Lease Questions - Ask Here

crashtestdingo

Thanks again, Car_man. Since dealers can markup a bank's lease terms and pocket the difference, and they know my sister isn't about to shop around for a better deal because 1) they have her $1,000 deposit, which she gave them when she ordered the car and which they have the right to keep if she doesn't acquire the car, and 2) they know she won't find a 325xi sedan with a manual transmission in our area at any other dealership, isn't she at their mercy? I guess the only way to find out for sure is to ask them to give her this month's lease terms, huh.

crashtestdingo

Thanks for that info, joatmon. I'll tell my sister about that so that if the dealership doesn't hold her to the terms in effect when she ordered her car, she won't have to rush and close the deal before Tuesday.

kyfdx

Obviously, if she is ordering a car from this dealer, then she doesn't want to walk away.. But, I have yet to hear of a dealer actually keeping a deposit.

If she has already negotiated the price of the car, then you should be able to calculate her lease payment before you go make the deal. If the dealer's price comes out higher, a little friendly negotiation and letting them know that you know what the MFs and residuals are can usually get you pretty close. I wouldn't walk out on the exact car I want over $10/month.

regards,
kyfdx

crashtestdingo

Good point, kyfdx.

I've realized there's another wrinkle. She doesn't have much of a credit history (she's only had credit card payments, no student loan, mortgage or car loan), so she must not qualify for the best terms, which are what Car_man informs us of. That's another reason she should apply online with BMW FSNA for a quote.

You know, the salesman forgot to check her credit before giving her the best lease terms that were in effect at the time she ordered the car. He's lucky the terms have since been sweetened.

kyfdx

I would have her apply online today. That will at least lock those terms in until April 30th. And she can always take advantage of a better program if it comes along before delivery.

regards,
kyfdx

ipoddin

I discussed a lease deal last night and all went as expected. I didn't sign anything yet because the car is enroute from another dealer ('04 Chrylser Pacifica). The internet sales guy was very upfront and showed me all the figures. the .0011 money factor, residual, cap cost, everything...getting it at invoice. However there is no formal deal yet until tomorrow when the car arrives and I go to sign the papers.

My question is regarding acquisition fee. It's $700 and that seems high. How do I know if it's marked up?

tgp1810

Car_man,
Is the current lease incentive still at $1000 on the new Malibu. I tried looking back for it but I was unsuccessful. Also, is the residual for 3 years and 36000 miles 47%?

Thanks.

ricochet600

Hi Car_Man,

In my message #9508, I mentioned that I was also looking at the 4WD Special Edition model (not the Laredo). In your response, message #9517, you posted,

"If you were to lease a 2004 Jeep Grand Cherokee Laredo 4WD through Chrysler Financial for 39 months with 15,000 miles per, its base lease money factor and residual value should be .00135 and 42%, respectively. The numbers for an otherwise identical 42 month lease should be .00178 and 40%."

I just wanted to know if these numbers were indeed for a Laredo, or if they were for a Special Edition model.

If not, could you please let me know the numbers for the 4WD Special Edition model (15k miles/year, for 39 and 42 months)?

Much thanks.

crashtestdingo

On Feb 26, 2004 at 1:54pm, Car_man wrote:

>Your sister should have plenty of time to finalize the deal on her car. In fact, as
>long as she has the insurance all set up, she could go in on the last day of the
>month an hour before closing and I am sure that people would be tripping over
>themselves trying to fit one more deal into the month.

Well, she called the dealership yesterday afternoon, and they said the earliest she could take delivery, if she made an appointment yesterday, would've been Wednesday! But she applied online and locked in BMW FSNA's current rates.

>Your sister will be eligible for whatever lease program is running when she
>physically takes delivery of here car and will not be forced to use the
>program that BMW was running when she ordered it a few months ago.

On Feb 26, 2004 at 8:15pm, I wrote:

>I guess the only way to find out for sure is to ask them to give her
>this month's lease terms, huh.

I told her to ask the salesman about that on the phone, and he said she could get the current terms. But...

On Feb 27, 2004 at 9:55am, I wrote:

>I've realized there's another wrinkle. She doesn't have much of a credit history
>(she's only had credit card payments, no student loan, mortgage or car loan),
>so she must not qualify for the best terms, which are what Car_man informs us
>of. That's another reason she should apply online with BMW FSNA for a quote.

