Lease Questions - Ask Here

CarMan@Edmunds

Hello jdb92626. If you would like, post the full MSRP of the car that you are interested in getting here for me and I would be more than happy to calculate a sample lease payment on it for you. Even without this car's MSRP, I can tell you that it appears as though the dealership that you are working with may be trying to slightly mark up this car's lease money factor on you. Nissan Motor Acceptance Corp.'s base lease money factor for a 2002 Maxima leased through them for 39 months should be only .00236. The residual value that they provided you with is right on the money, though. Also, Nissan is providing $1,000 lease cash on the 2002 Maxima this month. Make sure that your dealership is taking this cash into account with your deal. As far as the negotiable items on leases go, your most important number is the vehicle's capitalized cost. The cap cost is essentially the price that you are paying for the car or truck that you are leasing. It can be negotiated on a leased vehicle, just as if you were paying cash for it. Another number that is important to take a close look at is your vehicle's lease money factor. Although individual dealerships have no authority to go below a bank's base money factor for a particular model, they can and often do mark up banks' base lease money factors in an effort to bake additional profit into deals. The last main place that dealerships try to make money on leases is the acquisition fee. Most banks have a base lease acquisition or bank fee that they charge on deals. Dealerships are often allowed to mark up this base acquisition fee in an effort to again bake additional profit into a deal. NMAC's base acquisition fee is currently $545, so make sure that you dealership is not charging you any more than that.

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CarMan@Edmunds

Hey michaell. Let's take a look at this deal and see what I come up with for a monthly lease payment. Using the numbers that you provided in your post, I come up with a pre-tax lease payment of right around $286. It is difficult to say for certain why the dealership that you are working with is coming up with a different lease payment for this car, but it appears to me as though the difference in the payments is happening because the dealership is baking American Honda Finance Corp.'s lease acquisition fee into your vehicle's capitalized cost. AHFC charges an acquisition fee of $550 on all of its leases. If you do not pay it up front, it gets rolled into your vehicle's cap cost. When I add this $550 to your car's cap cost, I come up with a lease payment of right around $302. I think this is why their payment is so much different than the one that you came up with.

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michaellno

That must be it. The salesman has told me that there is zero out of pocket cost, so the acq fee must be getting rolled into the cap cost. I suspect I'll be getting an email from him (haven't checked the work email yet) stating this. He's been very straightforward with me up to this point.

Thanks to all for their assistance. Now, if I can get him to give me $12K for my trade in, we might have a deal.

arcade

Car_Man,

Can you run the numbers on this vehicle:

Nissan Altima 2.5 SL
automatic
ABS and Air Bag
Cold Package
Power Glass Sunroof
Carpeted Floor Mats
25,465 MSRP

What is the cap cost, residual, money factor, and lease payments for this car? 15k per year, Northern Virginia area.

Thank You.

jpatrick4

Car_Man,
Looking for Residual values and Rates %'s
for Camry XLE v4, auto, no options. For 48 month lease with 15,000 miles per year. In the Western New York Area.
Also what is the current lease factor or rate for this vehicle.
Thanks for your help,
Patrick

jdb92626

Carman:

Thanks for your response. I ended up leasing the car this past weekend and I thought I got a fair deal. I was able to negotiate my trade well above what I was looking for, esp. when it needed new tires, replacement of an SRS sensor and the leather was cracking. I got the cap cost to 23,800 and allocated part of my trade into the lease. The MSRP was $27,086. Never pulled out my checkbook to pay for anything. The acquisition fee was only $450. The money factor was 0.002450, slightly above the 0.00239 you quote. I am okay with that since the deal was smooth and I actually left satisfied. Seems like Nissan dealers are looking to move Maximas since the Altima will be taking over its pricing segment.

CarMan@Edmunds

Hi Patrick. Toyota is not providing any sort of lease support on the 2002 Camry in your area. So, if you were to lease one through Toyota Financial Services this month for 48 months, you would have to use their base standard lease money factor of .00280. Please keep in mind that this rate is only for consumers who qualify for TFS' top credit tier. The corresponding 15,000 miles per year residual value for this car should be 46%.

