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Comments
Your calculations are spot on. Great job! Looks like you're $1,340 below invoice but that's OK. Remember that there is a $1,500 cash to dealer incentive during August. You may want to consider lowering your agreed upon value by $160 so that you capture the $1,500 cash incentive.
Good luck!
John
Is it true that Gap Insurance is provided in lease payment through IFS?
Do you know what people are typically paying for insurance on the G35 coupe (lease)?
Thanks a ton!
I learned about the cash to dealer incentive via the following link...
http://www.edmunds.com/new/2007/infiniti/g35/100819281/incentives.html
I was told by a local infiniti sales manager that all IFS leases provide GAP coverage at no extra charge. You may want to confirm the same with your dealer.
I don't have a good feel for what is typical in terms of annual insurance premiums. That will depend upon where the car is garaged, how many miles it's driven to work as well as your driving record. If you have moving violations or accidents, expect to pay more. Check with your insurance agent or representative.
Hope this helps.
John
I'm not even sure what they have in stock so....
Take it easy...I'll report how it goes.
Yes, please keep me posted. If I can be of further assistance, please let me know.
Best,
John
Anyone have experience with pre-owned leases? A loaded '05 coupe with sports package and nav can be had for under $30k. That's a good $10k or so less than an '07 with the same features. If the price of the vehicle is less, and the residual factor is the same, the monthly payment will have to be lower. Possibly the MF would change but it wouldn't seem it would be that significant.
Thanks in advance!
You can be certain that the residual factor will not be the same. In fact, the residual factor for an '05 will be considerably less regardless of the vehicle's condition. The residual is the largest contributing factor as to why your payment would be so much more compared with leasing new. It could very well more than offset the $10K decrease in value. Remember, residuals reflect estimated future wholesale value at lease end. I doubt the fund provider or their residual insurance would permit artificially inflated residuals on pre-owned vehicles. It's just too risky.
You need to inquire about the residual as well as the cost of money (i.e., money factor).
Hope this helps.
John
Actually, there is no residual factor for pre-owned vehicles. The residual will be stated as a dollar amount.
John
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Can a better deal be had through one of them?
If you lease used G your cap cost will be less, but the residual (dollar amount) will be a lot less as well. The rates will likely be a lot higher.
You can run the numbers on a used G at www.leasecompare.com and in fact run the numbers a new G there as well - and compare with the numbers on a new G from a dealer and IFS. I would think the difference would not be enough to keep ME from leasing the new car.
Dennis
2007 G35 5A - Sunroof, Trunk Mat, Perf Tires/Wheels, Splash Guards
Selling Price of the Vehicle (invoice - $1500) $31,604
Initial Cap Cost Reduction $0
Residual $24,180.00
Money Factor 0.00174
Lease Term 24 months
Monthly Payment $406
Monthly Payment with CA Tax $437
Title Registration Plates $200
Out the Door (1st Month and Title/reg) $637
GAP insurance protection is included in IFS lease.
No Disposition Fee.
Annual Mileage Allowance: Residual Value reflects an annual mileage allowance of 12,000 miles.
That's baloney! The $1500 is a cash to dealer incentive. It doesn't matter whether you're buying or leasing. In fact, every leased are is a sold car; someone has to buy it.
Your calculations are spot on. I would not bend. Tell the dealer that this is your final offer... take it or leave it. That's what I would do. But, only you can make that decision. Keep me posted.
Good luck!
John
Thanks again for sharing your expertise.
-Jay
I'm in a similar situation. Not in a huge hurry. I own my car outright but for tax purposes it would make a lot of sense for me to lease something as write-off. I would like to put together a proposal similar to yours but for 6MT.
Can I ask how you have been submitting your proposal? Did you have a pre-existing relationship with this sales person or are you just submitting them through email to sales@______infiniti.com?
Thanks,
-Jay
Just submit your proposal to the internet sales manager at the dealership. I would call them first and let them know it's on the way. You might also want to confirm things like acq. fee, money factor, residual factor, sec. dep. requirements, etc.
The residual is not non-negotiable. However, the money factor may be negotiable depending upon whether or not your MF is tied to a non-zero reserve level. Just ask for the buy rate which is the money factor with 0% reserves.
Good luck!