After she went through the online application process, all she got in reply from BMW FSNA was a notice that she was approved for the lease she requested (nothing down, 36 months, 10K miles annually), pending verification by the dealership of the information she entered online. They didn't tell her if she qualified for the lowest money factor! So the salesman is in the driver's seat. He can offer her a MF that's lower than what he gave her in December, but higher than what BMW FSNA has approved.

cleater

i leased a new town car,last aug/03/4/dr/exec/i was trying to but ,the car but they didn't wont to deal,so the mgr,says,why don't you lease a car?,he said ford takes care of all repairs & service for ,the (3 yr)contract,so ignorant me ,i had never lease a car ,i bit//hook line & sinker(i think)they took my 99 grand marquisi,with fabric top & only 18,400 miles i mean a cream puff,originial tires,my monthly payment(for the lease)is 450.00 per mo for (3)yrsford lease,right there at the dealership,my mercury was worth 10,000 & me paying 450.00 a mo ,three yrs ,thats 16,200,& it is written on the contract i can buy ,the town car ,after (3)yrs ,for 16,700,with a 10.500 mile yearly mas hell ,thats a total of 41,700.00 i will be paying for the lincoln,& i probally will buy ,the car ,after ,the (3) yrs,i have only put 4227.00 miles in (6) months,may i please ask,would it be smart for me to buy ,even though,i will have 41,700.00 invested,it is a great car ,but hell there's a limit//thanks so much for your advice ,i am new & love your sight,alot of work ,yall do ,& it shows""cap""ps; i forgot ,i did own 1390.00,that would be 40,310.00 thats still to much n my book could someone ,who has knowledge about this,please e/mal me at Cleater@webtv.net thanks so much

ricochet600

Hi Car_Man,

I'm in the process of reviewing offers from an e-mail I sent out to dealers in the area. I have gotten my first offer back, in which they stated the bank fee was $1150. In all my experience, I've seen bank fees range from ~$450 to $550. That is ridiculous, and obviously they are trying to pad the deal that way.

I'm thinking of not even responding to dealers that insult my intelligence like that. Moreover, it brings into question that person's sense of ethics, and whether that type of person may try to slip something into the contract last minute. But then I think, then again, isn't it all part of the game of negotiation? What are your thoughts, Car_Man?

Also, I would like to know how much the actual bank fee is, if you don't mind.

And to those of you who read/frequent this discussion...what do you guys think?

ipoddin

I just leased an '04 Chrylser Pacifica TODAY!

My acquisition/bank fee was $700 and yours should be no higher I would think.

I had no problems or complaints whatsoever with the whole process. They didn't try to pull any tricks, last minute changes, pressure me, nothing. It was a real pleasurable experience.

vsroman

would you be kind enough to post the details of your final deal on the Pacifica Prices Paid board...thanks...I ALMOST leased a Pacifica on Saturday as well but the dealer was stuck on 1000 over invoice. also, he was quoting 51% residual on a 12K, 39 month lease and I wasn't sure about that, thought it should be 52%.

mattrig

I recently purchased a new Chevy Tahoe. The dealer did not have the color and options I wanted on his lot but located one for me. When I took delivery it had 700 miles on it. Is this normal? Should I have asked for some financial consideration for this? It seemed like a lot of miles to have on a car that was suppose to be new and I feel I was taken advantage of.

ricochet600

Hi Car_Man,

In message #9587, I assumed that DaimlerChrysler Financial's acquisition/bank fee would be the same regardless of model. Just in case it isn't, it's for the Jeep Grand Cherokee I've been asking about.

Thanks.

Ipoddin, thanks for the info.

cleater

i am new ,after i post,where doi look ,for the people ,who are trying to help me? thanks so much//""cap"" in florida

CarMan@Edmunds

Hi Suzanne. I haven't seen Subaru's lease program recently, but I can tell you that the least that you were quoted does look attractive. If you are not sure that you are getting the best possible deal that you can on this vehicle, you can always comparison shop with a few other dealers in your area.

