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Comments
Here are the details:
Zero Down
10,500 miles/year
24 Months
Fully Loaded including Volvo GPS
$500/month
How'd I do???
'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
Third party lessors tend to be a little pickier on turn-in issues, and of course, will never waive a disposition fee... but, it's not a big deal..
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Thanks
(a) What are the chances of getting the bonus and not being a current Volvo owner? Can the dealer use their discretion and offer it to a non-owner to seal the deal at month end?
(b) Were I to get it, is it reasonable/possible to reduce the total due at lease inception to $1500 and, further, to request that the $1500 be paid over 24 months, making the monthly payments $460/mo + tax?
Thanks!!
volvo XC 70 36 mos/15K
premium/convienence/climate/collision avoidance packages plus BLIS in a nonmetallic exterior color. No navigation system.
MSRP 46,755
selling price 36,059
residual value 21,039
money factor 0.00163
adjusted cap cost 36,511
sales tax 1,503 (this is included in the monthly payment)
upfront fees 762.50
monthly payment 523.57 (this includes the sales tax)
due at signing 1,337.33
Do you think this is a reasonable offer and do you think I can do significantly better.
Thanks,
Ron
Also, are you really planning on driving 15000 miles per year? If you were to use a lower number (10500 or 12000 miles), that would bump up your residual, thereby further reducing your monthly payments. (You pay .20/mile either way, so you can pay upfront or pay for what you actually you and thus reduce your monthly payments.)
Did you make sure you reduced your selling price by getting the $1000 Volvo loyalty bonus?
I was able to get the following on a 2 year lease, and I haven't even started haggling yet:
MSRP 44,105
Cash sale Price $39,596.72
Residual $27,786.15 (based on 12000 miles; 29000+ if 10,500 miles)
Rate .00001
$888.72 Drive off
$478.40 + tax ($517 with tax)
Last month, in the last few hours b4 month end, they offered to waive the drive off to get me to close. Might be worth asking for if you can wait until month end.
When I questioned the accuracy of the .00001 money factor for a 24 month lease, my Volvo dealer (No. CA) sent me an email confirming it was true. (It was .00027 in March, btw). The folks at Cartelligent also confirmed. They said Volvo tended to have aggressive financing. I doubt, however, that 2% would also apply to a 36 month lease. The money factor is not something you can negotiate; it is what it is, and is dictated by the financial institution doing the financing. You can try to get a better rate than the manufacturer's through a 3d party, as you did. You might wish to inquire as to how Volvo's rate compares to be sure you are getting the best rate.
Does anyone know what book value best approximates what my offer should be?
Should I use something close to the "trade in value", :private party value" or the suggested retail price"?
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
After spending some time here and shopping, I just leased an XC70 so I thought I would put the details here for everyone. This does include the 1000.00 Volvo credit for existing Volvo owners:
MSRP - 44,325
Agreed Upon Selling Price - 37212
Adjusted Cap Cost - 36518
Term - 24 mos
Miles - 12K/yr
Drive Offs - 990
Monthly Payment - 420+ tax
Residual: 28058.31
I don't have the money factor but I asked and it is very close to 1% when converted to an interest rate.
Car_man
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Demo model 5,000 miles
msrp 44,005
residual 24,882
selling price 31,000
money factor .00208
379 per month
$600 out of pocket.
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Now.. if I could just convince the wife that it's an SUV and not a wagon, we'd be in business!!
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'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
36 months, 15K per year
2008 Volvo XC70 3.2 AWD in Barents Blue with Sand stone leather, Premium package, Climate package, Convinience package, Blind spot information system, Boosters. M.S.R.P. $ 44250, lease sale price is $ 32636, 36 month lease with 15K miles per year is $ 541 per month with 0 down, just taxes and tags ( $ 1158). Money factor is $ 0.00233, residual 0.42 ( $18585).
