Land Rover LR3 Lease Questions

pooochie · April 2006

Today, i was offered the following lease on a 2006 LR3 SE with cold climate pkg, lighting pkg,pti, rear seat/climate pkg, and sat radio. MSRP - $51,400...negotiated price - $47,500, Term 24 months, money factor .00174, residual value 73%, 10.5k miles per year. $0 down except for first payment, sec deposit (600), bank fee (595), and taxes (900). Monthly payments are $563.71.

Any thoughts? Good deal? Bad Deal? Thanks alot.

jaiswal · April 2006

I think it is a good deal. Today I was offered the following on a Loaner: 2006 LR3 SE, Java Black with 4,300 miles, Cooler box, Cold Climate, Blue tooth, rearseat/climate pkg. 15k/yr for 2yrs, MSRP 49,750 - 4,250 (discount) $4287 down, $500/month. ( This includes tax, title etc.) I am in NY.

geddylee2112 · April 2006

2006 LR3 V6, loaner, 2500 miles on it. $1067 down (includes 1st month payment), $500/month, 15K/yr, 30 month lease. Seems like a good deal but not sure. Only extra feature is satellite radio. Thanks in advance, please respons ASAP.

jaiswal · April 2006

Latest on what I was offered today:
2006 V6 LR3 Loaner car Silver/Alpaca Cooler Box, Cold Climate Pkg, Rear Seats and Rear Climate Control, Blue Tooth, Lighting Pkg and Rear Park Distance Control MSRP $50500 ...This will have about 5k miles on it.
24 months/10,500 miles per year/ $498 per month/ $2788 total due at signing ( these include 7.375% ny tax, $262.50 dmv fee, $595 bank fee, refundable security deposit and first month payment)

Also, here is what I was offered on Loaner SEs:
2006 LR3 Se7 Black/Black v8 Cooler Box,Cold Climate Pkg, Blue tooth, Rear Seat and Rear Climate Control MSRP $49750 selling price $43875 Loaner car about 5k miles on it
15k miles per year/$510 per month with $2846 total due at signing (includes NY taxes)

2006 LR3 SE7 v8 Silver/ ALpaca with Cold Climate Pkg, Lighting Pkg with Rear Park distance control, Blue Tooth and Rear Seat Pkg with Rear Climate Control MSRP $50500 selling price is $45269 loaner car also with about 5k miles. 24 months/ 15k miles per year/ $519 per month with $2870 due at signing or
24 months/ 15k miles per year/ $499 per month with $3325 due at signing.

Hope this helps

british_rover · April 2006

V6 LR3's cannot be had with the lighting package or Park Distance control so that must be a V8.

madiscl · April 2006

this is the deal i am currently mulling over:

2006 LR3 V6 demo. MSRP $43k, negotiated price of $39,900, $2900 down (trade-in equity & cash) to be applied to first month payment, security deposit, doc. & processing fees. 24 mo. lease, 12k miles/yr., 69% residual and money factor of .00097. monthly payment just above $500. does this all seem reasonable?

qpmicro · April 2006

I was recently offered an '06 HSE with an MSRP of $55,450, selling price of $51,950; 24 month lease (74% residual, 10,500 miles) with $5,500 buy-down plus first month payment for $459.00. Is this a solid deal?

I would look to put down less than the $5,500 plus I have to roll in about $3K in payments on a lease I want to give up. So I'm looking for a payment in the mid-$600

geddylee2112 · April 2006

this is what i ended up purchasing..

06 LR3 SE, V8, bluetooth, satellite radio, sunroof, 6 disc changer, loaner car with 2900 miles.

with GA taxes, $555/month, $1067 down, 15k/yr, 30 month lease.

not that it matters, but was this a good deal or not? thanks in advance.

CarMan@Edmunds · April 2006

Hi patrick18. A base 2006 Land Rover LR3 SE has a spread of over $4,000 between its full MSRP and dealer invoice prices. You are only being given a discount of $1,500 on the specific truck that you are considering. I suspect that you will be able to negotiate a better price than this if you are in an area where there is a decent level of competition. Stop by the following discussion to see how much other community members have paid for similar trucks lately: "Land Rover LR3: Prices Paid & Buying Experiences".

