Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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$48K is fully loaded for a 2.7t - you are in Allroad territory - why not go for the Allroad? In fact, the Allroad special with the same terms was $579 a month not including tax - which I would jump at if I was looking for a lease in the 550-600 range
Remember, these are all with 0 down except 1st payment. Also, your title/registration may differ. Here it only adds $7-8 per month.
I figure if the dealer can get numbers like these, shouldn't every Audi dealer be able to as well? (BTW, I am in the Midwest - Great lakes region)
Curt
I just wish they had the same lease specials on the A4 or S4.
Curt
Any dealer who says "they dropped them because of poor service" has got it backwards. It is evident your dealer is flat out lying to you. The treatment you are receiving still doesn't sound right.
To help your crusade, no one can get an auto lease through GE capital now. That will at least save some people the horror of leasing with an inept and harrasing company. Just always demand to talk with a supervisor. If it gets real bad, or you have a specific injustice done to you, file a complaint with the BBB.
Regards,
Curt
I would appreciate your advice on my situation and hope you can help me. I am looking to lease a Certified Pre-Owned 1999 RX300 from a Lexus dealership in New York. The advertised price is $29,500, which I feel is fair according to Edmunds's TMV, but will try to negotiate down (always worth a try).
My questions are:
What should be the residual value be on a 36 month lease? Since this is a pre-owned car, I would assume the residual should be much higher than the 56% range for new cars.
What would be a fair money factor from Lexus Finance?
To follow your advice, I would like to put no money down - is this possible with Lexus?
How should I initiate the process - should I submit a credit application with the dealership prior to negotiating price or after we lock the price/residual down?
If possible, would you please provide a sample lease scenario based on the above?
I know I'm asking a lot - thanks in advance for your help!
Aculex
Yesterday I leased an Audi S4 in Dayton, OH, and when I went to sign the paperwork, everything was as expected except one small thing. There was a "Lessor Admin Fee" of $550.00 that nobody had ever mentioned to me before when I was given the pricing / leasing details over the phone. Thus while the price I negotiated for the car was 38516.00, the monthly payment was based off of 39086.64 (550.00 Lessor Admin Fee plus 20.64 luxury tax).
But I'm wondering if they took me for $550.00. Is this standard? And if not standard, do I have any recourse?
My question is, would I save more money by just buying out the lease now, or should I wait until my lease is up and then buy it? It seems like I should be able to buy the car now for about what the purchase price was, that way I would save paying all those high lease fees over the next 4 years, but maybe it doesn't work this way. Any ideas?
Yesterday I leased an Audi S4 in Dayton, OH, and when I went to sign the paperwork, everything was as expected except one small thing. There was a "Lessor Admin Fee" of $550.00 that nobody had ever mentioned to me before when I was given the pricing / leasing details over the phone. Thus while the price I negotiated for the car was 38516.00, the monthly payment was based off of 39086.64 (550.00 Lessor Admin Fee plus 20.64 luxury tax).
But I'm wondering if they took me for $550.00. Is this standard? And if not standard, do I have any recourse?
I'm new to leasing so please help...looking at 325I..$30,080....which is $1,000 below MSRP.
Quotes: $1,700 down, $564 for 36 months
OR
$0 down, $625 for 36 months.
How does this look? Thanks very much.
I forgot to give you the current mileage on the CPO RX300 - it is about 32K.
TREJOS28: just multiplying the monthly payments by 36 on your deal yields $22500 in total payments before tax and fees, which seems way too high for a 3 year lease on that car. The total of the payments exceeds 2/3 of the car's price!! I'm sure you'd be overpaying but will see what car man has to say..
Thanks for your reply. I appreciate the defense of your parent company - you're obviously a loyal employee. I, too, am in very competitive business and when companies aren't "the top dog" as you say, there's a reason for it. In this case all the facts point to my dealer being correct about poor service. As for the lease - this happens to be my daughter's Isuzu Rodeo. A little over two years into a 39 month lease. The lease expires when she graduates from college next year. We leased a Jeep for my son when he was in college. We were so satisfied with the whole arrangement that when he graduated he took it back and leased a new Jeep - now shopping for his third. A remarkable contrast in the experience with the leasing companies. I called Isuzu to have them weigh in on the very poor treatment I've received from GE Capital. Isuzu stated they haven't done business with your subsidiary for nearly two years - a decision driven by the high volume of customer complaints. I suspect that as dealerships dropped GE Capital the company became less profitable and consequently dropped out of the automotive leasing business. Certainly easier than stepping up to the plate and running a quality operation. If my first hand experience is any indication it is crystal clear why GE Capital was not "the top dog" and is no longer in the automotive leasing business.
I disagree with one philosophy.
"Isuzu stated they haven't done business with your subsidiary for nearly two years-a decision driven by the high volume of customer complaints. I suspect that as dealerships dropped GE Capital the company became less profitable and consequently dropped out of the automotive leasing business".
