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Land Rover LR3 Lease Questions

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Comments

  • maverick8maverick8 Member Posts: 25
    OK thanks. This begs the question "what is your area?" though buuying a vehicle out of state is very difficult for CA residents.

    Thanks,
  • arik5966arik5966 Member Posts: 3
    got the following deal:

    2007 LR3 SE V8 Buckingham Blue with Alpaca interior, Tech, cold and lighting package.
    24 months with 10,500 miles per year
    MSRP is $54,500
    Capped at $49,110
    Montly before TAX $681.95
    $1784 due at signing which includes motor vehicle and doc fees as well as sales tax in NY at 8.375%.
    The money factor is .00106
    resd. 64 lease end value $34,880
    The bank fee and first month is waived

    What do you think is this a good deal
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the info that you're looking for, maverick8. Land Rover Capital Group's current buy rate lease money factor and residual value for a 24 month lease of a 2007 Land Rover LR3 SE V8 with 10,500 miles per year are .00106 and 64%, respectively. The numbers for an otherwise identical 36 month lease are .00195 and 55%. When negotiating your lease on this truck, make sure to take advantage of the $1,730 lease cash that Land Rover is currently providing on it.

    I am not sure what the availability of '07 LR3s is like in your area, but the '08 models have been out there for a while now so I suspect that the supply leftover trucks is getting a little thin.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for, marcz. According to the latest information that I have seen, 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 HSE with 15,000 miles per year are .00170 and 50%, respectively. When negotiating your lease on this truck, make sure to take advantage of the $2,130 lease cash that Land Rover is providing on it. Good luck in your negotiations.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey marcz, I just responded to your earlier post. Please check my last post for the information that you're looking for. Let me know if you have any other questions.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi arik5966. The money factor and residual value that you were quoted are right in line with Land Rover Capital Group's current program for this model. This is a good thing because it means that the dealer you are working with is being very straightforward with you about this aspect of your deal.

    Let's take a look at the selling price that you were quoted. According to the latest information that I have seen, Land Rover is currently providing $1,730 lease cash on the 2007 LR3 V8 SE. Plus there is a spread of around $4,800 between its full MSRP and its dealer invoice price. That gives you a total of around $6,500 to play with in your negotiations. You were quoted a discount of around $5,400 on the specific unit that you want. That probably puts you at around $1,100 or so over invoice, which isn't bad. You definitely should stop by the following discussion though to see how much other community members have paid for similar trucks lately: "Land Rover LR3: Prices Paid & Buying Experiences".

    Car_man
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  • jeffsaulsjeffsauls Member Posts: 11
    Car_man:

    Do you have information on Land Rover Capital Group's fourth quarter programs, specifically residual values and money factors on a 2007 LR3 SE V8 at 12 and 15k miles per year? Also, if you have info on any available lease cash that would be very helpful.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jeffsauls. Here's the information that you're looking for. Land Rover Capital Group's new fourth quarter buy rate lease money factor and residual value for a 36 month lease of a 2007 Land Rover LR3 SE V8 with 15,000 miles per year are .00167 and 49%, respectively. This truck's 12,000 mile per year residual value is 2% higher. I believe that Land Rover is currently offering $1,295 lease cash and waiving the first month's payment on leases of this model.

    Car_man
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  • trimarctrimarc Member Posts: 1
    Car_Man:

    I am in the market to lease the above in the next 30 days. I was just quoted $922 per month with $2,417 in inception fee's (no down payment) on the above with no special options. 36 months, 15,000 miles. That seems out of wack for a $55,000 truck. What should I expect to lease an '08 HSE for and how can I get the best deal? I am a novice to leasing, and I kinda understand what I've read about residuals and money factors, but...

    can you just tell me a payment and upfront fee's that I should expect to pay for an '08 HSE? I really appreciate your help!! Thank you!
  • bethrbethr Member Posts: 51
    we had a 2007 hse sticker 56,050- signing 2800 and we pay 559.00 for 24 months including 9% tax
  • belladiva79belladiva79 Member Posts: 2
    Is this for a loaner or a brand new 07?
  • ysautoysauto Member Posts: 42
    where did you get this deal???
  • ysautoysauto Member Posts: 42
    where did you get this deal for $559/m???
    wow
  • ysautoysauto Member Posts: 42
    Any Lease specials in NY area?
  • british_roverbritish_rover Member Posts: 8,502
    It is doable with a low mileage lease short term lease on a Left over 2007 LR3 HSE.