2008 Volvo V70 3.2 in Barents Blue with Sand stone leather, Premium package, Climate package, Convinience package, Bi-xenon, 17" wheels, Personal car communicator, Boosters. M.S.R.P. $ 40445, lease sale price is $ 31985, 36 month lease with 15K miles per year is $ 574 per month with 0 down, just taxes and tags ( $ 1158). Money factor is $ 0.00233, residual 0.42 ( $16986).
Dave in VA
After spending some time here and shopping, I just leased an XC70 so I thought I would put the details here for everyone. This does include the 1000.00 Volvo credit for existing Volvo owners:
MSRP - 44,325
Agreed Upon Selling Price - 37212
Adjusted Cap Cost - 36518
Term - 24 mos
Miles - 12K/yr
Drive Offs - 990
Monthly Payment - 420+ tax
Residual: 28058.31
My total down was only drive offs as well and was less than yours above. Also my payment is 420/mo and that is a 24 month lease!
What I learned while there is that you need to choose the lease promo that they are doing with each car. I was told that for the XC or V the sweet spot is 2 year, and for the SUV it is 3 year.
2008 XC 70 with Premium and Climate package
MSRP 44,535
Term 27 months
Cap Cost 32,296.61
Miles 10k
Residual 24,939.60
Monthly: 499.87
No money down
Thanks!
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
The car is a New 2008 XC70 base model - black. No bells or whistles, just standard equip.
MSRP - I believe was $37,000 (or just slightly over)
Term - 36 months
Miles - 12K
Money Down - $1,800 (INCLUDES tax, title, reg., first month payment)
Monthly Payment - $385
2008 XC70 with the premium and convenience packages and the price was roughly around $33-34,000 (this is in PA near Philly). With the 2009s coming in and these cars not being great with gas,etc, I think $37,000 for the base with nothing extra is a little too much but I leave it to the experts to give the correct answer.
Some of these dealers (in NJ) seem to think they are sitting on a pot of gold and are willing to turn away offers. We've walked out of a few places and they were willing to let us go. At least, that is what I've experienced over the past month or so.
Are you leasing or buying? Do you care to share your negotiations thus far?
I generally do all of my negotiating via email. I decide what options I want, look into the inventory of the dealers (online), and then ask for best price they can offer on a vehicle. In the past, I would then go in and negotiate for a lease or buy (never telling them ahead of time). I am now getting too impatient, I tell them I want to lease give, them VIN of the vehicle in their lot that I am interested in, and ask for all of the specifics -- monthly lease payment with no money down, money factor (interest rate if you multiply by 20), any drive away fees, and the residual.
If they respond with a nice offer, I go in and we are done, in not, on to the next dealer. The important thing is not to go in until you have something concerete in writing, dont waste your time at dealerships. You can use Cars.com or Edmunds to get quotes multiple quotes.
Good luck.
PS- I already have a 2007 and was just poking my nose to see if I could get a good deal with a 2008. Didnt get exactly what I wanted so I'll wait until the lease runs out and get a 2010 or 2009 (with the better engine )
I just had my 2007 XC70 in for a service appointment and got a 2008 XC70 as a loaner. Eventhough the 2008 has more horsepower (235) on paper, I found it underpowered and sluggish compared to the 2007 (208 hp). I also wasn't crazy about the look inside. If I decide to turn in my car and lease a new one, I would get one of the 2009's with the V6 3.0 l engine that has 281 hp.
That being said, if you really want to get the car and its the 2008, you should at least get the premium package and climate package (possibly something else thrown in) and convenience package at that price. Its a bit of tough negotiating but unfortunately times are tough and 2008 Volvo XC70's are not flying off the stores.
Check the dealer inventory and see how many they have and what comes with those cars, then choose one and negotiate on that one (preferrably using email). You live in Ohio but times are tough, I bet a dealer a few hours away from you would still love to sell you a car. Don't let yourself be limited by the local dealer, you can always service it there. Also, the local dealer might try to not lose your business and therefore may give a better deal.
Also, the X-plan (I also tried it), VIP, etc. are all marketing gimmicks. Just email them and say I dont want to know what plan you are using, etc. Just give me your best price.
