Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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2) You can trade your car in, and they will pay you for it. There is nothing that requires you to put that money down on the lease. The dealer derives no benefit, either way.
regards,
kyfdx
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I have a dealer quote on an ES-330 with NAV (48/12,000) as follows:
MSRP: $37,709
Sale Price $35,000
$0 down
$3800 cash back
trade-in worth $4000-$5800 (depending on which website you believe)
$462/month (includes 7% tax)
$17,438 residual
I am leasing because it seems that the lease/purchase costs the same out of pocket as the purchase (assuming 5% at 60 months on the purchase and that I do not pay off early). This allows me to invest my $$ and enjoy a lower monthly (I already have the $17,500 on hand to purchase if I choose).
Is this a fair lease?
What should the money factor be from LFS on this lease for a top tier credit rating?
Thanks for the help....this is the most helpful discussion board I have seen here.
Could you give me the 36 and 24 month residuals for this car at both 12k and 15k. Also what is the money factor these days on a Jaguar? A dealer here as one priced down to 26488, and then of course there is the 3500 in factory to dealer. So I think I should be able to get this at a steal.
Thanks
John
I was wondering if you could work some numbers for me. I know that Infiniti is offering some lease support on the G35 coupes now. I would like to know a monthly payment for the following configuration:
2005 G35 6MT Coupe
MSRP - 34,310
Negotiated Price - 31,900
36 or 39 months with 12k miles per year
$0 down
Also, how much will be due at signing?
Thanks so much!
Keith
I forgot to give you info about A8L.lease. I would like to lease for 42-48 months. If possible with no down. Does it matter if I lease for 36 months? I know my payments will be higher, but would I pay less for more residual?
Thanks again.
Jit
I'm looking to lease a 2005 Acura MDX Touring (but no DVD and no navi) in New Jersey. Standard 36 month/36,000 lease. The only option I'm adding is running boards. I was quoted $37,474, which includes the running boards, + 6% NJ tax, + license and registration ($319), + Doc Fees ($78) for a grand total of $40,134. The lease offer is for either $0 down, $552 per month or $552 down, $534 per month. Does this sound like a good deal? Do these numbers work? Or do you need more info?
Thanks.
TrickyDick
they told me that for lease for TDF $1700 Monthly $1144 15k Money factor 0.00173 residual 46% for 48month. what is the best way to find out what how good of a deal that i am getting. sorry it took me so long to get back to you. mike
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I was offered a money factor on an X5 4.4 of .00125(base rate) but I would like to get it even lower if I could by using multiple security deposits.
Thank you.
hpowders
Thanks for the info you provided me. I ended up going with the Pilot, and had a great experience doing the deal, detailed in this post. You provide an excellent, much needed service for the average person who doesn't want to get taken advantage of.
Zed
At one time they took off 0.0001 for each extra deposit and allowed for up to 10, IIRC.
If you have the extra money, reducing the rate might be something to think about. For sure it would be "smarter" than taking that money and reducing the cap cost since your money is not at risk should your new truck be stolen or totalled. However paying the money to reduce the cap cost does result in a lower payment.
As an example:
I put in a $50,000 price with a $30,000 (60%) residual for 36 months at 0.00125 and got $655.56 per month.
If you paid 5 security deposits to get the rate down to 0.0010 then the payment drops to $635.56 . So you save $20 per month or $720 over the life of the lease. The deposits would be $650 each so 5 would be $3,250 . So an investment of $3,250 returns $3,970 after 3 years.
If you applied the $3,250 to the cap cost the payment drops to $561.22 per month.
Dennis
Thanks for your work-up.
Why is the acquisition fee (and everything else it seems) so much higher in NY than everywhere else?
In order to avoid an acquistion fee of nearly a grand (and a disposition fee of a few hundred), does it make sense as an alternative to leasing to seek out a 3-year simple interest balloon loan that has lease-like options when the balloon payment would otherwise be due. It seems to me that such a loan provides the benefits of leasing without the special fees associated with leasing. I have such a loan (psuedo-lease) on my 2004 Honda Odyssey EX-L w/DVD. Monthly payment on this $30,500 MSRP vehicle is only $405 for 36 months, no money down, taxes and fees rolled into the monthly payment. I paid absolutely nothing at drive off. Since it is considered to be a loan, not a lease, the first payment was not due until I had been driving the van for a month. I did, however, have to capitalize the sales tax on the entire sales price, as compared to a lease where you pay less tax. So maybe it is a wash? What I saved in fees I paid in extra tax? I haven't analyzed it.