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CarMan@Edmunds

Hello Bob. To the best of my knowledge, American Honda Finance Corp. has not published a lease program for the Honda Pilot, yet. Still, I think that it is very safe to assume that Honda will not be providing any sort of lease support on this truck when it initially hits the market. Even though they probably will not initially provide any support on this truck, AHFC's standard lease money factors are actually pretty good. Of course, I can't say for certain that their program is better than every single one out there, especially before any of the programs are actually published, but I think that it would be difficult for any independent bank to offer a program that is significantly better than AHFC's. Banks' lease money factors are not normally negotiable, unless the dealership that you are working with is attempting to mark up their base rate in an effort to bake additional profit into your deal. In that case, if you know what the base lease money factor is you can insist that they use it to calculate your lease payments and they will usually comply. There is no way for me to know right now what sort of monthly payment you can expect on this truck. Please feel free to check back with me next month with the full MSRP and purchase price of the truck that you are getting. If AHFC has published a lease program for the Pilot by then, I would be more than happy to calculate a sample lease payment on it for you. Talk to you then.

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CarMan@Edmunds

You're welcome, michaell. I am glad that we were able to help you out.

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CarMan@Edmunds

Hi arcade. If you were to lease a 2002 Nissan Altima 2.5SL through Nissan Motor Acceptance Corp. this month, their 3 year 15,000 miles per base lease money factor and residual value should be .00210 and 50%, respectively. This car's capitalized cost will depend upon what sort of price you are able to negotiate on it. The cap cost is essentially the price that you would be paying for the vehicle that you are interested in if you were paying cash for it. There is no way for me to know what sort of price you have arrived at with the dealership that you are working with. If you provide me with this number, I would be more than happy to calculate a sample lease payment on this car for you.

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CarMan@Edmunds

I am glad to see that everything went well for you. Enjoy your new car, jdb92626!

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briancc1

I am at the end of my lease and would like to buy my Jeep. Chrysler tells me NO negotiating!! A friend tells me to wait until the last minute and they will start talking. As it is, I won't owe them anything, and the residule is higher (about 3K) than the value according to the best sale at Manhiem auto auction. Any advice/experience someone can give???

goldkey

I am at the end of my lease of 97 Camry. I am worried, because car has few scrathes, dents and crack on rear bumber and the rear seat behind childseat has worn-out patch. Should I try to fix the car to near perfect condition before returning or just take my chances? Someone told me that there is allowance for reasonable wear and tear, and by fixing it to perfection, I'll be returning car in better condition than reasonably can be expected. But another view I heard is that dealership will slap me with overinflated repair work, and I am better off pre-empting it by having the car fixed before returning. I have a low mileage (below allowance), am I going to get any leniency and credit for this to offset body imprefections or it is naive expectation, and I should sqeeze most of the miles before end of lease since it won't make any difference? From dealer's point of view, they should like a car with less mileage, but if they never even implicitely acknowledge this let alon explicitely give me credit for it, there is no point and incentive for me to keep the mileage low.
Any advice on what should I do to avoid costly end-of-lease charge? Thanks.

KCRam

Hi briancc1

$3000 is a bit high. You will not get Chrysler Financial to negotiate that far, if at all. Unless you absolutely positively have to keep this Jeep in your driveway, I'd recommend turning it in and letting DaimlerChrysler eat the money. Otherwise, you will be paying interest on all the depreciation the lease didn't cover in the loan you get to buy the truck.

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KCRam

Hi goldkey

Was this a 5-year lease? I'm asking because it is a 97 Camry. If so, there should be more depreciation written into the payments. Nevertheless, there are still limits to what any lease company will accept as "normal" wear. The cracked bumper will be a tough deal for you, because more often than not, that will require replacement of the entire cover. These are almost impossible to color-match even after 1 year because of the material and the need for paint that will flex with the plastics used.

Most financial organizations will provide you with a list of what they consider normal wear and tear if you contact customer service. This should give you an idea of what they may or may not let go. No one will expect a 5 year old car to look factory fresh, so making it "like new" would cause further scrutiny by the inspectors - they may feel you're trying to hide something.

The mileage will not make much difference in your case, whether you're under or at your mileage limit. It's the dings and rubs that are of most importance.

What you need to make a proper evaluation is the following:
A- the current value of your car as a trade, unrepaired
B- the value of your car, repaired
C- a repair estimate
D- the residual value of the car from your lease paperwork

Basically, the only scenario where it would be to your benefit to fix everything is, if "B" minus "A" is greater than "C", AND "B" is greater than, equal to, or no more than a few hundred dollars less than "D", then I'd say go ahead and fix it up. Otherwise, you'd be paying more out of pocket in repairs than the wear fees might total.