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CarMan@Edmunds

You're very welcome, gordo95. The lease money factor that I mentioned in my earlier post should be available on all 2004 ES 330 models in your area, regardless of whether they are equipped with navigation or not. However, as is the case with most models that are equipped with this option, ES 330s' with navigation systems have residual values that are around 2% lower than models without this option. Individual dealerships do have the authority to mark-up vehicles' base lease money factors to add additional back-end profit to deals. The best way to assure that you are getting the best possible deal when leasing is to negotiate the selling price of the car that you want first. Once you have arrived at a good price, then find out what sort of lease money factor the dealership that you are working with is using to calculate your lease payment. If the factor that they are using is significantly higher than the one that I have told you about in this discussion, insist that they use the base money factor. If they claim that they are, but you suspect otherwise you always have the right to comparison shop with a few other dealers to see if you can beat the lease that you have been quoted.

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CarMan@Edmunds

I would be more than happy to answer a few questions for you, vsroman. It is good to see that you were quoted a lease money factor of .00225. This is BMW Financial Services' current base factor for this vehicle, which means that your dealer is not trying to add any back-end profit to this aspect of your deal. The only official fees that banks charge on leased vehicles are a security deposit and an acquisition fee. The $299 "Conveyance Fee" that was added to your deal sounds like nothing more than a doc fee that a great number of dealers charge on their deals. This fee is really nothing more than profit and should be looked at as part of your vehicle's total selling price. As long as you are happy with the total cost that you will have to pay for this X3, including this fee, it doesn't matter how they break things out. As far as the acquisition fee goes, BMW Financial Services' base lease acquisition fee is $525 in most areas. In addition to the ability to mark-up lease money factors, individual dealers also have the power to mark up lease acquisition fees. It looks as though your dealer is adding $100 padding to BMW FS' base fee.

It is difficult to say what will happen to this model's lease program in the future. Many dealers do not have many X3s in inventory or even have a waiting list for this vehicle, but once supply catches up with demand in a few months there is a good chance that BMW will indeed have to lower its money factors on this model even further.

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CarMan@Edmunds

You're very welcome, mmmc. Please let us know if you have any other questions.

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CarMan@Edmunds

I am sorry that I was not able to answer your questions prior to your scheduled shopping trip, dwightex. I usually need more than a few hours lead time to help community members out. If for some reason you did not end up finalizing your deal, please let me know and I would be more than happy to answer any questions that you have.

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CarMan@Edmunds

That is very interesting, joatmon. I knew that consumers could lock in rates at BMW dealers, but was not aware that they allowed consumers to do so on-line. Thanks for the information .

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CarMan@Edmunds

Congratulations on your new car, neptunedude. Thank you for taking the time to come back and let us all know how everything turned out. Enjoy your new ride!

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CarMan@Edmunds

No problem, crashtestdingo. You are right that your sister is not in the strongest bargaining position. When dealers have rare, desirable vehicles they are indeed more likely to charge more money for them and have a take it or leave it attitude. The $1,000 deposit that your sister left won't help things either. However, knowledge is a very powerful thing. Most consumers have no idea what banks' base lease programs are like. If your sister knows BMW FS' exact base money factor she may be able to call them out on marking her factor up and convince them to use the base rate.

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CarMan@Edmunds

I'm glad to hear that you were able to get the dealer that you are working with to use this model's base lease money factor, ipoddin. As far as the acquisition fee goes, I believe that Chrysler Financial's current base fee is $550 in all states, except for New York. If you are being charged a higher fee than this, there is a chance that it is being marked-up.

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CarMan@Edmunds

Hey tgp1810. A few weeks ago, General Motors made an unscheduled enhancement to its lease programs for a number of vehicles, including the 2004 Chevrolet Malibu. According to the information in your profile, you are in General Motors' North Central region. In that area, its enhanced lease cash is $1,750 for 24 to 36 month and $2,050 for 48 month leases of this car. GMAC's 3 year, 12,000 miles per residual value for this car is still 47%.

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CarMan@Edmunds

Hey ricochet600. Sorry about the confusion. Chrysler Financial does not publish a lease program for the 2004 Jeep Grand Cherokee "Special Edition." It only has numbers for the "Columbia Edition," "Freedom," "Laredo," "Limited," and "Overland." The "Special Edition" must either be another name for or a variation of one of these trim levels. I would be more than happy to tell you what the current lease program should be like for one of the above models.