    You won't ever hit that on a 2008 LR3 though. There is almost 3,000 dollars of lease cash from Land Rover buying down the lease for 2007 MY LR3s.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings trimarc. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the best way to get a good deal on a lease is to negotiate as low a selling price as possible on the vehicle that you are interested in and then have the dealer that gives you that price calculate its monthly payment using its buy rate lease money factor.

    I would be happy to work up a sample lease payment on the LR3 that you are interested in if you provide me with its full MSRP, approximate selling price, how long you want to lease for, and what mileage allowance you need. You can look up this truck's MSRP and dealer invoice price by visiting the New Vehicle Pricing section of Edmunds.com. You may be able to get an idea of how much you will have to pay for this truck by visiting the "Land Rover LR3 Prices Paid and Buying Experiences" discussion. Let me know what this information is and I'll crunch some numbers for you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ysauto. Yes, Land Rover is currently running a special lease program on the 2007 and 2008 LR3 in you area. I have not seen any advertised lease payments on the LR3 that would give you an idea of what sort of monthly payment to expect though. I would be happy to work up a sample lease payment on the LR3 that you are interested in for you if you provide me with its full MSRP and its approximate selling price or at least its dealer invoice price. You can find the pricing data by visiting the New Vehicle Pricing section of Edmunds.com.

    Car_man
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  • ysautoysauto Member Posts: 42
    Do you think it is a good deal, or wait till Dec. or later

    2008 Land Rover LR3 SE
    $579 per mo 24 mos
    $3,295.00 down payment
    $595.00 acquisition fee
    $0.00 security deposit due
    10,500 miles per year
    $4,469.00 total due at signing

    MSRP $50,600.00

    Auto, 4WD, 8 cyl, 4 dr, a/c, pwr win/lcks/mir/sts/str/brks, leather heated seats, AM/FM/CD, dual & side airbags, moonroof, traction, cruise, alloys, ABS, alarm, rear wiper, rear defrost, keyless.

    ---------------------------------------------------------------------------------

    '08 LR3: $579 x 24 = $13,896 total pymnts. Inception incl 1st mo pymnt $579, Down pymnt $3295, Acq fee $595, Sec dep $0. MSRP $50,600. Residual $33,396. Stk# 85166. Vin# 8A449243. All lease/prices incl all costs paid by consumer except tax and MV fees. Lessee resp for insurance. Subj to credit appr by prim lender. Severity of credit may effect down pymnt. Lease incl 10.5k miles/yr 25¢ over. Pic for body style only, actual eqpmt may vary. Offers cannot be combined. Residency restrictions may apply. See dealer for details. Not resp for typos. Offer ends 11/30/07. Land Rover Larchmont Lic# 7089260
  • robinakirkrobinakirk Member Posts: 1
    First time poster, I want to lease a 2007 LR3SE with Cold Climate, Headlights, bluetooth and Sirius, for 24 months and 12k per year.
    I have been quoted $4,000 out of pocket, and $640 inclusive of (NJ) taxes per month.
    Is this a good deal?
    Which may be a better dealer in the Philadelphia area, as they had quite an attitude?
    Thanks, because I would like to get back into a Land Rover, having once owned a (trouble free!) Disco and an older (troublesome) RR.
  • chrislr3chrislr3 Member Posts: 8
    I don't know if the dollars and cents for your quote are good or not, but I searched all of the dealers in the Phila area. The only ones I found with out an attitude are the guys in Land Rover West Chester PA. I leased an 07 LR3 HSE and am very happy so far. Feel free to email me off line for my sales persons name. good luck. meilibri@localnet.com
  • vsaxenavsaxena Member Posts: 211
    I am intrigued by the large depreciation deduction which you can take on vehicles on the class of LR3 if you are a small business owner. However, I prefer not to keep vehicles outside their warranty period and like leases since you do not have any residual value risk.

    LRCapital seems to offer a balloon payment program. Is this structured exactly like a lease in terms of residuals and the interest rates? I presume this will allow me to depreciate the vehicle as if we own it and not just the lease payments.

    Is this program available in all states?
  • jjf030jjf030 Member Posts: 4
    My 06 LR3 HSE lease matures in 4 months with Land Rover Capital and I am considering purchasing the vehicle, but my residual is almost $39K and the current market value is considerably less than that. I only have 16K miles on the truck and it has had very few problems.

