Lease Questions - Ask Here

CarMan@Edmunds

Hello kg6c. The answer to your question is both. The depreciation portion of vehicles' lease payments is calculated by taking a percentage of their full MSRPs. However, the interest portion of vehicles' lease payments takes their selling prices into account. The selling price is not necessarily a vehicle's dealer invoice price, but it can be if you negotiate an attractive enough deal on it. The following article that is available here at Edmunds.com describes exactly how lease payments are calculated: Calculate Your Own Lease Payment.

While vehicles' residual values are basically set in stone, their money factors are not. Banks publish a list of "buy rate" money factors for vehicles. These buy rates are the lowest money factors that they will allow dealers to use to calculate lease payments. Dealers often have the authority to mark-up vehicles' money factors to add additional back-end profit to deals. This is why it is very important to know what the buy rate is for the vehicle that you are interested in leasing. The difference in money factors that are used is one reason why vehicles' lease payments vary. Also, the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. The difference in selling prices between two vehicles also accounts why you see different monthly payments quoted for them. If you can buy the Infiniti that you are interested in for $500 over invoice, there is absolutely no reason why you should not be able to have your lease based upon the exact same selling price.

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CarMan@Edmunds

You're very welcome t_o_n_y.

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CarMan@Edmunds

No problem mojorator.

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CarMan@Edmunds

Thanks for the kind words someguy1. You never mentioned the selling price or MSRP of the car 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 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 so that you can compare it to the payment that you were quoted if you let me know what these numbers are.

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CarMan@Edmunds

Hi ajamo. The lease money factor that you were quoted is Infiniti Financial Services' buy rate for a 39 month lease of a 2006 Infiniti M45 Sport for consumers who qualify for its top credit tier. This car's money factor is not going to get any lower than this. There is a difference between a dealer fee and a bank or lease acquisition fee. Infiniti Financial Services charges a $550 acquisition fee on every vehicle that it leases. This fee is not negotiable and can either be paid at lease signing or added into your car's capitalized cost.

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x021627

car man: thanks for the confirmation, I think I will be pulling the trigger!

CarMan@Edmunds

Rbevz67, the dealer cash that Honda is providing on the 2005 Accord is not compatible with the special lease program. I see your point that the dealer should get the dealer cash because they are selling the vehicle, but that is not how it works. It costs Honda a decent amount of money to provide the special lease money factor that is available on the 2005 Accord. They do not want consumers to double dip so to speak and have to pay twice to support this car.

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CarMan@Edmunds

Hey rbevz67. Honda is not currently providing any special financing rates on the 2005 Accord, such as the 1.9% to 3.9% offer that it was running back in June. I am not sure what Honda's base standard finance rate is for this car right now, but I can give you some advice on financing in general. It is in your best interest as a consumer to shop around with a local bank, credit union, or a bank that does business on-line and get pre-approved to finance the car that you are interested in. Doing so serves two purposes. One, it gives you an idea of what sort of interest rate to expect. And two, it often motivates dealers to try to beat the rate that you have already been approved at.

As far as this car's lease program goes, Honda's special lease money factor on all 2005 Accord EX models is currently .00112 for leases up to 36 months in length. If you lease for any longest than that, you will have to use Honda's standard lease money factor which is double the special one.

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CarMan@Edmunds

20,000 miles per year, huh, dhamilton? Your friend sure does a lot of driving. The highest mileage allowance that GMAC publishes residual values for is 15,000 miles per year. If your friend needs to drive any more than that he or she will have to purchase additional miles on a per-mile basis. It is usually less expensive to purchase additional miles at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty. GMAC's current base lease rate and residual value for a 36 month, 15,000 miles per year lease of a 2005 Chevrolet Suburban LT 1/2 ton should be 6.0% and 53%, respectively. Your friend might want to consider leasing a 2006 Suburban because General Motors just made its 2006 full-size pickups and SUVs eligible for its employee purchase program. The numbers for an otherwise identical lease of a 2006 Suburban should be 7.5% and 53%.

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rbevz67

Hi Carman - you're the shizzle,

Thanks a ton for all the help. Here are the last questions before I pull the trigger.

