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Comments
2008 G37 Journey with Nav and Premium Pkgs
39 mth lease
10,000 miles per year
Residual -- 62%
Money Factor -- .002
Price -- $40,000 (not including $675 freight)
All costs other than 1st mth payment rolled into cap cost
I'm in DC, so apparently there is a 10% tax (please confirm, because I am not sure this is the case)
Lease -- $702/mth
Thanks for your help!
Your insurance on a leased car pays out the current value of the car OR the lease buy out price on the car at the time of a total loss. This money is paid to the lease bank.
So any money you pay down into the lease is lost in the event the car is stolen or totalled. So you pay in $10k and get a really low payment, but someone hits you and they total the car, you have $0.
It is much smarter to save/invest the extra money and (if needed) drawn upon that money each money to make your effective payment lower. In the event of a total loss, your money is safe in the bank.
BTW, the purpose of GAP protection on a lease is in case the insurance company says the current value of the car is less than the lease buy out price at the time of the loss - GAP coverage pays this difference so nothing comes out of pocket. Without GAP you would be out the car AND the money to make it up to the lease bank. Note that if you lease near invoice with a nice low money factor for a normal term you are not likely to be upside down and need GAP coverage. But it is up to you to decide if you need it, should it be an extra cost item. The market could fall out on the car you lease and the value of your car could plummet - and that would mean the insurance would pay less than was needed to satisfy the lease bank leaving you stuck with paying the rest.
Dennis
The car with just those 2 packs is $41,115 MSRP $37,552 Invoice - both including dest fee, so they seem to be giving you $400 off of full price - which is not much. However a lot of dealers are giving nothing off or charging over MSRP these days on the new coupe. The MF is low the residual is high, but I think either you have silly high taxes or they are loading the deal up with dealer fees and other add-ons.
Plugging in the $40k price, the residual, term and MF in the old lease calc nets $523 per month w/o taxes. So even if you had to pay 10% sales tax on a lease payment or even on the whole $40k you would not get to $702. To get to that payment your net cap cost would need to be $47,200 which is a long way from $40k.
Freight/delivery charge/destination fee on an 08 should be $715 and not $675.
Dennis
The MF you stated equates to 6.696%, which does seem a bit high - but you don't state the term on the lease. The October numbers have not been seen yet, so this could be the current buy rate or it could be a marked up rate. I would simply ask the dealer if this is the buy rate or marked up, every one I have asked has admitted to me if they mark it up.
Dennis
I'm Coming off a 12 month lease on a 06 G35 coupe with Prem. Sport, Aero packages with Sirius Sat. radio. My payment was $2500 out of pocket and $360/month OTD 12K year for 12 months. This is a weekend car and I only put on 6K miles. My Buyout thru Infiniti Financial Services is $31250.
The First thing I tried to do was to RENEGOTIATE the residual Value at lease end. IFS said they wont Negotiate. So I went to the dealer who quoted me for a G37 with Prem. Package $3450 down and $570/month otd for 36 months. For a 07 sedan they said they could be closer to $450/month for 39 months with $1500 total down. I'm really not interested in the sedan but time may tell.
To make this story longer I extended my lease 2 months with IFS gives me until Dec 16 2007. My question is Can you have equity on a lease??? I had a dealer say NO but me thinks there could be some type of credit being a returning customer and only having 6k miles on it. what do you think???
Thanks
What the dealership tried to do to you is to earn as much money as they could on you. This G cars sell very well and it's very difficult for them to reduce much on the selling price. That's why I ended up leasing my 2008 G35 sedan where I thought I would get a better deal on purchasing a 2007 G35 sedan. I was wrong because the manager (I know him pretty well) told me they don't reduce price on G car that much since it sells VERY well itself.
Almost every lease bank now carries residual value insurance. If you turn in your lease car and it does not make residual at auction then the lease bank collects the difference from the insurance. So there is zero desire for them to negotiate with you, since they can get full value if they let you turn it in and roll it through the auction. Also, in this case, they gave you a "brother in law" deal to move the car and the pay back is to get you into a new Infiniti now - not make you another good deal on the "old" car.
The only way to get any "return" for giving back the car with so few miles on it is to buy it off lease or sell it to someone else - if the value is more than the buy out. They give no credit for low miles, but are happy to charge you if you go over. In fact, if you had some dents, dings, low tire tread, etc they would still charge you for those things even though you are way under on the mileage.
