Lease Questions - Ask Here

katkison · May 2004

Thank you Car_Man for the calculations! I have a further question: When does the dealer cash expire on the Z4? The dealer I spoke with claimed May 31, but I had heard a conflicting date of June 30.

Thank you,

Kelly

ca_man · May 2004

Car_Man, Thanks very much for the lease information about the Audi A6 2.7T, I posted my question 3 times, apologies for being a tad impatient. :-)

Audi is really trying to move cars these days, looks like ..

beady23 · May 2004

I forgot to add that this would be for 12K miles per year.
Thanks,
BD

CarMan@Edmunds · May 2004

Hi cargirl81. You probably would be better off just purchasing the Toyota 4Runner that you are interested in rather than leasing it. Toyota is not providing any sort of lease support on this truck right now. So if you were to lease one through its captive finance company, Toyota Financial Services, you would have to use its standard lease program. The last that I heard, its base standard lease money factor was .00225, which is equivalent to an interest rate of right around 5.4%. This isn't terrible, but it's nothing to write home about either.

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CarMan@Edmunds · May 2004

Greetings doggie. I would be more than happy to calculate a sample lease payment on the model that you are interested in for you. However, in order for me to do so, you need to tell me what its selling price is. The selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. It is difficult to evaluate a lease without this number. If you have not gotten that far in your negotiations, you should be able to get an idea of what this vehicle's selling price should be like by looking up its Edmunds.com True Market Value in the New Vehicle Pricing section of this site or by visiting the "Infiniti FX45 / FX35: Prices Paid & Buying Experience" discussion that appears over on the Prices Paid board. Once I have this additional piece of info I will be able to help you out. Talk to you soon.

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ca_newcar · May 2004

Hey Carman:

Could you tell me the lease cost of a 2004 FX35 with touring package and navigation system.
MSRP $43,050

I am looking for a 2 or 3 year lease with 15,000 miles per year.

Also do you know of any deals on the Cadillac SRX?

CarMan@Edmunds · May 2004

Sorry for the confusion, cjs2002. I must have read your previous post too quickly. OK, so you are actually interested 2004 Nissan 350Z Touring Coupe. If you were to lease one with an MSRP: $33,280 and a capitalized cost of $31,000 through Nissan Motor Acceptance Corp. this month for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be right around $458. The payment for an otherwise identical 39 month lease would drop to $439. As a side note, I have a neighbor who has an '04 350Z Coupe in black with tinted windows and 20" chrome rims that looks amazing. This can be a great looking car if it's dressed up right.

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ca_newcar · May 2004

Cost is invoice plus $800. So $40,241. Thanks for the help

CarMan@Edmunds · May 2004

I am sorry to say, zitromex, that you really can not change the terms of your deal once a lease agreement has been signed and you have physically taken delivery of your new vehicle. Even if you were allowed to shorten your lease, doing so would probably make your monthly payment increase because you would be spreading your vehicle's initial depreciation hit over a smaller number of payments.

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CarMan@Edmunds · May 2004

Thanks for the additional information, Howard. If you were to lease a 2004 Lexus LS 430 with the Premium Package, but no other options through LFS this month for 3 years with 12,000 miles per, its residual value should be 56%.

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CarMan@Edmunds · May 2004

Beady23, a few months ago American Honda Finance Corp. began leasing vehicles in New York again. It has pulled out of that state for a while because of the vicarious liability laws that exist there. The catch is that it has higher money factors for vehicles leased in New York than it does for vehicles leased in other states to make up for this additional liability. If you were to lease a 2004 Acura TL without navigation through AHFC in NY this month for 4 years with 15,000 miles per, its base lease money factor and residual value should be .00210 and 48%. The money factor for an otherwise identical lease of an '04 TL with navigation would be the same, but the residual value would fall to 46%.

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CarMan@Edmunds · May 2004

You're very welcome, Kelly. BMW's current dealer cash is scheduled to run through June 30th. It is difficult to say what it will do after that date, but I suspect that it provide at least as much support on its 2004 models in July as it has now, unless there is a significant change in the market. I am not surprised that the dealer who you spoke with told you that the dealer cash expires at the end of May. It is in dealers' best interest to create a sense of urgency so that you purchase form them ASAP.

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chicagojohn · May 2004

Looking to lease a XC90 2.5TAWD in Chicago. Any insight into lease incentives in the area or current numbers I should be working off of? Thanks in advance.

CarMan@Edmunds · May 2004

You're welcome, ca_man. Sorry that it took me a day or two to get back to you, but things have been pretty busy in this discussion lately. Yes, Audi definitely has an attractive lease program on most models right now.