I plan on keeping my car for a while so I want to buy it. But the lowest finance rate I've come across is about 5%. I can lease the Accord EXL w/a MF of .00112 or 2.7% like you said.

Is the MF of .00112 good for a term longer than 36months?

So my plan would be to go lease for the 36mo and then buy the car at the end of the lease.

Here is my question:

Are there any fees that make my plan of leasing through AHFC then buying at the end less atractive than just buying from the start?

For example, do I need to pay an initial fee at the beginning of the lease just to start it? Do you need to pay a fee at the end of my lease if I choose to purchase the car at the end of the lease? These examples are costs that I would not need to deal with if I just bought it from the beginning and am wondering if they exist? Are there any others like that??

And, do you know the lowest rate offered by AHFC @ 36, 60, and 60+ months? I have great credit and want to make sure my rate isn't getting padded.

CarMan@Edmunds

You're very welcome Petal1. Thank you for taking the time to come back and let us all know how everything turned out. Enjoy your new car!

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CarMan@Edmunds

Too late, I just answered your earlier question, timmboj. Sorry that you didn't like the VUE, but I guess that's why they have test drives. Let me know if you would like information on any other vehicles.

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CarMan@Edmunds

I am glad that you enjoy this discussion so much summitguy. The lease money factor and residual value that you were quoted for this car are right in line with Infiniti Financial Services' lease program for it. This is always a good sign. I just worked up a sample lease payment based upon the information that you provided in your post, and I came up with a zero down, pre-tax monthly payment of around $561. As you can see, the payment that you were quoted looks good. A number of banks allow consumers to make additional security deposits on leased vehicles, providing a reduction in the money factor for each additional deposit. However, I've never heard of a bank that actually pays interest on these deposits. Something doesn't sound right about this to me, but perhaps it is some sort of new program that I have not heard of.

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CarMan@Edmunds

Hi jzcarr25. The money factors that you saw elsewhere are not in line with BMW Financial Services lease program for this car. The last time that I saw BMW FS' lease program for the 2006 330i, its buy rate lease money factor for it was .00250 for leases up to 42 months in length. For leases any longer than that, you would have to use BMW FS' standard lease money factor of .00275. It is possible that BMW made some sort of unscheduled enhancement to this car's lease program, but it would have had to be one heck of an enhancement to lower its factor all the way to .00120. BMW is supposed to publish new numbers for the money of September in a few days. The residual values that you mentioned are not right either. BMW FS' 24, 36, 48, and 60 month, 15,000 miles per year residual values for the '06 330i are currently 68%, 60%, 46%, and 37%, respectively.

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CarMan@Edmunds

Hi Ken. Unfortunately, I have not heard any rumors about what BMW's lease program will be like on the 2006 5-Series in September. If I had to make an educated guess, I would say that its residual values will be slightly lower and that BMW may reduce its money factors slightly to make up for the difference in payments that the lower residuals would cause.

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CarMan@Edmunds

All three of the vehicles that you mentioned are nice, samsone. I would be happy to give you an idea of how much they would cost to lease right now, however in order for me to do so I am going to need some additional informaiton from you first. This informaiton includes how long you want to lease them for, how many miles per year you need to be able to drive them, their full MSRPs (with the destination charge added in), and their approximate selling prices.

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CarMan@Edmunds

Welcome cutfoot. 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.

Once you have checked out these articles, stop back and I will be happy to give you an idea of what your lease payment should be like on the Acura RL that you are interested in. When you stop back, let me know how long you want to lease it for, how many miles per year you need to be able to drive it, its full MSRP (with the destination charge added in ), and an approximate selling price. Always remember that the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Acura is currently providing a $2,500 cash incentive on leases of the '05 RL through American Honda Finance Corp. This incentive will help you to negotiate an attractive capitalized cost.

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CarMan@Edmunds

Hi ajamo. I believe that Infiniti Financial Services charges a lease security deposit that is equivalent to your vehicle's monthly payment rounded up to the nearest $25 increment.

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CarMan@Edmunds

Hello civic2003. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. 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". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another vehicle.

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rbevz67

Anyone know the residual on a 2005 Accord EXL sedan after 36months@15k? Carman informed me that it's 54% for 12k/36months.

Thanks!

