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# Saab 9-7X Lease Questions

CarMan@Edmunds
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Hi everyone. Please use the following discussion to post any questions that you have about leasing a Saab 9-7X. Thanks.

*Car_man*

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3I am in the market to lease the 9-7x. The following deal is what I have been offered:

MSRP: $39,240

RESIDUAL: 70% for 12K miles per year

RESIDUAL VALUE: $27,468

INITIAL CAP COST: $36,156.23

ACQ FEE: $595 (I'm not sure why they are using this in the calculation)

CAP REDUCTION: $2028.02

REBATE: $1500

TOTAL CAP REDUCTION: $3,528.02

ADJUSTED CAP COST: $33,223.21

APR: 4.2%

TERM: 24 Months

SALES TAX: 8.25%

BASE MONTHLY RENTAL: $349.18

SALES TAX: $28.81

TOTAL MONTLY: $377.99

TOTAL DRIVE: $2995

INCLUDES THE FOLLOWING:

CAP REDUCTION (FROM ABOVE): $2028.02

FIRST MONTH PAYMENT: $377.99

LICENSE: $298

CAP. RED. TAX (8.0%): $282.24

ACQ, DOC, TIRE DRVOF: $8.75

I think this is a great deal, but would like to know what you think. Thanks in advance for your help.

gmar1

9638,514I notice that you are making a down payment on your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Saab would be exactly the same, regardless of whether you had put $3,500 down, or had made absolutely no down payment at all.

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10Where are these base lease rates and residual values obtained from. I am looking at the 9-7X and am being offered a "month end deal". The "deal" is based off $33,000 sales price and $40,040 MSRP.

Despite the reduced price, the lease includes 6.9 APR and 50% residual (20,020) on a 36 or 39 month lease. Thus, the monthly rates with zero down seem way overpriced according to your numbers (like 50% higher).

How do I negotiate for the proper APR and residual without quoting a poster on a website?

Thanks for your help.

30Thanks!

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4Saw an ad in the Chicago Tribune for a new 9.7x at $239/month for 24 mos. Miles are 10K/year. Residual value is $28,252 with $3,484 due at signing. Would rather not put any money down. Can you tell me what the money factors should be on this vehicle. Says the offer ends May 30th and includes all factory incentives.

Thanks

Don

3027 Month lease;

15,000 miles;

68% residual

4.2% interest rate.

He claims he's giving it to me for $500 over invoice. Invoice is $38244 + $500= 38744. He's also giving me the $1k factory rebate. According to his calculations, with $1966 down (includes security deposit), it'd be $519/mo. which includes tax.

I called him on the 4.2% and he gave me some line about he could give me the 3.7% if I wasn't going to pay my security deposit up front. Honestly, I didn't quite understand what the heck he was talking about.

So, what do you think?

Thanks.

Amy

30Thanks.

Amy

30Thanks.

Amy

30MSRP: $40,040

Negotiated price: $36,866

Residual: 68%

Interest Rate: 3.7%

27 Month lease

15,000 miles/yr.

2,023 due at signing: includes 1st mo. pymt, bank fee, doc fee, security and small NJ tire tax.

Comes out to about $450/mo.

What do you think?

Amy

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38,514ifit is before the deduction of the $1,000 lease cash that Saab is currently providing on it. Once this incentive was taken into account, it would put put your truck's selling price at $500 under dealer invoice. It's good that you called him on trying to mark your truck's lease rate up. You definitely should be able to get this dealer to use Saab's 3.7% lease rate without too much trouble. Just make sure to pay a security deposit on your 9-7X at lease signing. The deposit is equivalent to your vehicle's monthly payment rounded up to the nearest $25 increment. It is annoying to have to pay, but it's better than throwing money away on a higher monthly payment.Car_manHost

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30Thanks to you and Edmunds.com for making me an informed buyer!

Amy

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6The dealer said Saab will pull me ahead on 3 of those payments and the dealer will eat the other 2. I was told I also get some loyalty credits, etc.

2006 9-7X 4.1

Has NAVIGATION & DVD (does not have the touring package) MSRP $42,535

27 month lease (71% residual)

$1264 due at signing ($177 Registration, $275 dealer fee, $670 bank fee, and $142 sales tax) my sales guy told me they are waiving 1st month’s payment and no security)

Monthly payment $440

He said he can put me in a 5.3 with Navigation for $465 and a 5.3 with Navigation and DVD for $479.