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CarMan@Edmunds · May 2004

Beady23, AHFC's residual value for 4 year leases with only 12,000 miles per year would be 2% higher than the one that I just provided you with. Let me know if you have any other questions.

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CarMan@Edmunds · May 2004

Hey ca_newcar. I would be more than happy to calculate a sample lease payment on the model that you are interested in for you. However, in order for me to do so, you need to tell me what its selling price is. The selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. It is difficult to evaluate a lease without this number. If you have not gotten that far in your negotiations, you should be able to get an idea of what this vehicle's selling price should be like by looking up its Edmunds.com True Market Value in the New Vehicle Pricing, section of this site or by visiting the "Infiniti FX45 / FX35: Prices Paid & Buying Experience" discussion that appears over on the Prices Paid board. Once I have this additional piece of info I will be able to help you out.

Yes, General Motors is providing lease support on the Cadillac SRX right now.

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vikd · May 2004

Carman-
What would be the base lease money factor and residuals for a 36 mth 12 k per year lease on a '04 TL auto w/ Nav and w/o Nav...?

Also, what would the money factors and residuals be for a 48/12 lease on the same two vehicles...?

Thanks much!!

Regards... Vikd

jkmb · May 2004

thanks for the info.

I want the convertible (320CLK)
15000 miles a year.

ca_newcar · May 2004

Cost is invoice plus $800. So $40,241. Thanks for the help

njdriver1 · May 2004

Close to a deal CarMan. Last month there was lease cash available to dealers. Is there money in May on a 2.5AWD? Is this money used to negotiate off of invoice? For example, if invoice is $42,000 with $2,000 dealer cash, the car could be sold for $1,000 under invoice and the dealer still make $1,000 on the sale? Do you have any idea what a reasonable profit above invoice should be on this car in NYC metro area?
Thanks

cjs2002 · May 2004

thanks for the information.... unfortunatly...hahah... its a bit over what I wanted... so I might take a gander at a used one... or maybe one of the 03 models they have left sitting on the lot ...

gasman · May 2004

What is the current money factor and residual on a G35x?

Thanks

trigger · May 2004

Car_Man, hoping you'll have some info on the SmartBuy of an 04 corvette coupe 1SB. The one I'm looking at has an MSRP of $49k, $7k discount and then $3k rebate. I have a $23k trade. Would you need anything else to compute a payment? If you don't have the SmartBuy info what would it be for a SmartLease?

Thanks!

fish8 · May 2004

Please look on the VW website www.vw.com

They have lease specials running right now on Jetta Gl's and Passats. The GL is $189 per month with only $739 due at lease signing. It sounds like a great deal to me.

CarMan@Edmunds · May 2004

Hi Vikd. Excellent choice in cars. I've always liked the Acura TL, even more so since its recent redesign. If you were to lease a 2004 Acura TL through American Honda Finance Corp. in any state but New York this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00215 and 55%, respectively. The numbers for an otherwise identical 4 year lease should be .00190 and 48%. TL models that are equipped with the navigation option have residual values that are 2% lower.

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CarMan@Edmunds · May 2004

Thanks for the additional informaiton, jkmb. If I recall correctly, you are interested in a 3 year lease. Mercedes-Benz is not providing any sort of lease support on CLK Convertibles right now. So if you were to lease a 2004 CLK 320 Convertible through Mercedes-Benz Credit Corp. you would have to use its standard lease program. MBCC's standard money factors vary depending upon which one of its credit tiers you qualify for and what part of the country you are in, but this car's 3 year base lease money factor should currently be around .00265. Its 3 year, 15,000 miles per residual value is 62%.

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CarMan@Edmunds · May 2004

Let's calculate a sample lease payment on this vehicle and see what we come up with, ca_newcar. According to my calculations, if you were to lease a 2004 Infiniti FX35 AWD with the touring package and navigation system (MSRP: $43,050 / Cap Cost: $40,241) through Infiniti Financial Services this month for 2 years with 15,000 miles per, your zero down, pre-tax monthly lease payment should be right around $681. The payment for an otherwise identical 3 year lease should be around $605.

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CarMan@Edmunds · May 2004

Hi njdriver1. Volvo is providing $2,000 dealer cash on leases of 2004 Volvo XC90 2.5T models through any bank other than Volvo Finance. You were correct when you stated that your dealer would still make around $1,000 if you were to lease this car through an independent bank at $1,000 below invoice. I am not personally all that familiar with what this model is going for in your area right now, but you may be able to find out by taking a look at the following discussion: Sylvia "Volvo XC90: Prices Paid & Buying Experience" Jul 30, 2003 2:22pm.

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CarMan@Edmunds · May 2004

You're welcome, cjs2002. I completely understand. It was a little pricey. Let me know if you have any other questions.

