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Comments
Also, has anyone had the full aero kit installed? I am wondering what you have paid to have it done.
Thanks,
Alto
If dealers have added anything, when this has been done for me, they haven't added it directly, anyplace I could detect. What they've led me to believe is that they trade something they have in stock for something the other dealer has. When I did this a couple of years ago with BMW, someone from a dealership 40 miles away drove my car to my dealer, picked up their trade car and drove back.
Charlie
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Are you sure that the money factor is only .00015? That corresponds to an interest rate of 0.36%. I have had two dealers both quote me the same money factor of 0.00145 which works out to an interest rate of 3.48%. If you are right, then they are both padding their profits with the markup on the money factor.
How do I bring this up to them?
Thanks,
Alto
I know that Car_Man's numbers are exactly what my local Infiniti dealer offered me on the 24 month, 15K/yr lease I wanted, and the dealer simply offered it right off; but, although emotions play a role in how each of us handles situations like this, if the dealer's numbers had not matched Car_Man's here and I was still negotiating, I think I'd just tell the dealer that Edmunds is reporting a different money factor and ask if there's some reason he/she wasn't offering that lower rate to me.
Charlie
I have a deal on the table at a near invoice on a M35x with:
Journey
Technology Package with Sirius
39 months/15k miles
If the MF is really .00015 then that is nearly $100/mo difference from my estimated lease payment. I have a "good" dealer so any input on how to handle this is helpful.
The question is what is the correct money factor for this M35x configuration?
I know that CarMan always seems to be right, but if he is right this time you and I are really getting a bad deal when we both thought that we were getting a great one - close to invoice price.
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Also, I personally feel that it is somewhat wasteful to get out of your current lease three months early. It is going to cost you more than $200 a month to get out of your BMW. In reality, you are going to have to pay the full payment for this car one way or another. Even if the dealer claims to be paying it for you, it's just hampering your ability to negotiate the lowest possible selling price on your Infiniti. Of course, if you really can't stand to drive your car any longer, paying $1,600 to get out of your lease may be worth it to you.
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You can find more information on how lease payments are calculated by checking out the following article: Calculate Your Own Lease Payment.
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Thanks!
So, I felt OK, but on a purely logical-financial basis, I would have done what you suggest and kept the car until September ... although, I guess, there would have been uncertainty as to what MF would be then.
Thanks again for all the time you spend keeping the rest of us thinking clearly.
Charlie
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This is a the first time I will lease a vehicle and I have been reading through these posts on a daily basis. I am looking for an '06 M45 Sport Sedan Leather Journey Pkg. Sport, Tech Pkg./XM Satellite Radio, Trunk Mat, Splash Guards, Wheel Locks for a negitioated price of $52243.52. The lease I am looking at is 24 months 15,000 miles per year $728.81 including 8.25% Sales Tax (CA)$1735.94 and drive-off. The dealer says it is using a money factor of .00028. Is this a good deal? Should I make security deposits to lower my payments? Any help would be greatly appreciated.
Sounds like you have negotiated a great price. The MF is approx an interest rate of .67%. Enjoy the car.
M35 sport w/ journey. Msrp $46,789. $2,000 down 39 month lease 12K miles 574 + tax a month. Let me know. Hope to hear a response soon. Hook a brother up!
I am in Bethesda, MD.
I priced out a M35 Sport with Journey and Tech package at 51K and was given a discount of $2500 so 47.5K I want it for 39 months at 15K miles $0 down. What is a good deal and a reasonable payment?
The 2007's will be available in July so you should be able to get a good deal on the 2006's...there are some changes which may or may not be important to you...read back in the 2006+ forum here.
You have to decide if the area you drive in warrants AWD or if the handling is better for you. Certainly if I lived in a snow area, I'd get the AWD in a heartbeat.
M35 RWD w/Journey, splash guards and trunk mat
MSRP $44440
Residual 55%
MF .0007291
trade-in 7000
monthly payment $465
They will transfer car from another dealership and want a $1,000 deposit for purchase by 6/30.
Let me know ASAP.
Thanks - what would be a good deal??
Now, if you want to get creative financially (I am not an accountant....this is just what I do when I lease a car. Disclaimer: all numbers are just my guesses mostly based on reading this forum)
1)negotiate a cash price for the car (let's say about $500 over dealer cost..this is the end of the 2006's).
2) lease the car for 24 months using infiniti leasing's rates...don't allow the dealer to add a profit to the MF.
