Land Rover LR2 Lease Questions
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I am looking to lease LR2 - 24 mon/15K per year. Do you know what is the Residual and money factor for that?
I went and got a LR2 test drive. I loved it. Here is what dealer offered for 24 months/ 15K miles per year lease.
MSRP: 36400 (Cold Weather & Lighting package)
Selling: 34900 (Discount of 1500)
MF: 0.00216 (5.18%)
Residual: 68% (64% with tech. package)
Acquisition: $610
Can I do better?
You were quoted the exact right residual and money factors but that program equals out to a stupid high lease payment.
I was playing with the leasing programs yesterday and depending on the car and leasing term I got payments between $775 and $575 a month. Someone screwed up because that is much to high for a sub 40,000 dollar car.
71% residual
.00268
1500 down
only cold package, no lighting or tech
24mnth lease
10.5k per year.
Thoughts?
its an LR2 or an X3 for me..on the fence
Here are the quotes I received based on MSRP (dealer in Frisco, TX will not negotiate a dime off the MSRP).
LR2 fully loaded (cold, lighting & tech pkg)
$39950 MSRP
Residual 66% (2yrs - I didn't receive the one for 3yrs)
Money factor .00297 (24mo) and .00313 (36 mo)
2yrs/24K miles with $0 down = $910/mo
2yrs/24K miles with $1000 down = $866/mo
3yrs/36K miles with $0 down = $813/mo
3yrs/36K miles with $1000 down = $783/mo
LR2 (cold & lighting pkg only)
$36450 MSRP
Residual 70% (2yrs - I didn't receive the one for 3yrs)
Money factor .00297 (24mo) and .00313 (36 mo)
2yrs/24K miles with $0 down = $782/mo
2yrs/24K miles with $1000 down = $738/mo
3yrs/36K miles with $0 down = $721/mo
3yrs/36K miles with $1000 down = $690/mo
The BMW X3 lease on a loaded $43,000 car is $490/month, that's with 24 month 12,000 miles/year and minimum due at signing (BMW's minimum is $2,800 and that's all "charges" that can't be folded into the lease.) That's a great lease price and that's why they sell tons of them.
You know, when the RR Sport came out the lease price was $1,000/month for a similar spec. I though that was a terrible deal for a $58,000 car; if you are right about your numbers and LR doesn't offer a lease incentive by summer, they are going to sell very few LR2's. But it wouldn't surprise me, because they didn't sell a lot of RR Sports because of the high price and unattractive lease, and still after almost 2 years have not lowered the price or the lease, and they seem to be okay with that.
First numbers were insulting!
$693/month
$3624 due at signing
36 months/15k miles
He assured me that Land Rover Capital would come back with a better program because they were determined to compete with the X3.
Just heard back - a whopping $15/month less! Unbelievable that they are offering LR3s for $400/month but LR2s for $700 (and this was with X-Plan pricing, FYI!)
I don't know how they will ever compete with BMW on this at these numbers. Too bad though - the truck seems great. I would be inclined to buy it but very unsure of the maintenance record (especially the first few vehicles off the line).
Does anyone know a human being that's actually leased one of these???
LR II Basic, No Options Just plain
Color Flame
MSRP $34195
Lease 2 years 15000 Mile $785.00
I can drive a brand new Mercedes E350 Convertible with this price. What are these people thinking. Is there any lease reduce coming out on LR 2, please confirm
As far as this new Land Rover LR2 is concerned, I would wait a few months and let some road tests be conducted by the popular magazines......to be sure it doesn't follow the LR3. I admit, it looks good inside/out, but $40,000 for a dressed up Ford Escape?? Land Rover is still selling some vehicles to people because of a certain cachet the brand still holds......but Land Rover is in financial trouble.
$600+ a month for this thing?? Come on people....seriously. My wife and I leased a BRAND NEW 2007 Infiniti FX35 with ALL the goodies (MSRP $45,000) for $483/mo + tax with only $1400 due at signing last month. You can lease a BRAND NEW Cadillac Escalade for $700/month!!!! A Mercedes GL450 is around $650-$700/month!!!! Both these SUVs go for $60k!!!!