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CarMan@Edmunds · May 2004

Hello gasman. I would be more than happy to try to give you an idea of what this car's lease program is like right now. However, in order for me to do so, I need you to tell me how long you want to lease it for and how many miles per year you need to be able to drive it. Once you let me know I will be able to help you out. Talk to you soon.

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CarMan@Edmunds · May 2004

Hi trigger. General Motors' SmartBuy program is what is known in the industry as a balloon note program. Leases are still much more popular than balloon notes, so even though I follow manufacturers' lease programs fairly closely I do not personally keep tabs on their balloon note programs. I would be more than happy to calculate a sample lease payment on this car for you. However, in order for me to do so, I need you to tell me how long you plan on leasing it for and how many miles per year you need to be able to drive it.

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chicagojohn · May 2004

Carman - neglected to add - 36 month, 15,000/yr. XC90 to have Versatility, Climate and Premium packages.

CarMan@Edmunds · May 2004

Greetings chicagojohn. According to the latest information that I have seen, if you were to lease a 2004 Volvo XC90 2.5T AWD through Volvo Finance in Chicago right now for 36 months with 15,000 miles per year, its base lease money factor and residual value should be .00185 and 55%, respectively. As I recently mentioned in another post, you may find that it is less expensive to lease this vehicle through a bank other than Volvo Finance because Volvo is not providing much in the way of lease support on it, but it is providing $2,000 dealer cash on 2004 XC90 2.5T models that are leased through independent banks.

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lilrigby · May 2004

I'm in the market for a small to mid-sized suv and am looking for a good leasing deal. any suggestions?

Kristin

jend50 · May 2004

I am looking to go pick up a new Chevy Nox on Sat. Originally my dealer quoted me a lease price of $289. Although this model he is looking to get is 27,020 because it is missing XM radio which I want as well as has 1500 miles and was a salesmens demo..which should have brought the payment below $280.. just because no xm radio ($325 divided by 36 month lease not counting demo miles) and is now telling me the price is $325?! I told him he better recrunch his numbers because a week ago he gave me the price of $289 on FWD and $327 on AWD. Does anyone know what the monthly payment on a lease would be at this MSRP of 27,020... remember the GMS price I am actually getting it for is 24,155.27! Just a rough estimate.. or other peoples payments to know if he is trying to just get me for more money? By the way its a 3 year lease...

shap1 · May 2004

Car_Man, I'd like to hear your thoughts on leasing CPO's, specifically a low mileage 2001 BMW 525. I don't like the new 5-series design, so it's either this or a new 325 or X3. Just wonder which one (new 3 or CPO 5) is the best value for leasing.

Thanks!

sfuj1212 · May 2004

leased a clk a month ago. having some problems with the car. been in for service twice. not really satisfied with the car due to the problems. is there any way out or even changing to another mercedes vehicle.
i know that when you lease you are stuck with it but maybe there may be some other options.

carlos_26 · May 2004

Hey Carman hoping you can help steer me the right way I am looking at leasing an 05 Magnum for 36mos 15k miles a year trading in $3k worth of vehicle, what are residual values and money factor if going thru Dodge or am I better of financing. Thanks.

jnl · May 2004

Car_man,

Thank you very much for your response. I have been quoted a residual of 61% by two dealers on a lease for the EX (w/o navigation and DVD) for 36 months/12k miles. Is there a reason that their numbers are different from the 63% that you came up with on an identical lease? Thanks again for your assistance.

carlos_26 · May 2004

forgot price $34580.00, thanks.

CarMan@Edmunds · May 2004

Hello Kristin. I am not sure what your budget is like, but I can recommend a number of SUVs. The problem is that many of them do not have very attractive lease programs available on them at this time. I personally feel as though the Toyota 4Runner, Honda Pilot, & Nissan Pathfinder are all are very good mid-sized SUVs. There are a number of decent offerings from domestic automakers in this segment as well, the problem with them is that the residual values are often so low on domestic products that they do not make great products to lease either. When one talks about vehicles that have a lot of utility and a great lease program the number one model that comes to mind right now is the Audi allroad. Of course, many people refuse to drive wagons and this is a fairly expensive vehicle.

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CarMan@Edmunds · May 2004

Thanks for providing the full MSRP and selling price of the truck that you are interested in in your post, jend50. I would be more than happy to calculate a sample lease payment on it for you. According to my calculations, if you were to lease a 2005 Chevrolet Equinox FWD with an MSRP of $27,020 and a selling price of $24,155 through General Motors Acceptance Corp. this month for 3 years with 12,000 miles per, its zero down, pre-tax monthly lease payment should be right around $383. I'm not sure how the salesperson who you were working with was able to quote you a lower payment than this, unless they were giving you some additional discount on the vehicle or you are making some sort of down payment.

