2013 and earlier Volvo S60 Lease Questions

acm741 · September 2006

Just thought I would update the group on the S60 leasing experience from my previous post asking for help.

Right now (late Sep. 2006) Volvo is offering $7,500 of incentives on the S60. No lease support as far as I can tell. It took some digging and persistence to learn this info.

We originally got a quote from a Volvo dealership in CT for an S60 AWD w/ premium, climate and metallic paint for the $499/mo. I almost choked on this price because I knew it was BS. This is not a 330xi...

We called four other dealerships - two in CT, one in NJ and one in NY. Over the course of about a week, the $7,500 of incentives became clear. We ended up getting a lease on the same car for $392/mo. from the dealership in NJ. Money factor of 0.00204 (about 5% APR) and residual of 45% (crappy but pretty standard for Volvos it appears). $1450 up front including 1st mo. payment. This is basically dealer invoice less the incentives. I feel this is a very good deal.

My advice is to shop around. Don't be afraid to go to three, four, or more dealerships, and definitely don't be afraid to go out of state. About the only thing you lose by purchasing from a dealer that is not near your home is the convenience of the free loaner program that some dealerships offer.

Also, don't pay attention to MSRP. You should walk away from any salesperson who insists on using this as a starting point. Try to deal w/ the internet or fleet sales person. And plan to finalize a deal the last week of the month if possible - you may be helped by dealership quotas.

One other mental trick that is to multiply the monthly payment by the lease term when you get down to final negotiations. Even $25/mo. can add up over three years (I know...I'm ignoring time value but whatever...)

These all helped us in getting this deal. Good luck to everyone.

erik7 · September 2006

acm741, these incentives are on the 2006 S60s, right? I can't believe this would exist on the 07s.

acm741 · September 2006

Nope, 2007. Not sure how long it will last since these things change each month.

My understanding, which may not be correct, is that 2006's become unattractive to support after some time since the residual values drop so low once 2007's show up in large enough quantities.

Bridgewater Volvo in NJ is where we bought the car. Picking it up on Thurs. Ask for the internet sales manager.

tonyg9 · September 2006

I recently leased an 06 S60 M.S.R.P. $36,675 for 335.99/Mo. tax included.
Sale price 22535.22
Resi. 41%
M.F. .00204
Sec. Dep. 350
Aquisition Fee. 895 (I know High)
Terms 36/15k/1k Drive off
Options:
Conveinice Pkg.
Premium Pkg.
Sport Pkg.

CarMan@Edmunds · October 2006

Hello ironman2. You never mentioned the selling price of the car 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 car 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.

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CarMan@Edmunds · October 2006

Hi acm741. I believe that the car that you described has a spread of around $2,400 between its full MSRP and dealer invoice price. In addition, Volvo is currently providing $2,000 lease cash on it. This gives us a spread of around $4,400 to play with. This is right around the discount that your father was quoted for this car. As long as this lease is being run through Volvo Finance, he is getting this car for right around dealer invoice which is a good deal.

Using the prices that you mentioned in your post, an MSRP of $37,575 and a selling price of $33,145, if you were to lease this car through Volvo Finance I estimate that its 39 month, 10,500 mile per year, zero down, pre-tax monthly payment should be around $442. I used a money factor of 0.00142 and a residual value of 50% to arrive at this payment.

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CarMan@Edmunds · October 2006

No problem, severancehall. You can't go wrong with 0% for 72 months. Enjoy your new car.

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CarMan@Edmunds · October 2006

Congratulations on your new car, acm741. Thanks for taking the time to share the details of your new lease with everyone. Enjoy.

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CarMan@Edmunds · October 2006

Hi tonyg9. You certainly got an amazingly low selling price on your S60. The money factor that you were charged looks reasonable as well. I think that you did well. Enjoy your new car

.

