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Comments
It's possible that you might be able to use your leased vehicle as equity on your new vehicle. More often than not in the past this wouldn't work, but given the rapid rise in used vehicle prices that we are experiencing right now I would not be surprised if you might be able to use this to your advantage. Give it a shot and see what happens.
Infiniti Financial Services' May buy rate lease money factor and residual value for a 24 month lease of a 2012 M37 RWD with 12,000 miles per year are .00154 and 69%, respectively for consumers who qualify for its top credit tier.
The numbers for an otherwise identical 36 month lease are .00161 and 60%.
Car_man
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Sorry, no overlap, your always current, timely and spot on advice keeps you from showing any age. Thanks for your help. I'm hoping, since the new models have no dealer or manufacture money, the prospect of their profit on selling my trade will help me get the dealer to invoice for my cap cost. Adding 9 sec dep to the MF could make it doable for me. I'll let you know how it turns out. Thanks again
Car_man
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What are the money factor and residual for a 2012 M37x leased for 36 months with 15,000 miles per year?
Many thanks in advance.
39 = 57% for 15k
Add 2% for 12k
MF range from .00155 up to .00563 depending on credit.
Don't confuse the "buy out" offer with the new lease. The questions on the new lease are the same as always....what's the money factor, what's the cost of the car if they sold it to you directly, and what's the residual. $575 feels a bit high to me, but without the detail, it's just a feel.
In March, I was able to get out of my 2010 M35x 36 month lease after just 1 year and into a 2011 M37x premium, deluxe touring, splash guards, rear decklid spoiler, illuminated kick plates, tinted windows, SmartStart remote start and Trunk mat / trunk net / first aid kit for $588/month (NYS tax of 8.625% included) 39 months/ 10K miles per year.
My total out of pocket was $1,502 (includes all fees and the remote smart, tint & spoiler). Mine was a 2011, however, optioned as this, my MSRP was $57,385 (not including the remote smart, tint & spoiler).
I hope this helps.
I also replied to e325rkh with the following: I like my old car and wouldn't mind keeping it for another 7 months (I just put on new tires). So I am looking at the new lease as if it is a stand alone with all possible fees included, just as I did on the 2008 M35x. It just seems that the 2008 which has less than 27,000 miles is valuable to the dealer and can be sold for a profit (that's what he says) and that should be shared with me to lower the 2012 lease. I just don't know by how much. I am now paying $575 for 39 months, 12,000 miles (yes,I asked for too much), and feels that a comparably equiped 2012 with 10,000 miles should cost less. Am I wrong?
Thanks for any help.
I think you are mixing a lot of things together (trade in your old car, negotiate a new M37 lease) and get yourselves very confused. I would define you get a good deal as following: trade in your old car with the highest price possible. Leasing a car has two components: 1) you negotiate as good a selling price as possible within your local market 2) you get the best money factor that the manufacturer offered.
If you have more than one Infiniti dealer in your town, take your car (or at least call all of them) to the dealers and ask them to bid on your car. They will come back with a quote that they will buy your car for. Say no to the first offer and see what the best offer each will come up with. You can terminate your lease by sellling the car to the dealer and they pay off your lease. If your car is in really good demand, you may even be able to pocket some money.. If not, you may need to put up some money.. But at the very least, if you put the effort in, you will find out the best price your car can fetch.. We did that a few months ago by selling our 08 Lexus LS460 to a lexus dealer. And we leased a M37 after we trade in out LS460. You can do trade in and a new lease in two different dealers.. Sometimes, the dealer that can give you the best deal on your used car is not the same one that can give you the best deal on the new car..
When shopping for a lease, you want to make sure that you get the best price. And it will take some shopping around (email quote from dealers in your area, stop by etc.. Whatever that work for you). Don't be suprise that your price may be different that what is posted here.. People who live in LA and SF tends to have very good price since we have 7-10 dealer within reasonable driving distance.
Car_man can help you in figure out if you get the best money factor or not.. You should insist on your dealer giving you the cap cost, money factor, residual and additonal fee for your lease (some dealers refuse to do so.. and you should run as fast as you can away from them.. without the breakdow, you have no way to figure out whether you get a good deal or not.). Dealer sometime try to tell you they don't have the info.. But they need them to complete your lease.. So if they don't have the info, they won't be able to lease you the car (so it is all standard bs).