Dennis
The new G37 and new design G35 sedan is head and shoulders better than the old ones, so I would keep the sedans in mind when looking for a deal. Ether that or wait for the G37 popularity to wane and price and lease numbers to come down on them. I would not want the old design car after having driven both - unless they leased it to me for $299 a month again
I don't need a sedan any more and went looking at the G35 coupes a few months back (the $1,500 dealer incentive on them). After driving both the "old" coupe and the new sedan I decide I would rather have the new sedan - by far. I would really prefer the new G37 coupe but they are just too much money. Infiniti has little trouble selling the coupes (most car makers have no competition for the coupe, but they do for the sedan). If you price out a loaded G37 (or G35 coupe) VS the sedan with the same equipment it comes out close to $4k more at MSRP and $3.6k at invoice - for essentially the same car with the same equipment. Couple that with the higher coupe insurance rates and it makes a strong case for just getting the sedan.
Dennis
I've had the car almost 3 weeks and have zero buyers remorse!
I also have 0 buyer's remorse. (Had mine since April)
I needed the sedan, as I have a little one and another on the way.
This makes for a great "Dad's" car as it's safe and secure with the kids in, and a super fun ride when I'm alone.
Also note that while the G37 Coupe is stunning to look at, it's not far off from the 07 Sedan, and the interiors are identical.
The coupe may have us in the turns, but the Sedan is actually a tad quicker in the straight line (even with the 37's few xtra ponies), due to the fact that the Coupe is a little heavier.
You can't go wrong either way, but if the budget pushes you away from the coupe and toward the sedan, let it do so with a smile on your face.
The only compromise is the fact that your car will have 4 doors instead of 2.
Strange, they don't say there is any money for the left over 07 sedans.
If cost were not a factor, my choice would be 08 G37, 08 G35 sedan, 07 G35 sedan, then 07 G35 coupe. But if you gotta have a coupe and don't mind the "old" design there is a TON of difference between $2,500 (or so) under invoice and MSRP of the G37 (which is what a lot of dealers sell them for).
If you are thinking of leasing a G sedan, you might want to look at leasing a left-over M. They have $1,500 in dealer money on the 07s and I think lease money factors down around 0.0001 (exact October numbers not known). If you can combine the two (or even if you can't) an M35 might make a heck of a deal with that lease MF.
Dennis
39 Month Lease
12 K miles
$536.83/month with $1,553.37 due on delivery for a 39 month, These numbers include taxes (CT tax of 6%), plates & fees. This price includes (Navigation Package, Technology Package, and Premium Package)
MSRP: $40,365.00
And in addition to this price, they will also give us the following FREE items:
* NitroFill (Nitrogen filled tires) - valued at about $100
* Winter Rubber Floor Mats - valued at about $100 and the:
- FREE oil changes - at current rates $50 for each oil change (for as long as you own or lease your car) - a $200 saving per year
- FREE loaner cars
- FREE pick-up & delivery within Fairfield County
- FREE hand car wash & vacuum with every service visit
There completely different cars.
The M is nice, sure, but it lacks the fun factor that the G offers.
I just made an offer on a 07 coupe Black with Navi,Prem. Sport. Aero, and sat. radio for $1200 down and $360/month out the door for 24 months. So far No response thru(email). I've been watching the dealers inventory and have noticed that the coupes have'nt moved very well in September. When I leased my current coupe it was in October as well hoping too score again. FYI when checking Inventories at all four dealers the 08 G37's which they are asking MSRP for are also not moving. could it be a sign???
24 Months: 0.00285 65%
36 Months: 0.00285 53%
39 Months: 0.00285 52%
48 Months: 0.00285 43%
These are for 15k per year leases, 12k per year would be 1% higher on the residual, 10k per year leases would be 2% higher on the residual - except they do not offer 10k per year on the 24 month lease.
Again, this is for the sport 6mt sedan. The numbers for the base and journey auto are also bad, but just not as bad. I don't have the exact numbers but the residuals are a few points higher and the MF is 0.00249, I think. Not great but better than these numbers.
In contrast, back in June you could get an 07 6mt sedan for the same residual and 0.00181 MF. Just last month - at the very end of the 07 sedan model year - the residual was the same and the MF was 0.00191.
You can get a better rate (0.00215, I think) and a similar residual through US Bank.
Clearly, now is NOT the time to lease an 08 G - either the sedan or the new G37 coupe.