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carforevan · October 2006

Car Man,

I've heard it's better to make the sales tax part of the lease deal rather than paying those upfront. The reason, if something happened and the car was stolen or totaled (God forbid) you would have saved yourself all that sales tax. Something about this makes sense, at the same time, I can't imagine you could ever get out of paying the sales tax on a purchase. Would they make you pay the balance of the tax anyway in that case, or do you really save yourself the tax? (I realize doing this can cost a bit due to the internal interest rate/money factor applied to the sales tax you would finance, but if it's $2 a month or so, this could be seen as some sort of "insurance".) And if it is a good idea, can any of the other upfronts be financed?

Thanks for your time.

volvomax · October 2006

How the sales tax is paid is up to the state.
Most states have the sales tax as a percentage of the lease payment. A couple of states, Illinois for example, make you pay the full sales tax up front.
If you buy out the lease, you pay the sales tax on the buyout amount.

kyfdx · October 2006

How the sales tax is paid is up to the state.

This is true, but...

In states where the tax is paid upfront, you can either pay it in a lump sum, or the finance company will pay it, and then add it into your cap cost.. In effect, you will be paying it over the term of the lease (with a little interest included).

I agree.. it is better to roll it into the lease, for just the reasons you described.. If the car is totaled early in the lease, GAP insurance pays off the finance company.. If you had paid that tax out of your pocket, there would likely be no refund of that portion.

I do the same thing with any substantial upfront cost (like the acq.fee). I always roll it into the payment.

regards,
kyfdx

tonyg9 · October 2006

Thanks for the reassurance Car_Man, I was not

sure about the deal.

paul68 · October 2006

Looking to lease this car and unfortunately, missed the great specials last month...

I have been shopping prices at numerous NY, NJ dealers and here is what seems to be the best deal so far. I would love your opinion:

S60 with climate and premium packages
$339.44 with $2232.23 due at signing.
The MSRP is $35820 with a residual of $15834.75.
no cap cost

thanks for the help!

also, if anyone has any suggestions on which the best dealers are in NJ and NY to get the best deals...i would love some feedback.
thanks!

tws2 · October 2006

To all,

Please weigh-in on your thoughts as to the attractiveness of the following lease special as per the link. I am interested in the S60 with the following details:

1. Instead of the 4 yr. lease as advertised I have opted for the 3 year
2. $1,330 will be due at time of signing (inclusive of the first payment).
3. The residual at the end of 3 years is approximately $15,500 (Seems low)
4. Instead of paying the taxes up front, I have opted to roll them in to the payments
5. The monthly payments will be $403.00

The link for the ad is here:
http://www.liag.net/ads/SevenWays.html

CarMan@Edmunds · October 2006

What you have heard is correct, carforevan. If you can roll sales tax onto your car's lease payment it is a good idea to do so. By doing so, not only do you eliminate the risk of losing it if your vehicle is totaled in an accident or stolen but you also are also often able to take advantage of the low interest rates that are available on supported leases. It's a good idea to keep the money that you would have laid out for sales tax in the bank or in a CD collecting interest if you only have to pay 1% or 2% interest on it when you roll it into your lease. Rolling sales tax into your lease payment doesn't get you out of paying tax on your vehicle, the bank that you are leasing your vehicle through is just paying it for you at signing and you are financing it in your lease. You should be able to roll your car's acquisition fee into its cap cost as well.

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CarMan@Edmunds · October 2006

You're very welcome, tonyg9.

Car_man
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CarMan@Edmunds · October 2006

Hi there paul68. You never mentioned the selling price of the car 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 car 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.