When you arrive at a more attractive selling price, make sure the dealer that you are working with uses Land Rover's "buy rate" lease money factor to calculate your truck's lease payment. Land Rover Capital Group's current buy rate lease money factor and residual value for a 24 month lease of an '06 LR3 SE7 V6 with 10,500 miles per year are .00098 and 70%, respectively.

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CarMan@Edmunds · April 2006

Hi swanrs. It is difficult for me to say why the dealership that you spoke with quoted you a different lease payment than the one that you calculated on your own. I can tell you that the payment that the dealership quoted you is definitely too high. I just worked up a zero down, pre-tax monthly payment on the truck that you described, MSRP $55,600, selling price $51,400, money factor .00202, and a 58% residual value, and I came up with a 36 month payment of $701.

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CarMan@Edmunds · April 2006

Greetings madiscl. You would be better off not making any sort of down payment on your lease. Doing so puts your money at risk. If your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. It is difficult for me to say what your lease payment should be for this truck off of the top of my head, but I can tell you that Land Rover really isn't providing any sort of lease support on 2005 models any longer. If you want to lease, you're better off going with an '06 model. I can estimate what the lease payment should be on an equivalent '06 LR3 for you if you provide me with its full MSRP and selling price and tell me how long you want to lease for and how many miles per year you need to be able to drive.

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CarMan@Edmunds · April 2006

Hello madiscl. This would be a good price for a brand new LR3, but if this is a demo with a decent number of miles on it I personally would want a larger discount. I often find that dealers are not willing to provide enough of a discount on demo vehicles to justify purchasing what essentially is a low mileage used vehicle over a brand new one. The money factor and residual value that you were quoted are in line with Land Rover Capital Group's current program for this truck, assuming that your truck's security deposit is waived.

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CarMan@Edmunds · April 2006

Hi geddylee2112. You never mentioned the selling price or MSRP of the 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. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

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steakhead · May 2006

I found this forum helpful so I want to share my deal (I think I'm done but they keep on bettering each other  end of month). One thing I did among offers was try to nail down as many lease variables as I could and shared that info with the competing dealers when negotiating - but I wasnt particular to color or options. Deal -

2006 LR3-SE7, 1,100 miles (loaner), 2 yr, 15k lease
-lighting package, rear seat and climate, cold package, wood trim, roof racks, and rubber mats;
-MSRP - $50,100, cap cost $44,720, residual $35,928 (around 71% of MSRP)
-MF 0.00157
-$580/month payment (includes sale and excise tax) Just depreciation fee and lease fee was around $493/month.
- about $1,500 upfront (first, $600 security, plates & registration).

12348 · May 2006

2006 LR3 SE7 New, lighting package, climate package, Sirius, Cooler Box,. MSRP $52,050, cap cost $47,530. Money factor 0.00177, residual 71% ($36,955)Taxes and fees $1,483, Security Deposit $650. Total upfront payment $2,800. 24 month 15k lease $611/mo

bigjoelr3 · May 2006

What is a reasonable price for a lease on a 2006 LR3 HSE with Luxury and Heavy duty package? MSRP is $56,075 and invoice is $51,093. I'm interested in a 24 month/15k miles lease. Let's assmue I could agree on a selling price of 52,500 and I don't want to put anything done other than the required minimum.

bigjoelr3 · May 2006

Just got these quotes on 2006 LRE HSE, with luxury package, heavy duty package, satellite radio in Java Black, MSRP 56,975 with selling price of 52,975. For 24mos/15000 miles I was quoted $827 per month including tax of 8.25 or 8%, no security deposit and total drive off of $1233 (tags and first month payment. The money factor was .00132 and residual was 68%.

For 36mos/15k miles per year the quote is $855/mo. Drive off is $1263.

This is in the los angeles area. Comments on whether either one is a decent deal.

angelboing · May 2006

A dealer here in LA is offering me a new LR3 V8 SE with rear seat & lighting packages, PTI/bluetooth, cooler box, and navigation (MSRP $52,600) for $550/month including tax. The lease is for 24 months, 10,000 mi/yr, with a total drive off $4000. The money factor they had available was .00190.

