Lease Questions - Ask Here

maxim49 · May 2004

Car_Man - the lease is for 39 months and 15K miles/yr. Thanks again!!

mtnsun · May 2004

Car_man, the Honda webpage "special offers" states it has special lease rates on all Odyssey models. This indicates to me there are 3 year special rates and not just 2 years. Please let me know. TX.

jpinti528 · May 2004

Car_man,
Could you post the residual and MF numbers for the Chevy Equinox LT, Saturn VUE AWD V6, and the Ford Escape Limited (12000/36 months). Could you also provide your opinion on which vehicle would be the better choice looking at the lease program.

Thanks!

sequoiaman · May 2004

I am about to return my Sequoia to Toyota Leasing after 3 years. My kids have been pretty tuff on the car, plus we have a few dings. I am concerned that I will get hit up with some serious charges when I give it back. Am I better off having the car cleaned up and and the scratches removed on my own or should I let the leasing company deal with it.

kyfdx · May 2004

It is a great LEASE deal because of that high residual. If you turn around and buy it at the end of the lease, it is still a decent deal, but not as good as leasing it and walking away after 24 months. When you add up all your costs and come up with $29K, that also includes the finance portion of the lease you are paying over the next two years... It is still a very good deal. And the $500 is dealer cash, not consumer cash. It belongs to the dealer and you won't see it anywhere listed on your deal. It looks like you have negotiated a very low selling price, that you likely wouldn't have gotten if the dealer cash wasn't there.

Remember.. HIGH residuals make for good lease deals, but do nothing to help you if you are going to eventually buy the car. If you are looking to ultimately purchase, then look for LOW money factors.

regards,
kyfdx

dn5150 · May 2004

I am a self-employed computer consultant, and I am wanting to lease a 2004 VW Passat GLS. I haven't purchased a vehicle since before I became independent, in 1998. I have two general questions. One, what do I use as income verification for the leasing company, in other words, what do they ask for as proof of income? Second, what are the chances of being approved for a lease with a Beacon of 652?. I know I won't be able to get a decent rate, if I can get the equiv. of around 10% I'll be happy. I also have $4K for a DP+upfronts. I had a BK that was discharged in 12/99. My credit has been perfect since then, no lates, CO's, CC debt is below $600 on 2 cards(combined). My net income is 39K on avg. I prefer to lease for the tax write-offs, but I will finance if I have to, hopefully through my CU. Any input?

Thanks in adv.

wibble · May 2004

You should not expect a poor rate just because you have a score of 659. Infiniti, for example, give the same rate to anyone 620 and above. Of course, your credit score isn't the only thing taken into account.

phauol · May 2004

Car_man

You are excellent!! Just got to know from you that the incentive of 330xi is $2400, so how much incentive they are giving for 325i?

Also, what is the MF for 325i for 36mth lease and what is the residue for 12k/yr.

I have negotiated with the dealer in CA in April to lease a BMW 325i for 12k/yr for 3 yr with $800 over invoice (selling $35790). Assuming the dealer is willing to settle on 35790 - incentive. What will be the monthly payment assuming I pay just the 1st mth plus $500 security deposit plus the bank fee for drive off and apply the new MF and residue in May.

Thanks

CarMan@Edmunds · May 2004

You're very welcome, bmwpair. This month, BMW introduced $3,000 dealer cash on the 2004 7-Series. This cash may be used in conjunction with BMW FS' lease program. BMW FS' current base lease money factor and residual value for a 3 year, 15,000 miles per lease of a 2004 745i should be .00190 and 55%, respectively. The numbers for a 3 year, 12,000 miles per lease of a 2004 BMW X5 4.4 are currently .00215 and 58%. I don't think that there is any way that you can prove to your salesperson that you know what BMW's actual lease program is. However, if you tell them that you know what its current program is and they still try to mislead you then you may want to comparison shop with a few other dealers in your area so that you can find one that will be more honest with you.

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CarMan@Edmunds · May 2004

No problem, EPZ. I'm looking forward to hearing how everything turns out.

