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Now let's take a look at the price that you were quoted. A 2006 Infiniti M35 Sport with the Journey package has a spread of slightly over $4,000 between its full MSRP and dealer invoice price. You were quoted a discount of $4,058 on this car, so I suspect that the price that you were offered is fairly close to dealer invoice. If this is the case, this is a good deal. Just make sure to have the dealer use this car's buy rate money factor to calculate its monthly payment and you're in business.
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For now I can tell you that it is not in your best interest to make such a large down payment on this lease. I always advise community members against making capitalized cost reductions on leased vehicles. The main reason that I do this is that if one's leased vehicle is totaled in an accident or stolen and never recovered their down payment essentially disappears. You would be better off using the money that you were going to use as a capitalized cost reduction to make additional security deposits to buy down your car's money factor or just keeping it in the bank.
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I am new to leasing. How would i calculate the monthly payment on a 2007 M45 sport with all the options. 21 months, 15k miles a year and 0 down.
Total Cap .$60,246.19
Cap Reduction $0
Residual ..76%.......... $45,463.20
Total Depreciation $14,782.99
Doc Fee $299.00
Taxes $1,840.69
License Fees ..... $56.50
Advance/Monthly Pmts $956.50
Security Deposit $0
Bank Fee $550.00
Total Drive off .. $956.50
Rate . 2.390
Term 21 Month
If you went with a 24/15k lease. You will be at $986.08.
Remember, You will also become a member of the 2006 500 Club.
Please contact me and let me know when you can come in to take a look at the M45s. I will be here today until 8pm this evening.
Do you know if this 21 month lease program is being continued for the month of September on the M35x? If so, do you have to take possession from cars in stock or could you order one? I'm in Massachusetts and would be working w/ the Infiniti dealer on Rt 1 in Norwood. Thanks.
Thanks for your great info and advice re leasing.
I was interested in the numbers you have here (in Msg #722)for MF and residuals for 2006 M35 AWD. I was quoted MF of .00089 and 70% residual for 12000 mile lease (quite a bit higher than the .00001 that you quote for 15000 miles). I even pressed the finance person about looking at the IFS paperwork to see the numbers...he said: "no, it was an internal document." So, Perhaps he padded the MF...btw, this deal was done on 8/26/06. And here are the details:
Just purchased (well actually leased) one of the last two 2006 M35x left at Chicago north suburb Dealership...they had white and silver vehicles remaining with typical package of Journey, technology, mud flaps and mats with:
MSRP: 51,140
Edmunds/KBB invoice: 46,626
Negotiated selling price: 46,901 ($275 over invoice)
If I wanted to prolong the dickering, maybe would have gotten closer to invoice or $100 over but nearest other dealer was 35 miles away and this place is 3 miles from home. Also silver is the color I wanted.
Reading the lease tips forum was extremely helpful in that you must follow the mantra: pay only first payment, title and license fees to walk out the door.
I used 3 security deposits to reduce money factor from .00089 to .00059. Gave 70 % residual for 21 month, 12000 mile lease (that's probably inflated). BTW, finance person said only 3 security deposits could be made.
Anyway, I'm reasonably happy with the car (actually really wanted M45 but spouse requires AWD--so will wait and get the now announced for 2008 M45 with AWD! in 21 months).
Taxes and $550 acquisition fee all folded in to financing.
Deal is done but was $550 also padded??
So: $3272 out the door
$2400 = 3 security deposits
735 = 1st monthly payment
137 = registration and titling
Also, can confirm that the passenger front seat adjustments are unsatisfactory--in 2006, Infiniti used cheaper controls than used for driver: the seat front under your thigh cannot be raised (I suppose they saved all of $11 per car). In fact, my wife said she felt like she was sitting too low. Happily, she is not often a passenger in this car.
Can also confirm that passenger seat front is fully adjustable in 2007 models).
List with all 51,705 final price 48,500, nothing down, 17,500 miles a yr., 39 months $835 per, resudual is 52% less2% for excess miles or a final residual of 50%. I'm getting screded on the residual? and the discount? also, do any of you thing the new Lexus GS 350 is a beter car?
Thanks for any help in advance.
Madrad, where did you hear this? Can you provide a source? That is the car I would wait for!
Having driven an A8 for the past 6.5 years I can say for sure I won't ever buy another V6 even with 280-300 HP. Just finished a 450 mile trip this afternoon and while it handled fine on the Interstate, I found it a bit noisy with rpms at 3100>3200 cruising at 73-75 mph. I mean there was no problem passing but the V8 feels so much better and my old AUdi cruised at 75 mph at about 2100 rpm. Oh well, lesson learned. You may ask, why didn't you buy another Audi? Well I hate the nose on all the new Audis and their MMI is not anywhere as good as Infinitis and the NAv is better in the Infinitis.
I was planning to buy next spring or summer anyway.