CarMan@Edmunds

Hi jarjoura. You never mentioned the selling price of the car 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 car 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 calculate approximately how much this lease should cost you if you let me know what its selling price is.

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jarjoura

Hi Car_Man,

I was anxiously awaiting your reply

The salesman and I never discussed the “selling price.” He mentioned it was around $1,800 below invoice, I believe invoice on the car is 55,300, and msrp is 59,505. Does this help? I am going to the dealer this evening; hopefully I’ll get your blessings before then if this is a good deal or not.

Much appreciated,

Tony

CarMan@Edmunds

You're welcome peachtree103. I'm glad to hear that you are such a loyal reader of this discussion. Let's take a look at the current lease programs for the vehicles that you are interested in. If you were to lease a 2005 GMC Yukon XL through GMAC right now for 24 months with 15,000 miles per year, its base lease rate and residual value should be 6.0% and 62%, respectively. The numbers for an otherwise identical 30 month lease of this truck should be 6.0% and 58%, respectively. If you were to lease a 2005 GMC Sierra 1500 4x4 SLT Extended Cab through GMAC right now for 24 months with 15,000 miles per year, its base lease rate and residual value should be 6.0% and 60%. The numbers for an otherwise identical 30 month lease should be 6.0% and 56%. As you can see, GMAC publishes what are known in the industry as lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. Late last week, GM just added 2006 model year full-size pickups and SUVs to its Employee Pricing program. Let me know if you want the numbers for the '06 versions of these trucks.

As far as the Jeep goes, if you were to lease a 2005 Jeep Grand Cherokee 4X4 V8 Limited through Chrysler Financial right now for 24 months with 15,000 miles per year, its base lease money factor and residual value should be .00153 and 58%, respectively. The numbers for an otherwise identical 30 month lease should be .00210 and 54%.

I am not sure of GMAC's or Chrysler Financial's exact price to purchase additional miles at lease signing, but it is probably around $.10. per mile.

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aggietx

I've got the same question into carman earlier. I assume it will be around 51 to 52% for 15k. We'll see what carman says.

toyotasalesg1

Car_man,

This is a great discussion you're hosting here. I'm interested in leasing the new IS when it comes out. Obviously we're looking at a couple of weeks before Lexus announces pricing but I would like to know whether it's worth considering a lease. What is Lexus' standard lease money factor? Does Lexus generally offer something better on a brand new redesigned car like the new IS? Or do I need
to wait six months or so? I live in Washington State by the way.

samsone

Ok, thanks CAR_MAN. Here is the info that I have.

At Subaru on a 2005 Outback Sport Special Edition with an MSRP of $21,000, they used a price of $18,990 to calculate a 36 month lease with nothing down (although the initial payment was $529) for $282 a month. 12,000 miles. the residual value on the sheet was 11,100.

At Saab I found a 9-2x Linear MSRP $26,000 for employee price of $20,590 over 36 months nothing down, 12,000 miles for $386 a month. He also said he'd sell me the car for 72 months at $338 a month.

I asked the Subaru guy for 24 hours to think about it and he told me his time was valuable and he wanted $10 a month more if I come back tomorrow! Needless to say, that was the end of the conversation.

What should I expect to pay for these two?

Thanks!

peachtree103

Samsone, don't know where you are located, but that's the attitude we ran into last month in Atlanta when I helped my sister by a Subaru. (Royal Subaru in Decatur, GA was much better, but they couldn't get the car she wanted). We ended up with Jim Burke Subaru in Birmingham Alabama. They gave her a great price from the start, and made it a pleasant buying experience for her from start to finish. If you're anywhere near them, may want to give them a try, if its a Subaru you really want.

Car_Man, thanks for the numbers on the trucks. Are the numbers the same for the Chevy twins, the Suburban and the Silverado, as those you gave me for their GMC counterparts? Seems like there's a lot better selection of '05 Chevys left than the GMCs. Thanks again.

emjayel

I am supposed to return to dealer tomorrow to Lease an 06 300C but I don't think I am getting a good deal because I need to pay up front $10,000 on a 3 year lease. I did negotiate the price of the fully loaded car down from $40,000 to about $38,000 and my trade-in up from $10,000 to $11,000 (Edmonds prices it at about $12,000 on a trade-in). Beyond that, I have no other information from dealer except that the monthly payments are $459. They did tell me the bank fee, taxes, motor vehicle but what else should I ask them and try to negotiate. I thank you in advance for your help.

smbnj

Car Man, as usual, you are correct. They are going through a bank. The break down of the $2,000 up front is:

$499 1st payment
$895 Bank fee
$260 Registration Fee (3yrs)
$223 Glass etching
$123 dealer doc fee

The bank will not justify the $895 bank fee, it is what it is. I shopped around and this is the best deal I got, so I'll take it.