Seems to me these are all great deals? I know many who have bought/leased from this dealer and felt they were honest. Please advise if these are bad/decent/great deals.

Thanks a lot.

8A couple of things, though: The bank fee seems high. I (and most people) are paying a $595 bank/acquisition fee. And a $275 dealer fee? That's a load of crap, trust me.

6What did you pay for your lease and what did the car have on it?

827-month lease on a 2006 9-7X 5.3i with Navigation

MSRP: $43,235

Negotiated sales price: $40,234 (the invoice price)

Residual value: $30,696.85 (71% of MSRP)

Money factor: .00154 (3.7% APR)

$750 rebate

10,000 miles per year (I chose this lower number to get a higher residual value. I work at home and never drive more than this in a year.)

No down payment

No security deposit

No disposition fee

First month's payment waived (a.k.a. A free month!)

Drive-off cost: $66.88. This is made up of the sales tax on the rebate ($58.13) plus the California tire fee ($8.75). They said this was the lowest drive-off cost they've ever seen at their store.

Registration ($326), acquisition fee ($595), and document fee ($45) were included in the total cost of the lease.

Monthly payment: $510.27 (again, the first month's payment was waived, which is great)

My only concerns about the lease I signed:

1. The salesperson/assistant manager/finance manager cannot explain how my finance charge was calculated other than to say, "I entered it in the computer and that's what I got." She suggested I call GMAC to have it explained. I did that, but they said they couldn't help me until my contract is "in their system", which will take 3-4 weeks. It's not a big deal, really. They say I'm paying 3.7% APR; I see it as being close to 3.8%. The difference amounts to about $3 extra per month.

2. Although the salesperson/assistant manager/finance manager said I was not being charged sales tax on the registration, I'm sure I am. I don't see how I couldn't be. The registration fee, acquisition fee, and document fee were added to the price of the car, and in turn, to the amount of depreciation that I have to pay over the 27-month lease. When you make lease payments, every payment is taxed. I called the DMV to ask about the legitimacy of this. They said (with a regrettable sigh), "Yeah, they can do that." This amounts to about $2 extra per month.

Considering, however, that if I had paid the registration fee, acquisition fee, and document fee up-front, that would have been $966 more out of my pocket. Interest rates are decent enough that makes keeping the money in a bank account nearly negates the extra few dollars per month that I believe I'm paying.

I would still say that this was a decent experience and transaction. The salesperson was incredibly patient and helpful over the 2-day period that I took to work this out. We must have exchanged at least 30 emails and several phone calls before coming to an agreement (I had lots of questions), and even then I asked to have a copy of the agreement faxed to me before I came to their store. You probably won't be surprised to hear that some dealers refused to even talk with me about the details of a lease unless I came to see them in person, and some ignored my emails entirely.

68Did you calculate your rent charge to the penny as I did? (I know I'm more interested in precision than a lot of people. I think I drove my salesperson nuts.)

6The rent charge was 3.7% and the car price was just a hair over $39,000 (I think). I called my salesman (same one as other Saab I had) and told him 2 things: 1.) sharpen the pencil on the numbers as tight as possible so I don't get tempted to call other Saab dealers in the area & 2.) If I don't like the deal I am going to wait until my lease is up and drive everything before making a decision(MDX, Tourag, Etc.) I had 5 payments left and the dealer paid the last 2 and Saab pulled ahead on the other 3.

After that, I felt confident I was getting a good deal based on information on the internet and I trust the guy. My sales guy spent 10 minutes on this deal. I am in Greenwich, CT ... they got the car from a dealer in Mass ... was the only left in the northeast.

It's a cool car, I like it so far. I drove it 1.2 miles to the train this morning!

8Yeah, I was told the rent charge was 3.7% too, but the only way to really know what you got is to calculate it yourself. It's a little complicated, but certainly doable.

Here's the formula to use according to leaseguide.com (the info can be found at http://www.leaseguide.com/lease08.htm):

Rent Charge ÷ ( (Adjusted Cap Cost + Residual) x Term ) = Money Factor

To convert the money factor into your interest rate, multiply the money factor by 2400.

This is the only way to make sure their math is correct. If you calculate it, let me know if it looks correct to you. Mine appears to be more like 3.79%.

