Land Rover LR3 Lease Questions

jpo3e320 · February 2007

2006 lr3 hse w/ luxury package, sirius radio, & heavy duty package, I don't think there are any other options available
the car was leased in ny (LI) on the day before thanksgiving
I worked them over by getting comparitive quotes from other dealers and going back and forth- you can lie a little about each quote as they get lower and lower until you get the dealer down to the lowest price, this is the best way to negotiate a deal
good luck
you will like the vehicle

CarMan@Edmunds · February 2007

Hi 1stlexus. Yes, Land Rovver has some fairly significant incentives available on leftover 2006 LR3s right now. The $6,000 dealer cash and three thousand and change lease cash that have been mentioned in this discussion are not compatible with each other, but you should be able to combine them with the $1,500 direct mail certificate.

The '06 LR3's lease program varies by trim level. I would be happy to give you an idea of what it is like right now if you tell me exactly which model you want.

Car_man
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h2oleo · February 2007

Car_man

I am planning to go look at LR3s this weekend with the intention of leasing. The place I am looking is advertising:

LR3 SE7 with Satellite Radio
10.5K/24 mo
$4000 down
$399/mo.

Is this a good deal?

Also, how much is it reasonable to expect a dealer to discount IN ADDITION to the $3725 plus my $1500 certificate? My understanding is that there is about a $4000 difference between invoice and MSRP that the dealer should have to work with. Any help would be appreciated!

CarMan@Edmunds · February 2007

Hey lsleelee. Here's the information that you're looking for. Land Rover Capital Group's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Land Rover LR3 V8 SE with 12,000 miles per year are .00281 and 57%, respectively. The numbers for an otherwise identical lease of a 2007 LR3 V8 HSE are .00279 and 56%. I suspect that there is a maximum amount that Land Rover dealers are allowed to mark LRCG's money factors up, but I don't know what the limit is. Now that you know what these truck's buy rates are, there's a good chance that you will be able to convince a dealer to lease you one without any markup.

Car_man
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pollo · February 2007

Hi Everybody,

I'm interested to lease a LR3SE 2006. Can anybody explain me what exactly the LRA means and why is always equal to $3725? And also who is offering th $1500 certificate? I have not seen this discount in any special.

Thanks for all your help,

vidaman · February 2007

After going in to the West Palm Beach Rover dealership, they mentioned in a conversation that they could lease 05's that already had 10-15k miles on them for $2000 down and $360/mo out the door (because of the resdiduals being lower already). If I did a 24mo lease w/ 1000 miles/mo, I would still have the warranty for the entire term. Is this a bad idea for any reason? :confuse:

dmeads · February 2007

Hi Car_man

I am looking to lease a 2006 LR3 SE V8 7 passenger.

The advertised price is $44,900 (service loaner).
Has Nav system, Cold Climate pkg., Towing pkg. Has 6100 miles.

I want to do a 36 month lease 15K miles/yr. What are the numbers I should expect (without the $3,725 and the $1,500 - I have a refer a friend $1,500 rebate) for MF and residual, as well as Adj. Cap. Cost.

Can I still use the $3,725 as this is a service loaner or should I expect to try and discount the truck for the miles that are on it from this past year?

Any suggestions to get the best deal possible?

Thanks.

CarMan@Edmunds · March 2007

Hi vidaman. There's nothing wrong with leasing used vehicles, other than the fact that they often aren't as much less expensive than new vehicles as one would think. If Land Rover is running a special lease program on 2005 Certified Pre-Owned LR3s that make them significantly less expensive to lease than a similar 2006 or 2007 model would be, go for it. Just make sure to compare the payment to the used truck that you are considering to the payment for a similar new one before committing to anything.