Dennis
When we leased our car in NY the full tax payment (8.375%) was added to the capitalized cost of the vehicle. When we moved to Florida, Lexus then took the monthly payment and added the FL sales tax even though we'd been in NY with the car for more than 6 months. Since Florida charges tax monthly as opposed to upfront, our monthly lease payment went up by $42.
Last month, I sent a letter with copies of our lease agreement, proof of residency in FL to the NY Dept. of Taxation and Finance asking for a rebate of $1,573.23 from the full tax paid of $1,826.98. This represents the amount of time left on the lease that we won't be registered in the State of New York. Today, they denied my rebate claim. However, upon moving to Florida, Lexus told me to contact NY state for a refund of the taxes paid at origination.
Help, I'm now paying double tax on a car and this doesn't seem fair. I brought the car into FL after 6 months, which is the minimum time for paying tax on a purchase/lease. How should I proceed?
Thanks,
Ethan
FYI, the reply from the State of NY specifically stated that "there is no provision in the NY State sales and use tax law to allow for a refund of sales tax paid on the lease of a vehicle where the lessee relocates to another state where they may also be required to pay tax."
It is known that no state that collects lease tax up front is willing to return the tax if you leave the state - so I am not surprised by NY's position on that.
The answer to your question is that Florida CAN (but may not) give tax credit to you for paying the tax to another state - up to the amount you paid if less that the FL tax. So "in theory" if you paid $2,000 in tax to NY and the total tax due on your payments in FL is $2,500 you would still owe FL $500 because they would give you credit for the $2,000 you paid NY.
However they "clarified" the law in 2003:
Florida taxability of leased vehicle. A Technical Assistance Advisement has been issued by the Florida Department of Revenue regarding the sales tax of a motor vehicle leased in New Jersey and its correlating taxability in Florida. Under Florida law, a tax is not due in Florida if the vehicle is used outside of Florida and the owner pays taxes on the lease payments in that state. A tax is also not due in Florida if a like tax of equal or greater value to that of Florida is paid in another state. Conclusively, the New Jersey tax is lawfully imposed on the lessor and not on the lessee, disallowing Florida to receive any credit. (Florida Department of Revenue, Technical Assistance Advisement, No. 03A-007, February 7, 2003) (0603)
The actual lookup on the FL page is here:
Click on me
and the summary says:
QUESTION: Should sales tax be imposed on a motor vehicle lease, when the vehicle was leased in New Jersey and later brought into and registered in Florida?
ANSWER - Based on Facts Below: Yes. Section 212.05(1)(c)2., F.S., provides that no tax is due if a taxpayer documents use of a vehicle outside Florida and tax is or was paid on the lease payments in another state. Section 212.06(7), F.S., provides that tax does not apply if a like tax equal to or greater than Florida tax has been lawfully imposed and paid in another state. However, under New Jersey law, tax on the lease of a motor vehicle is lawfully imposed on the lessor, not the lessee. The lessor may choose to collect the tax from the lessee, but is not required to do so. The Department's position, therefore, is that credit cannot be given for any tax paid by the lessee on the lease.
So the key is: does NY tax the lessee (you) or the lessor (the lease bank). If they do as NJ does, they you are out of luck. If they do as most other states do, then you could apply for relief from the tax under 212.05(1)(c)2., F.S. .
It appears that NY does tax the lessee, so you should be able to get out of the extra tax. See this link:
Click me too!
on the FL law web page which even includes an example of someone who leases a car in NY and moves to FL.
So contact the lease bank and/or FL tax folks and see if you can get out of the tax - it would appear that you can.
Dennis
If he had gotten the car he said he could get in June or could have ordered me an 07 and got it in before this month it would have saved me $60+ a month. No way am I taking the car now with the low residual and high MF. Lucky for me I have no deposit and no obligation to take if if the numbers are bad - and they are. He is trying to steer me to a 3rd party lease and the MF is a bit better but the residual is even worse so the net is little savings over IFS. I will wait until IFS is motivated to move cars again or I will get nothing or something else. I have other cars and bikes to drive and ride and I refuse to over pay.
Dennis
Well actually my wife somehow manages to dismiss them in a way that keeps them calling back and lowering the price.
Our 07' quote is above, I'm opposed to a year old car at this point, but our 08' quote is roughly $50-60 per month higher.
Any thoughts from the group on the dealers offer a few posts up?
What is the selling price? What is the residual and money factor on the lease?
The nitrogen fill is sort of a joke. Yes it "works" better than air but no way is it worth much and the problem is how are you going to add more if needed? Drive all the way back to the dealer or hunt around for a local shop that will charge you to pump it up 1 psi? You can get a tank and maybe the nitrogen generators will get cheap enough so we can afford them at home, but I would rather check my pressures often and adjust as needed at home.