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lelandc

CarMan,

Can you give me the lease payment on a Saturn Vue? This would be for my Mom. She would be interested in the AWD V-6 model. A 36 month term with 15,000 per year would be fine. I think the full MSRP would be around $24,000 but she qualifies for GMS pricing (not sure how much that would help the lease payment)? Can you shed some light on the situation???

Thanks,

Leland

rroyce10

... If you are going to negotiate you "pay-off" .. do not call the dealer for the information.

Call Chrysler direct .. and be nice, but the person on the other end has been staring at computer screens all day .. and has no real "horsepower" to negotiate anything. You need to be speaking with the District lease or Regional Mgr or at least one of their direct people.

I negotiate Lease's all the time, probably 10/15 a month and it has become about 75% effective. It's not me .. l..o..l... it's that BMW, Ford, Chrysler, Wells Fargo, etc, would like to "turn and burn" these vehicles before going into the cost of transport, detailing, maintanence, auction fee's and labor time.

Now, as far as $3,000 is concerned .. Nope, that won't happen. But, as a general idea .. depending on the vehicle -- $500/$1,500 can go your way.

I hope this helps ....

Terry.

CarMan@Edmunds

Good morning briancc1. I have found that the initial customer service contacts at banks often are trained to tell consumers that they will not negotiate their vehicles' lease-end purchase prices. However, when one moves this discussion up the ladder a level or two negotiation often is possible, even when told initially that it is not. Of course, there is no guarantee that a higher level employee will be willing to work with you on your vehicle's price, but it certainly is worth a shot. Good luck.

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CarMan@Edmunds

Hi Leland. Saturn is not providing any sort of lease support on the VUE at this time. So, if your mother was to lease one through General Motors Acceptance Corp., she would have to use their standard lease rate. The last time that I saw their standard rate, it was 6.75% for consumers who qualify for their top credit tier. I do not know for certain if they have revised their standard lease rate lately, but for the purpose of this exercise I will assume that they have not. Typically when one leases a Saturn without putting any money down, the vehicles' MSRP and capitalized cost are identical since negotiation is not allowed. A lease for anyone who walked in off of the street and leased a 2002 VUE V6 AWD without any options(MSRP: $23,085) through GMAC with no money down for 3 years with 15,000 miles per would have a pre-tax monthly lease payment of around $458 (ouch). I do not know what the exact GMS price for this truck should be (she will need to find it out from her dealer), but if you provide me with that number, along with the truck's full MSRP, I would be more than happy to calculate a more appropriate lease payment for you.

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iautox

I have a 3yr lease on a 1999 Trooper that ends in the 1st week of August. The residual is the buyout price of $15,495. It has about 41,000 miles by then which is 5,000 over the lease at .15 a mile or $750. It's in very good shape with a couple of door dings and some scratches that I imagine I'd be charged for. It's a 4-wheel drive model with an automatic. The options are: nerf bars (like running boards), floor mats, cargo mat, bug shield, and a 6 disc, indash CD player. I've also added a trailer hitch, but I could take that off. I like the vehicle and will buy it if it's a good deal. I've looked in the newspaper here in Denver,CO and on-line on the Auto Trader. The lowest asking prices from private parties and dealers that I am seeing is about $17,500 with asking prices up to $19,000. Anything lower than $17,500 has a lot more miles. The TMV comes in much lower so I don't know if I should rely on say a value of $16,750 for August as a "market value". Here are my questions: 1)What is a good "market value # to compare to my buy out price of $15,495? 2)I will attempt to negotiate a lower price no matter what. What should I offer below the buy out. I'm thinking of offering $13,500 and accepting up to $14,500. Should I wait until the last minute to offer it? How do I get past a customer service rep and talk to someone who can negotiate? Will it help me in my negotiations to take financing with the leasing company GE Capital? I have excellent credit with a very high score. Has anyone had experience negotiating with GE Capital. This was a very good lease rated as "Gold Star" by Intelilease so I imagine there are a bunch of them coming due now. Any tips would be appreciated? 3) Some here has suggested not buying out a lease and having the dealer buy the vehicle at auction and then buy it back from them for a lower price? Is this a good plan? Can I be assured the dealer can get it? I assume they would have a pretty good idea of what they would have to pay for it. What would be a fair mark up to pay for them doing this?

