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Land Rover LR2 Lease Questions

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  • hi Jax,
    I say find another dealer or use some kind of online buying service.

    I simply worked with a good dealer/salesman and negotiated it. The dealership was great! No frills. I walked out of a Land Rover dealership just 2 miles from my house because they were very rude and didn't want to even discuss things rationally. So I drove 1 1/2 hrs to another dealership (called them first and told them what I was looking for, etc.). They were great and I sealed the deal in under an hour.

    Yup, that included cold pack only plus tax, title and fees. I live in New England so all the dealers carry LR2s with nothing less then the cold pack. Plus you need it up here.

    I didn't want to fork out $3000 for the nav and satellite either. Though in hind sight, I wish I had as now I find out its near impossible to add an "integrated" after market alpine satellite receiver to the stereo head unit. So I have to use the basic "plug and play" one plugged into the AUX jack, which is ugly. Oh well.

    The main thing is that I absolutely love this vehicle. Best I have ever owned. And I have owned Audi and Acura and Jeeps, etc.

    K.
  • jax10jax10 Posts: 36
    Hello u2 (K),

    The closest dealerships to me are 2 hours & more away...several are owned by the same company, so it seems like it is a little "monopoly" to buy a Land Rover around here. There are not that many in Texas. I don't even know what price to try for..., they seem to want you to believe that they don't discount the MSRP...?? again, yours was $33,400 before adding on the tax, title & fees? This seems very different than buying any other kind of vehicle...then I wonder if it will be a mistake to have to go so far in case I get a "lemon"....2+ hours there, 2+ hours to get back home, but I really think I want the LR2.

    I don't know how much trouble it is to use one of the portable satellite radios, or how much they costs... I guess wires would be going everywhere....

    Maybe if I wait a little longer they would be willing to discount some...the same ones have been on their website for quite awhile... nearly October, looks like they would discount since they will be getting new models in by April I guess, wonder if they will look the same...don't really know how to approach this deal? thanks, janie
  • Leased the LR2 yesterday - details below.

    LR2, Baltic Blue over Tan
    With Cold Climate
    MSRP of $35,400 (33,985+700+715 destination)

    Net Cap Cost $32,500 (or $222 over invoice)
    24 months
    .71 residual (allows for 10,500 miles per year which is not problem living in the city)
    Money Factor of .00193, or 4.632% (.00193x2400)
    Zero cap cost reduction

    Monthly pretax (sales and excise) $418.15
    $ due at signing $1,485.55 (first, bank fee, license, doc, plate and tax on bank fee)
    Monthly after tax $481.80

    True monthly cost (after amortizing fees, etc. over life of lease) $523.63

    Like the dealer very much (outside of Boston).

    The mysterious Ad Fee is not included in Invoice price. So if the dealer paid that on this one, net cap was actually $78 UNDER invoice.

    And if anyone is curious, I know what the dealer is paying for the $. It is a lot less then the 4.632%. That is where they will make their money. But I am very happy with the deal overall.

    And British Rover, no insult taken. Just playing hardball. And it paid off.
  • Actually I think .00193 is buy rate through Land Rover. Was it a LRCG lease or some third party leasing company?

    The Boston dealers are literally killing themselves with competition and in fighting. It would be funny if it didn't spill into my market from time to time.

    I am guessing you were at Norwood. They are really whoring it out to the point they are ruining the market for everyone else. If it wasn't Norwood I bet it was Sudbury/Herb Chambers.
  • .00193 is buy rate for Land Rover on the LR2 for a 24 month lease.
  • It was Cab East LLC, subsidiary of Ford Motor according to SEC filings, not LRFC (which is also a Ford subsidiary of course).

    The dealer got it at 1.9%, gave it to me at 4.632%, which is fine really.

    And yes, it was Sudbury - I think the word went out to move the LR2 SE prior to the HSE's hitting the market in 4 weeks or so. There are 5+ dealers within easy distance from Boston, so you're right, competition plus Herb's buying power (low cost $) allowed for a pretty good deal (I think).

    Can't wait for it to snow.
  • Cab East, LRFC, LRCG, FomoCredit etc. are all the same company.

    I don't know why they would tell you they got it at 1.9% or why you think that because they didn't. Buy rate for the LR2 on a 24 month lease is .00193. There is no way to have a buy rate under that.