    Does anyone know if LR Capital will negotiate residual values? The truck is only worth about $33K at the most. I have heard some leasing companies will negotiate residuals. Is this something the dealer would have control over?

    Thanks for any info.
  • ssp1ssp1 Member Posts: 115
    I have this same question as jjf030. I have a 2006 LR3 SE with all the stuff including navigation etc. My lease matures in about 4 months as well but I have 30K miles on it. Very interested in buying it because i have had no problems. I am guessing that if i look at blue blook retail for 30K miles on an LR3 (that was the lease mileage cap), then that will give me a good idea at lease maturity as to where the sale price should be - and i am thinking that sould iclude a certified warranty or similar (meaning if i use the retail value in blue book as a proxy, that higher price should account for dealer costs to get the vehicle in certified sale condition)

    If someone with good knowledge can respond here that would be great.
  • ssp1ssp1 Member Posts: 115
    And the follow up question is whom do you deal with on this? the dealer that i leased it from? any dealer? LR Capital? Should i take it to my dealer and see what they can do and if they are not making a deal try another dealer or talk direct with LR Capital?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ysauto. I believe that Land Rover's lease program is exactly the same today as it was when you mentioned this advertised payment. The advertisement never mentioned this truck's selling price. 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 LR3 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 the 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 this vehicle's selling price is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome robinakirk. $4,000 is too much money to pay at lease signing. I always advise consumers not to make capitalized cost reductions on leased vehicles. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. You would be better off only paying your truck's first month's payment and Land Rover's $595 acquisition fee at lease signing.

    I would be happy to give you a detailed analysis of this deal, but you never mentioned this truck's selling price or MSRP. 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 what this vehicle's selling price is 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@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jjf030. Your dealer probably does not have the ability to negotiate your truck's purchase option price. Its end of term price is between you and Land Rover Capital. Give them a call and try negotiating with them. If your initial contact at your bank is not willing to lower your vehicle's price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they won't, but you don't have anything to lose by asking.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ssp1. In order to determine whether you should purchase your LR3 at the end of your lease, you need to compare its purchase price to its value on the open market at this time. Even though its purchase option price is stated on your lease contract, you should place a call directly to Land Rover Capital (there's no need to involve any dealer) that you are leasing it through just to make sure that you have the correct figure. When you do so, it never hurts to try to haggle with them. Some banks will negotiate the lease-end purchase prices of vehicles. If your initial contact at your bank is not willing to lower your vehicle's purchase price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they will not, but you don't have anything to lose by asking.

    As I said earlier, once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values".

    If your truck's purchase price is less than or in line with its current real world value then you may want to consider buying it. If not, just walk away and lease or purchase a new vehicle.

    Car_man
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  • ysautoysauto Member Posts: 42
    Thank you, it looks like i am getting an MDX
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, ysauto. Enjoy your MDX.

    Car_man
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  • geoffflynngeoffflynn Member Posts: 1
    LR is offering the following lease. Anyone have any perspective for whether it is competitive?

    2008 LR3 SE with Cold Climate Package: $599/month* with a 24-month lease and a $4,687 initial payment
    Security deposit waived. Excludes taxes, title and license fees. *New and previously untitled vehicles only. Not all lessees will qualify for lowest Land Rover Credit lease. Payments may vary. Residency restrictions apply. Lessee responsible for excess wear and mileage over 21,000 miles at $0.20/mile. Lessee has the option to purchase vehicle at lease end at price negotiated with dealer at signing. Initial payment includes: $3,493 down payment, $595 acquisition fee, $0 security deposit and $599 first month´s payment. Take new retail delivery from dealer stock by 3/31/08.
  • ssp1ssp1 Member Posts: 115
    THanks - i never saw this reply. (My question was whther to buy at the end of the lease and you mentioned comparing market prices etc) Myfollow up question is - if the dealer has to turn around and sell my car at market, and certify it, why wouldnt they do that for me the current owner (the lease end price is like 40K and thats about 2k over market for a certified used LR3 comparably equipped). Doesnt it make sense to just sell the car right away instead of trying to take it back and then have the cost of holding it and selling it for the market price anyway?
  • bigjoelr3bigjoelr3 Member Posts: 26
    Can anyone tell me the current lease rates for HSE and SE LR3's. I'm interested in the money factor and residual percentages. I have 3 months to go on my 2006 LR3 SE lease which was a 24 month w/ 15,000. Back then I put nothing other than the minimum down and pay $617/mo for a fully loaded SE with all the bells and whistles.