I am seeing newspaper and online ads for leases at around $400/month, with a $5000 initial payment for LR3 V8 SEs with MSRPs at $50,000 (no rear seat, or no navigation), so the numbers they qupted me didn't seem too far off. Do you think I can get a better monthly payment or negotiate for a lower drive off fee?

mrchili · May 2006

Hi All,

New guy here....can anyone confirm if these are good numbers for me ?

2006 LR3 SE V8 with lighting pkg, cold climate pkg, and rear seat with Climate pkg.

MSRP-$50600, will sell it to me for invoice-$46900, or lease it for 2yrs, 12k yr, MF.00167, residual 73%, down pyt $2179.33 (bk fee, doc fee, sec fee, 1st pyt) and monthly payment of $596.33....

do these numbers sound good or can they do better ??????

would appreciate any info.........thanks

njlr3hseguy · May 2006

Leased a 2006 LR3 HSE that had an MSRP of $55850. Dealer discounted 5K to $50850. 24 month lease with 10,500 miles/year. Lease is $641/month with $1,650 inception fees. Money factor was 3.5% (0.001458) and residual of 71%. Dealer included front and rear rubber mats, pin stripes, Sirius Sportster with installation, and crossbars for roof rack at N/C. This was an early 2006 that was at the old pricing, but it was the colors that I wanted.

mrchili · May 2006

How about you Car_man, can these numbers be better?? and does the MF and Residual look right to you ?
Would appreciate any input.

angelboing · May 2006

njlr3hseguy, that sounds like a great deal! i have a couple of questions, though. does your monthly payment of $641 already include tax? and was your drive off fee $1650 even, or do you have to include the first month's payment in there?

the LR3 HSE that i leased sounds pretty similar to yours, except i have the sirius package already pre-installed in my car. and i'd love to get those cross bars installed, but then my LR3 wouldn't fit in my garage!

so what color combo did you end up getting?

CarMan@Edmunds · May 2006

Thanks for taking the time to share the details of your lease with everyone, steakhead. Detailed posts like yours are always helpful for community members who are in the market for a similar vehicle. Enjoy your new ride!

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CarMan@Edmunds · May 2006

Hello bigjoelr3. Let's work up a lease payment on this truck and see what we come up with. According to my calculations, if you were to lease a 2006 Land Rover LR3 HSE with an MSRP of $56,075 and a selling price of $52,500 through Land Rover Capital Group right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $719.

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CarMan@Edmunds · May 2006

Hey bigjoelr3. The money factor and residual value that you were quoted are right in line with Land Rover Capital Group's lease program for this model. The selling price looks reasonable as well. Both of the negotiable aspects of this deal look good to me, but I come up with a 36 mo. / 15k pre-tax payment of $757. As you can see, this is a lot lower than the payment that you were quoted, even if yours includes tax. I would want to know why there is such a difference if I was in your shoes.

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CarMan@Edmunds · May 2006

Hi angelboing. The money factor that you were quoted for this truck is too high. Land Rover Capital Group's current buy rate lease money factor for a 24 month lease of an '06 LR3 V8 SE is only .00150 for the 5-Passenger and .00157 for the 7-Passenger model, assuming that you qualify for its top credit tier and pay a security deposit. It appears as though the dealer that you are working with is attempting to mark your truck's money factor up to add additional hidden back-end profit to your deal. This sort of thing happens all the time, but can usually be avoided by consumers who confront their dealer with their vehicle's actual buy rate.

The other negotiable aspect of your deal is your truck's selling price. You really need to find out what this number is. Not only will it show you how much of a discount you are being given, but it will enable you to calculate what its lease payment should be.

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CarMan@Edmunds · May 2006

Hi mrchili. Dealer invoice is a very good price for this truck. Land Rover Capital Group's current buy rate lease money factor for a 24 month lease of it is .00157 through. It appears as though the dealer you are working with is marking your truck's money factor up slightly. Try to get them to use the 57 factor. Even if they won't, dealer invoice is such a low price that you are still getting a good deal.