Car_man
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1) Would the money factor you quoted on 6/5 be the same (.00155?)
2) What is residual for 39 months?
3) I also think the "sale price" is probably a couple thousand high too. ;-)
Thanks so much.
Is the Infiniti Financial Lease Acquisition Fee (Bank Fee) $595 or $700?
Best regards
You have to read back in this forum...I've written lots on it and it's a standard part of the infinity lease program that many/most dealers don't know about, don't understand and try to tell you it's not a good deal. It IS a good deal for you.
Do NOT compare leases by comparing monthly payments....look at the total cost over the life of the lease...monthly payments PLUS down payment Plus and other costs. With multiple security deposits, your payments will be higher than if you gave it as a down payment...but at the end of the lease, you get that $7000 back!!!! it's a security deposit. That's why you have to add up all the costs over 39 months.
Don't let the salesman or finance manager try to tell you how to analyze leases...they have no idea...and they believe that the lower they can make the monthly payment, the faster they will sell you a car...even if it costs you more because you are putting $7K down.
Just taking your "quote" on the 39 month lease.....you are paying that $7000 and you get nothing back at the end....so just divide that $7000 by 39 months which is $179 a month and your true lease cost is $805 a month...not the $626 they would have you focus on.
While I don't have all the numbers in front of me, my bet would be that if you compared your total expenses with $7000 down (effectively 805 a month) to using that $7k towards multiple security deposts and remembering that you get that $7K back....you will save at least $1000 over the life of the lease.
My search for finding a good deal on an M37 lease has moved into Jun. Seems like inventory concerns are slowing the deal making. Could you please update us on the MF and residuals for 24/12K and 36/12K lease on a 2012 M37 RWD .
Thanks in advance for your help.
Thank you for your response. It appears the residual value for the 2012 M37x for 36 months and 15,000 miles is 58% versus the 59% cited above. The money factor for Tier 0 and Tier 1 credit is 0.00155 for June.
I appreciate your help as I am sure does everyone on this forum.
I am paying 525 a month incl 9% PA sales tax, My upfront was a total of 2000 dollars which also included the bank fee, 39 month lease 10K per year
Any thoughts on this deal? The sale price that the lease was based on was
approx 47,400.
That's a great deal, sale price about $2,000 below invoice and a monthly payment of $482 before the 9% tax. I would do that in a heartbeat but no 2011 left in Fl. Enjoy the M and smile for 39 months over the deal you got.
The selling price that you were quoted appears to be around $1,000 or so over dealer invoice. That isn't too bad. If the supply in your area is good and there's a decent amount of competition, you may be able to beat that by a couple hundred dollars.
Car_man
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Car_man
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Car_man
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The numbers for an otherwise identical 36 month lease are .00161 and 59%.
Car_man
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No worries: You did not cite $595. My last lease has a lease acquisition fee of $595. I was querying whether it was now $700.
By the way, I am about to lease a 2012 M37x with Premium Package at a gross capitalized cost of $50,312 (or $500 over dealer invoice).
Many thanks
Car_man
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Thanks!
What the dealer usually charges in this case?
What about sale tax? Since the car is leased in MD I've paid 6% tax ( $2580) on full cap price of the vehicle. Will the dealer charge sale tax again on residual value (the value is about $21.5K), hate to pay about $1200 in addition to $2580 already paid?
Leon,
You haven't paid sales tax on the full cap price of the vehicle. The cap price is used to determine your monthly payments, but you only pay sales tax on the portion of the depreciation your lease payments represent. For example, assume no cap cost reduction and your cap cost was $50K and the residual was $30k, you're only paying sales tax on the $20k dep'n. So at lease end, if you exercise the buyout, you still have to pay sales tax on that portion. Technically, since the buyout is always a bit higher than the residual used in the lease calc, you do actually have a duplicate sales tax for the amount of the buyout above the lease residual.
Since your trade-in value is way higher than your lease buyout, buying out the lease and trading in seems to be the smart move. Good luck!
If you purchase then trade the vehicle, you will pay sales tax on the residual if you have a residual buyout option. If the fund provider allows a dealer residual buyout, a less costly option is to let the dealer purchase your leased vehicle in a trade, then you can apply any equity toward your next purchase or lease and escape having to pay sales tax because you're not buying the vehicle. I've done this a few times in Ohio.
