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Fair Lease Deal on 2016 Volvo XC90 or Can I Do Better?

teck2u2teck2u2 Member Posts: 33
edited July 2016 in Volvo
I was quoted today the following on a XC90 in Long island NY. Please let me know if this a fair deal or I can do better:

T6 Momentum Retail price $57, 010
Selling price $51,500 (include vision and climate packages)
39 Months lease
12K miles per (not sure how it's 12k per with 39 months lease??)
MF .00069
Residual 55%
Monthly payment $607
Cash due at drive off $3472 which includes tax, title, dealer fees and first month's payment

This is a zero down deal and the manager was prepared to give me the car for $580 per month but i told him I wanted to get this forum's opinion first.

Can you please let me know?

Thanks!!

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Comments

  • porsche911c4sporsche911c4s Member Posts: 99
    I didn't plug the numbers in to see if the math works out, but 5500 off a t6 is impressive . What dealer on long island? 
  • teck2u2teck2u2 Member Posts: 33
    Karp
  • porsche911c4sporsche911c4s Member Posts: 99
    I'm trying to pull a deal very soon on either the x5 like you or xc90.did you go to Glen Cove Volvo? They seem to have a large inventory.
  • teck2u2teck2u2 Member Posts: 33
    Yes, I was at the dealership yesterday and I worked with Zeke. Question, where do you "plug in" the numbers to verify them? Is there a website or app for this please?
  • porsche911c4sporsche911c4s Member Posts: 99
    Sure. I go to the calculator at leasetrader.com. you need flash player for it to work though. Google leasetrader lease calculator and it'll pop up. What kind of discount were you offered at Glen Cove? My wife's ML is due back on lease and I want to try to score the best deal possible. I haven't been to any Volvo dealer yet. I just emailed Glen Cove yesterday.
  • teck2u2teck2u2 Member Posts: 33
    Thank you, I'll try the website you suggested. Honestly, I did not break down the discount. I just picked a car from stock and Googled the VIN to get the MSRP of $57k then haggled with the "manager" until he finally came back with a selling price of $51.5k. Let us know what deal you get. It seems they are willing to discount the 2016s as the 2017s are around the corner. Good luck!!
  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    Hello,
    i got rough numbers for xc90 t6 momentum.
    msrp 56615
    2000 down plus taxes and other fees... 569 per month in NJ. This is initial conversation on phone. I think dealers are coming down a bit as 2017 models are about to hit the market. Didn't get exact details. Please continue to share your prices. Would be lot of help! 
  • porsche911c4sporsche911c4s Member Posts: 99
    Great thanks! When I get pricing hopefully in a few days I'll get back to you guys. I get the sense they are definitely coming down. 
  • porsche911c4sporsche911c4s Member Posts: 99
    What did they negotiate the price to kothuri? I think 10 percent off is an ideal number we all should be shooting for. Perhaps slightly more towards end of the month 
  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    Will shoot the exact numbers in a day or two..
  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    I am trying for 2000 down to cover taxes and fees. To get the payment for 569 per month for 56,615 msrp vehicle. I don't know if the dealer will budge on??
  • teck2u2teck2u2 Member Posts: 33
    Update: I went to Glen Cove Volvo today and the same car, they want to sell it to me for $53, 500 after promising on the phone to beat Karp's price. Naturally I laughed at them and walked.
  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    teck2u2 said:
    Update: I went to Glen Cove Volvo today and the same car, they want to sell it to me for $53, 500 after promising on the phone to beat Karp's price. Naturally I laughed at them and walked.
    Although glen cove claims largest dealership, their prices are not that great! I also got quote from them before which is more than other dealerships!
  • teck2u2teck2u2 Member Posts: 33
    Agreed, Karp is so much better and friendlier. If we all continue to walk away from Glen Cove they'll perhaps learn their lessons. @Glencovevolvo No one is asking for a hand out, all we're asking for are fair deals.
  • porsche911c4sporsche911c4s Member Posts: 99
    Karp sounds more willing to deal! Kothuri which dealership in NJ are you dealing with? 
  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    porsche911c4s said:
    Karp sounds more willing to deal! Kothuri which dealership in NJ are you dealing with? 
    Englewood
  • porsche911c4sporsche911c4s Member Posts: 99
    Thanks!
  • mmakotommakoto Member Posts: 8
    edited July 2016
    @teck2u2 i'm looking at a similarly priced 2016 xc90, your offer/discount from karp seems to be the better one that i see. what other options and packages does that vehicle include? with just the vision and climate, and assuming the momentum plus package, i'm only seeing around $55,545 (destination included) on volvo's website.