This is my wife's car and she doesnt put the miles on like I do so I can buy the miles she needs. But after an experience like '98, I'm in no hurry to re-live the lease again.
The dealer is quoting me $672 per month on a 21 month (??never heard of a 21 month lease before) with $3500 down and 17,500 miles. Is this a fair price? Should I put money down or should I use the down for additional deposit? Any suggestions on what should I negotiate for. I have no reason to make a decision tomorrow. Our current car is a very nice 03 BMW x5.
Thanks in advance for your assistance.
I believe that there is a limit of 7 security deposits.
At the end of the lease, infinity sends you a check for the security deposits...it may take a few weeks to process.
If you terminate the lease early, these are security deposits so they are treated as any security deposit.
Infinity does have a 21 month lease program right now...but make them run the numbers for 24 and 36 just to make sure the 21 is the least expensive. Look at total cost, not monthly payments. Always run the numbers with no addional payment other than the first months lease payment and any registration fees. Everything else gets bundled in.
What is 17500 miles...is that per year??
My advice, by the way, is to get the M35 not the sport. The sport rides very rough on those larger but thinner tires. My friend who bought the sport wishes he bought the M35 which I bought....it's just more comfortable and just as much fun to drive.
Check it out.
http://forums.roadfly.com/forums/financing/
Getting a 2006 M35 AWD with Journey & Tech Package for 21 months, 12000miles/yr, for 660$ per month for 21 months, no other fee. Is this a good deal?
the lease is for 21 months, 12 k miles, 4400 down including drive off fees (2800 deposit)
it comes to 496.45/mo including taxes
residual is 74%
money factor is .00192
would I be better off with additional security deposits (will my payment stay below 500?)
thanks
Is it possible that you are paying 5 security deposits which would reduce the mf by .0005? Ask the dealer how much you will get back at the end when they return the security deposits.
Overall, this sounds like a good deal
What is the lowest lease price for an M35 I can expect to pay if I lease now, or if I lease around Chritmas?
My heart wants an Ivory Pearl M35 with the wheat interior. But financially, how big a hit will I get with the M35?
I have been all over Infiniti's site too
Thnx
My understanding of Infiniti's program is that for each extra security deposit (I believe the max is up to 7), the MF is reduced by .0001. There is no change to the residual...the only change is to the MF. Each extra security deposit is the original monthly payment (without any MSD's) rounded up to the nearest $50...so if the base payment with no MSD's was $635, then each MSD would be $650.
My current M35 lease (7/06) used MSD's to reduce the MF to almost 0.
Look for my earlier posts on the topic in this forum.
1) miles per year on this lease
2) Agreed upon selling price used in the lease calculation (don't assume that they used 41599...ask)
3) Money factor (MF) used to calculate the lease
4) Residual value (quoted as a percent of the original MSRP of the car)
5) How much of the $3000 is being used to buy down your monthly payments vs paying for bank fees/origination fees/tax title and so on.
Then we can figure out if it really is an OK deal
Thankyou very much for all your information... Knowing what factors to look for help alot. But I cant shake the thinking.. that all i have to do is trade in this truck.. which in my opinion isnt even worth 3000 to get an m35x for only 459 a month... am I still a sucker?
My calcs say that with (8%) tax, that car should cost you $627.98 a month and they should write you a check for $3000. Now if you choose to prepay some of that $627.98 up front, that's up to you.
Also...make sure there are no other charges that will be added when you go to sign the deal...eg. administrative costs and so on.
Financially it never made sense to me over buying the vehicle outright, and that was assuming I kept within the allowable number of miles which would be hard for me to do. Even with 2 cars and a Harley, I can't drive under 15,000 miles in a year.
To me it seems like leasing just gives you neverending payments and never having a dime of equity in the vehicle. Although admittedly almost all cars are rapidly depreciating assets anyway. I guess the attraction is being able to drive a new vehicle every couple years and to drive a better car than one can afford to buy.
Just interested in the thoughts of others out there who regularly lease.
I appreciate any help Car_Man or anybody can give me.
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Infiniti Financial Services' current buy rate lease money factor and residual value for a 24 month lease of a 2007 M45 Sport with 15,000 miles per year are .00204 and 69%, respectively. The numbers for an otherwise identical 39 month lease are .00210 and 57%. The numbers for a 39 month lease are .00201 and 55%.
Your car's security deposit will be equivalent to its monthly payment rounded up to the nearest $50 increment. IFS will waive its security deposit requirement in exchange for an increase of .00015 in your car's money factor.
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I am speaking with two dealers here in SW Florida and they look at me like I have two heads when I mention Infiniti Financial Services rates (on the '07 M35). I am getting prices for 24 month 12 & 15K miles. I did ask one dealer if they used the IFS set rates and he said yes. What can I show them to get the correct rates and residuals? Also, they both had not heard of any September special on the M35 21 month lease.
Thanks.
Brownie