John
John
prem pkg - $34063, lease $550/mos
prem+nav - $37000, lease $579.34/mos
prem+nav+tech = $38500, lease $609.67/mos
Thanks.
I had no prior relationship with my dealer. I just contacted the internet sales team at my local Infiniti and started asking Qs about MF and such, until I had enough information to make my own proposal. The information on this website is accurate so you can use it to get "your price". Hope that helps.
B
Lease Proposal
Pricing Information
Base MSRP 2007Infinity G35 Sport (3.50L 6cyl 5A) ... 33,450.00
Exterior: Liquid Platinum . .......... 0.00
Interior: Graphite leather/aluminum ... ...0.00
Premium Package .................................. . 2,350.00
Navigation .. .................................. 2,150.00
Technology Package .................................. . 1,100.00
XM Satellite Radio 300.00
Splash Guards ..140.00
Trunk Cargo Net .50.00
Destination Charge . 715.00
MSRP .. . 40,205.00
Lease Payment Calculation
Agreed Upon Value 36,900.00
Acquisition Fee 595.00
Documentation Fee 50.00
Gross Capitalized Cost .. 37,495.00
Adjusted Capitalized Cost .37,495.00
Residual Factor .. .. 0.56
Residual Value (Res. Factor × MSRP) .. .. .. 20,997.20
IFS Money Factor . . 0.00175
Term (months) ..36
Base Monthly Lease Payment .. . .461.12
TX State Sales Tax 7%..............................................................................- ..... ...... 32.28
Monthly Lease Payment w/Tax ... . 493.40
Initial Lease Charges
Title, Registration, Plates (estimated)... .. 200.00
1st. Payment ... 493.40
Amount due at lease signing . . . . 693.40
GAP insurance protection is included in IFS lease.
No Disposition Fee. Annual Mileage Allowance: Residual Value reflects an annual mileage allowance of 12,000 miles.
I know that won't show up correctly on here but it looks right on Word so oh well.
Now the question is...to lease or to buy. I can either pay roughly $500 / month including tax for a lease with a minimum amount down, or I can go and expect a $40,000 price tag (approx.), trade in my beater for hopefully $4,000 to $5,000 and put down a DP of another $5,000 or $6,000 which equals out to a $600 car payment on a 60 month note.
I realize that the decision is mine, but I'd love to hear what everyone else's comments are on it and also on buying your lease after your term is up.
Thanks!
Sorry to pass on the bad news...
Edmunds Price Checker
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Lease Proposal
Pricing Information
Base MSRP 2007Infinity G35 Sport (3.50L 6cyl 5A) ... 33,450.00
Exterior: Liquid Platinum . .......... 0.00
Interior: Graphite leather/aluminum ... ...0.00
Premium Package .................................. . 2,350.00
Navigation .. .................................. 2,150.00
Technology Package .................................. . 1,100.00
XM Satellite Radio 300.00
Splash Guards ..140.00
Trunk Cargo Net .50.00
Destination Charge . 715.00
MSRP .. . 40,205.00
Lease Payment Calculation
Agreed Upon Value 36,900.00
Acquisition Fee 595.00
Documentation Fee 50.00
Gross Capitalized Cost .. 37,495.00
TX State Sales Tax 7%..............................................................................- .........2624.65
Adjusted Capitalized Cost .40,119.65
Residual Factor .. .. 0.56
Residual Value (Res. Factor × MSRP) .. .. .. 20,997.20
IFS Money Factor . . 0.00175
Term (months) ..36
Base Monthly Lease Payment .. . .638.13
Initial Lease Charges
Title, Registration, Plates (estimated)... .. 200.00
1st. Payment ... 638.13
Amount due at lease signing . . . . 838.13
GAP insurance protection is included in IFS lease.
No Disposition Fee. Annual Mileage Allowance: Residual Value reflects an annual mileage allowance of 12,000 miles.
I'm glad to see that you're doing a lease proposal. Congrats! You made a few minor arithmetic mistakes in computing the gross cap and MSRP. However, this triggered a domino effect and threw off the rest of your calculations including the residual value and payment. So, I corrected them as shown below. Also, you might have to pay a security deposit and so I included that just in case.