I don't care much for winter mats, but you may like them.
The oil change is not worth $50, even the local quick lube place do not charge nearly that much but I am sure the stealer does. You will not get $200 worth in a year either, I would bet they will change it at the interval the Infiniti recommends and not every 3 months, 3k miles, which should be every 7,500 miles - or not even twice per year on a 12k mile per year lease.
I think almost every Infiniti dealer does the free loaner cars and they do not require you have purchased the car from them.
If they pick up your car on a flat bed and bring it back on one, that would be nice.
I good and free wash is always a nice thing, but they may do that even if you don't buy a car from them - my BMW dealer used to do that as well and gave me free loaners including Z3 or Z4 roadsters on warm and sunny days.
So the sum of the extra and freebies is not much, so I would not let that even enter into the thoughts on the deal. Just get the selling price, the amount of any dealer fees, and the lease numbers and we can see how that looks.
Dennis
I want either a 24 or a 36 month lease, and I'll drive 15,000 miles/year. I have not started negotiations with any dealer yet, but I want to know what may be realistic for me to push for (I will be in the top credit tier).
I'm basically looking at multiple dealers now for leftover 2007 models. What do you guys think? Anybody with similar deals or am I expecting too much?
Thanks to all who reply...
Premium Package
Wood
Sirius (dealer, not factory, installed)
Cargo Net
Splash Guards
Destination
MSRP=$37,615
Invoice=$35,057 (incudes $600 for dealer installed Sirius)
Price Paid = $35,169.19
39/mo 15K Lease
MF=.00193
Residual=55% of MSRP
Mo/Payment = $522.23
Due at signing= Acquistion Fee ($648.55) + First mo payment ($522.23) + New Tags, etc ($133.50) = $1,304.28
Also got 3 mos of Sirius free and the first 2 regularly scheduled mainteance items free.
I am generally happy w/ the deal, but a bit annoyed that they could not find a car w/ Sirius factory installed. That would have saved me some money.
I have loose numbers, my wife has the detail's in her inbox. She's been proactive in negotiating a deal. I'm starting to think she likes this process.
MSRP: $40,115 (includes $715 dest.)
Invoice: $38,522 (includes dest.)
Selling price: $39,022
Base IFS money factors and residuals for a 39month, 15,000' lease.
Monthly payment is $515.XX [$486.X base + 6% CT tax of $29.XX (roughly)]
Total due at signing is $1470. Which is acquisition, 1st month, tags, $49 doc fee and security. which would be waived based on credit score.
The kicker in all this is we visited out local dealership Saturday. The only difference between the 07 & 08 is the sport option which we both like for the seats. We sat in a G37S, the seats were considerably more comfortable, paddle shifters I could take or leave. The key being the drive quality of the S equipped car, I do not believe dealers have inventory of the S optioned sedan. We see a difference between sporty and harsh with other makes that offer these tuned suspensions. When we test drove an RDX, which is firm the ride was too harsh, this is more a characteristic of the vehicle as opposed to an option. In an X3 with sport she was begging out of the test drive.
We're now debating test driving a coupe with the sport option just to get a feel for the ride in general. I'm not certain if this would be representative of the sedan with the sport option.
Tarry with Leasecompare.com posted these today.
Infiniti Financial Services Lease Programs – Effective 10/6/07
For lease programs shown in BOLD, a bank lease program may have lower payments. Click on a vehicle name to compare current bank lease programs through LeaseCompare.com.