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CarMan@Edmunds · May 2004

Hello 03oddity. Here is the information that you are looking for. If you were to lease a 2004 Acura TL with Navigation through American Honda Finance Corp. this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00215 and 53%, respectively in every state by New York. I am not sure how much AHFC charges per additional mile, but you may be able to find out on its web site or by giving them a call.

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CarMan@Edmunds · May 2004

Greetings jnl. If you were to lease a 2004 Honda Pilot EX without navigation through American Honda Finance Corp. this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00215 and 61%, respectively. The money factor for an otherwise identical lease with only 12,000 miles per year should be the same, but its residual value would increase to 63%.

If you were to lease a 2004 VW Passat GLS 1.8T Sedan through VW Credit this month for 3 years with 15,000 miles per year, its base lease money factor and residual value should be .00040 and 45%, respectively. This car's 12,000 miles per year residual value would increase to 47%. In addition to this special lease money factor, Volkswagen is providing $1,000 dealer lease cash on this model that will help you negotiate an attractive capitalized cost.

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CarMan@Edmunds · May 2004

Hi james2. If you let me know what this car's full MSRP and selling price are I would be more than happy to tell you what I think of your deal. These numbers are important for you as a consumer to know anyhow because the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing these two numbers, you can not tell how much of a discount you are being given.

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CarMan@Edmunds · May 2004

Hey sharkala. I would be more than happy to help you out. If you were to lease a 2004 Infiniti FX35 2WD through Infiniti Financial Services this month for 39 months with 15,000 miles per year, its base lease money factor and residual value should be .00174 and 50%, respectively. The zero down, pre-tax monthly lease payment for the model with a full MSRP of $41,000 and a selling price of $38,500 should be right around $565. The payment for an otherwise identical lease of an FX35 with an MSRP of $39,760 and a selling price of $36,000 should be around $511.

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CarMan@Edmunds · May 2004

Hello ssinhas72. You never mentioned in your post which BMW X3 you are getting, the 2.5i or the 3.0i. This is important to know because BMW's lease programs are different on each. Also, you never mentioned what the full MSRP of the vehicle that you are considering leasing is. If you tell me this number, I can calculate exactly what your lease payment should be on it. The selling price of $200 over invoice certainly sounds good, but your dealer may be trying to make up for this low selling price by tacking back-end profit onto your deal. Let me know the trim level and MSRP and I will tell you exactly what I think of this offer.

As far as your trade goes, you are definitely better off having them cut you a check for your vehicle rather than using your trade-in allowance as a down payment on your lease. I say this for two main reasons. The first is if your leased vehicle is totaled in an accident or stolen and never recovered during your lease term, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So this truck's lease-end purchase price would be exactly the same, regardless of whether you had put $15,000 down on it or had made absolutely no down payment at all.

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CarMan@Edmunds · May 2004

Thanks for the reminder, uconsumer. Let's take a look at the current lease programs for the models that you are considering getting. If you were to lease a 2004 Volvo XC70 through Volvo Finance this month for 36 months with 12,000 miles per year, its base lease money factor and residual value should be .00063 and 56%, respectively. The numbers for an otherwise identical 39 month lease should be .00063 and 53%.

If you were to lease a 2004 Audi allroad 2.7T through Audi Financial Services in New York this month for 36 months with 12,000 miles per year, its base lease money factor and residual value should be .00035 and 56%, respectively. The numbers for an otherwise identical 39 month lease should be .00035 and 54%.

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CarMan@Edmunds · May 2004

You're very welcome, adawaal. Here is the information that you are looking for. As I mentioned in an earlier post, BMW introduced dealer cash on a number of its models this month. In May, it is providing $1,250 dealer cash on the 2004 325xi that may be used on BMW FS leases. BMW FS' 3 year, 15,000 miles per year base lease money factor and residual value for this car are currently .00220 and 55%, respectively. Its numbers for a 4 year, 15,000 miles per lease of this car should be .00245 and 49%.