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bigjoelr3 · June 2006

Car man,

I found out the reason why the payment was higher than what you came up with. Lots of undisclosed fees that the sales guy finally disclosed. 350 or 500 or WearCare, 595 acquisition fee and I think 600 for bank fee.

How necessary are these fees? Can I get them to waive them. Sounds like Njlr3's lease of $641 for a HSE with 10,500 miles is a straight lease without all of these fees included.

british_rover · June 2006

The 595 acquisition fee is legit you have to pay that. We normaly roll that into the lease but you can pay for it up front.

You don't have to buy wearcare if you don't want but if you do not buy it you have to put down a security deposit. Security depsoit is equal to your monthly payment rounded up to the next 50 dollar incremant.

600 bank fee is totaly bogus that does not appear anywhere on a LRCG lease contract.

s.k. · June 2006

I stumbled into your forum by accident and wish that I could have discovered it earlier.

Please tell me if I might have got a bad leasing deal. A week ago (5/30), I saw an ad on the paper by a local Land Rover dealer that they had a new 2006 LR3 SE with a MSRP of $50,770 that they were selling for $40,770. When I went into the dealership asking to see that car, I was told that it was a mistake on the news paper's part. This was actually a 2005 model, and by the way, it also had 1600 miles on it. I test-drove the car and it seemed to be in good shape. The dealership told me that there were a couple thousand dollars worth of additional dealer-installed options that they were not counting in the pricing. Although I was unhappy with the misrepresentations, I thought $10,000 to $12,000 off on the car was still a good deal, so I decided to discuss leasing the car with them.

My leasing terms were 36 month, 15,000 miles/year and with the least amount of out of pocket money. I was told that since it was a 2005 model, they had to go with a commercial bank but that had a very good rate. The lease payment that they worked out for me was $728.44/month (7.5% tax included) with $943 out of pocket (Including the first month payment and paper work. There was no need for security deposit but I will have to pay a disposition fee when I return the car at the end of the lease.) Just to make sure, for comparison purpose, I asked them to work out the payment for the case if I would have leased a new 2006 LR3 SE with exactly the same options and same leasing terms using Land Rover financing. The factory options on both cars included lighting package, cold weather package, convenience package, rear park distance control, navigation system and a tow hitch. After crunching through the numbers, they showed me a lease rate that was more than $200 per month higher. I asked them further if they were using the MSRP value for the 2006 car calculations. They assured me that they were using a realistic sale price not the MSRP. With that information, I signed the papers and took the car home the next day.

Upon reading the postings by "Car-man" and others on this forum today, I came to realize that I probably could have leased a 2006 LR3 SE (and without the 1600 miles on it) for near the same level of payment that I am having now. I priced out the 2006 LR3 SE with the options mentioned using Edmunds.com tools, it came out at $51,050 MSRP and $46,520 invoice. What would the fair leasing payments for such a car be? Was I misdirected by the dealership? Was the lease rate they quoted me for the 2006 car off base? If this is the case, will it be too late for any recourses such as negotiate for reducing the length of the lease to 24 months? Thanks for your help.

ahgouah · June 2006

Hi Car_man,
Interested in leasing the LR3 HSE w/ options. MSRP from Edmunds is $55,850 & Invoice is $50,888. Got a lease quote from a dealer: MSRP $55,950 & the selling price/cap cost is $51,352. 15,000 miles per year for 30 months, money factor is 1.61%,residual value @60% ($3,3570) with minimum drive off, payment is $751.82 plus tax. Please let me know if it is a good deal.
I'm also interested in leasing for 24 or 30 months at 15,000 and 18,000 miles per year. Would you please run the numbers for me? Is it better to lease a LR3 V8-SE model with MSRP $53,100 Invoice $48,895 Selling Price/Cap Cost@47,895. Please advise.
Thanks a lot!

mrchili · June 2006

Ok, here's the final number....I pick the car up on Monday.