    also, you've mentioned that your monthly payment is $607 and due at signing is $3472, but you have also mentioned $580/mth payment. did you mean the manager offered you $580/mth plus $3472 due at signing?

    about the 39/mth 12k lease, i think those #s are very confusing to people who is new to leasing, myself included. i'm guessing it means 1k per month, 39k miles at the end of 39 months?
  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    My latest quote::

    The Msrp is $57,440.00.  We are selling you this vehicle for $52,481.00.  The down payment DOES include your first months and all fees for both quotes.

    The money factor is 0.00069
    The Residual is .53%
    The Cap Cost is $1,403.06

    1.  $564.00 a month for 39 months with 10k per year with $5,000.00 out of pocket
    2.  $632.00 a month for 39  months with 10k per year with $2,500.00 out of pocket

    What do you think guys??
  • porsche911c4sporsche911c4s Member Posts: 99
    Looks like he residuals took a bad turn? Tech in the first post has 39/12 at 55, and your 39/10 is 53. Perhaps KY or Michael can confirm. I know residuals cannot be altered by the dealer. 
  • teck2u2teck2u2 Member Posts: 33
    @mmakoto your assumptions are correct. Karp has great discounts if you pick a vehicle in stock. If they have to order it, the discounts are not as steep.
  • MichaellMichaell Moderator Posts: 247,731
    m_kothuri@yahoo.com said:

    My latest quote::

    The Msrp is $57,440.00.  We are selling you this vehicle for $52,481.00.  The down payment DOES include your first months and all fees for both quotes.

    The money factor is 0.00069
    The Residual is .53%
    The Cap Cost is $1,403.06

    1.  $564.00 a month for 39 months with 10k per year with $5,000.00 out of pocket
    2.  $632.00 a month for 39  months with 10k per year with $2,500.00 out of pocket

    What do you think guys??

    T6 AWD Momentum?

    I confirm the .00069 MF but the 39/10 residual is 56%, not 53% - that is the 15K residual.

    Confirm the information in the quote.

    Using the 53% residual, I get $622/mo with only inception fees out of pocket.

    I'd ask for a breakdown of the $2500/$5000 the dealer is asking for. Taxes? Fees? What else?

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  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    teck2u2 said:
    @mmakoto your assumptions are correct. Karp has great discounts if you pick a vehicle in stock. If they have to order it, the discounts are not as steep.
    My friend, could you clarify if you got offered 580 from 607 per month by the manager as you mentioned at the beginning of this discussion?? If so can you give all the details like lease term and mileage,purchase price etc??

    appreciate your help!!
  • teck2u2teck2u2 Member Posts: 33
    Hi @m_kothuri@yahoo.com yes, the dealer at Karp verbally offered my $580 on a stock vehicle (see details above) after I told him $607 was too much. This was a 0$ down lease meaning I was only paying Tax, title, dmv fees etc up front. I picked up my X5 today (see my other post) so for now I'm done car shopping for now. Thanks everyone for their advise, encouragement, information etc.
  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    Michaell said:
    My latest quote::

    The Msrp is $57,440.00.  We are selling you this vehicle for $52,481.00.  The down payment DOES include your first months and all fees for both quotes.

    The money factor is 0.00069
    The Residual is .53%
    The Cap Cost is $1,403.06

    1.  $564.00 a month for 39 months with 10k per year with $5,000.00 out of pocket
    2.  $632.00 a month for 39  months with 10k per year with $2,500.00 out of pocket

    What do you think guys??
    T6 AWD Momentum? I confirm the .00069 MF but the 39/10 residual is 56%, not 53% - that is the 15K residual. Confirm the information in the quote. Using the 53% residual, I get $622/mo with only inception fees out of pocket. I'd ask for a breakdown of the $2500/$5000 the dealer is asking for. Taxes? Fees? What else?