I do not believe that Mercedes-Benz is providing any sort of lease support on the 2004 SLK230 this month. So if you were to lease one through Mercedes-Benz Credit Corp. this month, you would have to use its standard lease money factors. MBCC's standard money factor varies quite a bit depending upon which one of its credit tiers you qualify for, but if your credit is in good shape you should be able to get a base money factor of right around .00280 on this car. Its 3 and 4 year, 15,000 miles per residual values are currently 55% and 49%, respectively. I do not believe that Mercedes-Benz is leasing 2003 models any longer. Most banks have stopped leasing '03 models by now because their residual values have fallen so far that they would be extremely expensive to lease. If you really want this 2003 SLK, make sure to negotiate a low selling price for it and finance it or pay cash. Given the fact that Mercedes dealers were probably paid out around $2,000 dealer cash for their remaining 2003 SLKs I would say that you should be able to get one for around that much under invoice.

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rxke · May 2004

Hi

Since Subaru is not leasing, how about the Ford Escape or the Toyota Highlander? What is the residual value and the money factor for 12k or 10k for 36 months. We live in Westchester NY.

Thanks

RXKE

focus88 · May 2004

Hi:
I just leased 04 infiniti G35 coupe w/leather * performance pkg.
I am kicking myself now as I did not stick with my original plan
How bad did I do?
39 months 11,076 miles per year $700 down (includes 1st mo. payment
title tax & tag) my deal $450 per mo. plus tax.

Are end of lease termination fee's manitory. Having big argument with my husband as I never paid one in my life.

Thanks

shaliloglu · May 2004

Car_Man ; Paulc6661

It sounds like you were able to do much better than what I was quoted.
Is the residual negotiable?

Please respond if you can help. thanks

I would like to enlist your help in analyzing the numbers I was given for a 2004 Odyssey EX-RES. I have always done good! deals purchasing my vehicles, always paying a fair price around invoice. This is my first possible lease deal and some of the numbers do not make much sense. I have done my research in trying to learn as much as I can about leasing. The numbers are as follows:
msrp - 28,980
Residual 73% - 21,155
Lease term - 24 months / 12K miles per year
selling price - 25,451
Monthly payment 249 per month
down payment 999 that includes 249 1st month payment, 282 cap cost reduction, 398 doc fee and 61 registration.

I was told to negotiate the on msrp and it looks like the selling price is down to 25451. How does that help me in the when If I want to purchase the vehicle at lease end I would pay 73% of msrp to buy the vehicle. In essence, I am paying close to 29,000 at that time (to include my deposit and lease payments). Also, where is the 500 Honda dealer cash.

I am told there is no deposit and no disposition fee at the end.
I feel that these numbers are not geared to be a good for me.... Good deal for the dealer and honda.
Can you please help me with these numbers and provide any insight to take back to the dealer for a better? deal.

I have recently found the discussion tread. What a great site. Keep up the good work.
Thanks again in advance.

maxim49 · May 2004

Car_Man -
I'm reposting this, just in case you missed it on your radar :-)

Car_Man - the lease is for 39 months and 15K miles/yr. Thanks again!!

njdriver1 · May 2004

OK CarMan, we've come to the final strokes on a 2004 Volvo XC90. Do you have numbers on a 36-42 month lease, 15k/year in NJ? Thanks

david4 · May 2004

Car_man,

Thanks for the info on A6 leases, I'd also like to find out what is BMW's May program (MF & residual) for the 545 is. I'd be looking to lease 545i (auto) with Sport package. I'm in NJ. I'd be leasing for 36 months, 12K/yr.

From your posts above, I know that BMW introduced dealer cash on some 3 and 7 series models, is there any dealer cash on the 545 as well?

Thanks,
Dave

ssinhas72 · May 2004

Thanks Car_man,

got the point on down-payment, I'll keep it to minimum

Trim Details: X3, 3.0, Xenon Lights, Panaroma Roof, Automatic, Metallic Paint, Privacy Glass

MSRP (per edmunds): 41,245$
Offered Sale Price by dealer: 38150$ (7.5% below MSRP, which he says is eqv to invoice)
He said he was adjusting some rebate of auto transmission on 3.0 to give this price

Offered Lease:
39 Months, 15K mile/yr, 1550$ drive-off
Money factor 230 and residual 59%
net monthly instalment with tax: 560$

Is it a good deal ???

thanks again for your help !!!

cody · May 2004

Hi Carman,

Have you been able to look at Acura's May lease program ? The MSRP is 26,990. Last month they quoted me selling price of 26,549 with 2k down for 15km a year for a 3 year lease.