In Maryland, you pay sales tax on the selling price of the vehicle or, what is known as the agreed upon value in a lease. Maryland does not tax the payment streams nor does it tax depreciation as some states do. You may also be liable for tax on such items as dealer doc fees and acquisition fees whether they're capitalized in the lease or not.
John
TheAutoLeaseGeek
Doesn't seem seem fair to pay sales tax twice but, again, paying sales tax on agreed upon value in a lease in MD doesn't make much sense either.
Question: can I negotiate trade-in value with same dealer I got my car from? Don't know if I get another Infinity yet, but, just as a thought, if I'm able to get a good value on the next car in the same dealership. I'd definitely wouldn't want to apply the equity toward next lease as I never put money down (just multiple security deposits and necessary fees), so I would expect a check for a trade-in (or a difference between residual and trade-in).
You're absolutely right! Never put money down on a vehicle as it's a depreciating asset. Another reason is that if the car is stolen or totaled, you may lose all or part of the down payment as GAP covers only the amount by which the lease balance exceeds the actual cash value of the vehicle. So, it's best to stick the equity in your pocket.
There are a some states (e.g., AL, Ill, NV, MD, TX, VA) that tax the full selling price. But, you have to remember that every leased vehicle is a sold vehicle. And, yes, if you lease and then exercise your buy option, you will be taxed on the outstanding lease balance (residual... for full term leases) plus the purchase option fee, if any. Most states, if not all, consider the front end lease transaction and the back end purchase transaction as two seperate and distinct transactions. Accordingly, tax is levied on both transactions.
Yes, you can negotiate a trade with the original dealer. In fact, you can negotiate a trade with any dealer.
Hope this helps.
John
TheAutoLeaseGeek
Funny thing is that I called dealer a few days ago to ask same questions, and they had no idea! They transferred me from one person to the other and I still didn't get an answer! But again, I was the first one in this dealership (and it's quite a big one) to exercise MSD, the Finance manager had to call IFS to ask what the hell MSD is, so I'm not surprised!
A few questions about end of lease.
Does dealer require any maintenance records? I have a mechanic friend in Lexus dealership who was doing all oil changes (every 5k) and other maintenance work but off the record, hence no paperwork.
Also, I read somewhere (not sure if it's true) that tires are also inspected and a certain amount of tread would be required. Despite low mileage my tires are definitely in need for replacement (almost no tread left), and might be quite "bold" by the time I return the car. Do you know if there is a penalty or a charge for such tires? Hate to think I need to put in new tires now.
John
TheAutoLeaseGeek
Dealer offered me $47,587.90 and I want to come up with a counter offer, but cannot figure out what I should deduct for the 4400 miles that are on the car. Can anyone offer advice on that? I was going to offer him $46,800 but maybe I should go lower, after all its "used".
Also, in the upfront fees there is a Document Fee of $695.00. Is this a bs fee that I can tell him to get rid of. I am a repeat customer of this dealer and don't think I should pay that fee. Any thoughts
2011 M56S, loaded - MSRP $70,335 (includes all packages Tech, Sport Touring, Sport Package, Aero, high friction brakes, illuminated kickplates)
Invoice price is 64,100.
39 month lease
10k per year miles
Down payment = first payment, tags, app fee (About $1,100)
Monthly payment: $875
Goo, bad, horrible?
Thanks.
So I got out of my lease early no penalty and paid my first month at dealership.
Car_man
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Is this a fair deal.
Just traded my 2008 M45s(5000over miles, 3 mths left on lease) for a 2011 M56x fully loaded (every option available). No money down $870 / mth for 39mths 15k miles.
So I got out of my lease early no penalty and paid my first month at dealership.
I am looking at the same car, MSRP of about $70k, and I got a deal of $805 a month, first payment and tags, 10k per year miles and 39 months.
Thanks so much for your help!
Suzy
What is the money factor and residual % for a 2012 M37x w/ Deluxe Touring, 10k, and 36mo? How much for the same for a 48mo? Any current incentives?
Thanks! Yo the MAN!
According to my calculations, if you were to lease a 2012 M35h that has an MSRP of $65,210 and a selling price of $62,210 through Infiniti Financial Services right now for 39 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $809 assuming that you qualify for its top credit tier.
Car_man
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