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The program we have is good in all markets except NY.
would you be willing to share the basics info on those lease rates? The volvo website never seems to have any information on leases, perhaps designed so you need to visit the dealer.
Maybe in NY state they do, but no where else.
As everyone has posted, I warned him that if in a total or theft incidence, he would lose that money. He should rather put it against the security dep to lower the MF.
He asked the dealer and they stated US Bank does not take extra security deposits. The dealership further stated that the lease includes GAP insurance, so he would not lose any of his cap cost reduction(downpayment) if he put money down.
Please advise if this is true?
Also, what is required to maintain the car for the first 3 years assuming 15,000 miles per year. How do insurance rates on Volvo's compare to other cars. THANKS. I have learned a lot already from this forum and look forward to your comments and suggestions.
GAP insurance doesn't mean he would get the money back.
GAP only means that IF the cars value was less than the lease payoff amount the policy would cover that difference.
Chances are you won't save much at all by waiting.
I am new to lease. I went to the local Volvo dealer today to check out the lease deal on S60 that without any options.
Here is what I got.
12000 miles/year for 3 years
$299/month
Tax: $2131.65 (IL, 6.75% on MSRP)
Plate: $ 143
1st payment: $ 299
----------------------
Out of pocket $2573.65
I have the option to buy the car at the end of lease for $13579.40 or pay $350 to return to dealer.
Does above figure sound right?
Many thanks!
I'd be happy to give you my opinion on the specific lease that you were quoted, but you never mentioned this car's MSRP or selling price. Let me know what they are and I'll tell you what I think.
Car_man
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Using the .00001 MF and 46% residual, and a selling price of invoice minus $2k rebate on a no-options 2.5T, I come up with a payment of $326 BEFORE tax. Almost $350 after tax. And that's with an even $3k down. You are putting less down and getting a payment $50 under that. Of course, you are talking 12k miles instead of 15k, but that usually only makes a difference of around 2% on the residual, which makes a difference of ~$18/mo. So, assuming carman's numbers are correct, I think you should jump on it. By my calculations, you are getting the vehicle for about $700-$800 UNDER invoice PLUS the extra $2k off.
I'm hoping to find that deal for my brother-in-law, but I'm seriously doubting I could.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Thanks for the info.
The dealer uses MSRP $31580 (including destination charge) as the purchase price.
Thanks.
I forgot to mention that dealer has $7500 cash back (something around there) on the lease.
Thanks.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
After 3 years, the residual is $13579.40 which I assume is the price to buy if I am going to purchase the car at the end of lease. I did not ask for the money factor.
Thanks.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
best way to sell a car? well, the pros around here have repeatedly told me to put an ad in the biggest paper around. I've found that too expensive. Honestly, the best bang for the buck I've gotten is through Ebay. 10 days of national full-color advertising for something like $30 is quite the bargain.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
(looked real quick and found a certified one by me with 10k less miles with an asking price of $26,9)
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
If you buy out the lease, you will have to pay sales tax on the buyout price.
That may wipe out any profit you might make.
Also, in most cases the dealer can buy the car at auction cheaper than the lease co. will sell it to you for.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
2007 s60 R - Everything except Navigation
MSRP - 44560.00
Negotiated Price - 32400.00
residual value - 19176.00
MF .00225
1500.00 total due at signing
486.00 per month fir 39 months
This is supposedly on the x-Plan with Wells Fargo as the lender.
Sound like a good deal?
2007 t5 s60 with metallic paint, premium package, auto transmission, bi xenon headlights, satellite radio prep:
msrp 38450
cap cost 27,842
mf .00202
residual 43%
437.08/month including tax
1,000 drive off (including 1st mo, title, bank fee)
Dealer has offered the following terms on a 2007 demo, (4800 miles)with premium package, metallic paint:
36 months, 15k miles per year.
$600.00 out of pocket, which include first months payment
$339 per month plus tax.
Seems like a good deal, can you please confirm.
2007 S60R, metallic paint, premium package, auto transmission, 18" wheels.
MSRP: $44,895,
Quoted price: $37775
Lease price I was quoted was 429(+tax) with a 2k down payment.
I got similar numbers ($435/month) from another dealer in the area.
Does this sound about right, or can I do better?
Thank you.
In order for me to get out of the lease as I am "flipped" ill get into a Volvo Lease with the idea of buying at the end of the lease. This hiccup is the price Im paying for leasing and adding tons of miles.
2007 Volvo S60 2.5T black saphire w/taupe interior
Lease price $26,200 (34,200 less $8,000 dealer cash)
Add payments and over mileage of $5,100 (final amount determined at delivery date)
Payments factored on $31,300
MSRP $35,820
15,000 MILES YEAR
48 MONTHS @ $499/MO
TOTAL OUT OF POCKET $2500.00
What are your thoughts?? Help please!
Find out what your buyout is on the lease from your leasing company. Maybe CarMax will offer more and you will be less "upside down" and go into your new lease without working the old lease in the deal. Just a thought
Car_man
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Prices Paid Forum
Car_man
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Prices Paid Forum
The problem that I personally have with demo vehicles is that dealers never seem to be willing to provide enough of a discount for me to justify purchasing what essentially is a low mileage used vehicle over an otherwise identical brand new one. Of course, there are exceptions to this, but this generally seems to be the case with demos.
Car_man
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Prices Paid Forum
Car_man
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Prices Paid Forum
I have a pending deal on a 2007 S60, with the Premium and Climate packages. Terms are:
39 months, 15,000 miles per year, $2800 total cash down (includes registration fee, taxes, first month's payment, etc.), and $342 per month.