Any info you can give me is much appreciated as I am clueless in all about leasing.

Thanks much.

CarMan@Edmunds · May 2004

Hi smd5. Here is the information that you are looking for. If you were to lease a 2004 Lexus Lexus ES 330 without navigation through Lexus Financial Services this month for 39 months with 15,000 miles per year right now, its base lease money factor and residual value should be around .00154 and 53%, respectively. If you were to lease a 2004 Acura TL without navigation through American Honda Finance Corp. this month for 39 months with 15,000 miles per year, its base lease money factor and residual value should be .00215 and 50% in every state but New York. If you were to lease a 2005 Chrysler Chrysler 300C through Chrysler Financial this month for 39 months with 15,000 miles per year, its base lease money factor and residual value should be .00190 and 50%, respectively. Audi's current lease program varies regionally, so in order for me to give you an idea of what its current lease program is like for the '04 A6 in your area, I need you to tell me what state you are in.

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spatulaman · May 2004

Well...looks like you've got the new numbers for everybody, so I'll ask about the Allroad again...and a few others...assume 36 or 39 months (whichever is better) and 12 or 15k miles/year.

BMW X3 3.0i (manual, leather)
Mazda 3 Hatchback (Nav, Xenons, leather, manual)
Audi Allroad (manual 2.7T, premium, no nav)

Thanks!

shaliloglu · May 2004

Car_Man;
Do you reply to all posts or just a selected few?

nomarack · May 2004

From what I can see from reading this thread for months, he responds to them ALL. However, everyonce in awhile he falls behind and misses one. If that happens, just repost and he'll get to it.

nyrascal · May 2004

Car_Man,

I am being given conflicting numbers by a number of Audi dealers. I'm being told that Audi Financial's money factor for a 36/10K lease on the S4 in New Jersey is .00185.

Are they boosting the money factor or has it actually increased?

Thanks.

-Mark

pinkissassy · May 2004

I am looking to lease a 2004 Lexus RX330 for 24 months with 15K per year in upstate NY area. My credit rating is as close to perfect as they come. Can you tell me about programs Lexus may have going on and also how I can estimate my payments.

hhcpta · May 2004

Hello-This is my first lease deal so I am kind of new at this. Looking at a 2004 honda accord ex/l (no navi). Msrp is 24,300 with 490 destination and invoice is 21,867. I shot a couple of emails to two local fleet managers on a 24/30/36 month lease, 15,000 miles/yr,Zero down except 1st payment and plates and received best offer based on 200 over invoice. Best of the two offers(tax incl.) $391.56 for 24, 366.55 for 30 and 328.20 for 24. Please keep in mind I am new at this and all this money factor,residual,etc. talk is greek to me. I like going to internet route because maybe it is harder for the dealer to tell how really clueless I am about this entire leasing buisness. I am kind of stuck from here because I am not sure if this is a good offer or can I do alot better? and what is the next step I should take to land a great lease deal on this accord. Can anyone give me some advice or monthly payment figures I should be able to land on this car. Thanks alot, Randy

eagleeye3 · May 2004

Waiting for a 325I to arrive at the end of the month - locked in the April lease rates and almost $2K off MSRP. As I wait, starting to consider a 330i w/ less options. Today (May 10th) dealer will only go $1K to $1.2K off MSRP on a 330i for sell price, but will honor April lease terms - claims less stock, no incentive to go lower. Same story for the 330i w. perf. package. Does this seem reasonable? What are the incentives for the 330i in May? I thought I saw $1200 somewhere - does that mean they are really offering me a 330i to lease at MSRP because they get a 1200 kick back form the factory? Should I respond that $1200 off + another $1000 off is the reasonable lease sell price (its too late - he already knows I'm leasing). Any help would be much appreciated...

shaliloglu · May 2004

Car_Man

I would like to enlist your help in analyzing the numbers I was given for a 2004 Odyssey EX-RES. This is my first possible lease deal and need help. The numbers are as follows:
msrp - 28,980
Residual 73% - 21,155
Lease term - 24 months / 12K miles per year
selling price - 25,451
Monthly payment 249 per month
down payment 999 that includes 249 1st month payment, 282 cap cost reduction, 398 doc fee and 61 registration.
Honda provides gap ins
No disposition fee
I do not know int. rate being charged.