Actually GE Capital Auto Leasing was #4 in America when they abruptly pulled out of the market 9 months ago. A company at that level especially in Auto leasing didn't get there by poor customer service. This actually left many dealerships, brokers, and finance dept. employees stunned. BTW, GE capital is still the global leader in auto leasing. Read: "top dog" in the world.
Look at this for some basic info:
http://www.wirth-leasing.com/justin.html
What you have done is taken your experience, along with a couple of conversations, and have implicated that "GE capital is a bad Auto Leasing Company." That is not verifiable. The only thing that is evident is your experience. Yes, you have not been treated right. I would agree about that. Maybe you should file a complaint with the BBB.
Now with GE Capital out of the picture, what do you make of your crusade? There may be other leasing companies that have exercised poor customer service, still in business, at which you could direct your cause.
Regards,
Curt
Jim in Michigan
If possible, also reply to my office email at
jscatena@floracraft.com
Thanks for your input - at first I thought that it was high too but the car is virtually loaded with everything except a Nakamichi system (leather, power/heated seats, 6 disc CD, 4WD etc.), so the Adjusted TMV is pretty much in line with their asking price. The reason why the deal looks good on a Lexus (of any model, in fact), is the higher residual on these cars. Somewhere in this forum, it was discussed that Lexus resids on new cars is around 62%, which makes leasing an extreme bargain compared to resids on other cars that are around 50 - 56%.. In fact, if the numbers between a new and CPO Lexus lease are close, I will in fact go with a new (preferably). The way I see it, the Lexus resids make leasing a Lex comparable in price to leasing a less expensive car and you get the bonus of the Lexus treatment (which I havent experienced firsthand yet but am looking forward to!). Now I am just hoping that the money factor is good then I'm on my way!
It sounds like you're being overly defensive of GE CAP.
I am in agreement with Kirby and I would never have leased with GE CAP even if they are still around. Reading others' experiences having to deal with their problems was enough - reading Kirby's only helps me to reinforce what I already know. I will also make sure to avoid them in any other types of financing I enter in the future.
Since this is a Smart Shoppers forum, Kirby is in exactly the right place to voice his opinion on this matter and your attempt to silence him only makes you and your company look bad. BTW your argument makes no sense - GE Cap being at one time the #4 leasing company in no way infers that their service was good. That's apples and oranges. Perhaps they were so big that they didn't care about service - I for one get better service at a local hardware store than at Home Depot.
BTW Kirby is not on a crusade - it's called free speech on a web board. The only person here sounding like he's on a crusade is you.
I appreciate your support and kind words. Your's is a balanced view of service, support, and market share. It's also interesting to note that from time to time companies do decide to eliminate a business area and focus on a strength or market niche. When this happens the best and brightest typically go with the restructered or reorganized business area. The closeout activity in the area to be eliminated is frequently staffed by temporary employees, employees targeted for layoff, etc. In short, based on my first hand experience with GE Capital, these folks do not have a stake in the company. They are caretakers until the business closes down. As I said in my letter to GE Capital's Customer Relations department - they are all pleasant people - they just don't get it. I too will not deal with GE Capital personally and I will steer client businesses away from them as well. Based on my first hand experience anything less would be a compromise of integrity.
I remember when Don Crhoft told me about it last year in June...
They have always been straight up..great to deal with and never really heard anything bad after over 400 contracts with them...
Hey, first GE, then Old's --- what's next..? If they cancel the Sopranos....I'm done..
Terry.
Here's what I've been offered. 2001 Audi A6 2.7T, cold weather, Bose premium, Premium Pkg, Preferred Luxury Pkg., MSRP 45,175.00
39 month lease, 0 (zero) down, 15,000 miles per year, $599.00 per month payment
Is it a good deal?
Jim in Michigan
can also be reached at my office email address =
jscatena@floracraft.com
You have any updated information on lease rates on an Audi A4 for June? Thanks.
Also they quoted me a money factor of .00230 (5.52%). I have seen .00210 (5.04) mentioned several times here. Are they playing games with me? The .48% difference doesn't seem like a big deal, but actually adds up to several hundred dollars over 36 months.
Thanks.
I am close to buying/leasing in California in the Los Angeles area a 2001 Subaru Outback Wagon 5 speed at about invoice price. The Subaru corporate web site and/or the Edmunds site state clearly the interest rate incentives for a purchase,i.. 2.9% for 24 oms, 4.9 for 36, etc. and a $300 dealer incentive.
I can find no good information on any lease deals that may similarly be available. A few questions, first, why is it so EASY to find good information on the interest rates for a purchase and so hard to find similar good reliable information for a lease? I feel I am the mercy of the dealer and cannot verify if the terms I am quoted (i.. money factor, residual) are the best available assuming excellent credit.
My second and more important question is what is the current money factor and residual rate being offered for a Subaru Outback Wagon 5 speed, assuming 36 om. lease and either 12K or 15K per year? Is the money factor, and should it generally, be the same as the incentives being offered for a purchase.