Lease Proposal
Pricing Information
Base MSRP 2007Infinity G35 Sport (3.50L 6cyl 5A) ... 33,450.00
Exterior: Liquid Platinum . .......... 0.00
Interior: Graphite leather/aluminum ... ...0.00
Premium Package .................................. . 2,350.00
Navigation .. .................................. 2,150.00
Technology Package .................................. . 1,100.00
XM Satellite Radio 300.00
Splash Guards ..140.00
Trunk Cargo Net .50.00
Destination Charge . 715.00
MSRP .. . 40,255.00
Lease Payment Calculation
Agreed Upon Value 36,900.00
Acquisition Fee 595.00
Documentation Fee 50.00
Gross Capitalized Cost .. 37,545.00
TX State Sales Tax 7%..............................................................................- .......2628.15
Adjusted Capitalized Cost .40,173.15
Residual Factor .. .. 0.56
Residual Value (Res. Factor × MSRP) .. .. .. 22,542.80
IFS Money Factor . . 0.00175
Term (months) .36
Base Monthly Lease Payment .. . .599.48
Initial Lease Charges
Title, Registration, Plates (estimated)... .. 200.00
1st. Payment ... 599.48
Sec. Deposit............................... 600.00
Amount due at lease signing . . . . 1,399.48
GAP insurance protection is included in IFS lease.
No Disposition Fee. Annual Mileage Allowance: Residual Value reflects an annual mileage allowance of 12,000 miles.
Be sure that the 0.56 residual factor reflects 12,000 miles. I'm not sure whether it does or it doesn't.
I'll get back to you on the buy v. lease decision in a few hours. Right now, I gotta go outside and run. Be back in a few.
John
Okay, let me reiterate what I had stated in my earlier post. I'm also going to address the lease v. buy decision as well.
I'm glad to see that you're creating a lease proposal. Congrats! You made a few minor arithmetic mistakes in computing the gross cap and MSRP. However, this triggered a domino effect and threw off the rest of your calculations including the residual value and payment. So, I corrected them as shown below. Also, you might have to pay a security deposit and so I included that just in case.
_____________________________________________________________
Lease Proposal
Pricing Information
Base MSRP 2007Infinity G35 Sport (3.50L 6cyl 5A) ... 33,450.00
Exterior: Liquid Platinum . .......... 0.00
Interior: Graphite leather/aluminum ... ...0.00
Premium Package .................................. . 2,350.00
Navigation .. .................................. 2,150.00
Technology Package .................................. . 1,100.00
XM Satellite Radio 300.00
Splash Guards ..140.00
Trunk Cargo Net .50.00
Destination Charge . 715.00
MSRP .. . 40,255.00
Lease Payment Calculation
Agreed Upon Value 36,900.00
Acquisition Fee 595.00
Documentation Fee 50.00
Gross Capitalized Cost .. 37,545.00
TX State Sales Tax 7%..............................................................................- - - ....2628.15
Adjusted Capitalized Cost .40,173.15
Residual Factor .. .. 0.56
Residual Value (Res. Factor × MSRP) .. .. .. 22,542.80
IFS Money Factor . . 0.00175
Term (months) .36
Base Monthly Lease Payment .. . .599.48
Initial Lease Charges
Title, Registration, Plates (estimated)... .. 200.00
1st. Payment ... 599.48
Sec. Deposit............................... 600.00
Amount due at lease signing . . . . 1,399.48
GAP insurance protection is included in IFS lease.
No Disposition Fee. Annual Mileage Allowance: Residual Value reflects an annual mileage allowance of 12,000 miles.
_______________________________________________________________
Be sure that the 0.56 residual factor reflects 12,000 miles. I'm not sure whether it does or doesn't.
Now, let's examine the lease v. buy decision. Your upfront lease charges are about $1400 followed by 35 payments of about $600.
Now, let's look at buying and we'll pretend that you put $190 down plus a 1st payment of $1210 ($1400 upfront). At 6% interest for 36 months, your monthly payment would be close to $1210 with $190 down. Alright, don't freak out on me... I purposely made the financing period of 36 months equal to the leasing period to simplify the discussion. We're also assuming (for simplicity) that the first buy payment is due upfront like in a lease... actually it's not but there is little harm done as timing convention is negligible for our purposes.
Now, let's look at the buy v. lease. We'll examine two different albeit equivalent ways of doing this...
