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Land Rover LR3 Lease Questions

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Comments

  • havebluehaveblue Member Posts: 7
    Congrats on the new car!

    If the scratches you are referring to are on the leather, I don't know how that is going to turn out good. Please let me know what happens.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new truck, squealpigs. Make sure to stop on over to the Dealer Ratings & Reviews to share your thoughts on your recent dealer experience with others. Enjoy your new ride :shades: !

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  • mrchilimrchili Member Posts: 17
    Carman-
    My lease is almost up on my 2006 LR3 SE, I had a 24mo 12k yr, and I'm confused on the price of another lease. My 2006 MSRP was $50600, purchase price $47k and my pyt was $531.17 w/$3564.67 down which included everything (1st pyt, motor vehicle, bank fee, doc fee, reg fee, sec deposit). I'm now being told that a 2008 LR3 with the same features (tech pkg) is $744.26 w/$2188.76 due at signing for 24mo's 10500 miles. How could the LR3 go up that much? is this right ??

    At the same point they tell my the RR Sport is $729mo w/$3472.45 due at signing for 24mo and 10500yr. If you add all the numbers up the Sport is only $917.45 more over 2yr's......DUH, which one sounds better????

    btw....my current LR3's tires are totally worn on the inside due to a factory issue and they offered to split the $2k cost with me. It has 19k miles and I'm giving it back in a month and they want $1k because of a factory problem...has anyone ran into this problem????
  • bgsntthbgsntth Member Posts: 92
    I do not think there is any factory support right now on leases, so the money factor, lease cash and residual may all be effected. In 2006 they seemed to have a plethora of LR3's and no Sports. Now it seems reversed, plus the RRS has a better resale value-one of the best I've read.

    I have an unblievable lease on my 2006 as well, which I do not anticipate replicating when I turn ours in next year. Especially as I've read that only a fully-painted Gucci HSE version of the LR3 will be available.

    I would replace the GY's with the cheapest tires that fulfill LRNA's minimum req's, which I believe are HR rated and 110LI. Toyo's Open Country HT comes to mind, and is actually a better tire regardless, or the ST http://www.treadepot.com/tirelist.html

    Or the new Kumho Road Venture, which Tirerack has for only $116 a piece. http://www.tirerack.com/tires/Sizes.jsp?make=Kumho&model=Road+Venture+APT+KL51
  • british_roverbritish_rover Member Posts: 8,502
    The 2008 LR3 will come in just LR3, LR3 HSE and LR3 HSE LUX trim levels.

    The 2009 LR3 is essentially what a LR3 SE is now.
  • claimguruclaimguru Member Posts: 3
    Can anyone tell me the new lease rates for May 08 for LR3 HSE for 15,000 miles yearly for both 24 and 36 months?
  • claimguruclaimguru Member Posts: 3
    I received a deal today for a 2008 LR# HSE fully loaded (except entertainment system) and was wondering if it is a good deal for 36 months

    msrp 55200
    purchase price 52200
    total capital cost of 45759.95 (includes 7500.00 discount from lease company)
    acquisition fee 695
    fees and ins 599.95
    residual 43%
    15,000 miles year
    with 1424.04 down
    monthly payments included tax 802.45

    Would like to close the deal tomorrow 5/4/08
  • fallon511fallon511 Member Posts: 4
    I have been offered $ 7500.00 discount (non Land Rover lease). So did you negotiate your price over and beyond the 7500 discount?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the latest information, claimguru. Land Rover Capital Group's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Land Rover LR3 HSE with 15,000 miles per year are .00001 and 54%, respectively. The numbers for an otherwise identical 36 month lease are .00092 and 44%.

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  • xsalukixsaluki Member Posts: 1
    btw....my current LR3's tires are totally worn on the inside due to a factory issue and they offered to split the $2k cost with me. It has 19k miles and I'm giving it back in a month and they want $1k because of a factory problem...has anyone ran into this problem????
    ---------------------

    Yes. I have the same problem. $1400 was the cost quoted to me. It is obvious that the air suspension doesn't align properly when driving at normal speeds.

    They just decided to tell me at my last service before I return mine. They knew of an issue on my last LR related to breaks, denied it at purchase time and then wanted money at returned time.

    I will never do business with LR again. I can take mistakes, but the lying is another thing.
  • jayrod422jayrod422 Member Posts: 4
    My 2006 lr3 se had the factory tire issue also.. My dealership told me that I would only have to pay for 1 tire. The other 3 and the install costs would be picked by them and landrover..