The bank is Wells Fargo, and the cost of the vehicle (cap cost?) is $24,300... from an original sticker of 35,800. I am scratching my head at how they got the cap cap cost so low. Never owned a Volvo before, hope to be pleased.
Can anyone give me an opinion on whether or not this is a good deal, it seems like it to me.
Thanks,
Mike
Just got back from Volvo of Princeton and made arrangements to lease a 2007 S60 2.5T.
Mike - I had a pretty similar experience price wise...
I'm still amazed at the discounts on Volvos - went in with interest in a S40, but the price difference was something like $15/month - WELL worth the upgrade from the S40 to S60.
I'll pick up the car on Monday, April 2nd.
My details:
36 month lease through US Bank for 18k/year
New 2007 S60 2.5T
Titanium Grey w/ Graphite interior
Premium, Climate, Satellite Radio Prep
MSRP - $35,820
Cap cost - 24,106 (!!!)
Residual - 41% (due to high miles)
Money factor - 0.00207 (or ~4.9%)
Down payment/money out of pocket - $1,648 (include acq fee, 1st month, NJ add-on fees (not state tax) etc.)
Works out to $408/month
I think that's terrific!
Steve
I called a volvo dealership in texas trying to get the residual and money factor numbers on a 36K/36Month lease on a basic volvo s60. Here's what they told me:
Residual-48%
Money factor-.01 (did they mean .001?) I asked and they told me ".01 is what our computer says." if i'm correct, that's a whopping 24% interest rate. am i safe assumimg they meant .001? or do you guys have the official money factor rate for volvo financing.
they're offering me a basic s60 for $26,080. the sales manager told me that the monthly payment would be $364. i told him i don't want to put any money down and he said it was fine. the total costs would be: $365 first payment, $108 fees, $375 security deposit, and then a $80 fee (for something i do not know). did he forget taxes? as i am in texas.
to summarize: can i get a better cap price? and what is the money factor and residual?
your help would be much appreciated!
andy
There are typically 2 choices when trading in the car, either all of the remaining payments are rolled in to the next car OR the difference between trade-in value and current buyout. If you were offered $15k on the S40 ... I'm taking a wild guess and saying you are probably rolling ~$4k negative equity??? On a 4-year lease, that is probably bumping your payment up by at least $80. Probably more like $90. So if it wasn't for that negative, the deal would be under $400/mo.
Still doesn't seem great for a 4-year lease, though. Personally, I'm really opposed to leasing past 3 years.
By the way, you've driven the current car 36k miles in 32 months. So it seems a 12k/yr lease is not enough for you.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Car_man
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Prices Paid Forum
Car_man
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Prices Paid Forum
You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. 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". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.
Car_man
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- MSRP: $35,725
- Due at delivery: $694 (first payment, doc, title, taxes)
- Cap cost: $25,425
- Ohio taxes added upfront (to be worked into monthly payments): $1,025
- Residual value: $12,488
- Money factor: .00191
- Term: 48 months
- Monthly payment (includes tax): $391.00
Using the online lease calculator at LeaseGuide.com, the monthly payment should be $365.25. And at 36 months, the payment should be $326.16 (the dealer quoted my $419.00). Is the dealer hiding some profit in the numbers they presented me?
Also, are the attractive lease rates that people were getting back in August ($299 for 36 months on 07 S60's) not obtainable anymore? By chance, could these appear again this summer (for 2008 models)?
Thanks,
Dan
it may be obtainable now, but it would be on one with far less options than what you are looking at.
I'm not sure about your numbers, but it would seem to me $694 up front does not cover all the fees. What about security deposit? What about the bank fee (usually $600 by itself)? Maybe these items are throwing you off.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
I would say so. With it rolled into the lease, you are paying interest on it.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
- MSRP: $35,725
- Cap cost: $25,425
- Ohio taxes due upfront (worked into monthly payments): $1,025
- Residual value: $12,488
- Money factor: .00191
- Term: 48 months/12,000 miles
- Total due at delivery: $1,247 (first payment, doc, title, bank fee)
- Monthly payment (includes tax): $365.26
I think I got a great deal - let me know what you all think. I would love to have your input Car_Man.
MSRP is 31,680 (including destination charge.
Question, are you saying i can negotiate the cap cost from around 25K down to 23K becuase of the $2000 cash incentive volvo is providing on leases? if so, i think i should renegotiate and jump on this deal!
thanks for you input and looking forward to hearing back from you.
andy
42% Residual
4.9% Lease which breaks down to ... .000?? You know
What do you think? With the $2000 down after taxes it would come to about $322 a month DEAL OR NO DEAL??
Thanks in advance
First, thanks for providing so much great information on this forum. I'm about to lease for the 8th time and I'm sure the advice I've gotten here has saved me many thousands of dollars over the years.
I'm looking to lease a 2007 S60 R with the following options:
- Manual transmission
- Premium package
- Climate package
- Interior air quality system
- Sat. radio prep
MSRP is $42,975, and I have two questions:
What are the current MF and residual for 36 months, 12k per year from Volvo?
What incentives are available right now on this specific model? I've seen reference to the $7k lease incentive through other banks, $1k conquest cash (assume this means I can get it as long as I have a non-Volvo right now), and $2k in general lease cash. Are these all still available?
Thanks in advance!
The lease was made with 750 down and includes the 8,000 rebate for leasing and is a 48 month-15k/year miles. The residual was 33%. I can't remember the exact figure, but the buy out at the end was about 12500.
Working the numbers, the lease will cost me $ 500 more than just an outright buy. However, buying only had a 4,500 rebate and I can keep the purchase price (about 32k after 4,500 rebate/dealing with salesman, etc) in the bank and can make 5% easy these days in just a CD. So, for me leasing works out financially.