Agree on the high leases though.
I ended up with the LR3. But for those who want to know here was my LR2 quote..ALL TAXES INCLUDED.
$626 10.5K 24 months 4k drive away.
I went for a bigger vehical.
But look, until they NEED to drop the lease price, they won't. It's simple economics. If you want one but can't afford it.....tough..it's a classy vehical and selling well.
The old Freelander: an okay ride, relatively inexpensive, lots of problems with reliability. No true or lasting "Land Rover" cache.
The LR2: a nice small/mid size SUV, very expensive lease. RR Sport wanna be; cache imagined, sorry.
As I Said before. People are missing the point of the LR2 lease price. They do NOT want to lease you an LR2. At this stage they want you to BUY an LR2 and they are selling well. Same with the new X5.
Sure it's way over priced.....its a brand new shape AND maybe it is a poor mans RR Sport but hey if that sells it then who are people to complain.
This is all simple economics. For those who feel very pleased with themselves saying how LR have "messed up". They I am sure don't think so because they are forcing people into buying.
Cars like this, and the car market in general have a lot in common with the housing market. Everybody who could raise the price through the roof and not suffer for it, did. Now even the lowliest of the low is shockingly high. Cheap, basic houses are now sky high and somehow everybody is okay with that, or at the very least, secretly shocked and complacent (it was commonly referred to as "sticker shock" once but now it's all so over priced that no one uses that term anymore).
It ends up being such a subjective notion after all about whether you consider LR is overcharging for a basic SUV; most people who want it and can pay would probably pay $10,000 more if LR asked for it (ironically, with some of the loan and lease deals you actually are paying $10,000 more for it after all the interest payments); and people who can't afford it are so turned off they don't care anyway. It's a super luxury car to many with a super high price tag; only the people on the fence who would have to stretch to afford it really care, and obviously, I'm one of them. Not angry, just disappointed.
In December 2006, I put money down on a loaded LR2. It was to be our 3rd LR product. I anxiously awaited the arrival of the vehicle and checked the website daily for updates. I kept all of my LR teasers that had been mailed and talked to my LR sales guide weekly as we tracked the status of the vehicle I had ordered.
Low and behold, it finally arrives!! I spent a couple hours at LR checking it out put the sold sign on it for them.
So now you must be wondering........The day of the lease package announcement, the day of my dealerships launch party, and the day my LR2 was to be delivered to me.......disappointment hits!!
I could not believe they did not do something 1/2 way aggressive with the leases. I would have been perfectly satisfied putting minimal down and driving out of their with a $650 lease payment.
Well, as we all know that didn't happen. The night of the launch I asked for my deposit back and wished them luck as they had just had 20 LR2's delivered to them the day before.
A few days later, I found that all but 1 person (23 total) had asked for their money back from the 2 local LR dealerships. Since then, btween the 2 of them they have moved about 6 trucks. The truck I ordered is still sitting at the dealership.
I hope this is the success LR had hoped for. I am truly a disappointed customer and am considering getting something else and not waiting for them to have to move this stagnent inventory.
You put a deposit down assuming a lease price that they do not need to deliver yet. It's a new shape.
More sour grapes
Suggesting people buy the car is not a solution to a super high lease price. Telling Land Rover "I'm cancelling the deal because your lease is too high" is the smartest thing you can do. If enough people walk away from the car Land Rover may lower the lease price dramatically (doubtful).
They have always been the kind of dealer that tests the market by starting pricing as high as they can; it's one of the tactics of exclusivity. Unfortunately, LR has also shown themselves to be the kind of company that never lowers the price no matter how bad sales are in the US; they always have the UK and Europe to fall back on. Too bad for the people here who like the brand but also respect and appreciate a good deal when they see one.
It also surprises me that any consumer would defend an overpriced car for the dealer; of course dealers may post here also, who knows. The only reason I can think of for defending a high price is when you think the car is worth it and you are proud of being able to afford it when others can not. That's a fine and expected attitude if you own a Ferrari; but not if you own an LR2, it's a mid sized average SUV that's clearly overpriced. That's nothing to be proud of owning just because you can afford to pay the price.