Car_man
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CarMan@Edmunds · March 2007

Hi dmeads. Land Rover Capital Group's current 36 month, 15,000 mile per year buy rate lease money factor and residual value for the 2007 LR3 SE V8 7 Passenger are .00281 and 55%, respectively. Your capitalized cost for your lease will be whatever selling price you are able to negotiate minus any available cash incentives and minus any sort of down payment you choose to make (ideally this should be zero). So if you were to use the advertised price as your selling price, this truck's capitalized cost would be $44,900 - $3,725 - $1,500 = $39,675. As long as this vehicle was never titled and is still technically considered to be a new vehicle, which service loaners usually are, it would qualify for any of Land Rover's new vehicle incentives. Make sure that you are getting an additional discount for the miles that this truck has on it. I personally usually find that dealers are not willing to discount demo vehicles enough for me to justify purchasing one over an equivalent brand new vehicle.

Car_man
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amadeus78 · March 2007

Car_Man: Could you please provide the MF and residual on the 2007 LR3 V6. Assuming 15,000 miles annually and a 36 month therm. Thank you.

h2oleo · March 2007

Since I know I got a lot of info from this site, I just wanted to contribute info about the deal I finally got at Land Rover Mission Viejo:

2006 SE with rear seat package and satellite radio and added center console cooler box
MSRP: 48,600
Dealer Discount: 1900
LRNA Lease Cash: 3750
Customer Loyalty Rebate: 1500
Net Cap Cost: 41,400
Money Factor: .00045
Residual Value based on 24mo/15,000: 62%
I put down only 1st month's lease payment plus DMV/bank fees: 1400
Monthly payment: $546

All in all, not a bad deal. They still have a couple if anyone is interested and lives in Southern California. I would just caution you to double check all their numbers before signing your contract, as they were not all that organized when it came to explaining the numbers. Other than that, they have been very helpful. Hope this helps someone.

chrislr3 · March 2007

Hello Car Man
I am looking at a 2006 Lr3 HSE loaded with everything including Heavy duty package. MSRP is 56,875. They will discount it to 50,725 including the 3650 lease cash. The term is 24 months, 19500 miles per year. Residual is at 56%. zero down. the payment is 898.77 including our 9% PA tax. Is this a decent deal? Thanks in advance.

ysauto · March 2007

I wanted to find out if there are any good deals on the 2007 models in and around NYC area.

CarMan@Edmunds · April 2007

I'd be happy to help you out, amadeus78. Land Rover Capital Group's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Land Rover LR3 V6 SE 7 Passenger with 15,000 miles per year are .00227 and 51%, respectively. When negotiating your deal on this truck, keep in mind that Land Rover is providing $595 lease cash and waiving the first month's payment on leases of it right now.

Car_man
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CarMan@Edmunds · April 2007

Congratulations on getting your new truck, h2oleo. Thanks for taking the time to share the details of your deal with everyone. Enjoy!

Car_man
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CarMan@Edmunds · April 2007

Hello chrislr3. After backing out the lease cash that you mentioned, you are essentially getting a $2,500 dealer discount on this truck. A loaded 2006 Land Rover LR3 HSE has a spread of a little over $5,000 between its full MSRP and its dealer invoice price. If I was personally in the market for a leftover '06 LR3, I would want a larger dealer discount than $2,500. You may want to try to shop around or haggle with this dealer a little more.

Car_man
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CarMan@Edmunds · April 2007

Hi ysauto. Land Rover is providing special lease money factors and lease cash on the 2007 LR3 right now. If you describe which model you want and tell me how long you want to lease it for and what mileage allowance you need I would be happy to give you an idea of what the lease program is currently like for the truck that you are interested in.

Car_man
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suvcurious · April 2007

Hey there! Sorry to butt in! I've been waiting for someone to start talking about the 2007 LR3 leases!

This is the car I REALLY want.... but I'm not sure I can afford it. That's why I've been looking at the BMW X3 & maybe even the Acura RDX. HOWEVER, if there a special deal going on with LR.. I'd love to jump on it! What could I expect to pay for an V6 LR3 with Navigation for 36mos 12k mi/yr?

Thanks in advance!

SUV CURIOUS :P

chriscus · April 2007

Curious as well about a 36 month lease on an average lr3 in so cal. Thanks...

ravens1 · April 2007

Wanted payments around $500, so I am putting down taxes and tags plus another $2000 or so. This is on a loaded (read cold climate and sat.) '06 HSE demo with 2k miles. Still room to negotiate - thoughts? (Yes - the money factor equates to .7%).

