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Land Rover LR3 Lease Questions

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Comments

  • cegceg Member Posts: 1
    I am a returning leasee and the dealer's first offer is as follows:

    2006 LR3 V8
    navigation, xenon, cold weather, bluetooth
    sticker 51,450
    discount 4,000
    sell price 47,450
    30 months/ 10.5k miles/ 1,782.13 up-front / 613.13 per month includes sales and property tax of 47 per month.
    money factor is 00152 residual is 68%

    Is this a good deal relative to what others are seeing?
  • genef4363genef4363 Member Posts: 1
    I went to a dealership yesterday in NJ and signed the papers to lease a loaner LR3 V8 SE with 5-6000K miles.

    It has a Cold Air Pkg,3rd Row,Satellite Radio and Bluetooth. The MSRP was $50,000 and they're giving it to me for $44,900.

    After $1,000 out of pocket, my monthly payment is $495 for 30 months.

    I'm wondering if anyone can tell me whether or not this is a good deal?
  • ehnjehnj Member Posts: 20
    genef4363

    I am working with the same dealership in Woodbridge, NJ on a V8 SE loaner with 5K miles. I've got an MSRP of $54,925, capitalized cost of $48,197. Residual is 65%, money factor 0.0016. Monthly cost for a 30mo - 15k lease is $599/mo. $495/mo looks like a great deal. How many miles/mo are you getting. What is your residual and money factor?
  • markd3markd3 Member Posts: 4
    CarMan,

    I have a 2007 HSE with pretty much all the options ordered and expected in the next 3 or 4 weeks. Do you have any info yet on MSRP, residuals, money factors, etc. for this model? If not, when do you anticipate having this information as I would like to hear your thoughts regarding getting the best lease deal on this 2007 vehicle before going in to the dealership to pick up the car.

    TIA,
    Mark
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, ehnj. No, it doesn't really matter whether you get a brand new LR3 or a loaner, especially if you plan on entering into a lease that is shorter than its warranty. The only problem that I have with loaner vehicles is that I personally usually find that dealers are not willing to provide enough of an additional discount on them for me to personally justify going with one over a brand new vehicle. Unless I am getting a tremendous deal on a demo, I just personally would rather have a brand new model that no one else has driven. Again, this is more a matter of personal preference than anything.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gables. The dealer cash that Land Rover is currently providing on the 2006 LR3 is not compatible with Land Rover Capital Group's special lease program. You can only take advantage of the dealer cash if you pay cash for or finance this truck. The money factor and residual value that you were quoted look good to me. You might want to shop around or negotiate a little more on this truck's selling price though. You;re getting a $2,200 discount on this truck, but I believe that there is a spread of over $4,000 between its MSRP and dealer invoice price. Make sure to stop by the following discussion to see how much other community members have paid for similar trucks lately: "Land Rover LR3: Prices Paid & Buying Experiences".

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sdrad. Land Rover Capital Group's current buy rate lease money factor and residual value for a 36 month lease of a 2006 Land Rover LR3 SE V8 3rd Row with 15,000 miles per year are .00195 and 53%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on your new truck, Richard. I;m glad to hear that you got such a good deal. Enjoy your new ride!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sgtbigtoe. Given the fact that the dealer cash is not available on leases of this truck, unless you have one of the $1,500 certificates that has been mentioned I doubt that you are going to be able to negotiate a selling price that is below dealer invoice. I am not intimately familiar with what the market is like for the LR3 in your area, but you will probably have to be at least $500 to $1,000 over invoice for this truck. You may be able to get additional feedback on how much you should pay for this truck by visiting the following discussion: "Land Rover LR3: Prices Paid & Buying Experiences".

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi genef4363. The truck that you described has a spread of around $4,400 between its full MSRP and dealer invoice price. You were quoted a discount of $5,100 on it. This is below dealer invoice, which is an excellent deal on a lease of this model, even for a truck that already has 5,000 miles on it. The monthly payment that you were quoted looks good too.