If you need help, let me know.

6What I care about is that I forget to ask of the NAV replaces the 6 disc DC and I think the car only has 1 CD ... Am I wrong??? ... Need to play with it tonight on my 1.2 mile drive home.

8I'm not "living in the past". I just like to understand the contracts I sign, not only for my own benefit, but so I can help others in the future.

Even the finance manager told me that she didn't understand how the lease was put together! Something's wrong with that. I think a business should be able to explain their charges.

About your question, yeah, the NAV can only hold 1 CD at a time. The NAV replaces the 6-disc player.

6236,920overstatethe interest rate charged...The conversion assumes that the same amount is subject to interest over the life of the lease, but if it were a true loan, the balance would be higher in the early part of the lease, and lower later...

Of course, leases don't work exactly like that, so the conversion isn't exact.

regards,

kyfdx

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Edmunds Moderator8Most people do focus on the monthly payment. It's understandable.

8So, is there any way to really know what your rent charge should be on a lease? And if so, how do you calculate it?

I was told my interest rate would be 3.7%, so I assumed the money factor would be 3.7 ÷ 2400 = .0015417. If I wanted to know the exact rent charge ahead of time, should I have asked them for the money factor instead?

236,920Possibly, there is a formula that takes the cap cost and residual, and applies that exact interest rate over the life of the lease... Just as if you were doing a balloon note... (this is my guess)..

So, it is possible that they add up the payments calculated this way, and divide by the number of months to get an average payment...

In other words, you may not be able to calculate it using a simple formula, like a money factor..

Sorry I can't be of more help...

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Edmunds Moderator8Since the interest rate I calculated on my lease was so close to what they told me it would be, I'm sure there's just some little quirk about GM leases that causes them to arrive at a different number from mine.

1after all is said and done -

rolled over all fees - except the tire tax of $7.50

I will be paying 417 a month.

I don't think I can get much better.

Is that alright for a 2006, when the 2007 are right around the corner?

5364I am about to lease a 2006 Saab 9-7X 5.3i with Nav and DVD. The MSRP is $44,535 but I negotiated a price of $38,178. What’s more, Saab is providing $2000 cash to put towards the capital-cost reduction.

The term of the lease is 27 months (15K miles/year) with a residual of .67 ($29,833). This means, in plain English, that I have to pay $6345 over a term of 27 months ($235 X 27 = $6,345) PLUS the interest rate and taxes.

Here is where I get lost.

They claim my “rate” is 4.2% (for those of you who like the term “money factor” - 4.2% is equivalent to 0.00175). If this were the case, my fee for that rate would equal $115 per month.

I know my depreciation fee is exactly $235. I also know my tax (on the payment) is exactly 6%. However, I have been quoted a monthly payment of $399.54 (X+Y is not equaling Z).

$235 + $115 = $350 AND $350 + 6% equals $371 How did GMAC come up with $399?

I have also determined if my interest rate were actually 5.2 % (which happens to be exactly one percent higher than my quoted 4.2%), my payment comes out to $400 (which is essentially what they quoted me).

Here is my question. Does anyone know if GMAC has a fee of 1% hidden behind their advertised rate, or is my dealer (who knows I have a great deal) trying to sneak some profit back into his end of the deal?

236,920"sneak some profit back into his end of the deal?"But, that is the way the smart money would bet...

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Edmunds Moderator4Take care and thanks for the reply.

4Well, it turns out the figures my dealer quoted me were dead on. The reason my numbers failed to add up is this: GMAC charges interest, not only on the vehicle itself - but on the depreciation value as well. Nevertheless, I was happy when my dealer informed me (today) that Saab just added an additional $1500 cash off incentive as part of a Labor Day special. As a result, my payment dropped an addition $60

Vehicle stats are in my post above:

$670 down (includes first month payment) for Drive Off

$368 per month

18000 miles/year (I added $25 per month to the $342 payment quoted for 15000 miles/year)

27 Month lease.

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4Indeed, The Labor Day bonus was a nice surprise (I'll take luck over negotiating skill everyday of the week). Nevertheless, I still do not fully understand the interest rate. It's more complex than I would expect. Even lease calculators I find on the internet don't arrive at the same figures as GMAC. I understand the sales tax (it's just 6% of the payment).

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