford it are so turned off they don't care anyway. It's a super luxury car to many with a super high price tag; only the people on the fence who would have to stretch to afford it really care, and obviously, I'm one of them. Not angry, just disappointed.
  • Hello everyone! I am it sure how I got here, but when I read the discussion, I fell in line with all of the other disappointed LR2 customers and felt compelled to respond.

    In December 2006, I put money down on a loaded LR2. It was to be our 3rd LR product. I anxiously awaited the arrival of the vehicle and checked the website daily for updates. I kept all of my LR teasers that had been mailed and talked to my LR sales guide weekly as we tracked the status of the vehicle I had ordered.

    Low and behold, it finally arrives!! I spent a couple hours at LR checking it out put the sold sign on it for them.

    So now you must be wondering........The day of the lease package announcement, the day of my dealerships launch party, and the day my LR2 was to be delivered to me.......disappointment hits!!

    I could not believe they did not do something 1/2 way aggressive with the leases. I would have been perfectly satisfied putting minimal down and driving out of their with a $650 lease payment.

    Well, as we all know that didn't happen. The night of the launch I asked for my deposit back and wished them luck as they had just had 20 LR2's delivered to them the day before.

    A few days later, I found that all but 1 person (23 total) had asked for their money back from the 2 local LR dealerships. Since then, btween the 2 of them they have moved about 6 trucks. The truck I ordered is still sitting at the dealership.

    I hope this is the success LR had hoped for. I am truly a disappointed customer and am considering getting something else and not waiting for them to have to move this stagnent inventory.
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