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Comments
I'm about to lease a Pacifica. I've been quoted $401.00 per month for an AWD Inferno Red Pacifica with just about everything except for the DVD Screen and Navigation System. I'm putting down $2000.00 and getting 12,000 miles per year on a 39 month lease.
The sticker is like $37,100. Looks like a good deal to me, but I'm thinking that the dealer can come down another $20.00 per month or so. The $3000.00 rebate applies to this as well, but again, I think there is still some room here. Any opinions?
I thought it sounded a bit high, and no, I have nothing to trade. I'm going into this with $2000.00. I'm going to beat on them some more. I think they can easily come down to $380.00 per month. The rebates are from the factory, I see no reason why the dealer can't discount the vehicle another $1500.00 or so.
This particular Pacifica is Inferno Red, has heated leather seats, 6 disc cd/dvd changer (no screen), no NAV, power liftgate, power seats, pedals, locks, moonroof, HID headlamps, AWD. It's funny you mention $385.00 because that's what I'm shooting for payment-wise. I think given the current environment they can accommodate me. With regard to the screen, I've been hearing there is a wiring harness we can buy for very little money that with a little modification can be used to drive any LCD that has RCA-style video and audio inputs. If this is true, it opens a lot of possibilities for adding the LCD screen later.
Bottom line is - what price is your lease based on? Hammer that down first. Do not let the dealer play the monthly payment crap with you. Hammer down the price and then do the lease calculation based on that. And make sure that the give you a good interest rate (money factor)
1. NEVER play the monthly payment game
2. When in doubt, refer to rule #1
Leasing is a pretty simple formula based on the following figures:
1. Money factor (interest expressed as a decimal percentage. Multiply by 2,400 to get APR)
2. Residual percentage (depreciation always based on MSRP, not your buy price)
3. Gross Capitalized cost (negotiated price for vehicle)
4. Capitalized cost reductions (down payments etc.)
5. Sales tax (varies by state some have it, some don't)
6. Term & miles
For many years people thought that leasing was some magical formula that they could not understand. That's why the dealers loved playing the monthly payment game. As you can see above, it's not that complicated. The advent of the internet has allowed the average consumer access to so much more information today that it is getting harder for the dealers to work uneducated deals. Don't be afraid to ask your dealer to give you the figures I mentioned above and run the numbers yourself. If they don't cooperate, run as fast as you can to a reputable dealer.
Here is a link to one of the lease calculators you can use based on the criteria above to figure monthly payments.
http://www.leaseguide.com/calc.htm
My Pacifica lease (back in July) worked out as follows:
Sticker: $36,465.00
Gross cap cost: $32,456.00
Cap cost reduction: $2,000.00 (cash down)
Money Factor: .001625 (x2,400= 3.9%apr)
Residual: 53%
Term: 36 months @ 15,000 miles per year
Payments: $395.00 per month
Good luck and let us know how it turns out.
I'm still looking around and I've pretty much settled on the Pacifica. I have some questions...
1). Is the money factor in any way influenced by my credit rating? Does it make sense that if I have excellent credit this number should be low? I've seen .00265 around here as pretty standard, but I'm thinking that it can be lower based on an individuals credit rating as a indication of risk for the leasing company. (Ex. probability of defaulting on the loan, etc)
2). Do I have any control over the LEV, (Lease End Value / residual)? My suspicion is no, but I don't know.
3). The dealer was telling me that the LEV percentage (aka residual) is affected by the mileage allowance? Ex. 52% for 12,000 or 53% for 15,000. Somehow, I think this is baloney.
Lastly, after looking at the leasing formulas and really trying to learn about leasing, in the end it looks like it really comes down to several factors.
Just like with buying, it looks like the things under the individuals control are the price of the vehicle (subject to negotiation, rebates, etc.), the money factor (loosely akin to the interest rate), choosing a term (36 month, 48 months, etc.), and the mileage allowance.