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CarMan@Edmunds

Hi cleater. Since you entered a three year lease on this vehicle last August, you still have quite a bit of time left before the scheduled end of your lease. This gives you lots of time to decide whether you should purchase your leased vehicle at the end of your term. Some banks will actually negotiate the lease-end purchase prices of vehicles. The chances of getting them to work with you increase as the end of your lease approaches. Place a call to Ford Motor Credit, or whichever bank you are leasing through, a month or two before your lease is scheduled to expire to find out exactly how much money it will cost you to buy your leased Town Car. At that time, see if they would be willing to lower your purchase price any. Once you know the exact amount that you will have to spend to purchase your car, you need to compare that figure to what it is worth on the open market. If you can purchase your car for less than or around the same price as what it should be worth and you like the car than you may want to consider buying it.

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ricochet600

Hi Car_Man,

I guess we car shoppers have you up bright and early:). You've been extremely patient and helpful with all of our questions, and I really appreciate it. I've since found out that the Special Edition is a variant of the Laredo model. I've been doing some last minute negotiating, but have been under some time constraints since the $5250 total Cash Allowance is set to expire today.

If you have any info on whether all the cash allowances ($3500/$750/$1000) have been extended, and what the new MF/residual would be for 15K miles/year and 39 months in the NY metro area after March 1st, that would be great.

I have a unique situation here, in that this lease is for my sister, who is in Virginia now, and moving permanently there in June. Since my sister wouldn't qualify for tier-1 credit, I plan on having my sister sign as the original lessee, and having my mom sign as the 3rd party guarantor.

1. I plan on insuring this car here until June, and then having my sister change her license to Virginia, then register and insure it in Virginia. Since this is a leased car, would there be any issues with DaimlerChrysler Financial, or with paying Virginia tax all over again?

2. My sister is currently in Virginia now, and is not able to come up to NY to sign as the lessee. Can she sign the lease contract via fax? Have you heard of anything like this?

3. If the lease terms and Cash allowance amounts are set to indeed expire or change for the worse after today, I have to be ready to sign tonight. My insurance broker closes at 6PM. I understand that you must have insurance to take delivery of the car, and that I must give the VIN# of the car to insure it. I have several dealerships that may have potential offers, but they may try to change some terms on me once I walk in the dealership. I may have to visit more than one, and if I end up at a dealership after my insurance broker is closed, how can I insure the car so that I secure the cash allowance/rates? I've heard of people walking in an hour before the dealership closes, and signing deals on leases. Aren't their insurance agents usually closed by then?

CarMan@Edmunds

Hi ricochet600. A lease acquisition fee of $1,150 is absolutely ridiculous. DaimlerChrysler's current base lease acquisition fee is currently only $550 for all models in most states. Even if the dealership that you are working with is running your lease through a different bank, that fee is still way too high. I would be insulted if I was quoted an acquisition fee that high as well. There's no shortage of Chrysler dealers out there, I personally would probably be inclined to shop around with a few other dealers if I was quoted such an inflated fee.

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CarMan@Edmunds

Hi mattrig. It is possible cars and trucks to have hundreds, even a couple thousand miles on them and still technically be considered new vehicles. Having said this, I personally would not purchase or lease a new vehicle with a significant number of miles on it without receiving some sort of additional discount off of what I would have expected to pay for an equivalent brand new model that did not have any miles on it at all. Unfortunately, now that you have already physically taken delivery of your new Tahoe you own it and there is virtually no chance of you being able to negotiate an additional discount on it. Quite frankly, most dealers probably would not be willing to provide much of a discount for 700 miles anyhow. So enjoy your new ride and just make sure to learn from this buying experience.

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CarMan@Edmunds

Hi mattrig. It is possible cars and trucks to have hundreds, even a couple thousand miles on them and still technically be considered new vehicles. Having said this, I personally would not purchase or lease a new vehicle with a significant number of miles on it without receiving some sort of additional discount off of what I would have expected to pay for an equivalent brand new model that did not have any miles on it at all. Unfortunately, now that you have already physically taken delivery of your new Tahoe you own it and there is virtually no chance of you being able to negotiate an additional discount on it. Quite frankly, most dealers probably would not be willing to provide much of a discount for 700 miles anyhow. So enjoy your new ride and just make sure to learn from this buying experience.

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CarMan@Edmunds

Hi again, cleater. I recently replied to the questions that you asked in post #9586 of this discussion. Please let me know if you are having any difficulty finding my response of it you have any other questions. Thanks.