Thanks.

summitguy

Thank you Car_man, you are a scholar and a gentleman. As another participant said before me in this forum, you are, indeed, the shizzle.

CarMan@Edmunds

Hello summitguy. According to my calculations, if you were to lease a base 2006 Infiniti M35 with an MSRP of $47,800 and a selling price of $44,800 through Infiniti Financial Services right now for 36 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $560.

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CarMan@Edmunds

You're welcome marcz. you made a wise choice. The 2005 version of this truck is definitely the better deal than the '06 model right now. Enjoy .

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CarMan@Edmunds

Greetings baserunner. Let me begin by saying that 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 your 350Z would be exactly the same, regardless of whether you had put $5,000 down, or had made absolutely no down payment at all.

Now is actually a good time to be in the market for a 2005 Nissan 350Z. Two weeks ago Nissan introduced $1,000 dealer cash on this car. This cash will help you to negotiate an attractive capitalized cost on the one that you want to lease. Don't forget that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them.

Nissan has not published its lease program for the 2006 350Z yet, so it is difficult to say at this point which model, it or the '05 model, will be less expensive to lease. Given the dealer cash and dealers' willingness to negotiate on leftover models, I suspect that you will be able to get a better deal on a lease of a 2005 350Z right now.

I am not personally familiar with what sort of prices this car is going for right now, but you may be able to find out by visiting the following discussion: "Nissan 350Z: Prices Paid & Buying Experience".

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CarMan@Edmunds

Here's the info that you are looking for aggietx. According to the latest information that I have seen, if you were to lease a 2005 Honda Accord EX V6 through American Honda Finance Corp. right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00112 and 52%, respectively. You definitely do not want to lease this car for 39 months. Its special lease money factor is only available for leases up to 36 months in length. If you lease for 39 months, its factor more than doubles.

The numbers that you were quoted for a 39 month, 15,000 mile lease of a 2005 Infiniti G35 Sedan through Infiniti Financial Services are right on the money. the 36 month numbers should currently be .00140 and 58%.

Unfortunately, I am not familiar with the tax credit program and cannot tell you how long it will last.

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CarMan@Edmunds

Thanks for the additional information samsone. I still need to know how long you want to lease this vehicle for and how many miles per year you need to be able to drive it before I can estimate a lease payment on it for you though.

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CarMan@Edmunds

You're very welcome msdavis. I am impressed that you were able to get someone to assume your father's old lease. Please feel free to check back with me for an update on this car's incentives next week.

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CarMan@Edmunds

Hi baserunner. This is a message board, not a chat room. I typically sign on once or twice a day to answer community members' questions. I just answered yours a little while ago. Scroll back a few posts to see my response.

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CarMan@Edmunds

You're very welcome x021627. Good luck.

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CarMan@Edmunds

Thanks rbevz67. No, Honda's special lease money factors on the 2005 Accord are not available for terms longer than 36 months. The only fee that I am aware of that would make leasing an Accord with the intention of purchasing it at lease-end less attractive than just paying cash for or financing it is American Honda Finance Corp.'s $595 acquisition fee that it charges on all leases. Honda is not currently offering any special financing rates on the 2005 Accord. I am not sure what its standard finance rates are currently like, but if you decide to finance this car it would be in your best interest to get pre-approved to do so prior to visiting any dealers. Doing so will give you an idea of what sort of interest rate to expect and may motivate the dealer that you are working with to beat the rate that you already have.

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CarMan@Edmunds

Rbevz67, AHFC's 15,000 miles per year residual values are 2% lower than its 12,000 miles per year residuals.