3)ask the dealer to buy your trade in from you...give you a check. Using your figure of 7000, he should be willing to lease you the car with no trade in..and give you a check for about $3776.
4) As part of the lease agreement, give infiniti credit four multiple security deposits (important: not down payments). You "loan" infiniti credit $2200 of the $3776 and you will get that back at the end of the 2 year lease...it's a security deposit.
5) Your monthly payments with the security deposits on the car you described will then be around $526 plus tax.
What you say? You want me to pay an additional $61 a month for 24 months. Where did that money come from?
Well, you got a check for $3776 and you "loan" the dealer $2200 of that so you still have $1576 to put in the bank. The extra $61 a month over 2 years is 24x61=$1464 which you pay from that bank account. You still will have $1576-$1464=$124 left in that bank account at the end of the lease...but remember that security deposit?? You will get back the $2200 at the end of the two years...so instead of having nothing at the end of the lease, you have $2324 in the bank. Hmmm...maybe this is interesting!!!
Now, this works with your particular trade, whatever it is, and a 24 month lease. If you want to lease for longer, it all changes....and, or course, since the MF is higher, you will pay more per month anyway.
Using your numbers which I assume are a 3 year lease, you still get the same $3776 check from the dealer, and you still give/loan the dealer the same 4 security deposits or $2200. That drops your lease cost to $509 or so. That's still $44 a month more than you were quoted. $44x36 months= $1584 in additional payments which comes out of that $1464 bank account (ok..you have to add $120 to it). At the end, you get back the $2200...so you are still $2200-$120=$2080 ahead of the lease you were offered.
Lots of numbers here...it's confusing...but in many cases, if you can afford it, you are better taking cash for your trade in, paying nothing down when you lease the car and using the cash for multiple security deposits which you get back instead of that down payment on the lease which you never see again.
Talk to the finance person at the dealer....most salesmen and unfortunately many finance people as well have no clue about multiple security deposits and almost everyone will try to tell you that the reduction in MF is so small that it won't matter....my advice is..run the numbers. Focus on the total amount you pay for the lease period and what you wind up with at the end.
By the way, not all car companies allow multiple security deposits, so this doesn't always work. Infiniti is one that does accept them which is why I took the time to post this long note.
Good luck....
I respoke with the dealer and they quoted me the 24 month financing your referred to and dropped the price of the car to $1000 over invoice so at least we are heading in the right direction -
Latest is m35 w/journey, navi, splash guards and mat
43500
24 months
mf .00042
residual 66%
payment 472 - but they are still using my trade as down payment.
Could you re-go over the trade issue and language I should use with dealer on how to handle.
Thanks so much!!
Should take this deal or wait to see if the July VPP numbers take the price down further.
Thanks in advance.
I'm not sure of the MF rate for the sport, but for the base m35 it's .00042 this month. You can lower that rate today to .00002 by "loaning" infinity 4 additional security deposits ($2800) which you will get back at the end of your lease. (each additional security deposit lowers the MF by .0001 and they won't let you go below 0). This would lower your payments in the area of $35 a month (plus tax). Over 24 months, you save $35x24=$840.
I think about it this way: If I set aside that $2800 in a bank and didn't loan it to infiniti, I would have to earn over 13% interest per year to make that $840.
Talk to your dealer....
Don't think I could have done better than this.
If we paid $500 over invoice for a base M35, what do you think the best MF and residual we could negotiate for on a 24 month lease? Thanks in advance.
M35 Sport with Journey Package, Sirius and "Appearance Package" (can't find it anywhere, but includes the rear spoiler, extends the length of the body and flare out a bit and further extensions on the front grill - a bit of a "Fast and Furious" look to the grill - nice addition to the already attractive look to the sport package)
$566/month plus taxes
10K/year
$3,000 total out of pocket at signing
Here's the vehicle - the "appearance" upgrade doesn't show on the website.
http://infinitiofdenver.com/New-Inventory.aspx?InventoryId=11683239
I'd tell you Purchase Price, etc. if I had any more info, but I was literally leaving the dealership as I told them they weren't near the deal on the E Class (initially were at $850/month with 0 down, wouldn't go any lower than $45K on a $47.5K list price after I brought up the VPP pricing I found for myself - email me on a side note on that, didn't have my Code, but they went lower as a 2nd salvo).
The Manager who I'd been talking to as well intercepted me on the way out and said "Give me a chance to make something happen". He seemed to do so.
Can I get some opinions on this deal from CarMan and anyone else?
Thank you.