73% of msrp after 2 years seems high. Also, can I nego the $500 cash dealer gets for this car.

Based on above numbers does it sound like a good deal.??

Thanks again in advance.

Sal

justin8 · May 2004

Hey car_man!

Could you please let me know MF/RV for May on 2004 Saab 9-3 (Linear and Arc) as well as any incentives? I'm considering a 36 month lease with either 12 or 15K miles.

Thanks for your time!

pinkissassy · May 2004

I am looking to lease a 2004 Lexus RX330 for 24 months with 15K per year in upstate NY area. My credit rating is as close to perfect as they come. Can you tell me about programs Lexus may have going on and also how I can estimate my payments.

buster6 · May 2004

Hi Car_man

This is for a friend. Could you please give me the res and $ factor on a GS300 for 36/39 months 15k per year(does the 39 month lease give extra miles for the 3 months or is it written as a 45k per year lease?) with and with out nav. This is in Arizona, also is there any dealer cash to play with?

Thanks in advance!!

fmiller · May 2004

Carman: I saw your post above concerning the Acura TL. If "Base" lease factor is .00215 for 39 months, is there a better rate than "base" for "lease loyalty" or any other promo's?

I am looking at a 36mo/15kmile base model TL, .00215 MF is what they quoted me as "special", non-nav,52% residual, Michigan 6% sales tax, 0 cap cost reduction on my part.

They are offering $488/month(tax is included) with $595 acquisition fee due in cash at signing + first months payment + $75 doc fee + title-plate. Cap cost looks to be right around $31K.

Should'nt I be able to avoid the acquisition fee?

This is my second lease with AHFC and third Honda auto. I will be making a deal on something the last day of this month. This dealer is close on the TL, but not quite there as far as I'm concerned. Thoughts? Please.

scottyt24 · May 2004

Hey Car_Man-

Many thanks for all of your answers to all of the posts! I'm sure it is not easy to keep up on, but you seem to manage just fine!!!

Anyway, following up to an earlier post for ACura's May money factor and residual for a 2004 MDX with Touring and NAV. MSRP is 41,200 and I am looking to lease for 36 months.

-Scott

phauol · May 2004

Car_man

Just want to remind you about my previous question.

Got to know from you that the incentive of 330xi is $2400, so how much incentive they are giving for 325i?

Also, what is the MF for 325i for 36mth lease and what is the residue for 12k/yr.

I have negotiated with the dealer in CA in April to lease a BMW 325i for 12k/yr for 3 yr with $800 over invoice (selling $35790). Assuming the dealer is willing to settle on 35790 - incentive. What will be the monthly payment assuming I pay just the 1st mth plus $500 security deposit plus the license for drive off and apply the new MF and residue in May.

Thanks

CarMan@Edmunds · May 2004

Hello shaliloglu. There has been quite a few posts made in this discussion lately. I am sorry for the delay, but it only took me a day or two to get back to you. Let's play with some numbers and see what sort of lease payment I would expect you to be able to get on this van right now. According to my calculations, a 24 month lease of a 2004 Honda Odyssey Odyssey EX-RES with an MSRP of $28,980 and a selling price of $25,451 leased through American Honda Finance Corp. for 2 years with 12,000 miles per and with $282 down should have a pre-tax monthly lease payment of right around $278. If you are able to lease this van for only $249 per month you are getting a heck of a deal and should go for it. Dealers are not obligated to tell consumers about dealer cash or share it with them. So you should take this money into account when negotiating this van's selling price, but do not expect it to be itemized.

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CarMan@Edmunds · May 2004

No problem, maxim49. According to the latest information that I have seen, if you were to lease a 2004 Infiniti G35 Coupe through Infiniti Financial Services in May for 39 months with 15,000 miles per year, its base lease money factor and residual value should be .00210 and 58%, respectively.

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CarMan@Edmunds · May 2004

Hi mtnsun. Everything that I have seen indicates that Honda is only supporting 2 year '04 Odyssey leases in May. I do not believe that it is providing any support for 3 year leases of this model.