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CarMan@Edmunds · October 2006

Hi tws2. You never mentioned the selling price or MSRP of the car 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 car'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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neednewcacar · November 2006

Hi all - what do you think of this deal offered to me by a Southern California dealership:

2007 S60 2.5T, Premium package, metallic paint, sat prep, Sirius satellite radio receiver installed (priced at $300, rolled into lease, can be removed by me at end of lease term)

36 months, 12k/year

MSRP: $35,140
Sell price: $27,625.44

$0 drive off (includes 1st month)
$398.20 + tax = $429.15 x 35 monthly payments

End-of-lease disposition fee: $395
Acquisition fee: $895

Feedback appreciated! Thanks.

raindrop3 · November 2006

I was recently at a Volvo Dealership in St. Louis MO. My current lease is ending in 2 months. I wanted the figures on a new lease on a 2007 S60 before I decide if I will keep my 2003 S60.
This sales man quoted me a lease price of $480 with $2250 down payment 48 mo lease. MRSP is $36,813. He would not give me the invoice, said there were no rebates or incentives. He also said they don't lease 2006 S60s anymore because the 2007s are out. From reading this board, I don't believe that to be the case.
I told him I had read on Edmonds.com that there were approximately $9000 in incentives. He said I should not believe everything I read. I am a woman, but I do do my research. Two minutes after I left the lot, he calls...opps!! The computer made a mistake, and there are incentives, a whopping $9000 worth. OK, he is now taking $9000 off the car, lease comes in at $430 now. The ad in the paper starts the lease out at $279 - $319. His figues still seem high to me. I just didn't expect this kind of treatment at Volvo. When I leased my first Volvo, it was more like, here are the incentives, price...take it or leave it. Now it's more like I'm going to take you for this ride if you let me. If I do decide to deal, it won't be with this salesman. I've contacted the other Volvo dealer who said he will beat this dealers price, that won't be hard.
My question, what are the available incentives on the S60, both 2006 and 2007. Also, are there any incentives for customer loyalty, even if you are leasing.
This guy said the price of the vehicles is not important, just the payment. He's a crook if you ask me.

qbrozen · November 2006

This guy said the price of the vehicles is not important, just the payment.

Well, I personally believe the payment is the most important part when leasing. Leasing is renting, so the cheaper I can rent it for, the better. HOWEVER, since the price obviously influences the payment, it IS important. And you obviously want to know that they are taking $9k into account.

As far as this deal ... dropping only $50 a month for $9k difference in price seems way off base. Did he still want $2250 down? And was it still a 48-month lease?

Well, all you really need to get from him is the money factor and residual he is using. With those numbers, you should be able to calculate what your lease payment should be (since you can figure out selling price on your own, whether the dealer likes it or not, the info is available right here on edmunds).

All in all, it sounds like this salesperson is giving you lousy lines and I wouldn't appreciate it if I were you, either. So I'd get my numbers together and move on to the next dealer (or the next salesperson at the same dealer, if you want).

bornracer · November 2006

I am looking at the 2007 S60R to lease. What are the latest and Best lease promotions through Volvo and other approved 3rd party lenders. Not sure if this matters but I am in TX.

Here is what Volvo dealer told me:
Volvo Financial:
$3000 incentive
Residual: 43-45%(48mo term) and 50%(42mon term)
MF: 0.0043 (something to that effect.I know it was over 10% which is totally rediculous)
+TTL

briananderson9 · November 2006

Hi Car_man,

Can you analyze my deal for me:

2007 Volvo S60 (base model)
Leather/Sunroof
lease factor .00212
36 mos lease / 15k miles
Residual -- 45%
$2500 at signing (400 1st payment, 1300 cap cost reduction, 645 acquisition, 137 dealer fee)

monthly payment $400

Thanks alot!

Brian

briananderson9 · November 2006

I left out my MSRP:

$35,145

Thanks again,

Brian

bornracer · November 2006

Car man,

what is your input?

I am looking at the 2007 S60R to lease. What are the latest and Best lease promotions through Volvo and other approved 3rd party lenders. Not sure if this matters but I am in TX.