    Bring up the class action lawsuit with them and tell them you will pursue it against the dealership and landrover... My dealership tried pulling this crap with me but once I started talking lawsuit and class action things changed very quickly..
  • postermikepostermike Member Posts: 28
    Carman,

    Can you quote me just the residual and what kind of a lease fee that I can expect to pay for the following vehicle? I'm in Atlanta, GA.

    2008 LR3 HSE, MSRP: $57,950, Purchase Price: $46,475.
    2 Year Lease @ 10k per year.
    I will be paying the entire lease up front.

    My '08 Jeep Commander is just about to be bought back from Chrysler under Lemon Law and I'm getting back a little over $17k, I paid for that lease up front also. I'm hoping, with the great price I'm getting for the LR3, I won't have to come out of pocket with much more.

    Thanks,
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello postermike. 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 LR3 HSE with 10,500 miles per year are .00213 and 64%, respectively. Using these numbers, an MSRP of $57,950, and a selling price of $46,475, I estimate that this truck's zero down, pre-tax monthly payment should be around $570.

    Car_man
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  • marczmarcz Member Posts: 17
    I am in California and wanted to lease a fully loaded 2008 LR3HSE (3 years, 15K miles per year). I got written competitive bids from five local dealers through checkbook.org (a non-profit car buying service that several friends had used with excellent results); none of the dealers were using Land Rover Capital. When I called the dealers and checkbook.org to inquire, I was told that LRC had ridiculously low residuals and incredibly high money factors, so all the dealers had switched to US Bank. Then the bottom fell out of the lease market, with several manufacturers saying they would simply not lease any cars. While the lowest bidder discounted the car over $4K below invoice, the residuals with US Bank went down in a matter of days from 42% to 35% for a 39-month lease, with a money factor of .00192. Still no one was using LRC for the leases. Do you have any information that would shed some light on this? It was all very strange. Thanks for your input.
  • moejojojomoejojojo Member Posts: 10
    marcz, sorry to hear about your problem. I'm planning an LR3 lease also and I'll be contacting checkbook this week or next. I used them on my last two purchases with great results. I'm sure if you contact them and tell them your problem, they will revise your information.

    What were the better lease rates they quoted you on the LR3. I'm trying to decide between a lease and purchase but leaning towards lease. I know you can get good deals on 2008 purchases. Not so sure about the leases.

    Thanks.
  • marczmarcz Member Posts: 17
    Checkbook got quotes from 7 dealers, all of whom were using US Bank, not Land Rover Capital. All of the dealers quoted identical residuals for a 3-year, 15K mile HSE lease (42%) and identical money factors (.00236); all had a $795 acquisition fee but no security deposit. The best cap cost was $4K below invoice. I had to lease for business reasons, but even the dealer was pushing a purchase as a much better deal. Be sure to ask about shorter and longer term leases, as well as the SE vs. HSE; I think the numbers would be different, and you can never tell which combination will produce the lowest payment. Also, if you can do 10K or 12K miles that will also make a difference. Good luck.
  • britman4britman4 Member Posts: 27
    So I have an LR3 coming to the end of a 2 year lease. I love this car and in the MA current weather it has come into its own. But what next? Should I buy it at the end of the lease? If so, how much negotiation power do I have? or can I negotiate a reduced lease rate for another 2 years? or is it worth just leasing a new one?

    Currently I got 630 all taxes included for an HS with wood, running boards and other bits and pieces. 10.5k a year which is fine for me.

    We have very good credit scores...but the whole car environment has changed. What should one do?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi britman4. In order to determine whether you should purchase your vehicle at the end of your lease, you need to compare its purchase price to its value on the open market at this time. Even though it states your car or truck's purchase option price on your lease contract, you should place a call to the bank that you are leasing it through just to make sure that you have the correct figure. When you do so, it never hurts to try to haggle with them. Some banks will negotiate the lease-end purchase prices of vehicles. If your initial contact at your bank is not willing to lower your vehicle's purchase price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they will not, but you don't have anything to lose by asking.

    As I said earlier, once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values".

    Having said all of this, the market for used vehicles, particularly trucks, has absolutely imploded over the past several months. If I had to make an educated guess, I would say that your LR3's end-of-term purchase option price is likely much higher than this truck's actual value on the open market at this time. If so, you will be better off just walking away from it at lease-end.

    You might be able to re-lease this truck, but given the lack of support on used vehicle leases chances are that you would be able to get a better deal on a lease of a brand new Mercedes or Lexus.