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CarMan@Edmunds · May 2004

Hi shap1. Leases of Certified Pre-Owned vehicles can be good deals, IF the manufacturer is providing enough support on the vehicle that you are interested in. Unsupported CPO leases often turn out to be almost as expensive as, or sometimes even more expensive than leases of similar brand new vehicles. Having said this, BMW does provide lease support on a number of its CPO models. These programs have a ton of details associated with them because one can lease vehicles from a number of different model years and they really are not all that popular, so I do not personally keep tabs on their details. I can tell you though that the resale values of previous generation 5-Series models are very strong right now because like you, many people do not like the new version. If I was in your situation, I would get a couple of quotes to lease a new 325 or X3, making sure that the dealership that you are working with takes the dealer cash that is currently available on them into account, and compare what it would cost to lease them with the cost of leasing the used 5 that you are looking at.

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CarMan@Edmunds · May 2004

I am sorry to say, sfuj1212, that once you have signed a lease contract for and have physically taken delivery of your new vehicle there is no way to return it or exchange it for a different one. I would mention your concerns to the manager of the dealership that you leased your vehicle from and see if they would be willing to do anything for you. Make sure to keep careful records about the problems that your car is experiencing, who you have spoken with about these problems, and the attempts that have been made to fix them. If your car continues to have a significant number of problems there is a chance that you would try to get it declared a lemon.

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jend50 · May 2004

Thanks for the estimated number you gave me. You were greatly helpful!

acura2000 · May 2004

Car_Man

I'm about to begin negotiations on a lease of a 2004 Lexus RX330 for 48months 12k miles/yr or possibly 15kmiles a year. The vehicle has a Sticker Price of $45,268, if I remember correctly give or take a couple of hundred $s, and an invoice price of around $40k. The vehicle does have the nav system, AWD, and 18inch wheels. I'm in the Columbus, Ohio area. To try and negotiate a price of $200-$500 above invoice seems reasonable? Are there any specials or lease deals on this vehicle? What would be an estimated lease payment on this vehicle based on the above information? What would be the residual, money factor, and anything else I need to get back to the estimated lease payment?

Your Help is greatly Appreciated.

vikd · May 2004

Regards... Vikd

rxke · May 2004

HiCarman

I am still trying to figure out what car to lease. I am considering an Audi Avant 1.8, Toyotal Higherland, and a Subaru Forester. I know that you said you do not follow balloon type financing but do you know the residual on a Forester 10,000 or 12,000 for 36 or 39 months. I can get the interest rate they are offering. I think that the dealers are getting a $750 incentive on the X model.

Can you provide me with the latest incentives, money factor, and residuals for the following:

Toyota Highlander(not the limited).
Audi Avant 1.8 quattro
Passat Wagon 1.8 quattro

10,000 and 12,000 miles per year for 36 or 39 months, whichever they offer in NY.

I am trying to see what the monthly differences are between the four cars I am looking. With incentives a better car might be close in price to a lower priced car.

Thanks

tattoojay · May 2004

We recently made a trip to the Chrysler dealer. We looked at the PT cruiser. We had a car to trade that was not yet paid for and we did not have the vehicle with us. The salesmen did not want us to leave to get the car. We did not have the exact mileage and filled out a sheet ion the trade-in that stated it had 80k+ miles. When we turned it in on Monday it had 89K miles. Keep in mind that the previous Saturday, we signed all lease contract including what the dealer agreed to give us on our trade in sight unseen. We took the PT cruiser back to have a sunroof installled and the salesmen mentioned that after they had the trade in looked at, they would be contacted us about it but did not say why. Since all of the lease paper work has been signed and finalized, id there anyway they can come back and try to get us for more money if they felt the trade in was mot worth what they originally figured? I want to know if they are locked into the deal or can they come back after the fact?

hdc825 · May 2004

I have a 2000 Toyota 4Runner with a 5 yr lease that will end in Nov 05. I have almost reached my mileage limit of 60,000. The residual on the vehicle is about $14,500. I have been pondering a few options and wanted to know what might be best. I figure I could A)wait until the end of my term and pay the mileage penalty which would probably be around $2000.

Purchase the car at the end of the term, (if I do this, is there a good chance I could purchase the vehicle for less than the $14K?) C) Do a lease buyout now, while rates are somewhat low (could I get the vehicle for less than the current payoff of $20K) or D) look into purchasing a new vehicle now and maybe get something with a special 0-3% rate. My credit is pretty good and my current loan is through Chase (not sure how good they are to work with). I'd appreciate any insight someone might have. Thanks.

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