Here is what Volvo dealer told me:
Volvo Financial:
MSRP is $47049
$3000 incentive
Residual: 43-45%(48mo term) and 50%(42mon term)
MF: 0.0043 (something to that effect.I know it was over 10% which is totally rediculous)

CarMan@Edmunds · November 2006

Hi neednewcacar. I believe that the dealer invoice price of the car that you described is around $32,826. As you can see, the selling price that you were quoted is well below invoice. This leads me to believe that this lease is being run through a bank other than Volvo Finance. Volvo is providing special cash incentives on vehicles that are leased through independent banks. Specifically, 2007 Volvo S60 2.5T models that are leased through banks other than Volvo Finance are eligible for a $3,500 cash incentive. Even when this cash is taken into account, the selling price that you were quoted still looks very attractive. This looks like a very good deal to me.

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CarMan@Edmunds · November 2006

Hello raindrop3. I believe what you were told was correct. I don't think that Volvo is providing lease support on 2006 models any longer. It is just providing dealers with closeout cash on them to help them unload their remaining models. If you want to lease, you will be much better off going with an '07 S60.

As far as this car's cash incentives go, Volvo is not currently providing cash incentives on leases of 2007 S60 models through Volvo Finance. It does have cash incentives for consumers who lease this car through independent banks though. Specifically, there is $3,500 on '07 S60 2.5T models and $4,500 on '07 S60 T5 models that are leased through any bank other than Volvo Finance. If you decide to lease through Volvo Finance, it has special lease money factors instead of this cash. Volvo has $5,000 in cash incentives on the '06 S60 this month.

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CarMan@Edmunds · November 2006

You are absolutely right, bornracer. The money factor that you were quoted for this car is absurd. Volvo Finance's current 48 month buy rate lease money factor for the 2007 S60 R is only .00080. If you decide to lease through an independent bank instead of Volvo Finance, this car is eligible for a $5,500 cash incentive. If I was quoted the deal that you mentioned, I personally would shop around with a different dealer.

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CarMan@Edmunds · November 2006

Hey Brian. According to the latest information that I have seen, Volvo Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Volvo S60 2.5T base model with 15,000 miles per year are .00108 and 48%, respectively. I would be happy to give you my opinion of this deal, but in order for me to do so I need you to provide me with this car's MSRP and selling price.

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nocal4 · November 2006

Hi Car man,
We've enjoyed reading your helpful posts. Keep up the great work!
Is this a good lease deal:
northern california
2007 Volvo S60 2.5T base model(no premium,no sport)
MSRP: 31580
dealer price: 30012
incentives(Volvo Finance):2500
cap cost:27512=( 30012-2500)
residual: 15790( 50%)
money factor: .00155
up front costs= 1124
monthly charge= 445
Thanks!!

bornracer · November 2006

Hello Car_man,

Aprreciate the feedback on the volvo lease.

Prior to your response, the dealer has informed me of a new lease deal on 2007 S60R going through US Bank.

MSRP: 47290 ($44093 is invoice) Profit=$3197+$389 holdback
Lease incentive from USB: 9500
Cap cost: 36000 (got an extra $1790 off MSRP)
Fees(doc+ govt + inventory tax): 259.31
Sec Dep: 550
term: 48mo
miles/yr: 12K
initial payment(sec dep+1st pmt): $1086.31
Residual: 17497.30 (37%)
MF: 0.00232

mo. pmt: 536.31

For some reason, I feel like there is something left on the table. I have a beacon of over 800.

Do you know what MF I should be paying from US Bank?

Dealer stated this is a tax "free" lease.
Not sure who covers the 6.25% texas tax based on entire cap cost. volvo, US Bank, or dealer?
If volvo or US Bank are responsible, dealer is making about $1800.

If dealer responsible for tax, then they are not making anything unless US Bank is kicking something back to them such as a funding fee which could be $500-$1000.

1). Do you know who is paying tax?

2). By the way, I do qualify for X-plan ($44241) but dealer stated this does not qualify for tax included deal.

3) Based on your comment before about the $5500. Would this be in addition to the 9500 US bank is throwing in?