    I am looking for the same lease, unless there is a better rate on a 30 or 36 month lease.

    Looking at some of these deals people are getting it looks like the residuals are now a lot worse. My lease was based on a 73% residual I believe.

    Anyone gotten a good deal on a lease in the So. Cal. area?
  • jayrod422jayrod422 Member Posts: 4
    Does any have any tips regarding the end of lease for a LR3?

    I am due for a end of lease soon, love the car, and am turned off at the price when comparable models with the same mileage are on ebay around 3-5K cheaper than my buy out price...

    Can you negotiate the buy out price and if so has anyone had any success doing so?
  • jjf030jjf030 Member Posts: 4
    I just went through the same situation with Land Rover Capital, my lease was up on my 06 LR3 HSE and I wanted to buy the vehicle, but the residual was about $5k more than it was worth. They told me on several occasions they will NOT negotiate the residual, the dealer verified this also.

    I turned the vehicle in with low miles. I leased an 08 LR3 HSE that was a service loaner and got a really good deal and big discount off the MSRP. The money factor and payment is less than my 06.

    Good Luck!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi geoffflynn. Manufacturers' official advertised lease payments are usually decent deals. However, savvy consumers who are in areas that have a decent level of competition are usually able to beat them. If I was in the market for a new Land Rover LR3, I personally would look up its dealer invoice price right here at Edmunds.com and try to negotiate a selling price that is as close as possible to that. After I had arrived at a selling price that I was comfortable with, I would have the dealer calculate my truck's monthly payment using Land Rover's buy rate lease money factor. According to the latest information that I have seen, its buy rate for a 24 month lease of an '08 LR3 SE is an attractive .00007.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ssp1. Technically the dealer doesn't own your truck, Land Rover Capital Group or whichever bank you are leasing it through does. In order to sell your truck on its lot after you turn it in, the dealer would have to buy it from the bank. They will likely be given the first shot at it before the bank takes it back and sends it to a different dealer or to auction. If you really like your truck and you want to get it certified, you may be able to get the dealer to work with you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for, bigjoelr3. Land Rover Capital Group's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Land Rover LR3 HSE with 15,000 miles per year are .00023 and 58%, respectively. The numbers for an otherwise identical lease of an '08 LR3 SE are .00007 and 58%. Land Rover is providing much better money factors on 24 month leases of these trucks than it is on 30 and 36 month leases. You're right about the residual values. You were fortunately to get a 73% resid when you leased your LR3 several years ago, boy was that out of whack. The 58% residual value that Land Rover is using for this truck now is much more realistic.

    Car_man
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  • ctfarmboyctfarmboy Member Posts: 11
    jjf030
    I may be doing the same lease of an HSE loaner. Can you let me know your deal? My deal is around $635/mth before taxes; 30 mths; 15,000 miles/yr; no money down.
  • jasonpalmerjasonpalmer Member Posts: 1
    F.Y.I. I was offered $608 on a Loaded 2008 LR3 SE with Tech Pkg, Front/Rear Parking/Bi-Xenon, and Cold Weather Group - 3,000miles, Dealer Loaner for 36months/15,000 miles/yr.
  • jjf030jjf030 Member Posts: 4
    My 08 LR3 HSE, has Luxury Package, Cold Weather and Sirius. MSRP was about $58,600. I paid $50,300 for the truck, then leased it for 24 mos for $735 per month, 12K miles, no money down. It was a service loaner and had 5k miles on it.

    Your deal sounds pretty good, especially if it has the luxury package and all of the options. I am in Atlanta and bought mine locally here. Where are you located?
  • ctfarmboyctfarmboy Member Posts: 11
    I'm located in Northern NJ. this thing is fully loaded HSE, sticker of $57,950. It has 8,000 miles, which means it could cost me a second round of brakes/tires - my current LR3 SE needed brakes/tires at 20k miles.
  • abarryabarry Member Posts: 1
    I am shopping for a Land Rover LR3 HSE and would like to lease. I'm in the Atlanta area as well. It sounds like you got a good deal. Where did you buy and can you offer any tips? Thx!
  • jjf030jjf030 Member Posts: 4
    I bought my LR3 from Land Rover Buckhead. This is the second rover I have leased from them. I have been pleased with their service and price.
  • squealpigssquealpigs Member Posts: 3
    I am leasing an new LR3 HSE all options except the Heavy package. MSRP -$58,350
    Money factor .0019, with $7500 dealer incentive. 36 months 15000 miles/yr. I am also trading in my 01 Wrangler 4cy 72000 miles for $6200.
    Monthly payment is $685 with a buyout of $24,653 at end of contract.