    Car_man
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  • elbo1elbo1 Member Posts: 2
    Car_Man This is my first time leasing a car , I have excellent credit. I have been qouted $51,800 for a 2006 LR3 SE .3rd seat,climate package,bluetooth,sat radio, heted w/s, minus $ 7,000.00 "incentive" add back dvd kit $2,500,roof cross bar,$325,rubber mat$ 398. 36 months /15k miles , %45 residual, $899. Seems high what am I missing?
    Thank you
    elbo1
  • hdominguezhdominguez Member Posts: 2
    I have the following offer on the table:
    2005 LR3 HSE, NAV, 3rd Row, heated seats, 23k miles.
    $37,000.00 Giving 7k trade in, for a lease of $490 a month for 5 years. The leasing company says that I should be able to get into another lease with equity in 3 years. I am concerned about the length of the lease.

    Thoughts?

    Hector
    Austin, TX.
  • ehnjehnj Member Posts: 20
    I took delivery of my LR3 on Monday.

    LR3 V8 SE7 loaner w/ 5500 miles, 30 mo lease w/ 15k miles/yr

    Pricing details as follows:

    MSRP : 54925
    Capitalized Cost : 48035 (includes $597 in taxes)
    Residual : 63%
    Money Factor: .0016
    Monthly payment: 580

    Thanks CAR_MAN and fellow LR3 buyers, you helped me make this a pleasant buying experience with no surprises at the dealership. The only feedback for improvement I have is the frequency of dialogue in the forum.

    Good luck w/ your buying experience! The LR3 is an excellent ride!
  • elbo1elbo1 Member Posts: 2
    ehnj
    Thanks for the information.
    I am looking at a similiar deal in terms of the car, price and residual % ; $49,931cap cost,
    %65 residual ,30 months ,15k miles, with a lease payment of $961 , if my math is right that's less than %4 int. I am a first time lessor and feel like I am getting a bad deal relative to yours , any suggestions?
  • ehnjehnj Member Posts: 20
    elbo1,

    what is your MSRP, and what did you get for a money factor. Sounds like you should be in the $700 per month range.
  • sparchsparch Member Posts: 3
    2006 LR3 HSE
    SATELITTE RADIO
    STICKER $54100
    CAP COST $51750
    30 months/ 15K miles/ $3000 OUT OF POCKET/ $699+TAX PER MONTH.
    MONEY FACTOR 00143. RESIDUAL 62%

    THIS CAR HAS APPROX 200 MILES AS IT WAS USED IN A GOLF TOURNAMENT LAND ROVER SPONSERED FOR TRANSPORTATION OF PLAYERS.

    DO YOU THINK THERE IS ROOM TO MOVE ON THIS DEAL CONSIDERING ITS PRIOR USE, AND THE FACT THAT IT IS A 2006? PLEASE LET ME KNOW WHAT YOU THINK ABOUT THIS ONE.
  • markd3markd3 Member Posts: 4
    CarMan,

    Forgive me for reposting, but I never got a reply to the question I posed a few weeks ago.

    I have a 2007 HSE with pretty much all the options ordered and expected in the next 3 or 4 weeks. Do you have any info yet on MSRP, residuals, money factors, etc. for this model? If not, when do you anticipate having this information as I would like to hear your thoughts regarding getting the best lease deal on this 2007 vehicle before going in to the dealership to pick up the car.

    TIA,
    Mark
  • socaljagroversocaljagrover Member Posts: 2
    Hello,
    Actually, the dealer has much better rates and residuals through premiere lenders. Go to the dealer, you will see.
  • socaljagroversocaljagrover Member Posts: 2
    MSRP is $95,350 with DVD. Dealers are selling at $15,000 to $20,000 over MSRP in California, New York, and Miami.
  • markd3markd3 Member Posts: 4
    Socaljagrover,

    Maybe I've confused things by saying "2007 HSE". I'm speaking about a 2007 LR3, not a Range Rover. If you're joking about the price you've listed as being for an LR3, I guess I don't get the joke. Even at $15 to $20K over MSRP a 2007 LR3 in HSE trim with all the ammenities (including DVD) would be in the $75K range. Incidentally, I wouldn't be willing to pay that much for an LR3 in any market.

    If I'm misunderstanding you, please forgive me.

