Lease Questions - Ask Here

CarMan@Edmunds

No apology needed Joe. I suspected that is what you meant. A number of banks do not allow consumers to transfer leases, so what you experienced is not uncommon.

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CarMan@Edmunds

No problem gdiehl. You should be able to add the sales tax to your vehicle's capitalized cost and bake it into your monthly payment rather than having to pay all of it at lease signing. Most banks place a cap upon the amount of money that they allow to be financed though. Some banks use 100% of vehicles' MSRPs, while others use 105% or 110%. If the sales tax on your leased vehicle puts its price higher than the limit on the amount that can be financed you may have to pay some of it at lease signing.

I would not be surprised if the Hummer dealers in your area were marking-up this truck's base lease rate to add additional profit to deals. This practice is perfectly legal and happens all the time, especially on expensive vehicles. Tell the dealer that you are working with that you know this truck's buy rate for this lease is 7.75% and if they don't calculate your payment using that rate you will take your business elsewhere. This might or might not work, but it is really your only option.

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jeeps4life

Car_man,

I'm currently loking at leasing a Grand Cherokee. I'm looking to get the base model Laredo 4x4, no options. The price I was quoted is $2497 down plus $700 bank fee plus first month $97 plus tax $21.86 plus tire tax $7.50 for a total of 3,323.36 due at lease inception. Then I have a monthly payment of $97 plus tax of $21.86, total of $118.86 for the next 23 months. This would be for a 24 month lease with 12K miles a year. The total cost over two years would be $6,057.14. Does this seem like a good price?

This is the first time I've ever considered a lease and I don't know how to negotiate in this manner and I'd like some help in lowering the price and getting the best deal. Also, I went to one dealer who said go to other dealers and then come back to us and we'll beat their price by a few bucks. I'd rather not go back to that dealer because they're sleazy, but I would like to use them as leverage to help in my cause at the dealership I'm working with now.

I appreciate your help.

Regards,

Keith

martyt1

Thanks for your reply Car_man. I had one more question. Will the dealer tell you what the buy rate is if you ask them or is there another way of finding out; except of course asking you to look it up for us?

chatz

Hi,

Could you give me the residual and mf for 05 Chrysler Pacifica?
AWD Touring... 24 and 36 month lease.
Thanks!

joenj

Thanks for the reply Car_man. As for the deposit I placed it on my amex. They have always been good whenever i had a problem with my purchases. Hopefully
they can get my deposit back.

scott_barrett

Carman,

I recently purchased a couple of pieces of rental property/investment land, much of it using a couple of equity lines (which makes the debt appear as revolving vs. mortgage debt on my credit report). As a result my credit score has taken a 100pt hit, from 730 or so down into the low 600-620 range.

That's fine generally, but I have been thinking of leasing either a new BMW 5-series or an Acura RL for my wife, as there are some attractive '05 leases out there according to the forums.

Any comments on nominal credit score/access to these programs, etc?

Thanks.

cidchris

Hi Car_man,

I was hoping you could tell me what the August NMAC rates (MF & residual) for a Pathfinder LE Lease are. I am considering 3 years with either 12k or 15k miles.

Thank you very much,
Chris

jls825

I am in the market for my first car. I am looking at leasing a 2005 RSX (manual w/ leather). My MSRP is $21,290, invoice is $20,037, and the purchase price is $20,844. I am looking for a 36 month lease with 15K miles for $0 down. I am worried about getting a fair lease price. I know Acura/Honda is offering great lease prices now on the '05 models right now, and I want to take advantage of that. What is an example of a good/fair lease price/month?

mmm123

We just leased a 2006 Passat 2.0T sedan (blue graphite w/ grey leather) with package #1, XM, and cold weather package. MSRP was $27,440, selling price was $26,100. Residual and money factors given were 59% and 0.00155 for 12k miles/year on a 36 month lease. Our zero-down monthly payment is $353 ($377 with tax). Out the door payment was $777 with the $400 refundable security deposit.