Money Factor .00003
Residual 57%
Selling Price $49157.00 (MSRP $56,157)
Customer Rebate $4780
Sales Tax $2457
Tags $268
Money down $4500
Payment at 24 mos 15k a year = $510.86

britman4 · April 2007

MSRP $52,900

The residual is 62% and the money factor is .00002
24 months 10.5k

For a LR3?

Monthly works out at $668 and includes Sales and Excise Tax?

Thoughts?

chrislr3 · April 2007

Hello Car man,
I am looking at a lease for a loaded HSE, 2007 with all options except the HD package. They are waiving the first payment. Total cash to drive away is about 150.00. No downpayment. miles are 19,500 for 24 months. Payments are coming in at about 997 a month. Is this a fair deal? Thanks in advance.

lhr7 · April 2007

Hey Car man,

Quick question for you. I was give a quote for a Black with tan leather 2006 SE LR3 "Brass Hat" with about 3600 miles with cold climate package, lighting package, and navigation. I was curious about what you thought of the offer and if I should push a little more. The quote was for a 24/24 lease and was $434/month including taxes with the first month and plates down. They want $45,000 selling price (seems a little high) with a residual of $32,495. I would greatly appreicate your thoughts. Thanks in advance.

british_rover · April 2007

Call them back today tell them you will take it. There are so few of the Land Rover Corp. employee cars around and they lease so nicely that they don't last long.

Don't be surpised if you wait another day or so and that car is gone. We have never had a "Brass Hat" car last more then two days on our lot.

Just to put it in perspective it would cost you about twice that to lease a 2007 version of that LR3.

southpaw75 · April 2007

Yes, take it. Took delivery of mine about 3 weeks ago with same options as yours except Nav. Mine came in at 469 including tax with only 1st pymt down. Mine had 4k miles on it but was not brass hat. Looks like a great deal to me.

jhblum1 · April 2007

what should i pay for an lr3 07 se model with some options maybe retail of around 52k. 2 year lease? how much off retail, i own a range rover now what is this customer loyalty program and or rebate. i am trading in the rover do i tell them that upfront??

jayrod422 · April 2007

Hi all,

On Mar 5th 2007 I leased a 2006 LR3 SE Tonga green, brown interior w/ cold climate, lighting package, rear climate control, park distance, sat radio, and bluetooth telephone integration for 2 years at 24,000 miles...

I put down $3500 from my trade in and an additional $1500 from the LR website coupon.

The MSRP was $51400, sale price was $47437.04, and residual of $32896. The cap cost reduction was $7553.30 which took the price to $39883.74.

My total lease payments came out to be $389.93 and they include all taxes and plate fees.

Is this a good deal?

Also, has anyone ever bought out their lease at the end of the term? I will most likely go over my miles and at $.25/mile the return cost could be ugly since I will most likely go over... Do you have to pay for the miles over if you do a buyout?

bethr · April 2007

i am looking to lease a lr3 v8 se sticker 52,000 24 months 2000 down24 thousand miles- i would like to know if 560 a month plus tax around the right price- we have an 05 and the sticker was 51,495 24 months 599.00 including tax- 2500 down - i would like a hse 56,000 and was wondering the price on a lease for 24 months 2500 down- and what is the 1500 land rover certificate how can i get one-
thanks beth r

suvcurious · April 2007

Can someone pls tell me if this is a good deal or not?

24mo/21mi
Tonga Green/Alpaca Beige
Cold Climate pkg
Tel integration
Satellite Radio
Cap cost = 44,636
Cap reduction = 4,533
Net Cap = 40,102
Resid = 29,219(61%)
Rate = .00012
Total Depreciation = 10,883
Monthly Dep = 453.48
Montly pymt = 499.90
Mfr Rebate = 4,465
Down pymt = 2,000

Not crazy about the color but if it's a good deal... I may just take it.

Thanks in advance!