    Even if actual buy rate was 1.9%/.000791 money factor then they couldn't sell you the money for .00193 as that is beyond Land Rovers maximum bump for money factors. The maximum bump for money factors from land rover is .00104 or 2.496 percent.
  • Cold package only (MSRP $35,400)
    24 month term
    10,500 miles per year
    $559 per month, including tax
    $0 down payment (My initial costs would be the title/tag fee of $158.50, the bank fee of $645, which includes tax, and the first month's payment)
    The dealer said the money factor is 0.00218 and the residual is .71

    What do you guys think? Thanks for your help!
  • Please ignore the above message. Here is the latest deal that I have been offered:

    Cold package, black narvik paint (MSRP $35,800, invoice $32,642)
    24 month term
    10,500 miles per year
    $535 per month, including tax
    $0 down payment (My initial costs would be the title/tag fee of $158.50, the bank fee of $645, which includes tax, and the first month's payment)
    The dealer said the money factor is 0.00218 and the residual is .71

    I guess that works out to a capitalized cost of $33,990 which is $1,348 over invoice. I have heard of people getting a capitalized cost of $800 or $1,000 over invoice, but I got the sense that $535 was their final and best offer.

    What do you guys think? Thanks for your help!
  • I also live in the NY metro area. Long Island to be exact. and if you know the area, you know that all the dealerships (all 4) are owned by the same Auto Group. Just c1st month payment and motor vehicle fee. monthly payment is 513.00 per month and some change for 13,500 miles with cold climate package for 30 months.

    And they gave me rubber mats. Not a bad deal. I had to take it oct 31 which is in 2 days, but i did some haggling and they knocked $400.00 off the msrp. They are affordable...and this coming from a grand cherokee graduate.
  • I just saw the LandRover site posted new lease specials on the LR2. Looks like $2995 down, $373/month, 10,500 miles. I am assuming the basic model. Does anyone know the money factor or residual on this? Has anyone rec'd this offer? Is this a good deal?
  • muddyymuddyy Posts: 60
    Yeah, I just saw this also but I'm not sure it's such a good thing. From what I've been hearing it only applys to left over SE models without any upgrades like lighting and NAV and cold weather packages, so if you get any of those the lease price goes way up.

    In addition, there is a vibe going out that there are not a lot of SE's available and you can't order certain color combinations, it's leftovers only in preparation for the HSE's which will sell at a premium price and offer no lease incentives (at least there are none on the LR site). I think it's possible that the lease on a 42K (loaded) HSE may be over $700/month.

    But that being said I'm not sure I believe anyone right now, LR is always slow to give details. It may be possible to get an SE of your choice now with that lease price. I suspect it's just temporary and applies to leftovers because of one simple fact: how can the dealers handle the anger from people who are leasing the same car for $550 a month right now when they see that new lease price?
  • I spoke to a finance guy with a local Landrover dealer about the lease special on the LR2. He said the rate for an SE without Navigation was 1.1% and 1.9% with Nav. The residual was about 69% and 67%, respectively. He claimed he could give me a price $1K over cost. With the special of $2,995 down (actually $3,500 with taxes/fees) and a 36 mo. lease the payments were about $380/mo without Nav and $480 with Nav. Note: these figures will vary depending up your taxes, options, etc.

    I questioned the additional $100 more for NAV, but he claimed it was because of the higher rate and lower residual. For an X3 the Nav is only $40/mo more - but the Nav cost is about $1K less. Still, the SE with NAV is much more.

    Re: rates on the HSE, he mentioned they were around 4.6%? From what I've heard, many of the new HSE's coming in at first will not have Nav to keep the price and payments down.
  • I think it's possible that the lease on a 42K (loaded) HSE may be over $700/month.