That sound about right?

sjmueller

Please, if anyone could help me with this, i would be greatly appreciated.

I am trying to find the best deal on an Acura TL Lease without navi. Let me get straight to the numbers based on my tier 1 credit:

MSRP: $33,100 (Not Including Destination Charge - ~$595)
invoice: $30,164 (DC not incl.)

for 42 month lease, Money Factor .0023, Residual: 56%
for 36 month lease, Money Factor .0025, Residual: 59%

Tax in S. Florida: 6.5%

My negotiated price at one dealership was "at invoice", but i was concentrating more on the length of lease, monthly payment, and total due at signing.

The first dealership was 42mo/12k mi. with $1500 down and 425 per month (taxes incl)
I used this to negotiate the 2nd dealership to 42mo/12k mi. with $1500 down and $417 per month.

I am trying to shoot for 39mo/12kmi for around $405 mo (no more than 1500 down), but I'm not sure if this is realistic. From my calculations, it seems like it is, but i may be missing something. Am i asking too much?

Another issue i have is with the Money Factor. .0025 is approximately 6%. Is this really the best rate offered by honda to customers with tier 1 credit?

Would i have a better shot waiting until september to see what acura has to offer at that time? With the 2006's approaching, i would think that this is the time when a deal could be had.

rozbor

Hi Car_Man,

I have the following deal
Acura with touring (no dvd, no gps)
Price 35,500 (at least that I was told)
12k ml
42 month
$436 - monthly payment
and I have to pay $1897 which includes first payment $436 + bank fee $595 +
tax + motor vehicle fee + doc fee.
State NJ

What do you think?

thanks a lot

volatile1

Car_man or anyone,

Any idea what type of residual and money factor I should expect when leasing a 2006 300c? I read that the dodge RAM quad cab 36 month lease was 53% and .00256.
Is the chrysler 300c in the same ball park?

Thanks,
Volatile1

jason_jm

looking for something around $300-350 a month, zero down, 36k / 3 yr

anything that stands out right now as an excellent lease deal?

please help, im lost! lol

ggsutcli

Hi there,

I was wondering if you could help me out with some leasing questions on a 2005 Honda Accord EX, 5 speed, with leather. I have been quoted 21,488 and invoce according to Edmunds is 21,417. The lease he gave me before going through my credit was 2000 down, 280 a month for 18,000 miles a year. However, I know I don't have the best credit and my score is somewhere around 645. With this in mind, do you have an idea of the down payment I will have to make in order to get my payments at or below 280, or would it be better to finance. I have 10,000 to put down. I definitly need 18000 miles on my lease. The gentlemen at the dealer said that it would be difficult to get me in a lease without a cosigner or sizable down payment. Can you please email me at ggsutcli@yahoo.com. Thanks Greg

atfryar

I looked around the board but haven't seen any recent posts regarding Toureg money factors... I was hoping you could post the current money factors for an 05 (or 06 if it's available) V6 and V8 for 36 and 48 months as well as the residuals (12,000 miles). Thanks for all your help!

dave328

Carman,

I am interested in leasing a Saab 9-5 aero wagon. I was given a purchase price of approx 9100 off msrp. When I inquired about a lease, I was told I cannot use that price as my cap cost. The 9100 off is essentially the GM emplyee price minus the 5K rebate. Is this a typical situation? He is willing to apply only the 3000 rebate without the emplyee discount.

Dave

lataste

Car Man,

I really appreciate the timely response. After I read your reply, I went to Acura to see if they could match the deal in a TL with Nav. They couldn't come close at all. The F&I manager suspected that they are falsifying numbers to get me hooked. Well, I drove to Infiniti and told them that I wanted to do the deal tomorrow, but I wanted to see the numbers on print. They gave me the keys to drive the G35 tonight, and I really love the car. I am just hoping that this isn't some sort of scam. The numbers look way too much in my favor...you know, if it is too good to be true, it is.The numbers that they printed are as follows:

36 month lease @ 12k
MSRP 35,710
Residual 59%
REsidual Value 21068.90
Initial Cap Cost 32800
Trade info 700.00-
Total Cap Reduction 1409.73
Bank Fee Access 550.00
Adjusted Cap Cost 31,840.27
LMF .00140 (this looks fishy)
Total Tax Window 1154.23
Total monthly Payment 403.93 w/ 7.375% tax
License 277
3000 down

I just can't believe that they are going to give me 15,300 for my Passat GLS 2001 auto. Granted, it is in great shape, but Acura said that it was probably worth 9000. Do you think that they will have me sign the contract, then call me back to redo it after selling my Passat? I would probably trapped into buying a car at their rate then. I just don't think that they can do this deal.

Your help is really appreciated...

CarMan@Edmunds

Greetings river3. Let's take a look at the lease program for the vehicle that you are interested in. According to the latest information that I have seen, if you were to lease a 2005 Subaru Forester XS Premium through its captive finance company right now for 48 months with 12,000 miles per year, its base lease money factor and residual value should be .00090 and 48%, respectively. I do not recall seeing the lease program for the 2006 version of this vehicle, so I cannot help you out there though.

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CarMan@Edmunds

Thank you birdbird. In theory, a group of dealers in a specific area could conspire to keep prices high. However this is such a cutthroat, competitive business that eventually in most instances such agreements tend to break down and heavy discounting begins.

If the dealer that you are interested in leasing a vehicle from does not have the exact color car that you want in stock, they definitely can swap with another dealer to get one for you. It takes a lot more effort to swap for a vehicle than it does to sell you one that they already have in stock though, especially if the vehicle has to come from far away. As a result, consumers are often able to get better deals on vehicles that dealers already have than they are able to get on ones that they have to swap for. It is difficult to say how much of a premium would be required for a swap. Sometimes it might be nothing at all, while others it might be a couple hundred dollars.

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CarMan@Edmunds

Hello sjmueller. If you are able to get the Acura TL that you are interested in for dealer invoice, you are getting a good deal. The lease money factors that you were quoted are right in line with American Honda Finance Corp.'s base money factors for this car with a waived security deposit. This is really the lowest available money factor on this particular car. It is AHFC's standard money factor for vehicles that are not receiving any sort of special support from Acura, which the TL never seems to have. Whether or not you would be better off waiting to lease a 2006 version of this car depends upon how aggressive dealers will be with their pricing on '06 models. If you can get a 2006 TL for close to what you would have to pay for a 2005 model, then it actually would be less expensive to lease the newer model because its residual values will be higher.

Let's calculate a sample lease payment on this car to see if your target payment is realistic. I will assume a selling price of dealer invoice. According to my calculations, if you were to lease a 2005 Acura TL without navigation with an MSRP of $33,695 and a selling price of $30,759 through AHFC right now for 39 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $429. As you can see, even at invoice your target payment cannot be reached. You may want to ask your dealer about leasing this car through an independent bank. Over the past several months banks like Chase and Hahn Financial have had more attractive lease programs on the '05 TL than AHFC has.

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CarMan@Edmunds

Here is the information that you are looking for jevannet. If you were to lease a 2005 Volkswagen GLS Passat Wagon 1.8T through VW Credit right now for 36 months with 15,000 miles per year, its "buy rate" lease money factor and residual value should be .00041 and 46%, respectively. This model's 12,000 miles per year residual value would be 2% higher. The numbers for an otherwise identical lease of a 2005 VW GLS TDI Passat Wagon should be .00255 and 48% again with the 12k residual value being 2% higher. When negotiating your lease on these models, keep in mind that Volkswagen is providing a $1,500 bonus on leases of the GLS Passat Wagon 1.8T. This money will help you to negotiate an attractive capitalized cost.

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CarMan@Edmunds

Jjzcarr25, Charlotte, North Carolina sounds as though it is in Audi's Southeast region. If this is indeed the case, then you would qualify for a special regional enhancement of this car's "buy rate" money factor from .00165 to .00125. The residual values for it would be the same.