4). Does it seem reasonable or doable to get x-plan - US Bank discount - Volvo credit. $44093-$9500-$5500?

thanks in advance.

bornracer.

dmauto · December 2006

Hello Car Man,

Can I get your opinion on this lease?

Volvo S60 (2007)
Metallic Paint, Luxury Pkg (lthr, heated seats, sunroof...) MSRP of around $35k + change

3 year 36,000 lease. Monthly payment with tax of $350 with $665 out of pocket.

Your feedback is appreciated,

David

bornracer · December 2006

Hello car man,

A.) I have been reading that if you are going to put any money down on a lease, you should add it to the security deposit?

1). What does this do for you(is there any benefit)?

2). if the car is totaled, wrecked, or returned early, do you lose it(are there any negatives)?

. Can a lease agreement be modified if you do not like the language or you need a more defined statement in writing(not just a scribble on a napkin from the dealer).
For instance, what actually constitutes normal wear and tear?
or who inspects the vehicle upon return? can I have an independent shop give a second opinion?

thanks

bornracer

dmauto · December 2006

Bornracer,

I am not carman but I just turned in a Volvo off lease so I thought I would share my experience. The car was leased on Volvo paper and it comes with "wearcare" which basically waves the costs to you of the first $1,000 of excess wear and tear. About 2 mos before the lease ended, volvo sent us a detailed brochure and measuring tool so we would know what we potentially could be charged with. I tend to be concerned about wear and tear especially when it is not specifically spelled out at the time the lease is signed but in this case, Volvos parameters were more than reasonable. We had a couple of scratches in the bumper which were considered excess wear and tear but since the cost was well below $1,000, we did not have to pay anything. There were a couple of small doors dings which were considered below the threashold for excess wear and tear.

bornracer · December 2006

thanks dmauto. not sure if the US Bank option has this in their deal. Did the dealership state this or the contract state you have $1000 toward wear and tear? was it something you negotiated?

bornracer

dmauto · December 2006

the wearcare is something that came with the car i turned in - the car was leased on volvo paper. not sure what us banks guidelines are on this - you could call them to find out.

volvomax · December 2006

US Bank does not include wear insurance.

warrior1 · December 2006

I found a 2006 S60-R that was a dealer demo. Can you please explain how these incentives work, both from the dealer and a third-party lease provider? Thanks!

volvomax · December 2006

If you are leasing you are better off w/ an 07 R
Third party lease on an 06 would be brutal. Plus, the lease incentive is greater on an 07.

mskrin99 · December 2006

Hi all...

It's my first experience leasing a car (or paying for one on my own, for that matter!) so I wondered if you could check this deal.

This is for an 2007 S60 AWD with Premium, Climate, Bluetooth

MSRP 38675
Negotiated price 27000
Down 1300
Monthly 420
MF .0026
Tax on down payment 115
1st pmt 420
Bank fee 1075 (seems high?)
Tags 130

Thanks!

CarMan@Edmunds · December 2006

Thanks for the kind words, nocal4. The selling price that you were quoted for this car looks good to me. However, the money factor that you were quoted for it looks to be a little on the high side. According to the latest information that I have seen, Volvo Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 S60 2.5T 2WD with 12,000 miles per year are .00066 and 50%, respectively. Furthermore, I believe that Volvo's lease cash incentive on the 2007 S60 is $3,000, not $2,500. Make sure to straighten these things out before finalizing your deal.

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CarMan@Edmunds · December 2006

Wow, bornracer, you are getting a discount of $11,290 on this car. That is a very low price. The last time that I checked, Volvo was only providing a $5,500 cash incentive on leases of 2007 S60 R models through independent banks, so this selling price looks great. I don't see where the $9,500 came from. Independent banks do not provide cash incentives on vehicles.