2006 LR3 SE w/Cold Climate Pkg, Lgt Pkg w-PDC, Rear Seat & Climate Pkg

MSRP $50600, got it for invoice which is $47000
2yr lease w/12k a yr

MF .00167 (I know its .00157 but they claim there's a processing fee mixed in there.....whatever)

Residual is 73%

$1500 coupon from LandRover good for New Purchase or Lease on LR3 (all I did was inquire on the LandRover home page and they sent me a coupon......it also had $2k of Range Rover but wife wouldn't let me get that one) I highly recommend going on the website and filling out the inquiry form.....it's found money.

so apply the $1500 to the $47k invoice px and now I'm down to $45500 sale price.

$2064.67 out of my pocket....$595 bk fee, $550.00 sec deposit, $212 Registration and title fee, $7.50 MV tire fee, $169 doc fee, and $531.17 1st month payment.

so that's the final number a month....$531.17 for 2yr/12k lease.....I think I did very well....due to all the info I got off this site.

so Thank you all !

mrchili · June 2006

btw....here's a great website if anyone needs to run numbers...my numbers are off about $6 but otherwise it works very well.

http://www.leaseguide.com/calc.htm

bigjoelr3 · June 2006

"$1500 coupon from LandRover good for New Purchase or Lease on LR3 (all I did was inquire on the LandRover home page and they sent me a coupon."

Can you state exactly where you inquired? Was it just to request information?

mrchili · June 2006

No problem, it was at....

http://www.landroverusa.com/us/en/Vehicles/home.htm

go to the "request information" window and fill out the form. I was very suprised when I got it in the mail about 10 days later.

Enjoy !

sanman5 · June 2006

Car_Man,

Need your advice. I was orginally not thinking of a LR3 however a recent newspaper advertisement peaked my interest. My local Land Rover dealership is advertising a 24 month lease deal for $399/month with $2495 down. This does not include TT&L or a security deposit (not sure how much this will be). The terms are 10K miles a year with a residual of $34,891. This lease deal is for an LR3 V8 SE. Is this as good of a deal as it appears? Thanks for your help.

CarMan@Edmunds · June 2006

Hey bigjoelr3. I believe that Land Rover Capital Group charges an acquisition fee of around $595 on every vehicle that it leases. Bank fees and acquisition fees are the same thing, so that second charge that you mentioned is probably just a way for the dealer to pad its profit. Skip the WearCare, it's not worth it...especially on a lease. All you should have to pay on your lease is your truck's first month's payment, a security deposit that is equivalent to that payment rounded up to the nearest $50 increment, a acquisition fee, and any required state taxes or fees.

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CarMan@Edmunds · June 2006

Hi s.k. It certainly sounds like the dealership that you dealt with pulled the old bait and switch on you. The truck that it advertised in the paper is nothing like the one that they were actually selling, it was a different model year, had less options, never mentioned the mileage...etc. That would have left a really bad taste in my mouth right off the bat. Let's see how much it would have cost you to lease a 2006 LR3. Let's assume that you were able to get the truck that you mentioned, an '06 LR3 SE V6 5-Passenger with an MSRP of $51,050 and a dealer invoice price of $46,520, for $500 over invoice. Using these prices and Land Rover's actual lease program I estimate that your 36 month, 15,000 mile per year, zero down, pre-tax monthly payment should be around $654. Unfortunately now that you have signed the lease for your '05 LR3 and have physically taken delivery of it, there really is not anything that you can do to unwind your deal. Just chalk it up as a learning experience and research your next lease thoroughly before committing.

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CarMan@Edmunds · June 2006

Hi ahgouah. I'm surprised that you were quoted such an attractive money factor for this truck. The last time that I saw its lease program, Land Rover's buy rates lease money factors for it were .00132 for 24 months and .00202 for 36 months (I have not seen its 30 month numbers). these are equivalent to interest rates of around 3.17% and 4.85%, respectively. Perhaps the 30 month money factor that you were quoted was .00161. Let's use Land Rover's actual lease program to estimate what this truck's payments should be. According to my calculations, if you were to lease a 2006 Land Rover LR3 HSE with an MSRP of $55,950 and a selling of $51,352 through Land Rover Capital Group right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $673. Interestingly, the payment for an otherwise identical 36 month lease is not as attractive, at around $724. The payments for the V8 SE model will probably be a little lower than this because it is a less expensive truck.