FIRST- Because the $1400 upfront is a wash in both cases, we only have the incremental difference between the remaining 35 buy payments and 35 lease payments to consider or what amounts to $610($1210 - $600).
By leasing, you are saving $610 over each of the next 35 months. However, at the end of the lease, you won't own a vehicle whose market value we'll assume to be $22,500 (approximately the same as the residual).
If you're under age 30, it's a good bet that you're familiar with the TI83 graphics calculator or, at least, know someone who is. I'll press the APPS button and select (1) Finance. I'll set N = 35; I = leave blank; PV = 0; PMT = 610; FV = -23475, P/Y = 12, PMT: END. PV = 0 means that the upfront costs from buying v. leasing is a wash in our example; PMT = 610 means you're saving $610 each month and FV = -23475 means that the future market value is $22,500 + $1575 Tax less the $600 refunded security deposit and so the future value w/tax less security is $23,475 at lease end. Next, toggle up to I and press ALPHA ENTER. Observe that I is 6.6% which is close to 7%.
This means that if you can invest those monthly savings of $610 at an after tax rate of at least 7%, the financials tell you that it's best to lease. In other words, you would need to invest the $610 savings at 7% in order to accumulate enough after 3 years to buy the car at lease end. I don't know what your opportunities for investment are but it's very doubtful that you can realize an aftertax rate of return equivalent to 7% in today's money market and so it seems that buying would be best.
Alternatively, the SECOND way to look at this is as follows...
If you can use the $610 monthly savings in such a way that the value that you place on the items purchased with those savings exceeds $23,475 after 3 years, then the financials say that it's best to lease. Buying the car will cost an additional $610 per month. However, look at it this way... it's as though you invested $610 per month at an aftertax rate of return of 6.6% resulting in a net terminal accumulated value of $23,475 after 3 years. Where can you earn an aftertax return like that in today's market? Of course, you might be thinking: Yeah, but where am I going to get $1210 each month to pay for this car? Okay, hang on...
MY ADVICE: BUY. The G35 holds its value very well. If you're a low mileage driver and can tolerate driving the same car for 6 years, I suggest financing your car for 72 months. Your interest rate will be around 6.9% and, with $1,400 down, your monthly payment would be about $659.
SUGGESTION: Don't put money down on a depreciating asset if you can help it. God forbid that if you total the car, it's very unlikely that you'll recover your down payment.
GEE, what should I do John, this is not what I wanted to hear... YOU need to do what's best for YOU. There are no right or wrong answers. You have all the data and so now you must make a decision.
FINAL ADVICE: Do whatever makes you the most comfortable. The numbers are saying it's best to buy but there are also those intangibles that are difficult to quantify.
I hope I didn't confuse you. ???,... let me know.
John
Thanks again for the help. To be honest with you, at the $500 / month figure I came up with, I was debating with myself on the lease vs buy. After you and k corrected some of my mistakes and it ended up at the $600 mark, I'm pretty much sold on buying. The way I look at it is, if you can own the car for within $50 a month (36 vs 60, not 36 vs 36) then it's worth it to buy...I just don't put it in graphing calculator terms (also known as future value of money
I'll let you know what happens when it happens. I am a rehabilitated impulsive buyer which means I tend to over-think things when it comes to buying new toys now so there is no telling when it will happen ($50 bucks on 1st week in September if we're playing squares)
Tyler
John
For those watching at home - Texas is a bad state to lease in, which will almost always make the lease VS buy fall on on the buy side if you can't write off the lease payment (against your business, for example).
In this case, the lease money factor is 0.00175 which equates to 4.2% interest - much less than the 7% (or more) loan rate you would get if you financed the car. Normally this would indicate you come out OK on the lease, then buy scenario compared to the just buy price. For most folks they pay tax on the payment, but in this case in Texas tax is due on the whole price of the car and if you roll it into the lease your payment is just that much higher.
If you run the numbers on this car with no tax, the payment is $521.88 per month. If you taxed the payment at 7% it rises to $558.41, John has this figured using the Texas tax up front on the whole car at $599.48 per month. $41.07 more or $1,478.52 over the life of the lease due to the Texas lease tax system.