It's nothing to do with being proud. Its being fed up of people climbing on their soapbox having a go at a company when effectively the reasoning they are basing their complaint on is not the actual reason for the complaint.
In this day and age of lookalike SUV's from Asia, it is very wise marketing to make the cars "goods of Ostentation" and not decend into the averge auto mass sale.
Chances are at a lower price they would sell no more.
It's also interesting that people think LR have done no analysis into their market and have dreamed up their sales strategies on the back of a drinks mat in a bar and that they know better
Who said "never underestimate the intelligence of your audience"; something Land Rover dealers should think about. There was a time car dealers had the reputation of being smarter (slicker) than their potential customers; I think those days are over, though apparently, not for you.
How do I explain it? They are sales people. They knew you were interested and did not want you to buy anything else....
Dealers I know are not disappointed because they are selling repeat, selling, pretty well.
As regards your last comment. I think you are still a little bitter and twisted about it all.
Just picked out the LR2 I want. Thankfully, I know someone at Ford and got an X-Plan PIN. Couple of things make me wonder if the dealer is still trying to screw with me. First, he never asked for the PIN. Second, he wants to charge a doc. prep fee of 379, destination of 715, acquisition fee of 595 and a RAG fee of 300. Does anyone know which of these is legitimate for X-plan pricing?
The deposit I put down was so they would order the vehicle I wanted. Not just assuming a cheap lease price. I did assume it would fall in line with a higher end LR3 though..... so the [non-permissible content removed] was made of me.
No sour grapes, just reality. I am waiting to see what they do with their leases in July. If LR heats it up, I drive an LR2, if not then it is something different.
My LR3 lease is up in a couple months, and I am very anxious to switch to an LR2...so anxious that I am contemplating switching now, but that will cost me more to get out of my LR3 lease.
I'm hoping the July incentives are good. I still have yet to see an LR2 on the road in Northeast Ohio, so I hope LR has a good program and gets more people interested.
If anything, leases may go up from here.
Even with their whole dealer network screaming at them to offer competive leases on The Range Rover, LR3 and Range Rover Sport for the past two years they have not done it.
I don't see them doing it on the LR2 either.
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I HIGHLY recommend the Internet Manager/Fleet Sales Manager at Hornburg Land Rover in West Hollywood.
I sent out 6 requests for dealer quotes in the Los Angeles area through cars.com and only 2 send me back actual numbers (the rest seem to want me only to come and visit in person....):
Land Rover South Bay promptly sent me a spreadsheet and was really helpful with additional information and reconfiguring numbers, but didn't seem to have the exact options I wanted and location was too far away.
Hamid (Internet Manager) from Hornburg West Hollywood got back to me a little later, but it was worth the short wait. He gave me by far the BEST deal! He was very low-key, no pressure and made the transaction a wonderful experience! Their finance guy walked me thoroughly through the final deal and answered all my questions with patience and kindness. I walked out of there completely confident & knowledgeable about my decision & the deal I got!
(Enter the keyword "HORNBURG" into "Search Land Rover LR2 Discussions" and references to him come up, with great feedback several times)
P.S. I've noticed on some Land Rover dealer's websites: (end-of-month) lease deals...But you have to look for them...Usually under the "specials" link...note: all deals are "On Approved Credit" and usually dealer stock...
If I may ask, what kind of deal did you get on your LR2 lease?
How many months? How many miles? What is the payment? which options did you get? How much did you have to put down?
Thank you.
24 months / 12,000 miles
Narvick Black
Technology Package
Lighting Package
Added Walnut Wood Fascia Kit (about $800 installed) & Wear Care Warranty ($650)
$7000 down (voluntary large down to keep payments low & because my credit is so-so)
$ 449 per month (including tax)
Hope this helps you...
Thanks.
I would love a Bentley Turbo. I wonder if they will reduce the Lease deal so I can afford it.
If the LR2 Lease prices are too expensive then get a Murano. I am sure LR will not lose sleep over it.