    Mark
  • audiavant1audiavant1 Member Posts: 3
    Vehicle has roughly 6,000 miles on it. Can anyone confirm what the rebates or incentives are on these. I am being offered 8500 under msrp. I still think I can get more. Not sure if the rebate on v8 se's is 5k or 7k. Thanks
  • granttngranttn Member Posts: 2
    I just drove an '06 LR3 with satellite radio and was offered the following terms:

    MSRP: $54,100
    Sales Price: $51,210
    Cash Down: $1,310
    Factor: .0016
    Residual: 64%
    Payment: $691.88

    Is this a good deal or should they be coming down further on the sales price?
  • bigsexcgbigsexcg Member Posts: 7
    How many months & miles per year on those lease terms?
  • granttngranttn Member Posts: 2
    12k miles per year on a 30 month lease.
  • nikolayanikolaya Member Posts: 22
    Found one of few 2006 V6 SE7 left with premium and cold package and 3rd row...getting a good price:

    MSRP $45,500

    Sale price $35,800

    Money factor: 0.00374

    Res. value: $26,845 (59%)

    I got 30 months lease with 12,000 miles for $532.79...I think this is too high as I am getting "hit" with crazy money factor...my credit is 734...dealer told me that this deal is contigent of me having great credit...AM I MISSING SOMETHING HERE???
  • nikolayanikolaya Member Posts: 22
    What lady is saying is that since they took all the cash that Landrover offers on the car, she has to give me a regular "money factor" of 0.00374...and it can't go any lower...???

    Since I plan on purchasing this truck at the end of the lease, I don't think I care that much - right????

    This is the last 2006 V 6 in Tri State area, nobody has them anyomer and I don't wanna miss out...what da ya think???
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello elbo1. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    You're right, $899 a month is way too much money to pay for this truck. Even if that is what its monthly payment should be, you can get a lot of equivalent vehicles, like the Mercedes-Benz M-Class for hundreds of dollars a month less than that. I would be happy to use Land Rover's actual lease program to estimate what this truck's actual lease payment should be right now, but in order for me to do so I need you to provide me with this truck's full MSRP and selling price.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Hector. You're right to be concerned about the length of this lease. I personally feel as though five years is way too long to lease any vehicle for. A lot can happen during the course of five years to make you want to get out of your lease early and it is usually very expensive to do so. For instance, your job situation could change causing you to want a more or less expensive vehicle. Or your commute could change causing you to go way over your vehicle's mileage allowance. Or you could just plain get sick of your vehicle. I always advise consumers to lease for more like 36 to 39 months. Don't listen to anyone who says that you can get out of your current lease several years early without paying a penalty. It is very unlikely that this is the case. It is in the salesperson's best interest to make you think this so that they can seal the deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on your new truck, ehnj. Thanks for taking the time to stop back and share the details of your deal with everyone. Enjoy!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sparch. Land Rover is providing quite a bit of dealer cash on leftover 2006 LR3s right now. Unfortunately, I do not believe that this dealer cash is compatible with this truck's special lease program. One should expect to get an additional discount on a demo vehicle over what they would normally have to pay to pay for a vehicle, however 200 miles really is not a big deal. It's worth a shot, but I doubt that the dealer will be willing to provide you with much of an additional discount for this little mileage. A base 2006 Land Rover LR3 HSE has a spread of around $4,770 between its full MSRP and dealer invoice price. You were quoted a discount of only $2,350 on this truck. Given the fact that the 2007 LR3s are now available, I suspect that you should be able to get a bigger discount than this. I would shoot for another $1,000 to $2,000 off of this truck's price if I was in the market for it.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Mark. Don't worry about posting your message again. At the time I had not seen this truck's lease program, but now I have. Land Rover Capital Group's current 36 month buy rate lease money factor and residual value for a lease of a 2007 Land Rover LR3 HSE with 15,000 miles per year are .00343 and 55%, respectively. The numbers for an otherwise identical 48 month lease are .00349 and 54%, respectively. Edmunds.com now has the pricing data that you are interested in. Click on the following link to check it out: Edmunds.com - 2007 Land Rover Pricing Page. Let me know if you have any other questions.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for the info, socaljagrover. I'm not surprised that there are independent banks out there that have better lease programs than Land Rover Capital Group does right now. LRCG's current program for 2007 Land Rovers is not very attractive.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi audiavant1. I assume that the demo LR3 that you are interested in is a 2006 model. If so, Land Rover has cash incentives on it right now. Unfortunately, I am only aware of a $1,000 cash incentive on leases of this truck. The $6,000 dealer cash that is available on leftover 2006 LR3s is not compatible with Land Rover's special lease program. An $8,500 discount is a good price for a lease of a demo with 6,000 miles on it through Land Rover Capital Group, but if I was financing it, paying cash for it, or leasing it through an independent bank I would want a larger discount than this.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi granttn. A base 2006 Land Rover LR3 HSE has a spread of around $4,770 between its full MSRP and dealer invoice price. You were quoted a discount of $2,890 on the specific truck that you are interested in. I am not intimately familiar with what the market is like for this truck right now, but given the fact that they 2007 models have started to arrive at dealers I believe that there may still be some room to play there. It wouldn't hurt to try to haggle a little more with this dealership or to comparison shop with another dealer or two. Also, make sure to stop by the following discussion to see how much other community members have paid for similar trucks lately: "Land Rover LR3: Prices Paid & Buying Experiences".