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CarMan@Edmunds

That definitely does help, Tony. $1,800 below invoice is a very attractive price for this car. Let's say that this car's full MSRP is $59,505 and that its selling price is $53,500. According to my calculations, if you were to lease a 2006 Mercedes-Benz E350 Sedan using the aforementioned prices through Mercedes-Benz Credit right now for 30 months with 10,000 miles per year, its zero down, pre-tax monthly payment should be around $712. This would put the total cost of this lease at $21,353. I haven't seen this car's 27 month lease program or residual values for a lease of it with only 7,500 miles per year. Nor do I know what sort of money factor reduction MBC provides for pre-paid leases. At least I can tell you that you are being quoted a very attractive selling price on this car.

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CarMan@Edmunds

I'm glad that you enjoy this discussion so much toyotasalesg1. As you suspect, Lexus will not provide any sort of lease support on the redesigned IS when it hits dealers. This car looks like it is going to be outstanding by the way. The last time that I saw it, Lexus Financial Services standard lease buy rate for consumers who qualified for its top credit tier was around .00235, which isn't that bad as far as standard money factors go. If this new car is well received like I suspect it will be, you probably will have to wait longer than six months to see any sort of money factor support on it.

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CarMan@Edmunds

Ahhhh now that's the sort of information that I need samsone . Thanks. OK, according to my calculations, if you were to lease a 2005 Outback Sport Special Edition with an MSRP of $21,000 and a selling price of $18,990 through its captive finance company right now for 36 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $250.

According to my calculations, if you were to lease a 2005 Saab 9-2x Linear with an MSRP of $26,000 and a selling price of $20,590 through Saab Financial Services Corp. right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $258.

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CarMan@Edmunds

No problem peachtree103. Yes, the numbers for the equivalent Chevrolet models should basically be the same and the ones that I quoted you for GMC.

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CarMan@Edmunds

Hi emjayel. Definitely don't take delivery of this car if you don't think that you are getting a good deal. A $2,000 discount on a car that typically has a spread of around $2,500 between its MSRP and dealer invoice sounds reasonable to me, but you may want to stop by the following discussion to see what sort of prices other community members have paid for similar cars lately: "Chrysler 300 / 300C: Prices Paid & Buying Experience". When negotiating your deal on it, keep in mind that Chrysler is currently providing $500 bonus cash on all sales or leases of the 2006 300 right now.

I will calculate a sample lease payment on the car that you are interested in for you using the numbers that you provided in your post. According to my calculations, if you were to lease a 2006 Chrysler 300C with an MSRP of $40,000 and a selling price of $38,000 through Chrysler Financial right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $589. I calculated this lease without any sort of down payment because 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 your 300C would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all. If you really want to trade your current vehicle in, have the dealer that you are working with cut you a check for it instead of using the proceeds from it as a capitalized cost reduction for your lease.

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CarMan@Edmunds

Thanks and you are welcome smbnj. Enjoy your new car .

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CarMan@Edmunds

You're very welcome summitguy. I'm glad that I was able to help you out.

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steveholly

CarMan,

I didn't provide enough details last time.
I'm looking to validate this offer on the new 2006 Passat 2.0T - seems VERY generous....
for a lease, details:
$28,415 sticker
$26,651 sales price
$876 down (inception costs - no cap cost reduction)
$380/month (includes 6% tax)
18K for 36 months

Thanks again!

roosa

Just wanted to let all readers and CarMan know, this weekend in Midland, Tx. the figures were 53% and .000041, paid only $542.00 in cash, everything else including Tx. 8.25% sales tax were included in monthly payment. Sales price was $18,450.00. Entire transaction took 1.5 hours with absolutely NO hassle. Now folks if you can do this in West Texas, you can do it anywhere in America, remember Midland is the hometown of GW Bush and it is out in the Middle of Nowhere. Thank you Car Man and best wishes to all readers. Do tell you friends about this site. J. Roosa

rroyce10

... **This is a message board, not a chat room. I typically sign on once or twice a day to answer community members' questions. I just answered yours a little while ago. Scroll back a few posts to see my response** ...

C'mon Car_man .... we all know you sit at your computer 23 hours a day with Frito's, anchovies and drink Ovaltine all day and night just to answer all this stuff ......... :P

Terry.