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CarMan@Edmunds

Hi trishe. You never mentioned the selling price of the truck that you are interested in leasing. This is an 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 the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to work up a sample lease payment on the Cayenne that you are interested in for you if you let me know what its selling price is.

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CarMan@Edmunds

You're welcome and congratulations on your new truck PapaJoe. Thanks for taking the time to stop back and let us all know how everything turned out. Enjoy!

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CarMan@Edmunds

Hey ibs. I have not personally seen Toyota Financial Services' lease program for the 2005 Sienna in its Chicago region, your area, this month. Having said this, the money factor that you were quoted to lease this van are in line with the August lease programs that are available in a number of other areas and seems reasonable. I should be able to tell you exactly what this vehicle's residual value is like if you let me know how long you want to lease it and how many miles per year you need to drive it again.

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CarMan@Edmunds

Yes, djocks, if the lease program for the BMW that you are ordering is more attractive when you physically take delivery of it than it was when you ordered it you should be able to take advantage of the new lease program. As long as you have locked in the car's lease program when your order was placed, you should be able to use that program if the one that is available at the time of delivery is worse. Historically, BMW's lease program on the 3-Series has been much more aggressive than it is now. The reason for this is that this is a redesigned model. It is difficult to say how long the "honeymoon" will last so to speak before BMW has to sweeten its lease program on this car. There certainly is a chance that it will increase its lease support on the 3-Series by November, but if its money factors to not drop the car that you are interested in will likely be more expensive to lease then than it is now because its residual values will be lower.

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CarMan@Edmunds

Welcome Keith. 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 never mentioned the selling price or MSRP of the truck that you are interested in leasing. These are important numbers 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 trucks 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 Grand Cherokee that you are interested in for you if you let me know what these numbers are.

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CarMan@Edmunds

No problem martyt1. Some dealers will tell consumers what their "buy rate" lease money factor is for the vehicles that they are interested in, while others will not. I am not aware of any source for this informaiton that is available to the general public.

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CarMan@Edmunds

Here is the informaiton that you are looking for, chatz. If you were to lease a 2005 Chrysler Pacifica Touring AWD through Chrysler Financial right now for 24 months with 15,000 miles per year, its base lease money factor and residual value should be .00024 and 54%, respectively. The numbers for an otherwise identical 36 month lease of this model should be .00037 and 44%.

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CarMan@Edmunds

You're welcome joenj. The fact that you placed your deposit on a credit card definitely helps your cause. Good luck.

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CarMan@Edmunds

Hi scott_barrett. You should be in good shape if you want to lease a new BMW 5-Series because BMW Financial Services' lease program is pass / fail so to speak. It does not have different credit tiers with different rates for consumers that vary depending upon their credit score. Either consumers qualify for its lease program or they don't and your credit score is probably good enough to still qualify. You may take a hit with the Acura RL lease though because I believe that American Honda Finance Corp., Acura's captive finance company, does have money factors that vary by credit tier and a score in the mid-600s definitely does not qualify for its top tier.

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CarMan@Edmunds

Here you go Chris. If you were to lease a 2005 Nissan Pathfinder LE 4WD through NMAC right now for 36 months with 15,000 miles per year its buy rate money factor and residual value should be .00213 and 53%, respectively. Its 12,000 miles per year factor would be the same, but its residual value would be 1% higher.

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CarMan@Edmunds

Hi jls825. Naturally, the lower your car's selling price is, the lower its monthly lease payment will be. I am not personally all that familiar with what the market is like for the 2005 Acura RSX right now, but I suspect that if you are in an area where there is a decent level of competition for your business you should be able to get one for around invoice or a couple hundred dollars over. Make sure to stop by the following discussion to get feedback on this car's price: "Acura RSX: Prices Paid & Buying Experience".

Let's calculate a sample payment on the car that you are interested in to give you an idea of what it should cost to lease. According to my calculations, if you were to lease a 2005 Acura RSX (not the Type-S) with an MSRP of $21,290 and a selling price of $20,844 through American Honda Finance Corp. right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $279.