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shaliloglu · May 2004

Car_Man:
Thanks for your review of the numbers and opinion on the deal. I felt it was good the only thing that bothers me is the 73% residual after two years. It should be worth less than that I would have thought. What do you think.?
Thanks again for a great service and forum.

Sal

CarMan@Edmunds · May 2004

Greetings jpinti528. If you were to lease a 2004 Chevrolet Equinox LT AWD through General Motors Acceptance Corp. this month for 3 years with 12,000 miles per, its base lease rate and residual value should be 6.0% and 54%, respectively. A lease rate of 6.0% is equivalent to a lease money factor of right around .00250. When negotiating your lease on this truck, keep in mind that the $1,000 bonus cash that GM is offering through its Truckfest promotion can be used to reduce this model's selling price.

If you were to lease a 2004 Saturn VUE AWD V6 through GMAC this month for 3 years with 12,000 miles per, its base lease rate and residual value should be 1.33% and 46%, respectively. This lease rate is equivalent to a money factor of around .00055. Again the Truckfest cash may be used to reduce this model's selling price.

Last but not least we have the 2004 Ford Escape Limited. If you were to lease this truck through Ford Motor Credit this month for 3 years with 12,000 miles per, its base lease rate and residual value should be an unattractive 7.5% and 51%, respectively. This lease rate is equivalent to a money factor of around .00313. Ford is providing $2,500 lease cash on this truck that you can use to negotiate a lower capitalized cost.

I haven't worked up any sample payments yet, but strictly looking at the lease programs I would say that the VUE has the most attractive deal right now. This may or may not yield the best lease payment because you this will depend upon what sort of selling prices you are able to negotiate.

Car_man
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zephyr · May 2004

Hi car_Man. I am looking to lease a 2004 BMW Z4 3.0 with an MSRP of $44,920. I am looking for a 36 month lease with 12k or 15k miles per year through BMWFS. I thought they had some special money factors and additional trunk money, but I am not up to date on their current programs. Can you tell me my monthly pmt in the above scenarios and the current MF and residuals? Thanks in advance!

CarMan@Edmunds · May 2004

You're welcome, Sal. A 73% 2 year residual value is actually not that bad, especially for a model that is going to be redesigned for the next model year. Compare this number to Chrysler Financial's current 2 year residual value for the 2004 Concorde LX which is 36% or GMAC's supported residual value for a 2 year lease of an '04 Chevrolet Venture which is 58% and it looks a whole lot better.

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CarMan@Edmunds · May 2004

Hi sequoiaman. Each bank has its own guidelines as to what it considers to be excess wear and tear. Most captive finance companies, banks that are associated with automakers, are usually fairly reasonable when evaluating vehicles condition at lease-end. They realize that things happen to cars and trucks over the course of several years and are not going to nickel and dime their customers to death because they don't want to make them angry and reduce the chances of their parent company selling them another vehicle. I am not sure, but your lease is likely through Toyota Financial Services. It sends an independent appraisal company to conduct a complete inspection of leased vehicles at the ends of their terms. According to its Web site, excess wear and tear on TFS leases may include the following: Inoperative mechanical and electrical parts; Damage to the body, lights, trim or paint; Damaged, broken or tinted glass; Torn or damaged interior; Damage from flood, water, hail or sand; Tires with less than 3/32 inch of tread remaining; Missing equipment, parts, or accessories. If I was in your situation, I would wait until the independent inspector looked at my vehicle. If they pass it without any sort of penalty, great. If not, you may be able to fix the issues on your own prior to turning your truck in.

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hpowders · May 2004

Hello Car Man. I would like the residual and mf for a 3 year 36000 mile bmw 530i lease in Florida.
Thank you.
Howard

CarMan@Edmunds · May 2004

Thanks phauol. BMW is providing $1,250 dealer cash on the 2004 325i right now. BMW Financial Services' current 3 year, 12,000 miles per base lease money factor and residual value for this model are .00220 and 61%, respectively. I would be more than happy to calculate a sample lease payment on the car that you are interested in for you, but in order for me to do so I need you to provide me with its full MSRP.

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