Thanks a bunch. I'm looking forward to an education. Mark

vic19

I just turned in my BMW 5 series after 3 years. This is what they say they would charge:

Dings, dents and scratchs 2 to 4 inches $150

Dings, dents and scratchs over 4 inches $450

That's per scratch. So if you don't take good care of your car, you may end up paying one whale of a lot of money or you may end up with a very big argument with BMW Financial. I turned in a Mercedes a few years ago, and it's about the same price.

Don't lose the key either, they are $350 a piece.

If you don't do the regular maintenance, that costs money.

Bad tires on the BMW was $100 a piece.

As for bargaining over buying the car, there seems to be a disconnect between sales and financiing. Financing people couldn't care less whether you buy the car or not. There really isn't anyone to deal with.

I turned in my 1990 Q45 which I would have liked to buy at the right price. Zero negotiation. No one with authority to negotiate.

vic19

It's just an impression but it seems like the glorious days of leasing are over. I leased a fully equipped 1999 Ford Expedition for about $450 plus tax from an independent lessor. The residual was something incredible. It seems like 450 bucks will now get you a rather plain Explorer.

I leased a 5 series BWM for about 500 bucks a month, no cap reduction. I guess the lessors have learned a lesson. Or my I wrong that lease payments have increased substantially?

sergeym

I leased my last 2 cars and in both cases there was an acquisition fee of around $500. I did agree to pay it since I believed it was a legitimate charge. In case of my current car (BMW 540) the acquisition fee appears on Edmunds and BMW web site. When later I looked at the lease contract I noticed that this amount is moved to a cap cost line. Is anything wrong with dealer doing that? Should I care?

vic19

You can either pay the acquistion fee like a down payment or roll it into your lease payment. What the dealer did we roll it into your lease payment. You're paying with interest over your lease payments.

bigrye1

Car_Man:

I have the following offer for the lease of a 9-5 aero wagon (negotiated price of $39,321 - before application of lease cash ($2,000) and lease loyalty of combined $3,000):

3yrs/36,000 miles
$473/month (including 9% PA tax)
$2650 due at signing.

Please comment. Thanks.

cainep

Sounds rather excessive!

When I turned in my Infiniti I30 nearly 3 years ago, someone had kindly run a key down the driver's side from the front wheelarch to the rear wheelarch a couple of weeks before. An independent asssessor looked over my car before I turned it in and came up with a repair estimate of $133, which apart from the excess mileage, is all I had to pay.

Lease was through Infiniti Financial Services.

footie

I posted this in message 3777 for dblot:

Saab's regional dealers have an ad in Boston Globe (May 15th and subsequent days) for a 9-5 Linear Wagon. They give you the pre-tax payment of $369 in the ad and some of the info in the 'fine print' below.

I fed this into my spreadsheet and iterated a bit to come up with estimates for the kind of discounting they are doing:

Final payment is around $387 based on the way taxes are done in MA and the "due at signing" goes up a little too.

Vehicle is disocunted by $4,300 OFF MSRP.
Interest on Lease is 0%. Note, that if the money factor were a more typical .002 (~ 4.8% / yr ) the monthly payments would go up by about $93, adding about $3380 to the lease term costs.

There are 14 Saab Dealers listed in the ad and probably something similar in PA.

Here are details.

MSRP $35,320 (ad)
Capitalized Cost (negotiated fair price) $31,075 **
First months payment $368.91 (ad)
Acquisition Fee $600 **
Security Deposit $369 **
Capitalized Cost Reduction $1,900 **
Due at signing not including tax/fees $3,237.91 (ad)
Residual Percentage 45% **
Residual Value after 3 years $15,894.00 (ad)
Term Depreciation $13,280.76 (ad)
Interest Rate 0.0% **
Money Factor 0**
Monthly Lease Rate $0.00 **
Number of months 36 (ad)
Monthly Depreciation $368.91 **
Newspaper ad price / month $368.91 (ad)
(this price doesn't include taxes)
State Sales Tax on Payment $18.45 **
Monthly Payment $387.36 **

Prelim Due at signing $3,237.91 **
Doc fees $100.00 **
Tax on cap cost reduction $95.00 **
Total Due at Signing $3,432.91 **

** represents my estimates in order to make the numbers 'work'.

zaco1

Does anyone know the going residual, money factor, on a 36 month lease for a 2003 expedition
eddie bauer with the additions of:
power folding seats
air bag curtain
dvd entertainment center
tire pressure sensors

Please let me know

kevin110

Car_Man,

Can you get me the current money factor and residuals for the Saab 9-3 (SE 5-door) and 9-5 (all three versions). Any help is much appreciated.