SUV CURIOUS

krasner · May 2007

Seeking to lease a used '05 or '06 LR3 (SE or HSE) in SoCal.

Any thoughts/leads/suggestions?

Thanks!

lr3maybe · May 2007

I have a certificate that will save you $2000 or $1500 I will sell. Make your email address public and reply and I will email to you. I can send you a scan of the certificate and the cover letter if you would like to see it.

There is a place on the certificate where I can sign and transfer it to a friend.

Exact wording on the certificate is as follows:

Save $2000 on a new 2007 Range Rover HSE*
Save $1500 on a new 2007 Range Rover Sport HSE**
Save $1500 on a new 2007 LR3 V8 HSE, SE, or V6 SE

*Offer valid on purchase or lease of a new, previously untitled 2007 Range Rover HSE (excludes Supercharged model) from 4/16/07 to 6/30/07. **Offer valid on purchase or lease of a new, previously untitled 2007 Range Rover Sport HSE (excludes Supercharged model) from 4/16/07 to 6/30/07. Offer valid on purchase or lease of a new, previously untitled 2007 LR3 V8 HSE, SE or V6 SE from 4/16/07 to 6/30/07. Present this certificate to Retailer and take delivery from Retailer stock by 6/30/07. These offers may not be combined with any other private purchase offer. Limit one redemption per household. These offers exclude demonstration vehicles and service loaners. For current lease customers, these offers may not be combined with the Early Lease Termination offer. See Retailer for complete details.

bethr · May 2007

please send it to me i am buying this weekend- bevieruck@aol.com please send asap

CarMan@Edmunds · May 2007

Hey suvcurious. This truck's lease payment will depend upon what sort of selling price you are able to negotiate on it. Let me know what the full MSRP and approximate selling price of the LR3 that you want are and I will gladly use Land Rover's current lease program to estimate what your monthly payment should be for you. You may be able to get an idea of how much you will have to pay for this truck right now by visiting the following discussion: "Land Rover LR3: Prices Paid & Buying Experiences".

Car_man
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CarMan@Edmunds · May 2007

Hi britman4. You never mentioned the selling price of the LR3 that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what its selling price is.

Car_man
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CarMan@Edmunds · May 2007

Hi chrislr3. Land Rover is waiving the first month's payment and providing $595 lease cash on all 2007 Land Rover LR3 V6 models right now. I would be happy to give you my opinion of this deal, but you never mentioned the selling price or MSRP of the exact LR3 that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. Let me know what these numbers are and I'll tell you what I think.

Car_man
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CarMan@Edmunds · May 2007

Hi jhblum1. Are you interested in the '07 LR3 SE V6 or V8. It matters which one it is because their lease programs are different. Either way, I personally would shoot for $500 or so over dealer invoice minus any available cash incentives and see what happens. You may be able to get an idea of how much you will have to pay for this truck right now by visiting the following discussion: "Land Rover LR3: Prices Paid & Buying Experiences".

You definitely should be upfront about the fact that you want to trade in your current Land Rover when you lease your new one. Just make sure to have the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a down payment for your lease. Consumers who make large down payments on leased vehicles risk losing them if their vehicle is totaled in an accident or stolen and never recovered.

Car_man
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CarMan@Edmunds · May 2007

Hi Beth. This truck's lease payment will vary depending upon what sort of monthly payment you negotiate on it. Look up the dealer invoice price for the truck that you want in the New Vehicle Pricing section of this site and try to get as close to that number as possible making sure that you take advantage of the $1,730 lease cash that is currently available on the '07 LR3 V8 SE. If you let me know what selling price you come up with I will gladly use Land Rover's current lease program to estimate what your monthly payment should be.