    Car_man
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  • njmdxnjmdx Member Posts: 17
    CarMan,

    I've been hearing Land Rover will start an aggressive lease program for the LR3 in january -- have you heard anything about this? Current lease deals are not so good!

    thanks
  • gillzgillz Member Posts: 15
    Understand LR will release 2010 MY LR3's in May of 2009 which will mean many dealers won't even be ordering the 2009 models. Can this be verified ? Also wondering what big changes are in store for 2010 MY to prompt this move by Land Rover...
  • postermikepostermike Member Posts: 28
    The 2010 MY LR3 will be the 2009 Discovery that is now on sale in the United Kingdom. You can see pictures and details by going to the LR site and entering the United Kingdom area instead of the U.S.

    The most significant changes are to the body with body colored fender flares & Bumpers and the door handles that are now the matte silver color, like the current Range Rover Sport. Minor styling cues are also noticable, but not dramatic. They are also changing the interior colors from Alpaca and Black to a choice of Almond, Tundra, & Ebony. The Almond and Ebony are just like the 2008 Alpaca & Black. The Tundra is a gray.

    Strangely enough, the current 2008 MY vehicles that are sitting at the port and were built after October, 2008 are using the 2008 MY body (black fender flares/bumbers) but the 2010 interior colors.

    There are TONS of 2008 LR3s sitting at the ports so LR will be dealing extensively on these until the 2010 models arrive in May, 2009. Currently there are some deals on New (not demo) LR3 HSE w/ Luxury - MSRP $57,950, sales price - $40,100.
  • lhr7lhr7 Member Posts: 11
    Which dealership is offering the HSE LR3 for $40,100?
  • roverduderoverdude Member Posts: 12
    Does anyone know the current lease rate for LR3 HSE 08 and 09 models 15K per year 24/30/36 months.
  • gillzgillz Member Posts: 15
    Great information. Thank you. Looks like turning the calendar to a new year won't bring back the economy ...!
  • gillzgillz Member Posts: 15
    Most dealers offering $14k reduction from MSRP on '08 MY LR3's in stock. Makes the LR2 seem expensive !

    Heard from a local dealer that Land Rover Capital is no longer the finance arm of LR and they have arranged a new program with Chase. Can someone confirm this and also provide some insight as to what the new incentives might be for lease/purchase ?

    Thanks.
  • DonovanGDonovanG Member Posts: 6
    I'm finally in the market for an LR3. I've been shopping the 2 local dealers this week and found this. (AZ) 8 NEW SE 08's avail. None have navigation, that's an issue. Colors are limited to black or silver. They're quoting $15k off and up to $17k off with a 'wink'. I asked about leasing, was told twice, that leasing is gone. Terms are so terrible it makes no sense. I was quoted financing at 6.25%, 60 months, with Chase who I guess is now the primary source for them given that both dealers under different ownership were talking the same terms. That's for "A" credit. I want a white LR3 with Nav + Bi-xenons. The local dealer did not want to do a search for me as he told me he could not do the discount unless he sells from his own inventory. So, I'm on the horn today to CA and NV dealers looking for that elusive White LR3 I guess. The salesman at one dealership confirmed the 09's will not touch dealer floors until mid summer and less than 1000 of those are even being built. Word was that the 2010 model will be out by August. Anyone believe for a minute they'll be getting anywhere near sticker for a slightly refreshed paint and packaging scheme? I doubt it.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi njmdx. Land Rover launched a fairly aggressive special lease program on the 2009 Range Rover Sport in January, but I don't believe that it is providing any lease support on the '09 LR3 right now. The only special promotion that I am aware of on the '09 LR3 is 1.9% to 3.9% financing.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi roverdude. To the best of my knowledge, Land Rover is not providing lease support on either the 2008 or the 2009 LR3 right now. If this is indeed the case, it means that you would have to use its standard lease money factors to lease one right now. Doing so doesn't make sense, because Land Rover's standard money factors are terrible. Its current 24 month buy rate standard factor is .00515. The standard factor for 30 and 36 month leases is a little more palatable, yet still bad .00380.

    If you want to lease an SUV right now, the LR# probably isn't the right model for you.