    Here is the Breakdown of the $5,000.00.

    1st month's payment - $564.00
    Up front fees - $465.70
    Tax-  $1,877.61

    Total = $2,907.31

    Subtract $5,000.00

    Giving you a Cap Cost Reduction of $2,092.63

    Capcost went up from 1403 to 2092. I asked them why and was told that's a mistake. Residual is 56% not 53%. That's a mistake too from the dealer..
  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    edited July 2016
    m_kothuri@yahoo.com said:
    Michaell said:
    My latest quote::

    The Msrp is $57,440.00.  We are selling you this vehicle for $52,481.00.  The down payment DOES include your first months and all fees for both quotes.

    The money factor is 0.00069
    The Residual is .53%
    The Cap Cost is $1,403.06

    1.  $564.00 a month for 39 months with 10k per year with $5,000.00 out of pocket
    2.  $632.00 a month for 39  months with 10k per year with $2,500.00 out of pocket

    What do you think guys??
    T6 AWD Momentum? I confirm the .00069 MF but the 39/10 residual is 56%, not 53% - that is the 15K residual. Confirm the information in the quote. Using the 53% residual, I get $622/mo with only inception fees out of pocket. I'd ask for a breakdown of the $2500/$5000 the dealer is asking for. Taxes? Fees? What else?

    Here is the Breakdown of the $5,000.00.

    1st month's payment - $564.00
    Up front fees - $465.70
    Tax-  $1,877.61

    Total = $2,907.31

    Subtract $5,000.00

    Giving you a Cap Cost Reduction of $2,092.63

    Capcost went up from 1403 to 2092. I asked them why and was told that's a mistake. Residual is 56% not 53%. That's a mistake too from the dealer..
    What can I bargain on??
  • MichaellMichaell Moderator Posts: 247,731
    m_kothuri@yahoo.com said:


    m_kothuri@yahoo.com said:


    Michaell said:

    My latest quote::

    The Msrp is $57,440.00.  We are selling you this vehicle for $52,481.00.  The down payment DOES include your first months and all fees for both quotes.

    The money factor is 0.00069
    The Residual is .53%
    The Cap Cost is $1,403.06

    1.  $564.00 a month for 39 months with 10k per year with $5,000.00 out of pocket
    2.  $632.00 a month for 39  months with 10k per year with $2,500.00 out of pocket

    What do you think guys??
    T6 AWD Momentum?

    I confirm the .00069 MF but the 39/10 residual is 56%, not 53% - that is the 15K residual.

    Confirm the information in the quote.

    Using the 53% residual, I get $622/mo with only inception fees out of pocket.

    I'd ask for a breakdown of the $2500/$5000 the dealer is asking for. Taxes? Fees? What else?

    Here is the Breakdown of the $5,000.00.

    1st month's payment - $564.00
    Up front fees - $465.70
    Tax-  $1,877.61

    Total = $2,907.31

    Subtract $5,000.00

    Giving you a Cap Cost Reduction of $2,092.63

    Capcost went up from 1403 to 2092. I asked them why and was told that's a mistake. Residual is 56% not 53%. That's a mistake too from the dealer..


    What can I bargain on??

    The only variables in a lease are the negotiated price, the MF (dealer can mark it up) and the amount of cap reduction you make.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • m_kothuri@yahoo.comm_kothuri@yahoo.com Member Posts: 44
    porsche911c4s said:
    Looks like he residuals took a bad turn? Tech in the first post has 39/12 at 55, and your 39/10 is 53. Perhaps KY or Michael can confirm. I know residuals cannot be altered by the dealer. 
    Got any numbers my friend??
  • kyfdxkyfdx Moderator Posts: 246,840
    The 2016 XC90 Lease discussion is here:
    http://forums.edmunds.com/discussion/35706/volvo/xc90/2016-volvo-xc90-lease-questions#latest

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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