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CarMan@Edmunds

Hi mmm123. The lease program that you were quoted for this car is about right if you are talking about a Value Edition model, which has a much higher lease money factor right now than non-Value Edition models. Using the prices, factor, and residual value that you were quoted, I come up with a pre-tax monthly payment of $341 though.

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CarMan@Edmunds

Hello rozbor. I would be more than happy to give you my opinion of this deal, however in order for me to do so it would be a big help if you were bale to provide me with this truck's full MSRP (with the destination charge added in). This number will enable me to see how much of a discount you are being given on your MDX and it will help me to calculate a sample lease payment on it for you.

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CarMan@Edmunds

Hi Volatile1. The lease program for the car that you are interested in is close to the Dodge Ram Pickup program that you saw mentioned earlier. If you were to lease a 2006 Chrysler 300C through Chrysler Financial right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00273 and 55%, respectively.

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CarMan@Edmunds

Hi jason_jm. If I was in the market for a car in your price range right now, I personally would consider the Honda Accord, Honda Pilot, Toyota Camry, Nissan Altima, and Mazda6.

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CarMan@Edmunds

Greetings Greg. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for the Accord that you are interested in would be exactly the same, regardless of whether you had put $1,000 down, or had made absolutely no down payment at all. If the dealership that you are working with claims that they cannot lease you this car without a large down payment, try a different dealership or finance it instead.

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CarMan@Edmunds

Let's take a look at the lease programs that you are interested in finding out more information on atfryar. If you were to lease a 2005 Volkswagen Touareg V6 or V8 (their programs are the same) through VW Credit right now for 36 months with 12,000 miles per year, its buy rate money factor and residual value should be .00019 and 52%, respectively. The numbers for an otherwise identical 48 month lease should be .00081 and 45%. If you were to enter into a 36 month, 12k lease of a 2006 Touareg V6 or V8 the numbers should be .00107 and 57%. The numbers for an otherwise identical 48 month lease should be .00152 and 46%. When negotiating your lease on the 2005 Touareg, keep in mind that Volkswagen is providing a $1,000 bonus on V6 models and $1,250 on V8 models that are leased through VW Credit this month. This money will help you to negotiate an attractive capitalized cost.

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CarMan@Edmunds

Yes, dave328, many manufacturers have different cash incentives for vehicles that are purchased versus vehicles that are leased. While Saab is currently providing $5,000 dealer cash on 2005 9-5 models that are financed or paid for with cash, its incentive for leases of this car through Saab Financial Services Corp. is only $3,000. This means that your capitalized cost for a lease of this car in August would be $2,000 higher than the price that you were quoted to purchase it.

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CarMan@Edmunds

Lataste, while anything is possible, I personally find it highly unlikely that the dealer that you are currently working with is planning on having you finalize this deal, selling your trade, then trying to get you to come back in to rework your lease.

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dubenez

Hello Car man. I'd be grateful to know what a 36 month, 12,000 mile lease would be on a 2005 Honda Accord LX. MSRP is $21,090 and selling price is $18, 519. Thanks so much for your help!

jeeps4life

Car_man,

Thanks for your time.
Sorry for not including all of the info. Here it is:
MSRP $28,920
Employee Price $25,874
Price they offered me $24,274 ($1,600 discount off of Employee Price)
Less Consumer Lease Cash $2,000
Less Trade-in Rebate $2,000
Down Payment of $2,497
Money Factor of .00126
57% Resid or $16,484 on a 12K mile/yr (it's 56% for 15K/yr) but my example is at 12K.

This calculates to $97/mo plus taxes of $21.80/mo. I also have to pay $700 bank fee, $7.50 Tire tax and DMV fees of about $300.

My questions are as follows:
1- Is the $1,600 disc off of the Employee price good? I ask because I got the current price very quickly from the salesman and I'm stuck in old fashioned car times when you had to battle back and forth numerous times to get a good price. Taking their 2nd offer seems like it's too soon and I can do better. I tried last night to negotiate further and they didn't want to budge.