    The first HSE LR2 lease I did came out at almost 900 bucks a month. I almost choked on my tea.
  • search for my old post- I drive the LR2 loaded- It's a great ride- My payments are 460 a month with 3900.00 down with inculded tax/title/ and 1st month payment.
  • jeyhoejeyhoe Posts: 490
    Geez, $3600 over 3 years for the Nav? THat's a great argument for a Garmin or a TomTom.
  • Its not just nav though. You get bluetooth phone, SAT radio and the upgraded surround sound system too.
  • muddyymuddyy Posts: 60
    What's the lowest lease price on a loaded 08 SE with cold, lighting and NAV/tech (39,950), and where can you get it, dealer or internet? I've seen 2,900 down and 550/month, with 10,500/miles per year, 30 months. Is there any way to get a better lease price? Thanks.
  • rob34rob34 Posts: 46
    I drive a loaded X3 and put the minimum down and pay $539 a month including tax so I an having a hard time stomaching these lease rates on the LR2 in Seattle area. My wife really wants an LR2. She wants an HSE Silver, Cold Climate, and Lighting. No Tech because the stereo is meaningless to her so $3500 for Nav is too much.

    We want a lease that offers the lowest possible monthly payment with the minimum down. The best I have been quoted so far for minimum down after talking to 2 dealers is:

    10,500 miles
    24 month term
    $615.00 per month inc. tax
    Money Factor: .0027
    Residual: .69
    Down payment: Just over $1000 including first month I think. Can't remember exact figure.
    MSRP is 37,900 and they have not lowered that yet. They say since they don't have the car and I may have to factory order that they don't come down off the MSRP. My wife wants the Pixel interior but can accept the wood if she has to.

    This is a US Bank lease.

    I also asked what the up front money would be to make the payment $450 per month including tax because that is her current payment on her A4. They said $5600.

    I am going to put a deal together this weekend and would like to be armed with some advice. Can I please get some feedback on both deals above? Still seems very high to me.

    Thanks and Happy Thanksgiving.
  • Hey Rob,
    I'm also coming off of an X3 lease and considering leasing an LR2. Strongly consider getting an SE instead of the HSE, because the lease programs are much better for the SE.

    I've been given a deal of $400/mo incl. taxes for a 24 or 30 mo. lease (only $6 difference) with $3K down for an LR2 SE with heated seats and 10.5K/yr, but no light backage. My cap cost is $500 over invoice.

    You'll probably pay over $100/mo more for the HSE to obtain some minor changes to the wheels, a new lower body trim, additional seat adjustments, a small cover on the console ... Other than that, there is no change to the engine and the SE and HSE are pretty much identical. Also, any options seem to require nearly full amortization over the term of your lease and jack up the monthly payment. So, you want to consider eliminating the lighting package if you don't need it - and an SE instead of the HSE.

    Good luck.
  • I'm coming out of a lease on an RX330 and have driven pretty much everything in market, from the pilot to the Mercedes. The LR2 seems like a nice car, though I'm a bit concerned about what the service experience might be like w/ Landrover, compared to Lexus.

    I drove the LR2 last night in Cary, NC. The dealer basically offered a deal at invoice within just a few minutes of talking - I assume the market must be terribly slow here... I would really like any help w/ the money factor and residuals for a LR2 SE + cold climate and lighting - no tech...

    - 15k miles/year
    - 24 & 36 months

    Other posts have referenced a 69% residual for 36 mo & 10.5 mi/yr, so I'm assuming a 15k residual will be somewhere around 65% - would really appreciate some confirmation of all.

    I'm expecting payment will fall somewhere around $450 including tax, which makes this a pretty compelling buy, compared to the RDX and X3 - agree?

    Thanks,

    Ken
  • Hi Ken,
    In some areas of the country there seems to be more inventory of the LR2 SE than others. Apparently, they are no longer shipping the SE to dealers, only the HSE. So, if you want certain options and colors, it will probably be more challenging the longer you wait. The best deal I could find was $500 over invoice in LA. Even though your dealer may be able to give you a deal near invoice with what he has on his lot, be sure he may not be adding some additional fees. And, if he needs to find the options and color you want than different thnt what he has, you may need to spend a bit more - if he can get it.

    I believe the 12K lease was about $15/mo more than the 10.5K lease for 30 mos. I have for $410/mo incl. all taxes & fees with a total of $3k down. Obviously, the amount you put down will vary your monthly payment. I believe the heated seats added about $20/mo and the lighting would add over $30/mo. So, when you add your options and additional miles, it would probably be about $100/mo more than for a base unit with no options. If you can get your deal for under $475/mo it would seem to be a pretty good deal. If you exclude the lighting option, you could probably get a deal around $450.

    With regards to the lease term, the monthly is only a few dollars more for a 30/mo than a 24/mo, but the 36/mo lease jumps up quite a bit for the special SE financing. So, you may want to do 30/mo instead of 36/mo to get the best deal.