What I always tell folks to do is run the numbers for themselves. Run the lease and get the payment, then run the lease buyout (using today's rates - the gotcha is that you can't know the rate at lease end), then run the buy numbers and see how that stacks up. With a discounted lease rate (as you see in this case) in most every instance you come out OK to take the lease and then you have the option to buy the car at the end - if you live in a state that either taxes the depreciation or the payment and not the whole car.
Taking out a 72 month loan to buy a car is seldom a good idea, but living in a state that taxes the whole car on a lease does limit your options.
You might also get a quote on the IFS 39 month lease, normally that can be a sweet spot in the their lease lineup - unless your state charges a really high fee for yearly tags and will not let you transfer them to a different car.
Dennis
We can create many different scenarios (lease v. buy, lease v. lease, lease then buy, 2nd mortgage loans to finance a car, etc.). The important thing is to present all the facts so that Tyler is well positioned to do what he thinks will preserve his best interests.
John
Any tips for someone who plans to put on very low mileage to their leased G35/G37? Thank you!
Dennis and John -- Thank you both for your help, it is much appreciated. Enjoyed the conversation and I'll keep up with this forum, it stimulates
2007 Infiniti G35 Coupe
24 Month – Residual 67% of MSRP – .00174 Base Rate
36 Month – Residual 57% of MSRP – .00180 Base Rate
48 Month – Residual 48% of MSRP – .00229 Base Rate
60 Month – Residual 37% of MSRP – .00255 Base Rate
2007 Infiniti G35 Sedan
24 Month – Residual 67% of MSRP – .00175 Base Rate
36 Month – Residual 57% of MSRP – .00210 Base Rate
48 Month – Residual 45% of MSRP – .00241 Base Rate
60 Month – Residual 36% of MSRP – .00254 Base Rate
2007 Infiniti G35 Sport Sedan
24 Month – Residual 65% of MSRP – .00203 Base Rate
36 Month – Residual 55% of MSRP – .00190 Base Rate
48 Month – Residual 43% of MSRP – .00240 Base Rate
60 Month – Residual 35% of MSRP – .00259 Base Rate
2007 Infiniti G35 X Sedan
24 Month – Residual 67% of MSRP – .00169 Base Rate
36 Month – Residual 57% of MSRP – .00207 Base Rate
48 Month – Residual 45% of MSRP – .00238 Base Rate
60 Month – Residual 36% of MSRP – .00254 Base Rate
Residuals posted are for 15K miles/year. Add 1% to Residual for 12k mi/yr and 2% for 10k mi/yr on all terms
I've noticed that not only the MF got worse, but also we now get to add only 1% to residual for 12K mi/yr... it used to be 2%...
I was hoping it would be a bit better in August as the 08s are coming in soon...
They don't give you back any money for not using all the miles - so if you do a 30k mile, 3 yr lease and drive 12k miles they just get to make more selling/auctioning your trade in.
As far as tips go, you should look into selling your lease cars rather than turning them in. Check the lease purchase option price and compare to the used value of your Z here at Edmunds, KBB, NADA, etc. If the trade value exceeds the buy out price, then for sure you should be able to make some money on it. In most states you will have to go through a licensed dealer to resell the car to avoid paying sales tax on it and your buyer would have to pay taxes as well. If you can't find a dealer to do this, I know a licensed dealer that could probably handle it for a modest fee.
You could also think about buying your next car, the G has a strong resale value and with a super low mile car it will likely always be worth more than the loan buyout. Driving low miles means you can drive it for years before things start needing work - much longer than a typical lease.
Dennis
I think they look at supply and demand and work the numbers from there. As the model year progresses the residual percentage usually drops every 2 or 3 months and they will typically compensate with a better rate - to make the payment for the same car "about the same". But if they need to move cars they can prop up the residual and/or cut the rate, if sales are booming they can raise the rate.
I know last year after the new design sedans came out, the lease MF for the left over 06 sedans dropped to 0.0001 or something really cheap like that.
At some point they will quit offering leases (or discounted ones) on the 07 cars since they are now over 1 year old and they don't really want those back in 24/36/39 months. Usually at that point they would put a dealer incentive and/or cheap financing on them to get them off the lots.