Thanks for any replies, and thanks in advance to Ruski, Twoof1 and Ramzey28 for their input on this stuff. I'm getting a lot more comfortable with this whole leasing "game". As a side note, I checked the dealers "math" on several prior "offers" using what I've learned and it does appear their figures are correct, however, I think I can beat them down on the price of the vehicle some more. I'll post everything here when I'm all done if all goes as planned.
You want to have as high residual as possible, because during the lease you are paying the difference between the sale price of the new car and the residual. It does not mean that you must settle for a 12,000 miles per year. Try to negotiate a good deal on 15,000 miles if possible.
Check out this web site for detailed lease information:
http://dealernet.com/money_matters/leasing.cgi?session_id=2003341- 41186494
Also keep your eyes opened for nationally advertised factory-substituted leases. Most dealer have to honor them. You can find them listed here:
http://www.intellichoice.com/lease/leasing.cfm
They also threw in free oil and filter changes for 3 years, up to 4 per year.
and of course:
http://www.carsdirect.com - use it as a research tool and print out the results then go intimidate the dealer.
I was talking to another Chrysler dealer this evening about the Pacifica again. He told me there is something called an LPO which is "like" a lease but you can get out of it at any time like a regular loan. Sounds like a simple interest loan with a balloon payment. I've never heard of this "LPO" business before. Sounds fishy.
Any thoughts?
In Richmond, Virginia....
Inferno Red AWD Pacifica
Light Taupe Leather
Heated Seats
Cargo Group
Power Sunroof
Power Liftgate
HID Headlights
Sat Prep
6 disc DVD/CD changer
Sticker 37,125
Paying - 34517 - (too high by $600, they claim it's $100 over invoice..)
lease factor .00115
$2369.51 down ($2000 down, $369.51 first payment)
$3000 rebate
12000 miles per year, .12 per mile over
.53 residual or 19676.25
38 payments at $369.51 per month.
The dealer is still making a bundle on this, but considering some other dealer quotes I've received on Murano's, Endeavor's, and Pilot's it's WAY lower and there is a LOT more equipment on the Pacifica. Hopefully Chrylsers don't fall apart any more. Comments?
lease factor .00115 I think is pretty good too.
but the downpayment is a bit too high for my taste.
12K miles per year is a bit low (down here in South Florida it would not be enough, I am going over my 15K miles limit and I only use my car to commute)
Go to Chrysler.com and search for the dealership, then click to view dealer's website with inventory and see how many Pacificas they have on the lot.
I have been following some dealers' inventory here in South Florida for a few months and they keep on having ~30 vehicles on their lots on average. Many of them have not moved off the lot for a few months.
We've driven it for a couple of days now and it seems ok. I think we are going to like it, but time will tell. For whatever it's worth, I'll throw my 2 cents in as to why there are so many of these things sitting on lots all over the country.
Basically, it's a new type of vehicle, like a station wagon on steroids. For our changing family, it seemed like a logical progression from a minivan. We don't really like true SUV's and didn't want another minivan, so the Pacifica seemed like a good compromise. The only other couple of vehicles that compare to it are the FX45 and the Murano.
Chrysler gave us a deal easily $110 a month lower on payments than the Murano. Call these early deals "loss leaders".
Just as a comparison, there are just as many unsold Murano's sitting on dealer lots around here as there are Pacifica's, but the Nissan dealers are not taking their lumps early in the game and may end up losing market share in this segment to Chrysler.
It's going to take a little time for people to get used to these kinds of cars apparently.
We looked at and drove a lot of "real" SUV's and basically, no matter what you do to it, it's still looks like a truck, drives like a truck and gets lousy gas mileage like a truck.
So far, the only complaint I have about the Pacifica is that the second row seating should be a 60/40 split bench seat and not two bucket seats, this would make the Pacifica nearly perfect. Gas mileage could use some help too.