One last thing, unless you havev your heart set on the XC70, also checkout the passat wagon, Subaru Outback, and I really like Mazda CX-9s. All three have a better ride that the new volvos.
Sorry for the long answer. Again, I am just a consumer not a professional and these are just my opinions.
I'm not surprised.
Its 400 lbs heavier and has the same torque as yours. And your torque peaks 1700 rpms sooner, to boot. OH, AND the new one gets worse gas mileage!
So much for advancing the model.
'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'll probably keep mine or weight until the 2009's go on sale (with the better power). But still, I dont really like the look of the new XC70's.
I also heard that SAAB is completely redesigning their cars, maybe their new wagon (due in 2009 or 2010) will be nice. Who knows.
'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
My wife loves the 2008 XC70 for the ride quality, but it is an extremely inefficient vehicle. We're lucky to get 20 mpg. The engine is harsh. The transmission is unresponsive. The vehicle is heavy and so slow that it's almost dangerous to merge into fast moving highway traffic.
Contrast that with my 2008 BMW 535xi wagon with 300hp six cylinder engine that goes 0 - 60 in 5.4 seconds and averages 26 mpg on the highway.
Volvo is no BMW, but surely they can invest in an efficient engine and shave a couple hundred pounds off the vehicle. The XC70 is a safe, comfortable pig of a vehicle.
Several manufacturers, including Volvo, are turning to twin sequential turbo chargers to improve performance efficiently. Unfortunately, we'll pay more than $2,000 extra for a 2009 turbo XC70 T6 just to get barely adequate performance and mediocre fuel efficiency.
The RV is 19k. I don't know the money factor. There were a couple of more incentive thrown in.
--Overall the price was $36,450 after incentives, not including the trade in.
--The trade in went to fees and up front costs plus first month payment, a total of $1500, and the rest toward reducing the monthly payments.
--The monthly fee ends up at 496.68 including tax.
Is this an ok deal? I ask because my 46K acura with a 6K trade in and no other incentives costs me $515/month, way less. I don't remember the #'s, but I suspect the RV was much higher. Are the lease prices actually higher now, because of the credit situation?
Thanks
SR
As for the deal, I am no expert but I always thought that incentives were just "flash" to get you in. Basically, you have to ask them what is the lowest they can do for you given every factor. After that, go to another dealer and see whats "their best." Of course, I recommend doing this all via email (maybe a call).
Anyway, the residuals have come down which means that you pay more. Also, I don't think you are getting a fantastic interest rate but you can find that out for yourself.
The other thing is not to tie yourself down to one car, I like my Volvo but for example the Mazda cx-9 is rated better on many levels and without any incentives their price beats what you are quoting for the XC70. They need you, you dont need them, I think you can shave some more off. Whats the worse that can happen, you go back and they give you the same deal.
Again, this is just my opinion, whatever decision you make will be the right one for you.
According to the latest information that I have seen, if you were to lease a 2009 Volvo XC70 through Volvo Finance for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value would be .00204 and 48%, respectively.
When negotiating your lease on this vehicle, make sure to take the $750 holiday bonus cash that Volvo is providing on it into account.
Car_man
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Would you be able to post lease numbers for the XC90 over on that message board? I'm interested in either a 2008 or 2009 XC90, either 12k or 15k mi/yr for 36 or 39 months. I know there's a Costco incentive currently but I'm wondering if there are larger incentives for third party leases vs Volvo Finance. Thanks!
I like the car inside out but it has so many electronic, ratles and transmision issues that unless you are a masochist there is no reason to get this car, plus the resale value is as bad as Chrysler or Ford.
I have a lease and I can't wait to return the car and get something more reliable.
Volvo Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Volvo XC70 T6 with 15,000 miles per year are an unattractive .00347 and 48%, respectively. Its money factor for the '09 XC70 3.2 are a slightly more attractive .00242, but its residual value is lower at 44% and its lease cash is only $1,553.
This lease program is scheduled to run through the end of March, but it would not surprise me in the least if Volvo was to make an unscheduled revision to it.
Car_man
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