Car_man
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bethr · May 2007

the car is v8 se black with sirus and lighting packing- he said he was selling for a little over invoice- the deal we can get is 2995.00 down and 24 months at 539.00 plus tax the car is stickered at 50,500- they say there are no incentives- we also have 3 more months on the lease and they were going to buy out but now said it expired- is it a good deal-

bethr · May 2007

let me know if this a good deal or what i should do- lr3 hse 57.600- the down payment 3600.00 first month payment is paid by dealer- this is 12,000 miles- 24 months the payment is 66659 including 7 1/2% taxes- i also have to pay the 3 months left on my old lease-

chrislr3 · May 2007

HSE 07 with all options except HD
final adjusted cap cost is 54,685
Residual cost is 29,945
30 mos instead of 24 also
0 down & 19,500 miles

CarMan@Edmunds · May 2007

Thanks for the additional information, bethr. When you were told that there are no incentives on this truck, the dealer was either confused or lying to you. Land Rover is currently providing $1,730 lease cash on the 2007 LR3 V8 SE. This means that a selling price that's slightly over dealer invoice is really more like $2,000 over invoice once the lease cash is taken into account. There's still some room to play with there, so it wouldn't hurt to try to get the dealer to come down a little more or to comparison shop a little bit. You don't have anything to lose by trying. Also, make sure that the dealer you are working with uses Land Rover Capital Group's current 24 month buy rate lease money factor of .00188 to calculate your monthly payment.

Car_man
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CarMan@Edmunds · May 2007

Hi chrislr3. You still haven't told me what this truck's full MSRP is. This number will show me how much of a discount you are being given on this truck. By looking at the selling price that you were quoted it does not appear as though you are being given much of one. If that is the case, you should comparison shop a little bit to see if you can get a better deal.

Car_man
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bethr · May 2007

SO THE 666.00 A MONTH FOR 24 MONTHS AND 3900 DOWN SHOULD COME DOWN- IT IS THROUGH LANDROVER CAPITAL- MY CONCERN I HAVE 3 MONTHS LEFT ON A LEASE AND THEY WON'T PAY IT- SHOULD I WAIT UNTIL THE LEASE IS UP OR IS THIS TOO GOOD TO BE TRUE- IT IS ON A 57,000 HSE-

british_rover · May 2007

Ahhh now wait we can't use that 1,730 lease cash to reduce the price of the car.

We can use it as cap cost reduction or to cover inception costs.

kyfdx · May 2007

The effect is the same... If you reduce the CAP cost by $1730, it is no different than reducing the selling price by the same amount.. right?

regards,
kyfdx

british_rover · May 2007

No, not really as CAP cost reduction is taxed and when you reduce the selling price you pay no tax on it.

Depending on your state it will a different effect on the lease payment.

In this example for my state that makes a $103.80 difference with 6% sales tax over the length of the lease. Depending how the lease is structured that might increase every payment by a certain amount or just increase the amount due at inception.

kyfdx · May 2007

Gotcha... okay.. almost the same amount..

Sort of like a rebate, then..

british_rover · May 2007

Basicly yes that is what lease cash is. It is an important differance because you have those accounting type people that will work a lease backwards trying to account for every penny in it and that much money would be more then enough to kill a deal for them.

I have told the story of the guy who killed a deal and threatened to sue us and Land Rover for charging sales tax on the property tax portion of the lease payment that Land Rover collects. Even after I sent him a copy of the CT law that says we are required to tax the property portion of the lease payment he was still not happy.

This was only 6% of $82.00 a month on a 30 month lease for a $82,000 Range Rover. It was less then one percent of the monthly lease payment and he was SCREAMING at me over the phone about how what we are doing is wrong and illegal and we will be getting a letter from his lawyer. :confuse:

Never got that letter by the way.

notanother · May 2007

If I have read the recent posts correctly, there is $1730 lease cash available on '07 LR3 V8 SE's and a money factor of .00188. I am looking for a 24 month lease, 24000 miles. Can you tell me what the residual percentage should be on the base model? Also, how much longer is the $1730 being offered? I am trying to structure an offer and would appreciate this and any other information that might be helpful. Thanks

notanother · May 2007

Got a message from the sales guy we leased my wife's last car from. How does this sound: 2007 V8 SE with Tec package, 24 months, 24000 miles, $2000 down, payment of $537 + tax. He didn't leave any other details and wasn't there when I called back.

Anybody got specifics on a recent deal in Orange County, California?

Land Rover LR3 Lease Questions

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