Finally, based on what I have read here, I know to put nothing or very little down, and to have gap insurance. Finally, is a security deposit and acquisition fee or leasing fee normal? Is it true the dealer receives none of the acquisition fee and/or leasing fee?
I must confess, I am somewhat disturbed that there are so many variables in leasing and that they are so hard to find out! It looks, although it may not be the case, that someone, somewhere has something to hide and therefore to gain. I am sure I am not the only one who feels this way. Any comments, anyone??
Many thanks.
It looks as if Volvo is offering really great lease rates right now, but it is hard for me to calculate the exact rates based off of the information on their web site. So... here are my questions:
I am interested in both the S80 and S60.
What would the money factors and residuals be for 36,39,42, and 48 months for each of these cars?
I did some quick calculations on the S80, and it looks like they are doing a 1% or so lease rate!
Thanks in Advance - Damon
Thanks again for your help. I think that after reviewing my financial situation, it would be best to go with the Honda Accord EX 4-cyl w/ leather.
Back on May 20th, you wrote:
"Right now the 36 month 15,000 miles per year American Honda Finance Corp. lease money factor and residual value for a 2001 Honda Accord EX (non-Value Edition) are currently .00180 [4.32%] and 58%."
Based on those figures, and Edmunds TMV of $21,537 (MSRP - $23,790), I calculated a $0 down monthly payment of $302, New York sales tax included. Could you let me know if that lease program was extended for June? I saw a 3.9% APR, I'm assuming that is for financing when purchasing only?
Thanks
Unfortunately, the car is for my wife, she drove it on Friday, thinks the ride is too harsh (she is coming out of a 2000 Maxima GLE) so the search continues. Gonna check the I30 and perhaps another Maxima to give her the softer ride.
thx
gary
MSRP - $38,595 T&C AWD LTD
residual per wells fargo - 44%
money factor - .00295
incentives - $3,700
inception - 1st mo - $575 (inc 6% tax)
bank fee - $595
title/docs - $257
36 months, 15K/yr
15 miles on the car, in stock (it was actually hard to find one in NJ).
Car Man - since you are the only one out there giving straight info, what do you think?
Anyway, we did this last Monday (5/28). On Friday (6/1) we get some mail from Ford Motor Credit stating that if we turn our current lease in early (before 9/28, lease is up 11/6), they would make the last 2 payments. Do you think I have a chance of taking that back to the dealership and having it honored, at least partially?
Thanks in advance...
Thanks for your patience!
kcram
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Any Nissan programs out there now?
Jim in Michigan
Any Nissan programs out there now?
Jim in Michigan
feel free to post a copy of your response to:
jpscatena@t-one.net
After months of searching, and with your help, I closed on a lease. I re-upped for an Expedition EB, and got what I think is a great deal. I couldn't have done it without your help.
THANKS!
SST
jscatena@floracraft.com
I just sold my 98 VW GTI VR6(Ginster Yellow) in March before the lease is up and made $2k out of it. I don't want to give you or everyone a false impression that you can always make money. It all depends on the mileage and demand for the particular car. For my case, it just happened that the buyer wanted the car BAD especially the yellow color! He told me that he spent months and months searching for it and finally found mine. He cut 2 separate checks, one for VW and one for me. We both signed a Bill of Sale. When the title came in, both of us went to the DMV and did the title transfer.
I may even be looking at leasing a preowned car, so any historical information would be useful.
I found a site where I can look up residual values from the Auto Lease Guide, but I'm trying to find out if there is an easy list rather than just poking around to find good ones.
Thanks,
Don
36 months 12K
$370 first month
$550 bank fee
$375 security
$129 Motor Vehicle
$130 document fee
$380 Cap Cost
$370 per month
$18,200 residual
IS this a good deal
Cigarman 3
Thanks cigarman 3
My wife and I are in the following situation with regard to a lease she got into approx 2 yrs ago.
At the time of lease, she was working for an internet company (start up). They leased all employees cars/SUV's when they went public and she leased a 99 XLS Mits. Montero Sport which they were paying for including gas, maintenance, insurance, etc. It was essentially a company car but it was in my name. As a salesperson, she put excessive miles on the truck, but was assured the company would pay the penalty at the lease end.
The company has since gone under and we are stuck with 13 months left on the lease and have 62k miles on the truck. The lease allows for 45k total miles for the 36 month lease. Mileage penalty is .11/mi.
My question is...what should we do? I think my only option is to purchase at the termination of the lease to avoid mileage penalty. The residual value is approx $17,000. Sadly, the truck is worth much less than residual.
To get out of the lease early, I'd have to come up with the remainder of the payments ($424 x 13) plus the residual ($17000) and the milege penalty (17000mi x .11).
($5512+17000+1870=$24382)
This leads me to believe that our only option is to purchase/refinance at lease end and keep or sell it. If we sell it, we would definitely lose $. Resale value now is around $15000, so next July when the lease is up, we will be in worse condition.
I have read some posts about conacting the dealer now and trying to buy the vehicle early before the termnation of the lease. Can anyone explain this and how/why the dealer would be inclined to do so.
kcram
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