Also, I have a general question about residuals. Is the residual percentage applied to the cap cost, MSRP, invoice, or something else entirely? If the residual is, say, 45%, what figure to I multiply by .45?

Thanks much.

gperr

Car_man,

Can you please give me the Residual and MF for 2003
Civic Hybrid Automatic.

24/36 months 12K miles

Better rates for 27/30/33 months?

Thanks

Gregg

.ps- article in detroit news says IRS now supporting $2000 clean vehicle tax deduction, so I thought I would consider it for the Mrs.

footie

Residuals are applied to MSRP.

Car_Man may get you more current info, but the MF's on Saabs right now are approximately zero here in New England. See my example in the message #3828. The residual was 45% on a 9-5 linear wagon and the mf was zero.

sellaturcica

I am looking into leasing a GTI or SAAB 93. I have been reading up on the subject since submitting my internet solicitations for bid for a 1.8T Tiptronic GTI: the deal I was emailed in the Washington DC area (I can actually buy this car in New York, Connecticut or DC if that makes a difference).
36 months/ 10K
GTI MSRP: 22,425
"My Price": 20,920
Cap Cost Reduction: $1,000 or $3,000
w/ $1,000 down: Payments: $309.58
w/ $3,000 down: Payments: $244.35

No tax included.

Are these payments in line with what I should expect? I don't know if I did it right, but it seems like you can determine the interest rate/money factor by analyzing the difference between putting down $1,000 versus $3,000, which I got to be about .00445? Could you tell me the money factor and residuals that they use for this car?

The SAAB 9-3 seems to be a better deal at $299 a month for 36 months with $3000 down on a $30,000 car and a residual of 13.800.

This sure is complex. Thanks a lot!

footie

Hi,

I think you need to post the residual on the GTI deal and the MSRP./ Capcost on the Saab to run the numbers.

I can get in the ball park of your payments with a 52% residual on the GTI and a money factor of .00245 but not exact.

.0045 as a money factor would be an interest rate of approximately 10.7%!

carsrfun

Hi Mark:

You asked many good questions, but there are a couple that are most important. First - Does GE Capital even negotiate a buyout? If you are not sure, call www.SwapaLease.com, I transferred my lease through them and they seem to really know their stuff...it is free to call and ask.

If GE does negotiate, the second question is what is the "wholesale" value of this car? Just pull that info off this site and shoot for a price a little above wholesale (i.e.$1000).

Keep in mind GE does not want this vehicle back, so they should negotiate. Also, waiting till the end is near is always better than finalizing it early...puts pressure on GE to make a deal.

Regarding price, you need to decide what it is worth to YOU, then start the negotiations realizing the most you are willing to pay.

From the info I looked at, I think your residual may be a pretty good buyout, so shoot for less as you mentioned in your message(i.e. $13,500-$15000)

I hope this info is helpful, Good Luck!

Joe

iautox

Thanks Joe. The information is very helpful. I'll post here once I've worked out a deal so others can benefit from it. It will be awhile since the lease isn't up until early August. I will call Leaseswap and see what they have to say.

Thanks again,

Mark

dsinsocal

Hi Car_man.

Looking for the residual and MF for 36mo and 10k

Thanks

lmacmil

I'm looking at leasing for the first time. On a 36 month lease, the dealer used a money factor of .003 (which is about 7.2% APR) and a residual of .5784. I have no clue what a typical 3 year residual should be. I assume it would be pretty good on a Toyota since they seem to depreciate slower than your typical American car. Is this a reasonable residual? I think the money factor is a little high.

tommy41

The MSRP is $38,000. Negotiated price is $36,000.No down payment.
What type of lease payments can I expect at 3 yrs, 4 yrs, or 5 yrs? Please just ballpark the payments for each year. Also, do you know the residual or money factor?

footie

Take a look at the Toyota Financial Services web site www.toyotafinancialservices.com for a lease on the Matrix.