Dennis
Your $300 per month payment appears to be pretty good. You left out a few things such as your state and sales tax rate. I don't know what "fully loaded" means and so I guessed. At any rate, consider the following lease proposal designed to save time, money, and aggravation. BE ADVISED THAT THIS IS ONLY AN EXAMPLE AND SO THE PRICING INFO MAY BE INACCURATE. There is a $1500 cash to dealer incentive. And so the agreed upon value (i.e., sell price) should be invoice less $1500. You'll need to make any necessary amendments...
Lease Proposal
Pricing Information
Base MSRP 2007Infinity G35x Coupe (3.50L 6cyl 5A) .. .. . 33,950.00
Premium Package.........................................................................- - - - - - - ............. 2,150.00
Navigation Pack............................................................................- - - - - - - ............. 2,100.00
Chrome Wheels..........................................................................- - - - - - - ............... 1,440.00
Destination Charge 715.00
MSRP .. .. . 40,665.00
Lease Payment Calculation
Agreed Upon Value .. 37,202.23
Acquisition Fee ..... 595.00
Gross Capitalized Cost 37,797.23
Trade Credit..........................................................................- - - - - - - ........................ 8,000.00
Adjusted Capitalized Cost .. .. .... .. .. 29,797.23
Residual Factor .. 0.52
Residual Value (Res. Factor × MSRP) .. 21,145.00
IFS Money Factor . 0.00195
Term (months) 39
Base Monthly Lease Payment .. . . 321.19
State Sales Tax 7.00%...........................................................................- - - - - - - ............. 22.48
Monthly Lease Payment w/Tax .. . 343.67
Initial Lease Charges
Title, Registration, Plates (estimated) .. .. 150.00
1st. Payment ... 343.67
Security Deposit.........................................................................- - - - - - - ..................... 350.00
Total due at lease signing .. . . . 843.67
GAP insurance protection is included in IFS lease.
No Disposition Fee.
Annual Mileage Allowance: Residual Value reflects an annual mileage allowance of 15,000 miles.
____________________________________________________________
Agreed upon value means the same thing as negotiated selling price. For illustrative purposes, I used a 7% sales tax rate and assumed that taxes are levied on the payment streams. The money factor and residual factor also reflect my best guess as this data is not yet available to my knowledge. Also, be sure to confirm all pricing information as these may have changed in your region. MSRP and invoice pricing vary with both time and geographic location.
You can compute your IFS payment using the following formula...
Payment w/o tax = MF x (AC + RV) + (AC - RV)/Term (months)
where:
MF = Money Factor
AC = Adjusted Capitalized Cost
RV = Residual Value
PMT w/tax = PMT w/o tax x (1 + tax rate)
Good luck!
John
I guess I guessed correctly. New York does some pretty screwy things with taxes. Not exactly sure what they do, but I've heard it's a mess.
Good luck!
John
G35 Sedan/Journey/Premium/Nav/Trunk Net
MSRP: $37,115.00
Invoice (from Edmunds): $33,930
Sell Price: $34,430
Accquisition Fee: $595
Residual: 58%
MF: 0.00227
Monthly Payment: $513.63 including tax (CA).
Drive off: 1st month + 288 DMV Fee (registration).
I live in Atlanta...if you had a dealer that could work with me and if the numbers could work out so it's worth my while to buy out the lease, I'd be grateful!
- Does my buyout price change now that I am extending my lease?
- Can I bargain with Nissan regarding my lease buyout price?
You didn't specify '07 or '08. I'm guessing '07...
Anyone buying or leasing an '07 G35 should pay no more than $1500 below invoice. There is a cash to dealer incentive of $1500. Read the infiniti G35 boards and you'll discover that people are getting fabulous deals on '07's.
Regarding lease fees...
Acquisition Fee = $595
Security deposit = Payment + tax rounded to the next whole $25 or $50 (not sure which). May be waived in exchange for a money factor bump.
Doc. fee = no more than $295
Be sure to ask for the money factor buy rate sometimes called base rate (i.e., money factor with 0% reserves)
Reserves are similar to points paid on mortgage loans. The dealer is compensated for writing the lease at a higher money factor. For example, 0.00210 + 1% reserves means a 0.00210 money factor but the dealer is compensated 1% of the adjusted cap cost (excluding acquisition fee). The 1% reserve comes from you which is embedded in the higher money factor. The buy rate may be only, say, 0.00193.
Hope this helps.
John