2- How much profit are they making off of the price and how much further can I negotiate?

3- I'm also trading in a 99 GC Laredo with 82K miles. The quoted me $7K which I thought is pretty decent for a dealer, plus I'm getting the trade in rebate of $2000. I could probably sell the car now for $9K on my own, but that could be a hassle, so I'm inclined to trade it in because I'm getting the $2000 rebate. How much should I use the fact that they're making $ off of my trade and the car into the negotiations? I feel like they'll make $2K off of my trade in and maybe $1500 off of the lease, is $3500 a typical profit for car dealers? It seems high.

4- There were also rebates of $1000 Lease loyalty and $500 military that I did not qaulify for that was just included into the down payment of $2497 (the ad in the paper was $997 down). The sales mgr said they can't give me a rebate I don't qualify for and my cajolinghim to knock the price down further to make up for the loss of these rebates didn't work either. Any suggestions on how to negotiate rebates I'm not qualified for?

5- In NJ the law states that leassee's do not pay tax but the dealer does. It also says that dealers can obviously pass the cost on to the consumer in another form, but they can't invoice it that way. If so, how can they continue to give me prices saying there are taxes on it. What's the possible outcome of me telling them I'll take their price, but I'm not paying their taxes? Saving me about $600 over the term.

I appreciate any help you can provide.

Regards,

Keith

lataste

Car Man,

Thanks for the information. I will go ahead and sign the deal tonight. I'll let you know how it goes.

songbird970

I wonder if someone could help me out. My husband went through a bankruptcy in 2002. In 2003, we leased a 2003 Chevy Malibu, financed through Wells Fargo at 13.9% interest. We went with a lease, believing it would help to build credit rating. After 2 years of paying the lease we recently decided we wanted out of the lease, so contacted WF for a buyout figure. They still wanted 18,200 for our car. We contacted the dealership where we purchased the car, and they suggested buying another car, financing through WF and we wouldn't have to pay any penalties for getting out of the lease. WF approved us for 23,999 on a 2005 Pontiac G6, with a 12.4% interest,payments of $609.00 per month for 72 months. We thought this was outrageous. We contacted our CU and they are willing to finance this car at 6.9% 438.00 per month for 60 months. Now, we are trying to find out what type of penalties we are going to expect from WF, if we did get financing from another source. The dealership has told us that the 03 Malibu is worth 11,000....does anyone know what kind of penalties await us if we decide to got through our own financing, and getting out of this lease with WF???? Would appreciate any help or suggestions :P

digitalgravel

Okay here is my situation I want to purchase a Chrysler 300 Touring model which they are going sell to me for $28,000. My credit score is 840. The dealer wants to give me 5.85% financing. Do you think this rate is too high with a good credit score? For the record I am putting no money down. Although, I may consider putting 500 down. Here is the thing, I am talking to 2 different dealers at the same time and the other dealer said he can get me 6.95% financing (thats the best he can do) So if these dealers have different rates on the APR and they are saying thats the best they can do, is it really or are they playing games? To me sounds like they are playing games. I just want the lowest financing rate.
I never purchased a car from the dealer so I am new with this process, any advice that you kind people can give me?

t_o_n_y

Car Man - your help is appreciated.

I've been quoted a 36 month 36K lease payment of $260 before sales tax on a 2005 Pacifica Base FWD with no options. Zero down (just startups). He came down from $272. He says I am getting employee pricing plus $2K rebate. Is this a good deal?

steve777

Car Man, I'm trying to decide whether to fo with 12k or 15k miles per year on an Infiniti M35x with a 39 month lease. Could you tell me the difference in the residuals and the extra charge per mile, and how to determine what the breakeven point is ?

thanks

tbird1

Anyone had success negotiating a lower pay off at the end of their lease than whats written in the original agreement? Is it common for the leasing company to reduce the pay off so they don't have to hassel with the vehicle?