    Car_man
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  • markd3markd3 Member Posts: 4
    Car Man,

    Thank you for your response. Can you give me some idea of what you think about these numbers - i.e. how do the money factor and residual value compare with the 2006 lease numbers?

    Mark
  • mrresearchmrresearch Member Posts: 8
    Hi Car_man, do you know the tier 0 (highest fico) money factor and residual for a 2006 LR3 V8 SE with 12k for 30 months? And how it differs from the "special lease program"?

    Thanks
  • mac125mac125 Member Posts: 4
    Nikolaya:
    What dealership did you get this deal from? I'm having a tough time getting this low of a price for a lease. Please help!

    Thanks!
  • nikolayanikolaya Member Posts: 22
    I got mine from dealership in NJ...they have no more left...but I know they have a black V6 in Paterson NJ and also they have V6 in Woodbridge NJ...ALL DEALERSHIPS SHOULD BE ABLE TO HAVE ACCESS TO THE SAME REBATES...
  • mac125mac125 Member Posts: 4
    Dear Car_Man:
    Thanks for all the info on this website. I have been negotiating to lease a new '06 LR3 V8 SE loaded with a cooler box, cold climate, heavy duty package, lighting package, rear parking, navagation, rear seats with climate package, bluetooth, satellite and lojack. The MSRP is $55,500 and the invoice is $50,840.
    I am being offered the following:

    Sales Price: $51,275
    Cash Decapitalization: $5,000 (From a trade in)
    Net CAP Cost: $46,275
    Residual: $35,701
    Payment: $483 + tax= $523 a month
    30 month lease
    10,500 miles ($20 a month more for 12,000 miles)
    Money Factor: .0016
    Residual: 65%
    $0 Security Depsoit and $1500 off the total of 1st month's payment, doc fee & licensing.

    Your thoughts please?
  • maytalmaytal Member Posts: 12
    Hi,

    I am being offered the following lease in Los Angeles for a brand new '06 LR3 SE V8 with 3rd row seat and satellite radio and 12000 on a 30 month lease.

    The sticker price is $48,400 and I am being offered a lease for $399 including taxes, $370 before taxes and $4500 down payment out the door.

    I know the residual is 67% and I think the sticker price on the vehicle he's giving me is between $43 - $44K.

    I feel like this is a good deal, since my goal was to reduce the monthly payment and I think $370 is a good price.

    I would appreciate any advice you have to offer.
  • jdstoryjdstory Member Posts: 2
    Looks like your money factor is awesome. I was quoted .004 (9.6%) which is to high.

    There is a $6000 discount offered from the factor on 2006 models.

    I'm going to try and get a deal like yours.

    Have you purchased your vehicle yet?
  • jdstoryjdstory Member Posts: 2
    Deal offered to me:
    I'm interested in purchasing or leasing a 2006 LR3 V8 SE

    Here are details:

    Base price $44,985.00
    lighting package + rear PDC $1,400
    on/off road navigation $2,650
    Personal Telephone integration system $400
    rear seat & climate packate $2,200
    satellite Radio $400
    Java Blackk Paint $400
    Inland Transportation $715
    Total Amount $53,150.00 (full sticker)

    Factory is offering dealer incentive of $6000 for 2006 model.

    So Price is $47,150

    Dealer said he would throw in a tax credit (about $3,000), not sure how that works.
    Residual 65%for 30 month lease or $34,547
    Money factor of .004 (9.6%)this seems way to high
    15k miles per year

    Paying nothing down, no trade.