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  • DonovanGDonovanG Member Posts: 6
    As noted in a prior post, I'm looking for a new LR3, preferably an 09'. After literally calling over 20 LR dealers in CA and other Western states I've found loads of 08's, most sans NAV or Bi-xenons, and 1 2009 (the elusive freshened LR3) in the desert.
    Leasing is terrible but word from most dealers is that the new Chase partnership will allow for new attractive leasing in April when the 09's start flowing. Dealers continue to quote $15K+ off MSRP on 08's but you forego the 36 month 0% if you take the discount.
  • SchumiSchumi Member Posts: 2
    I am in the process of negotiating a lease on a 2008 LR3 SE with Cold Climate Package and Bi-Xenon & Front Park Distance Control. The vehicle has 8088 miles on it and was a service loaner. The MSRP is $52,150. Initially I was offered the vehicle at $36,150. I want to lease the vehicle and their offer is 12k miles for 36 months at $766.93, with $1000 down. There is a $199 doc fee and local taxes of $1580. The money factor is .00229 and the residual value is $14455.

    I have since been able to get them to drop the price to $35,688 and they have now offered a 42 month lease with 12k miles at $697 per month.

    I would like to get some feedback as to how good a deal this really is. I have read some earlier posts which included some pretty low numbers for what appeared to be new vehicles.

    I would prefer a brand new vehicle, but I am not sure I would get the same kind of discount
  • kyfdxkyfdx Moderator Posts: 235,188
    It's a terrible deal... LR isn't supporting leases right now..

    At that selling price, you can buy the car for $700/mo. for 60 months..

    If the LR3 is the car you want, that's what I would do..

    regards,
    kyfdx
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  • SchumiSchumi Member Posts: 2
    Thank you for the quick response kyfdx. The lease is actually not thru Land Rover, but a local Colorado bank.

    My fears with purchasing the vehicle is that then I will need to get additional warranty coverage for the last couple of years. From what I have been reading in some of the posts is that there can be quite a bit of maintenance issues that crop up after the first few years. In addition, all of the service will be included in the lease, since we won't put that many miles on the vehicle.

    I love the look, drive (especially off road), and space of the vehicle, but I am not sold on its long term reliability and I thought that I might try it for 3 years. Based on the ~$14k residual, I could finance that over 2 years and be at the same place at the end of 60 months.

    Do you know of any better deals with leases? Should I push to get the money factor lowered? Should I get them to throw in some extras with the lease?
  • kyfdxkyfdx Moderator Posts: 235,188
    Your dealer probably has the best independent lease deal available on his computer.. Of course, it's almost impossible to know how much he might be marking up the rate, or if he has more room to move down in price. You can always check a website like leasecompare to see what they are offering.. to see if the dealer's bank is competitive...

    I share your worry about Land Rover's long term reliability, and resale...Having the option of just turning it in is a nice insurance policy. I just couldn't swallow a $700 lease payment on a $36K car... For that amount of payment, I'd be looking elsewhere, but you probably like the car more than I do..

    Sorry I can't be of more help..

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  • murphy4murphy4 Member Posts: 92
    I have been searching dealers for the best price on a 2008 LR3. I have one tell me he will take $17k off MSRP. My wife fell in love with her friends. It is a great truck to drive.

    It is true there are really no 2009's and the 2010's will be out late spring?

    Is a lease out of the question?? :confuse:
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Murph. There is indeed a 2009 LR3. They should be at dealers now.

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  • s.k.s.k. Member Posts: 3
    In May 2006, I leased a 2005 LR3 SE that already had 1600 miles on it at the following terms: 36 month, 15,000 miles/year at $728.44/month (7.5% tax included) with $943 out of pocket (Including the first month payment and paper work. There was no need for security deposit but I will have to pay a disposition fee when I return the car at the end of the lease.)

    I was told by the dealer that the MSRP of truck at that time was $50,770 and that their selling price was $40,770. The options on this truck included GPS, cold weather package, and the lighting group. The dealership also told me that there were a couple thousand dollars worth of additional dealer-installed options that they were not counting in the pricing such as wood grain dash, trailer hitch...I also had a trailer braking system installed afterwards.

    A few days ago, I got a call from Bank US that since my lease is ending in two months, I could either return the truck at the end of May or buy it from them for $23,465 plus any taxes, fees and "other charges". On the other hand, they told me that they would also entertain an offer from me on the purchasing price.

    I would like to seek your advice on: (1) Are there any reasons that I should walk away from this truck at the end of the lease, e.g., some known reliability issues on 2005 LR3, high maintainence costs, etc? (2) If I should go about making an offer, what is a good starting dollar number in your opinion? (3) If I should decide to return the truck, should I do anything in getting the truck ready before returning it to avoid additional charges from the bank?

    BTW, I have about 41000 miles on the truck at this time and its conditions are OK in general. I have already bought another truck (a 2008 GMC Sierra 1500) late last year but could use the LR3 as a spare vehicle.