By the way, why do you view paying the acquisition at drive off differently from making a down payment? Won't you lose that money if your car is stolen or totaled early on in your lease? Why wouldn't you capitalize the acquisition fee and take a pay as you go approach?
Please comment.
Many thanks.
David D
I think you have the right idea... I see no reason to treat the acquisition fee any differently than any other cost that is included in the lease. My goal in every lease transaction is to pay only the first payment and the security deposit. I always have it added to the capitalized cost.
Some feel differently, but I'm not sure why.. Yes, you pay finance charges on the acquisition fee, but that is no different than any other funds that you would use to pay down, or not pay down on the car.
regards,
kyfdx
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I contacted leasecompare as you recommended but was a little concerned when told their average turn around time was 4-6 weeks. I'm being told by the dealership that the way leasecompare makes their money is by marking up the MF (which didn't do them any favors since THEIR MF was higher than Leasecompare).
I am thinking of going with the 05 BMWi instead after reading your postings about problems.
Mazda61 with Automatic Transmission:
36 month lease
$246 per month (8 3/4% NY tax built into payment)
residual $9432
only other costs are lisence plates
is that a fair deal?
thanks!
David D
Dennis
I am sure that and the doc is fee is how they make their money - after all the dealer is making thousands off the car AND jacking up the fee. You are right, it did take serious stones from the dealer to say that. If the payment works out for less then let them buy the car from the dealer and lease it to you. They should avoid the dealer's stealing doc fee as well - since all the dealer has to do is send them the MSO (shipping provided by leasecompare) and hand you the keys - that and spend the extra money in their bank :-)
The 06 will likely be a better car once the bugs are out - more power, lighter, larger, etc. The 05 is a proven car and with the cheaper money and $4,200 dealer incentive seems to be a better buy IF you want a car now.
Dennis
Then check private party sale values here at Edmunds and on KBB and other web places.
In most states you will need to go through a dealer or broker to avoid paying sales tax to buy your van at lease end - then your buyer would have to pay tax again. This would likely remove any profit from the deal. Paying a dealer/broker a modest fee to do this removes the double tax and make it legal.
If the van is worth more in trade than the residual, then you can "sell" it to the dealer you are getting your next car from and pocket the extra or use it to pay the up front fees on the next lease.
With the Ody just undergoing a redesign for 2005 that may cut into the value a bit - but they have always been strong on the used market.
I did a quick check here on Edmunds and a white EX w/leather in my area with 24,500 miles shows $16,834 trade in and $18,134 private party.
Dennis
I see. So leasing companies jack up the acquisition fee a few hundred dollars on NY leases taking into account the additional risk factor associated with leasing cars to NY drivers.
I feel once again screwed to live in NY.
David D
Thanks for all your prompt and helpful responses! When do you think actual buying price of the 2006 325 will come down appreciably (say, $1000 less than what I could get now)? How long will it be before any bugs reveal themselves? Would I need to wait until the 2007 models come out? I'm willing to wait a few months, but not much more. Thanks again.
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As far as this car's selling price goes, I am not surprised that you are not being given much of a discount on it because it is such a new model. $500 to $750 off of MSRP is around what I would expect an '06 BMW 325i to go for right now.
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You should check carsdirect.com as well, I looked and in the ATL area an EX is shown at $1,400 under MSRP - which still nets the dealer $1,400 in profit plus the $861 in hold back.
That is the beauty of the lease - most folks feel like you do about trade ins. They buy a new car every few years and then lose money on the trade each time, because it is just easier. In your case with the lease, if the dealer will not give you a good number then just turn the van in. You might think about a lease on the next one as well - not having something to trade-in sure is nice :-)
Dennis
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What is the MF and RV factor for Acura TL '05 for 4 yrs and 15K miles/yr?
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You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a sample lease payment on the car that you are interested in for you if you let me know what these numbers are.
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Thank you.
hpowders
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