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CarMan@Edmunds

You sure do, ricochet600. I knew that there was a ton of new posts made in this discussion this weekend so I got up at the crack of dawn to try to answer everyone ASAP . I sort of thought that the Special Edition was a variation of one of the Grand Cherokee other trim levels, possibly the Laredo. Thank you for confirming my suspicion. I believe that the majority of DaimlerChrysler's incentives, including its lease cash, conquest / loyalty cash, and special lease money factors on the 2004 Jeep Grand Cherokee are scheduled to run through March 31st. It is possible that there will be some minor changes to DCX's programs early in March, but I expect its incentives for this model to basically continue as is through the end of the month.

Since your sister will be the main lessee for this vehicle, DaimlerChrysler may require the insurance on it to be in her name, or at least to have her listed as one of the drivers on the policy. The exact rules on this subject may vary from bank to bank, so you should check directly with Chrysler Financial to see what its exact policy is on this subject. You may also end up having to pay additional tax on this truck once it is brought to Virginia. Tax rules vary from state to state, so I generally try not to comment on taxes in this discussion. However, if I recall correctly, I believe that Virginia charges what is known as personal property tax on vehicles. This tax may not apply to leases because the lessee technically does not own their leased vehicle, but if it does, your sister would be required to pay an annual tax on the value of this truck to the state of Virginia. I do not know if your sister needs to be physically present to lease a vehicle through Chrysler Financial. If this is allowed she probably will have to physically mail a signed copy of the lease to the dealership rather than faxing it in.

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moeronn

Hi Car_man,

I know you said to check with you later in the week for March lease programs, but thought there might be a chance you got some early news. Do you have any new information on the March programs for the Acura TL, auto with and without Navigation and/or the G35x (AWD) Sedan without navigation for a 36 month @ 15,000 miles a year? If not, i will check back again, but any info you have is greatly appreciated. Thanks again for taking the time to help us all out.

crashtestdingo

Sometimes dealers will create their own trims, so to speak. For example, on one of my visits to Boston, I saw a car, either a Thunderbird or Cougar, with a landau roof (which wasn't a factory option) that had some sort of crest and the words "Bostonian Edition" on it. Maybe this "Special Edition" is something made up by the dealer, too?

Since your sister is going to be moving to Virginia, can't you get temporary non-resident transport license "plates" for the Jeep and avoid paying sales taxes in New York altogether?

crashtestdingo

I'd worry that those 700 miles were harsh ones. I don't know what the present-day consensus about the importance of "breaking in" a new vehicle is, though. That's a matter for a different discussion.

ricochet600

Hi again Car_Man:)

Tonight I signed a retail order form, however, I didn't sign the Lease Contract. Is the retail order form still binding?

I ask because I suspect that tomorrow when I go in to sign the Lease Contract and pick up the car, they may suggest that I have to pay the sales tax on the car separately.

There are several key parts of the retail order form:

Under the section stating, "If a Lease, the following apply:" Monthly payment amount, term, mileage/year are all filled out.

There is one line that was left blank - 'Cash due at delivery'.

Then in the section stating, "If a purchase, the following apply:" the only two things that are filled out are Total Deposit - $1358, and Balance on Delivery - $0.

The lines left blank are Total taxable amount, and State Sales tax, as well as the registration/title fee.

I usually never leave any part of a contract blank, but this time I don't know what I was thinking.

Now my question is, tomorrow can they claim that the State Sales tax and registration/title fee is not included, and must be paid separately and in addition to the my Deposit?

Also, since in the "If a Lease, the following apply" section, the Cash Due at Delivery line was left blank, doesn't that void the retail order form?

If this retail order form ISN'T binding, then is my deposit refundable?

If anyone else knows, please feel free to respond.

Thanks.

JNorthstar

What are the lease numbers for the above? Any special programs GM has in March? I live in the Pacific Northwest, Oregon. Thanks.

CarMan@Edmunds

Sorry, moeronn, I haven't heard anything about anyone's March lease programs yet. Most brands' programs ran through March 1st, meaning that they will not publish new info until today and it usually takes me a couple of days to find out what everyone is doing. Please check back with me towards the end of the week. Thanks.