    Thank!
  • lhr7lhr7 Member Posts: 11
    To be honest with you, $23,000 is kind of high for a 2005 with 41,000 miles on it. I just traded in my 2007 LR3 HSE with 20,000 miles on it. I bought a 2008 LR3 HSE in the high $38,000. When I went back to the dealership to pick up my plates they had a 2006 LR3 HSE with a little over 20,000 miles on it for the low $20,000s. If you are going to buy a car at this time, remember you have more negotating power then ever before. Take advantage of it and push for what you can get.

    These prices related to a dealership in the DC area.
  • britman4britman4 Member Posts: 27
    I agree, 23k is way way too much.

    23k will get you an 07 if you're tough with them. You should be looking in the mid teens. And don't let them put the vehicle number in their PC and give you that value. Its rubbish. Just put the bid in and tell em take it or leave it. These people need cash currently
  • slauslau Member Posts: 3
    Ihr7 and britman4, thanks for your advice. BTW, I used the Edmund's Used Car Appraisal worksheet and got the following pricing information for my LR3 (with all the options):

    Trade in - $15,100, Private Party: $17,500, Dealer Retail: $19,500

    So is it reasonable for me to start the offer at $15,000?
  • padraicpadraic Member Posts: 1
    Any Word if they are gonna have a more attracttive lease deals on the LR3 in April 09?
  • britman4britman4 Member Posts: 27
    No is the simple answer to that

    The Devaluation and frankly complete lack of interest from financing companies to do it mean that if you did you would be financially significantly worse off than buying.
    You might get a deal on a Range Rover Sport, because they are pretty flush with them in the US. Saw one the other day at 680 month.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi padraic. Unfortunately britman4 is right. Land Rover is not currently providing any lease support on the 2009 LR3. If you really want one, your best bet would be to finance it through Chase at 0% for 3 years, 0.9% for 4 years, or 1.9% for 5 years ant get a $1,000 cash bonus.

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  • pj1966pj1966 Member Posts: 1
    My lease for a 2008 LR3 HSE ends in mid August. I went to the dealer today to discuss purchasing the vehicle after the lease expires. I figured that with the economy where it is, gas prices still high, the LR4's on the way, and folks still not buying cars that I might be able to negotiate a good deal. The residual value from my contract is about $37K. The dealer was not willing to budge off the residual value and they said they could make a lot of money off it if I did turn it in at lease end. Anyone else have any recent experience purchasing a 2008 at lease end or know if I really can't do any better than a buy out price of $37K?
  • britman4britman4 Member Posts: 27
    Well I ended up buying out my lease in May. I was way under the mileage, the car was assessed as in perfect condition and I was pretty attached to it.

    I got a lump of cash off the lease buy out. Something like 7k. The dealer was very realistic and at the point when he started negotiating he was quite clear we were going well under the buy out price.

    You can get some unused 08's with all sorts of package add ons and style kits for 37. So a brand new or nearly new.

    There is NO WAY, they will sell the thing for 37k. Just let them have it back and go and negotiate for a 2nd hand or frankly a new LR3.

    The only exception is when it is out of the dealers hands. But the fact that he thinks he will make money from a used 08 at 37k means he has lost his marbles.

    I recon you could buy that car for 30/32 depending on mileage,
  • lhr7lhr7 Member Posts: 11
    Just as an example, I recently purchased a new 2008 LR3 HSE with everything for $40,000. This price also included the maintenance package, as the car falls under the 2008 warranty package including regular schedule maintance for the first 50,000 miles.

    I have also seen loads of new 2008 LR3 SEs for the $33 to $37 range, depending on the options. $37,000 for a used 2008 is a little crazy. Although, the buy out price may be out of the dealers hands. My original buy out price was controlled by the Land Rover Capital, not the dealer.
  • soxsucksoxsuck Member Posts: 3
    My lease is also up, and Land Rover Capital will not budge on the residual either. If I buy a non-titled 08 LR3, it still gets the scheduled maintainance? As well as 0.9% financing, and $1500 owner loyalty?
  • crestonavecrestonave Member Posts: 209
    Does the LR4 replace the LR3 in 2010, or is it an additional model?
  • postermikepostermike Member Posts: 28
    The LR4 replaces the LR3. Production on the LR3 has ceased and LR4 is already being produced. They are on their way over to the States as I write this.
  • britman4britman4 Member Posts: 27
    Why have they done this, I can see no real difference.

    All seems a bit silly frankly
  • lhr7lhr7 Member Posts: 11
    Yes, if you buy an untitled 2008 the vehicle still falls under the maintainace program. While, I am not sure about the loyalty program. That depends on the dealer and the customer.
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