They have a program running until June 3rd that offers a $219/mo lease on a Matrix XR with automatic with $2573 down. The did specify the residual of $10,528 which works out to a shade over 60%.

Depending on the amount of the $2753 that is down payment, the money factor looks to be around .00245 which, as I remember, is about normal for a Toyota program.

Regards

parnola

Hi - May I have the residuals and money factors for the Honday CR-V and Toyota RAV4? 3-year, 12k and 15k would be great. Thank you!

lelandc

Carman,

Can you tell me the residual and money factor for a 2002 GMC Sonoma 4 dr Crew Cab SLS 4WD shortbed? I am interested in a 36 month, 15,000 mile per year lease? Also I see there is a $3,000 rebate on this truck, can I use that towards the lease downpayment???

Thanks,

Leland

gerriberri

My 3 yr lease if almost over ( Aug) on a 99 Integra. It is in perfect condition and only has 11K. I felt with such low mileage, it was beneficial to buy the car. First I called HFC and they told me to contact my dealer. I went to the dealer, who then told me that I would have to pay them an additional $900.00 ( on top of the residual value of $12,600), that they would certify and warranty the car ( 7 yr/100,00). Is this total BS?? Can't I just send a check to HFC directly for the residual value price + tax?( Of course after getting the final pay off price from Honda). Can I negotiate this price? Do I have any recourse as far as being totally lied to by the dealer??Does HFC offer any financing for the buy out? Am I covered by any warranties after I buy out the lease?? Whatever advice you could give me is greatly appreciated. I hate being taken advantage of. Thank goodness for this web site!!! Gerri

parnola

It sounds like they are trying to sell you the extended Acura warrantly for your Integra. After your lease ends and you buy it out, you'll still be covered by the standard Acura warranty (48 months / 50,000 miles).

gerriberri

Thanks for responding so quickly. SO the dealer was totally BSing me when he told me that "the fine print in the contract says they have the right to take the car back and make this kind of a deal with me". I can just deal with AHF directly then. So Acura was trying to make a buck by lying to me and reselling me my own car as a certified preowned used car...?? Really sleazy...Is there a Car Dealers Association or any place that I can send a complaint letter too?
THanks again for your help. gerri

im_brentwood

First, you do NOT under ANY CIRCUMSTANCES AT ALL have to buy ANY ADDITIONAL WARRANTY AT ALL to EVER buy a car. Period.

You should be able to buy it for the residual, which is on your contract.

You also get the balance of the factory warranty, which is on the car and not the buyer.

If you want the extended warranty, $900 does not sound out of line.. if you do not want it, pass on it.

Bill

shanian

is costing you more than what the IRS allows you for mileage, not counting gas, maintenance, insurance etc. ie any car that says 299/ mo 12 k miles / yr means 1 k miles per month hence 29 c per . mile in just the car rent alone!
Just thought I would pass along this nugget of an insight, to make all of you feel like extravagant spendthrifts.

dmgstewart

While I suspect this question's been asked before, I wasn't able to find it while slogging through the many posts. So, with apologies in advance....

Why do some people recommend putting as little down for a intial payment when leasing?

The argument that you can save money by investing the down payment instead seems completely spurious! Unless the lease rate is incredibly low, there is normally no safe way one can make more money, after tax, investing an amount instead of putting it down towards the car lease. I guess you could gamble that your stock pick may come through, but that's quite an assumption.

What am I missing? Is there some other advantage?

Many Thanks,

Mike

im_brentwood

Should the car be totalled...

Your insurance company will likely only pay the car's cash Value (Something like TMV). The GAP insurance will pay any difference between that and the payoff.

I saw one Lady who put $3K down (Cap reduction) on a Lease and totalled the vehicle. The GAP insurance still kicked in to the tune of 1800 or so.

She flat-out LOST that $3K.

Bill

brian125

carman i'm looking to lease a mountaineer for 3 years could you tell me what the money factor and the residule is on this suv.

remy725

Hi Carman
Any info on lease prorams on the new Navigator?
MF's & Residuals

36 or 39 Months
12k m/py

Thanks
Remy