2008 Infiniti G35 Sedan
24 Month – Residual 65% of MSRP – .00285 Base Rate
36 Month – Residual 55% of MSRP – .00285 Base Rate
48 Month – Residual 46% of MSRP – .00285 Base Rate
60 Month – Residual 39% of MSRP – .00295 Base Rate
2008 Infiniti G35 Journey Sedan
24 Month – Residual 69% of MSRP – .00231 Base Rate
36 Month – Residual 58% of MSRP – .00241 Base Rate
48 Month – Residual 45% of MSRP – .00239 Base Rate
60 Month – Residual 39% of MSRP – .00259 Base Rate
2008 Infiniti G35 Sport Sedan
24 Month – Residual 63% of MSRP – .00285 Base Rate
36 Month – Residual 53% of MSRP – .00285 Base Rate
48 Month – Residual 43% of MSRP – .00285 Base Rate
60 Month – Residual 37% of MSRP – .00295 Base Rate
2008 Infiniti G35 X Sedan
24 Month – Residual 69% of MSRP – .00241 Base Rate
36 Month – Residual 59% of MSRP – .00245 Base Rate
48 Month – Residual 45% of MSRP – .00246 Base Rate
60 Month – Residual 38% of MSRP – .00250 Base Rate
2008 Infiniti G37 Coupe
24 Month – Residual 72% of MSRP – .00285 Base Rate
36 Month – Residual 61% of MSRP – .00285 Base Rate
48 Month – Residual 51% of MSRP – .00285 Base Rate
60 Month – Residual 43% of MSRP – .00295 Base Rate
2008 Infiniti G37 Journey Coupe
24 Month – Residual 72% of MSRP – .00285 Base Rate
36 Month – Residual 61% of MSRP – .00285 Base Rate
48 Month – Residual 51% of MSRP – .00285 Base Rate
60 Month – Residual 43% of MSRP – .00295 Base Rate
2008 Infiniti G37 Sport Coupe
24 Month – Residual 74% of MSRP – .00285 Base Rate
36 Month – Residual 62% of MSRP – .00285 Base Rate
48 Month – Residual 52% of MSRP – .00285 Base Rate
60 Month – Residual 44% of MSRP – .00295 Base Rate
Residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3% for 10k mi/yr on all terms
Note: I think Tarry is not correct on the residual bump, I think it is add 1% for 12k mile lease and add 2% for 10k miles lease. Also, IFS no longer offers 10k mile leases with the 24 month term.
Dennis
Thanks in advance for the help.
2) Once you have the price set, get the lease numbers. The bank fee should be $595 but the dealer may try to mark that up. The residual is set by the bank and the dealer can't change it. The money factor for a 36 month lease should be low, around 0.00194 and maybe less.
3) Don't sink any of your money into the lease - or at least no more than the first month's payment, TTL fees, and maybe the $595 bank fee. If your car is stolen or totalled the bank will pay the car off with the lease bank and will give you nothing, no matter how much or little you put into the deal up front.
If you get the "buy rate" for the lease and deal the price down near invoice and don't pay a doc fee, then the payments should be nice and "Are what they are".
Don't play payments with the deal - deal the price down, get the lease exact numbers, then work out the payment for yourself.
Dennis
http://i233.photobucket.com/albums/ee46/emmisbee/G-leaseRates.jpg
Dennis
It is still a huge increase in rates..
Here is the spreadsheet data I used. Again, apologies for any errors..
http://i233.photobucket.com/albums/ee46/emmisbee/G-leaseRatesData.jpg
Any clue what kind of impact the new '08 numbers will have on the remaining '07's. Specifically, I am planning to look at a 2007 G35 Journey Sedan tomorrow. I see that the numbers for September 2007 for the G35 Journey were: MF - 0.00194 and Residual % - 56%.
Thanks for any help.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
To make the leases more attractive the captive lease banks will usually drop the money factor as they drop the residual so the new payment is sort of steady throughout the year.
IFS can and does play games with the numbers - because they can. So if they have way too many cars, they can throw a low rate out and even boost up the residual to net a low payment and move cars.
It looks like they have a lot of 07 models sitting on the lots and not many 08 models available to sell - so they go with the much higher money factors and residuals that are not much higher than the end of year numbers. For sure they must have too many 07 "sport sedans" or way too few 08 "sport sedans" as those numbers are the worst.
The answer is to just wait for better days or get a lower payment with a 3rd party lease - or get a left over 07 if you can find what you want and if the lease numbers on them are still attractive. The wait is the more attractive answer since if everyone waits, the lots fill up and the numbers will get a lot more attractive in a hurry
I had decided I wanted a G and was just waiting for the right car to come in, it has, but now I have to wait for the right money and hope when it arrives the right car can be found (it could not be back in June-July).
To be honest, I have begun looking at what else is available from other car makers again to see if something else would be better for me. I looked at Infiniti cars before I got my 330i, and again before I got the M5, and again before I got the RX-8 and never did get one. I was pretty sure this time I would, but perhaps not?
In any case, I can wait for a better deal or just do without.
Dennis
Thanks,
Disappointed Potential Infiniti Buyer
The sport model I want to get has a 2 percent WORSE residual for the 08 and a MF that is up 2.25% over September.
Everyone should vote with their checkbook and just no buy or lease at inflated prices.
Dennis