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CarMan@Edmunds · June 2006

Congratulations on your new truck, mrchili. Thanks for taking the time to share the details with everyone. Enjoy!

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CarMan@Edmunds · June 2006

Hi sanman5. That is an attractive monthly payment. Of course, it will be higher than that for a $0 down lease. I'd be happy to work up a payment for you on any truck that you are considering, exactly as you want it equipped, if you provide me with its full MSRP and approximate selling price.

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bigjoelr3 · June 2006

Here's my deal. SE with every possible option. MSRP 55,025, invoice was 50,147 + 500 RAG Fee (advertising fee) + 120 for mats for a selling price of 50767. I went with the 24 month/10500. I probably should have just done the 15k miles, but thought it was 20 cents/mile for overage and it turned out after the deal was agreed to that its now 25 cents per mile.

Anyways, money factor was .00157 and residual of 74% or 40718.50. Payment with 8.25% sales tax here in Los Angeles came to a total 0f $610 per month. Had to put down $1998 for first payment, tags, acquisition fee 595 and went with the wear care for $350 because I will undoubtedly beat the crap out of this thing off roading. We'll see if it was money well spent.

I requested information from Land Rover to see if the $1500 off coupon would come but the wife got tired of me looking for a car so couldn't wait any longer. If the coupon shows up I will be pissed.

Anythoughts on whether this was a good deal?

bigjoelr3 · June 2006

Wouldn't you know it. 2 days after I did my lease, Land Rover sent the $1,500 off coupon in the mail. I even inquired to Land Rover directly whether they would be sending it out. They said no.

I am going to the dealer tomorrow to demand my $1,500. Wish me luck.

By the way, just request information from Land Rover on the website and they will send the information to you. The coupon is valid until 7/31/06 for purchase or lease.

mrchili · June 2006

mine was valid till end of June, so I guess it depends on when they mail it. . . .

but good luck anyway, glad someone else took advantage of my advice.

bigjoelr3 · June 2006

Dealer was great about giving me the discount after the fact. I upgraded from 10500 miles to 15k with no increase in the monthly payment. That is going to save me more like $2250 not 1500 because I was already planning on driving the 15k per year and paying the overage at the end.

Funny thing, this morning they also emailed the coupon to me as well.

mrchili · June 2006

yeah they did that to me also via email, but my email expired the end of May and they sent it in June, so good thing they sent the snailmail valid till the end of June.
It dropped my payment from $596 to $531.

arashid123 · June 2006

Just Got into a Black/Black V8 HSE demo at Land Rover in Woodbridge NJ. Vehicle has 2,500 miles on it w/luxury pkg & All season mats. The deal was as follows:
Total out of pocket: $2,022.00 (Incl. 1st payment, Wearcare, Aquisition fee, tags, title, etc.)-(No coupons)

Terms: $634.88/ month for 24 mos. at 15k miles per year. I think they also have a Silver/Alpaca available for any takers. Hope I didn't get screwed, and that this helps.

abraxas23 · June 2006

I have a 2002 Disco, thinking about upgrading to a LR3 but am thinking I would like to lease. How favorable is LR for trade ins? Do they keep to the blue book? Also, will the trade in help the value of the lease? I am referring more to at the end of the lease as to the upfront. I have never leased before but financing for 4-5 yrs the vehicles change and its nice to have new. Any advise would be appreciated.

bigjoelr3 · June 2006

Most dealers in general (not just LR) will give you Kelley Blue book trade in fair market value for your vehicle. From there it depends on how well you can argue with them. You're always better off with a private sale if you have the time..

Not sure what you mean about the trade in helping the value of the lease at the end? The vehicle's value at the end of the lease is predetermined at the time you enter into the lease. You then pay depreciation (difference between purchase price and agreed value at the end of the lease) plus rent. If you traded in your Disco and used it to pay part of the lease it will lower your payment. However, it generally best to put the minimum down.

british_rover · June 2006

Sorry I have to disagree here. Very rarely is KBB trade value at all a realistic number for trade in purposes. It is almost always unrealisticly high sometimes by thousands of dollars.

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