My only other complaint would be that visibility is a little poorer than our minivan, but in a vehicle like this you sacrifice a little visibility for styling and looks unfortunately.
I think in the next several years this segment will get refined, just in time for the lease on this new Pacifica to run out. I'm looking forward to the next several generations of this class of automobile.
Honda Pilot seems nice too, but after my 2002 Acura TL-S transmission failure -- no Hondas for me anymore.
Cadillac SRX is nice... but too expensive.
We bought our Pacifica for the same reasons as others here. Our family is changing, we wanted out of the van, and SUV's are too much like driving a truck. I just finished a 1000 mile trip in our Pacifica, and it performed beautifully. It was comfortable and quiet, and handled very well for a relatively large vehicle.
For the very few times I might need a truck or SUV, I would rather have the ride and comfort of the Pacifica.
I listed the unit with options below;
Build date 9/03
CHRYSLER PACIFICA AWD
Inferno Red Tinted Pearl Coat
Heated Seat Group
Moonroof - Power
Navigation System w/GPS
Liftgate - Power
CD/DVD Changer - 6-Disc, in Dash
Spare Tire - Full Size
Wheels - 17" Aluminum, Chrome Clad
Rear Seat Video System
TOTAL PRICE $39,820
Purchase price $36,200
Thanks
Mark
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Is that still an average deal? Also, what are some of the things I should know to get a dealer lower in price? Are there secret incentives Chrysler is giving them? I know about the demo thing but the unit I am looking at was built in October and the demo deal was on units built July or earlier.
I appreciate any pointers you or anyone else can give me.
Thanks :^D
$7,000.00 below MSRP, yeah I'd say it's a strong deal and an excellent value for what you will get.
Let us know how it turns out.
They could be for real since they let me walk out of the store last night. We'll see and I will let the group know how I make out.
Dealer agreed on the trade and I am now the owner of a 2004 Inferno Red AWD Pacifica.
MSRP $39,820
$36860(invoice) - $250(below invoice) - $3500(rebate) = $33110
Hoep this meets *good deal* criteria
Have to update my profile now :^D
Mark
P.S. invoice was higher then I calculated because of some area charges Chrysler throws at the dealer for advertising and such. The cost was listed on the original dealer invoice and it was real as the car I bought had New England charges (dealer swap) on the invoice and all the other cars had New York area charges. I can tell you New Englad was about $200 cheaper. Edmunds should find out these charges and include them in the New Car Prices.
I'm probably writing the deal on one for my wife on Monday, and this would be a nice addition to my deal.
I did buy a 7/70 Maximum care Chrysler warranty ($1400). It was Ok with me since this Pacifica has all the gizmos that I want protection on after the initial 3/36 and they matched what I wanted on the trade and my offer for the vehicle. They did give me free oil/lube every 3000/3 months for as long as I own the vehicle which should be about 5 years or more. If I get rid of it before the 7 years, I get a prorated refund on the warranty.
$3500 rebate or zero interest with $500 bonus rebate.
I took the $3500 rebate and 5 years financing at 3.34 percent which, IMHO was a real good percentage.
I paid about $700 for a Toyota Sienna 7 year/85k warranty covering everything a few years ago.
The maximum care covers everything for 7/70 including things like the NAV and DVD system which that type of coverage is important to me.
So, with this rebate, and invoice pricing, and 39 month leases at 1.9% interest and a 53% residual, this car is definitely one of the best deals out there right now.
This is my question. I reached agreement with the dealer over the phone last week and he charged my credit card $1,000 (which he told me at the time was non-refundable) and is now getting the vehicle shipped to him. I have not signed anything yet (he said we'd sign the papers when he has the car). Meanwhile, Chrysler has increased the rebate to $3,500. Should I get the benefit of the $500 increase in the rebate (as a lower cap cost and thus a lower monthly payment than we previously agreed)?
Thanks.
Update: my dealer says I will get the benefit of the full $3,500 rebate.