    In LA, there are very few 2008 X3's available, and as a result, the lease deals are not very attractive. A similar deal with my preferred customer status was over $500/mo. for the X3. The only good thing, is that adding Nav is only about $25/mo more and the luxury package includes blue tooth and Sirus for 3mos. free. So, the X3 with tech is actually about the same as the LR2. The RDX may have a better deal than the X3, but it's the worst of the three to go off road and it's interior is inferior, in my view. The tech stuff in the RDX is the most advanced in just about any vehicle I've seen, but they made it more complicated to use than it should be.

    Good Luck.
  • Hi Ken. Dealer invoice is a very good price for a lease of a 2008 Land Rover LR2. Now that you have negotiated a good selling price, all you have to do is make sure that the dealer that you are working with uses its buy rate lease money factor to calculate its monthly payment. According to the latest information that I have seen, Land Rover Capital Group's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Land Rover LR2 SE without the Tech package with 15,000 miles per year are .00119 and 66%, respectively. The numbers for an otherwise identical 36 month lease are .00213 and 53%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • muddyymuddyy Posts: 60
    Heard from Land Rover direct today that the SE is a phase out, not to return. HSE's only from now on. Get a deal on the lot with an SE now or it's back to super high lease prices on the HSE.
  • Hey everyone, new to the forums but have found them to be of immense value.

    I test drove an LR2 HSE last weekend with the wife and we both really liked it. I've heard the best time to buy a car is at the end of the month, so I plan to lease this one Friday if I can get a good deal.

    My questions are:

    -What would be a good lease deal in Los Angeles? I’d like an HSE in Stornoway Grey with all the options, but would consider an SE if the deal makes sense. Ideally I’d like 12K miles (10.5K would work if the rates are better) and a 30 month lease (24 would also work).
    - What are the current money factors and residuals for an HSE and SE with all of the options? I’d really like to have navi and cold weather packages, but should I exclude the lighting package to get a better deal?
    -And lastly, should I wait until next month, or is now the right time to buy?

    Thanks for the feedback,

    Ryan
  • muddyymuddyy Posts: 60
    Ryan, in NY, the price of an SE loaded, 3 packages is 39,950. I got them down to 35,000. Lease deal was:

    Price: 3 packages 35,000
    Term: 30 months
    Milage: 12,000
    Down: 2,600 (which was minimum)
    Monthly: 550

    If we took off tech/nav it was 450/month

    I didn't ask about the lease on HSE, though they did say there was no incentive and no discount on HSE. I have heard the lease for HSE is over 800/month, though I find that hard to believe.
  • 2008 LR2 HSE, Rimini Red / Alpaca Tan leather: $38,700.

    12,000 miles per year; 24-month lease; $1300 down / due at signing.

    Residual value: 68% ($26,316.); money factor rate .00320

    Monthly payment: $798.64

    What do you think? :cry:
  • Hello.

    We really like the SE and want to make a deal before year-end.

    Here is the deal we were offered on a 2008 SE with cold climate package only (i.e. no NAV and no lighting_

    MSRP: 35,400
    Sale Price 33,400
    LEV% 69%
    Lease-end value 24,426
    MF .00134
    Amount Due at signing $1,514.68
    Monthly payment: 484.53

    This is a 24 month lease with 10,500 miles per year.

    Is this a good deal?

    Based on what I have read here they should be able to come down more on the price (ie closer to $30K which I think is invoice).

    Please let me know what you think.

    Thanks
  • Sounds like a steal compared to the deal I was given.

    The best deal I thought was SE no nav for 499 mo for 24 months no money down 10,500 per year.
  • Man, they are giving these things away....get the SE's while they are gone.

    $500 out of pocket/drive off
    $405/month (including taxes)
    30 month, 10.5K miles/year

    White Ext/black interior, no options (stripped). I head there are only a few of these stripped models in S Cali.

    Loving this car so far, except gas mileage and Land Rover reliability (hopefully they fixed that with this car). There are other quirky things - no cover for sunroof, no cover for center console cubby, key/fob situation (double work), have to push radio buttons on steering wheel hard to change, etc.

    Loving the luxury feel, safety and hopefully taking it off-roading during some Land Rover excursions
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