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CarMan@Edmunds

Hey ricochet600. You should be able to get out of most contracts that you sign at dealerships, except for leases and loans, as long as you have not physically taken delivery of your vehicle. If you have given them a deposit though, you may have a difficult time getting it back if you try to get out of a deal that you have already committed to. Regardless of whether your deposit was supposed to be refundable or not, possession is 9/10 of ownership and they could really drag their feet in returning it to you if you back out of your deal.

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CarMan@Edmunds

Good morning, JNorthstar. In your area, General Motors is currently providing $1,400 lease cash for 4 year leases of the 2004 Cadillac CTS. It also is providing a special lease rate of 3.95% for 2 to 4 year leases of this model. These offers are available on all CTS models excluding the CST-V. I would be more than happy to give you an idea of that this car's residual value should be like, but in order for me to do so, I need you to tell me how long you plan on leasing it for and how many miles per year you need to be able to drive it.

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3owner

I need help!!

My lease end inspection is this Friday. I was wondering if anyone has any tips on making the car presentable, speaking to the inspector, etc.

Should it be spick and span, or slighlty dirty to help cover any minor scratches?

I feel that the car overall is in very good condition. 2 concerns I have are the windshield (Had a chip and had it sealed a couple of years ago), and the tires (I feel they are marginal ... like depending on where they are measured it could fail ... but most of the tread is still above the minimum)

Any tips/advice would be appreciated.
Thanks!

JNorthstar

Thank you car man for the quick reply. I would be leasing for 48 mos. 12,000 miles per year.
Also, how does the dealer apply the lease cash? to security deposit and first payment? or off the purchase price? Is there a place online to get the numbers you have quoted to show the dealer this is what GM currently has in place for this car? Thanks.
John.

tgp1810

Car_man,
Are those figures still available? If not, could you post the new incentives for this month when you have a chance to look at them. Thanks.

kyfdx

I've had marginal tires a couple of times, and they have always passed. Slightly dirty outside, with an immaculate interior has always worked for me.. I doubt your windshield problem will even be noticed, unless the repair was really bad. Five leases and never a problem with the inspections.. Only thing I've ever been charged for was a broken turn signal lens.

regards,
kyfdx

3owner

Thanks for the information. I will definitely be sure to give the interior a good cleaning. I leased a Mazda 3 in the last few months of my current lease. I was running over my KM's and did not wish to purchase the car. I didn't want to return the car immediately either as I would have to pay out the last few months at once, rather than continue paying each month until the end as I did. I need this to go well as I'm strapped for the expendible cash if the repairs are required .. the tires especially. Its gonna be a rainy day on Friday so I'm hoping the inspector doesn't take too long as he'll be getting all wet out on my driveway.

sf24

i was wondering, if u had the cash to buy a car, would there be any reason not to pay full cash for it? i've had ppl tell me it's good to finance some of it, to build up good credit. is this true or significant enough to give free interest money to the dealer for? and are there any other possible reasons to not pay all cash?
i've delayed buying a car for a year due to career difficulties, but have been reading these boards and you guys seem very knowledgable.
Thanks!

jefe

Hello Carman-

Can I have the latest (March) lease numbers for a 2004 Toyota 4Runner 4x4 Sport Edition V8. I am looking at 36 months at 15,000 a year and I am located in Missouri.

I know you probably haven't seen them yet, just want to get in queue .

Thanks

shoshlow

Your question is a loaded one - a lot depends on your financial well-being, your investment style, the stage in your life, among other things. given the unknowns, this would be my thoughts:

#1. Do you really have ample cash to pay for the car in full. Will this big purchase still leave me with an ample cushion for emergencies. i.e. if you're emptying out your entire savings account,paying cash may not be the best idea.

#2. Do you plan to buy a home, start a business or engage in any enterprise in the near future that might require you to take on a bigger loan? If so, showing lenders you can manage your credit is a good idea, especially if you've had a spotty past.

#3. The interest rate deal you get on the car will also factor in - this affects how you invest your money. If you can get say a low 1.9% interest rate - it may be better putting your money in your investments. E.g. fully fund your retirement IRAs, your mutual fund portfolio etc.. I get 2.6% in a moneymarket fund (very hard to find though) and it sure makes sense to keep the money in the bank.

#4. if you own or plan to start a business, it is possible to take a deduction on your auto; leasing and paying that interest will be the better option.