    This is my first lease and I new to money factors, rent charge, etc. It seems that if I lease instead of buy I will save $4000 after I buyout.
    The purchase price for the vehicle is $54,600.

    Does this seem like a fair deal?
  • havebluehaveblue Member Posts: 7
    I'm in VA and just got two quotes today on an HSE w/ Lux. Both leases were for 36month w 12k miles per year and only the 1st months payment due at signing. No trade-in involved yet. Something doesn't add up so I'm investigating further.

    Deal #1
    54.1k sales price and lease for $796/month

    Deal #2
    51.3k sales price and lease for $826/month

    I think deal #2 is trying to make up the difference by charging me more interest but I didn't get the money factors out of either dealer. I have a leasing agent in TX that has done leases for me before through US Bank (apparently US Bank is starting to do LR leases for LR Dealers too)

    Both would prefer to sell me something out of their stock but I want a color that neither has in stock so both are willing to find me a truck.

    I won't know anything more until tomorrow at least. Let me know what you decide. I'll post what I find out.
  • squealpigssquealpigs Member Posts: 3
    Well you have to figure I am trading in a vehicle at $6200, that would be an extra $100/month to my bill. A few questions I am asking are.

    1-Is there a mileage charge at buyout, if not I want it in writing.

    2-Does the leasing company charge ANY fees for oving out of state, in writing.

    3-There is a $400 disposition fee if you do not purchase the vehicle, is there one if you do. In writing again.

    This link was helpful http://www.carbuyingtips.com/lease5.htm
  • havebluehaveblue Member Posts: 7
    I talked to a friend last night who is not involved with this deal but he is a a leasing agent and he writes leases for US Bank. When he plugged in the numbers I gave him he said that he could not match them even if he charged me nothing for his services. He's a nice guy but not my brother or anything. So now we are both curious. I'm going to contact both dealerships early this week to see if I can get the money factors that they are using on the deals.

    I have leased more than 10 higher end cars in my life and I almost always exit them a little early. I have also moved across country with leased cars several times. No one has ever asked me if I put too many miles on the car when they get my payoff check. No one has ever even batted an eye when I turned a car in 2,000 miles away from where I leased it. Heck I've leased several vehicles from dealers more than 1,000 miles. You can ask about #1 and #2 but I don't think that LRCG or US Bank will give you any hassle at all. #3 I'm not sure about as I haven't paid that close of attention to it.
  • squealpigssquealpigs Member Posts: 3
    Well I got the truck last night. Have 3 problems so far.
    1- Sunroof not working, tested it at dealership, hour later wife tried and no go!
    2- Scratches that we not repaired on drivers seat as requested, they will have to refinish seat.
    3-Sat. Radio says "acquiring signal" every time I change stations, could be ant. or bad signal. The Sat radio still works but takes 10 secs to acquire signal.

    Oh yeah I was extremely disappointed with the detailing job the dealership did, 55K on a vehicle and they did a $30 detail job.

    However I had the best salesman and the best buying experience I have ever had.

    Dealer is checking them all out on Monday.
  • british_roverbritish_rover Member Posts: 8,502
    For number one the sunroof module probably just needs to be reprogramed. They lose their memory sometimes and it is something you can do on your own.

    The procedure is in your owner's manual but I think I can recall it from memory.

    Press the close button and hold it for about 30 seconds but up to a minute might be required.

    Now try to open the sunroof and if it opens hold the open button till it is fully open then hold it for 30 seconds to one minute. Now press the close button again and again hold it for 30 seconds to one minute.

    The exact procedure is in your owner's manual just look in the index under sunroof.

    No idea on the sat radio thing. It could be a lot of things from something wrong with the satellites in your area to an antenna or module problem. I had a LR3 I delivered one time where the SAT radio module never got programed at the factory so even though the car had the SAT radio option it didn't recognize anything. They tried to reprogram the module but it wouldn't take so they had to just replace it.
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