    They said a 30 month lease would cost $850 per month, what would be a reasonable lease payment.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem Mark. The 2007 Land Rover LR3's lease money factor is much worse than the 2006 model's is, but the fact that its residual value is higher as well will make up for part of the difference. Through January 8th, Land Rover Capital Group's 36 month buy rate lease money factor and residual value for a lease of the 2006 Land Rover LR3 HSE with 15,000 miles per year are .00180 and 51%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the research that you're looking for, mrresearch. Through January 8th, Land Rover Capital Group's buy rate lease money factor and residual value for a 27 month lease of a 2006 Land Rover LR3 V8 SE 7 passenger with 12,000 miles per year are .00160 and 67%, respectively. I have not seen this truck's 30 month numbers, but the numbers for an otherwise identical 36 month lease are .00195 and 55%. This is Land Rover's "special lease program" for this model.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, mac125. The first thing that I notice about this deal is that you are using your trade to make a $5,000 capitalized cost reduction on your lease. There's nothing wrong with trading your current vehicle in when you lease a new one, in fact in some states there are tax advantages to doing so, however it would be in your best interest to have the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making down payments on leased vehicles because if their leased car or truck is totaled in an accident or stolen and never recovered their down payment essentially disappears.

    As far as the rest of this lease goes, the selling price that you were quoted for this truck looks good to me. The money factor that was used to calculate this truck's monthly payment is right in line with Land Rover Capital Group's buy rate for this model as well. If you like the truck, I personally don't see any reason not to pull the trigger on this deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings maytal. Let me begin by saying that I personally always advise consumers against making large down payments on leased vehicles. Those who do risk losing them if their car or truck is totaled in an accident or stolen and never recovered. Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction. All you will have to pay at lease signing are your vehicle's first month's payment, a security deposit that's equivalent to its payment rounded up to the nearest $50 increment, Land Rover Capital Group's $595 acquisition fee, and any required state taxes or fees.

    You never mentioned the exact selling price that this lease is based upon. This is a very important number for you to know. Without it, you don't know exactly how much money the dealer is charging you for this truck. If it is in the $43,000 to $44,000 range that you mentioned this is a good deal. Just make sure that the dealer you are working with uses Land Rover Capital Group's buy rate lease money factor of .00160 (through January 8th) to calculate your truck's monthly payment and you're in business.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jdstory. Land Rover is offering either a special lease money factor or the dealer cash that you mentioned on the 2006 LR3 V8 SE right now. Unfortunately, these two incentives cannot be combined. That is why the money factor that you were quoted is so much higher than Land Rover Capital Group's current buy rate of .00160 for a 30 month lease of this truck. Whichever program you choose, make sure to negotiate a dealer discount on this truck. It appears as though the only discount that is being given on the sample lease that you posted is the $6,000 dealer cash. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing. This truck has at least a $4,000 gap between its full MSRP and dealer invoice price. Given how late we are in the model year, you should not have any trouble negotiating a large chunk of that off of this truck's price. Without any additional dealer discount, you are paying too much for this truck.

    Car_man
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  • mac125mac125 Member Posts: 4
    Won't my GAP insurance cover the down payment/cap reduction from my trade in?
  • jcwcalijcwcali Member Posts: 4
    Cutting to the chase, I Leased a new 2006 LR3 MSRP of $49,700, with $2,500 down for $499.00 + tax for 30 months, 10,500 miles per year?
    Thank you for your response.
  • bgsntthbgsntth Member Posts: 92
    I got the floor model with almost every dealer-installed option available (DVD system with game port, Running Boards, Brush and taillight guards, crossbars and ski rack, etc.), so my deal was a little screwy. Nevertheless, the Residual value on LRNA's special 30month/10.5K is 68% and the money factor works out to 3._%. Combined with the $1500 LRNA certificate, the deal works out to $548.55 per month plus tax and $0 drive-off. I paid $2k drive-off for all of the dealer-installed paraphenalia, which is not residualized. The combo deal ends on 1/8, but the $1500 certificate is good through the end of February.

    So, if you are on the fence-move! Some dealers are quoting this deal for base LR3s with no options, but LRNA specifically states it is for those with Rear-Seat, Cold, Lighting, and Bluetooth,/Sirius. So beware.
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