I do not personally keep tabs on the lease programs that are being offered by independent banks, just those for manufacturers' captive finance companies, so I can't tell you what U.S. Bank's buy rate is for this car right now. I can however estimate how much this car would cost to lease through Volvo Finance right now to give you a payment to compare the one that you were quoted to. According to my calculations, if you were to lease a 2007 Volvo S60 R with an MSRP of $47,290 and a selling price of $41,593 ($500 over the $44,093 invoice price minus $3,000 lease cash) through Volvo Finance right now for 48 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $502. As you can see, you actually might be better off leasing this car through Volvo Finance than through an independent bank.

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CarMan@Edmunds · December 2006

Hello David. The payment that you mentioned looks pretty attractive to me, but in order for me to give you a detailed analysis of this deal I need you to provide me with this car'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 car 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 work up a sample lease payment on the car that you are interested in for you if you let me know what its selling price is.

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CarMan@Edmunds · December 2006

Hey bornracer. What you have heard is correct. 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. If you want a lower monthly payment for your lease and have some money, making additional security deposits would be a better use for it. The last time I checked, Volvo Finance allows its lessees to make up to ten six additional security deposits on leases, with each additional deposit reducing the money factor that is used to calculate their vehicle's monthly payment by .00006. I believe that security deposits are refunded on vehicles that are totaled, but you probably should check with Volvo Finance or the F&I Department of the dealership that you are working with to be sure.

Lease contracts are pretty standard. I doubt that you would be allowed to modify a bank's standard lease contract. You can find out more information on Volvo Finance's lease-end inspection process and wear and tear guidelines by visiting the following site: Volvo Finance Lease-End Process.

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bornracer · December 2006

Thanks Car_man.

Yes the dealer stated $9500 off from US Bank with 6.25% tax covered.

Can you let me know what MF you were using for volvo finance and residual?

DOes the US bank rate seem high from what you have seen?

Bornracer

volvomax · December 2006

Not even close.
VFNA has no subvented program for the S60R.
Take the incentive and go to a bank.

CarMan@Edmunds · December 2006

Welcome mskrin99. 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.

The car that you described has a spread of around $2,500 between its full MSRP and dealer invoice price. You were quoted a whopping $11,675 discount on this car. It appears as though you are leasing this car through an independent bank. Volvo is currently providing a $3,500 cash incentive on leases of 2007 S60 2.5T AWD models through banks other than Volvo Finance. This gives you a total of $6,000 to work with. I'm not sure where the other $5,000 and change discount is coming from here, but to give you a point of reference, I will calculate how much it would cost to lease this car through Volvo Finance right now. Let's say that you were able to lease it through Volvo Finance with a $2,000 discount, which would be right around $500 over invoice. According to my calculations, if you were to lease a 2007 Volvo S60 2.5T AWD with an MSRP of $38,675 and a selling price of $33,675 (a $2,000 discount minus $3,000 lease cash) through Volvo Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $449. With a $1,300 down payment like you mentioned in your post, this payment would drop to around $412.

You're right about the bank fee being too high. I don't know exactly what sort of acquisition fee the independent bank that you are leasing through charges, but Volvo Finance only charges a $595 acquisition fee on leases.

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CarMan@Edmunds · December 2006

Hi Bornracer. I still think that it is strange that US Bank would offer any sort of cash incentive on a lease of a vehicle. Manufacturers' captive finance companies' have an incentive to provide cash on vehicles because they help their parent companies sell vehicles, but independent banks do not. Anyhow, Volvo Finance's current buy rate lease money factor and residual value for a 48 month lease of a 2007 Volvo S60 R with 12,000 miles per year are .00080 and 42%, respectively. The money factor that you were quoted for US Bank, .00232, isn't terrible. It's equivalent to an interest rate of around 5.568%.

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CarMan@Edmunds · December 2006

Volvo Finance definitely is providing special lease money factors on the 2007 S60 R in many parts of the country. Having said this, one may indeed be better off taking advantage of the cash incentives and leasing through an independent bank.

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