Lease Questions - Ask Here

hpowders · June 2004

Good morning Car_Man. I would like the residual and mf for 3 years, 36,000 miles, premium package in Tampa, Florida.
Thank you.
hpowders

danmiz · June 2004

Thanks, Car_Man.

CarMan@Edmunds · June 2004

I'm glad that you were able to get a better deal, Nicole. The only thing that would be deducted from your vehicle's selling price would be a capitalized cost reduction and it is not in your best interest as a consumer to make a cap cost reduction when leasing. If you are not making a down payment, the only things that will be due at lease signing are your first month's payment, Audi Financial Services' lease acquisition fee of $575 (except for in NY where it is higher), a lease security deposit of your monthly payment rounded up to the nearest $25 increment, and any sort of taxes or registration fees. Audi Financial Services is waiving its security deposit requirement on '04 A4 1.8T models this month so you won't have to pay that. Also, you can have your acquisition fee added into your vehicle's capitalized cost and not have to pay it at lease signing if you want. Since you are paying your car's first month's payment at lease signing, if you were to lease it for 42 months, you would only have to make 41 more payments.

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sebzx79 · June 2004

CarMan I forgot to include other info.
it would be for 36, 39, 48 months with 10k or 12k miles per year.

Thank YOu

CarMan@Edmunds · June 2004

Dosei, BMW is not providing dealer cash on 2004 3-Series convertibles. It only has cash support on 3-Series sedans and coupes at this time. I don't personally know what the market is like for this car in your area right now. You may want to stop by the "BMW 3-Series: Prices Paid & Buying Experience" discussion that appears on the What Did You Pay message board to see if anyone there has any feedback on this car's price for you.

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CarMan@Edmunds · June 2004

You're welcome, danmiz. Let me know if you have any other questions.

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CarMan@Edmunds · June 2004

Hello benjaminh. I believe that GM Card earnings can be used as a down payments to reduce the capitalized costs of leased vehicles.

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dosei · June 2004

Thanks Carman. Your help in invaluable.

CarMan@Edmunds · June 2004

Hi pgill. Here is the information that you are looking for. If you were to lease a 2004 Chrysler Pacifica AWD through Chrysler Financial this month for 2 years with 12,000 miles per, its base lease money factor and residual value should be .00165 and 63%, respectively. The numbers for an otherwise identical 36 month lease should be .00165 and 55%. When negotiating your lease on this model, keep in mind that DaimlerChrysler is providing $3,000 lease cash and $1,000 Chrysler Financial bonus cash for a total of $4,000 that can be used to reduce its capitalized cost.

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CarMan@Edmunds · June 2004

You're very welcome, dosei.

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chalco02 · June 2004

Hi Car Man!

The lowest base price I've been able to secure in the Southern Cali for a 2004 Acura TSX has been $25,640.

I am looking for a 48 month, 15,000 mile/year lease.

I am currently being quoted $374/month with a $1,246 drive-off cost (I believe this cost includes acquisition, security deposit, title & license, first month's payment)

Can you shed some light on this arrangement and whether the numbers add up (money factor/residual value)?

Also, any idea when the 2005 models will be rolling out and whether there will be some sort of discounts or incentives for the '04 model when this happens? Not sure whether to take the plunge now or wait a month or two!

Thanks!

chinaman · June 2004

Hi Carman!

Need ur help. Am looking into leasing a 04 Accord, can you give me some numbers. Interested in 3 yr/12k or 15k.

Accord EXL 4cyl (w/navi)
Accord EXL 4cyl (w/o navi)
Accord EX 4cyl

Any promos right now for Accord lease? Planning to lease just before the holidays (4th July).

Thanks,

jeep53 · June 2004

Thanks for you help Terry. I appreciate it. I'm going to see him this weekend. I have to find out how much he had to pay back. I can't believe he got out of that contract without paying a dime. Thanks again.

tburn · June 2004

I got a quote on an Acura TL of $31,595 which made the lease payment $478 (3yr/12k). My brother just picked up a new Buick Ranier for $34,300 (GM Discount) and ended up with a lease payment of $390 (3yr/12k). Has GMAC jacked up the residual that high? Or, is Acura/Honda just trying to realize more profit on the financing side? I'm a little confused.

bjorkboy · June 2004

hi carman

thank you for your help first off!
This is my situation, I am currently in a 5 year lease of a 2000 VW GLS Beetle, only 38000 mileage and in great condition. I wanted to lease another car, the VW PASSAT. My payoff was about 11, 400 and edmunds stated my certified used car value was 13056. Do you think I should be able to lease a new passat at this moment even though my lease is up in february 2005? Also, I wanted to know what the depreciation value is for a new passat 1.8 T turbo for a 48 month lease?

Thanks again
bjorkboy

fish8 · June 2004

Can you please tell me the money factor on a 2004 Passat GLS Automatic? 48 Month lease.

Thanks

bmwobrien · June 2004

I inquired about buying my leased bmw 330xi, 45k, exc condition, fully loaded, rather than turning it next month. Dealer offered 24k. Trade in value is 22k, but looks like it sells for 26k. Why the disparity....and is this a good deal?? Residual is 26k plus.

CarMan@Edmunds · June 2004

Hi chalco02. Let's take a look at this car's current lease program. Acura is not currently providing any sort of lease support on the 2004 TSX. So if you were to lease one through American Honda Finance Corp., you would have to use its standard lease program. I believe that its current 4 year base standard lease money factor in your area is .00215. The corresponding 4 year, 15,000 miles per residual value for an '04 TSX without navigation should be 49%. I would be more than happy to calculate a sample lease payment on the car that you are interested in for you so that you can compare it to the payment that you have already been quoted, but in order for me to do so, I need you to provide me with its full MSRP. I am not sure when the 2005 TSX will hit dealers, but I suspect that it won't be for another couple of months. The prices of the '04 model will probably continue to drop as the 2005 models approach, but this decline may be partially offset by a possible drop in residual values in July and possibly again after that.

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CarMan@Edmunds · June 2004

Hey chinaman. Here is the information that you are looking for. If you were to lease a 2004 Honda Accord EX without navigation through American Honda Finance Corp. in your area this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00118 and 55%, respectively. The money factor for an otherwise identical lease of an '04 Accord EX with navigation would be the same, but the residual value would fall to 52%. AHFC leases of this length with only 12,000 miles per year would have residual values that are 2% higher. This is a special lease money factor that is considerably lower than Honda's standard lease program. In addition to this special money factor, Honda is providing $500 dealer cash on 2004 Accord Sedans and $800 to $1,000 on '04 Accord Coupes that can be used to help you negotiate a more attractive capitalized cost.

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CarMan@Edmunds · June 2004

Hello tburn. General Motors is indeed artificially inflating its residual values on a number of vehicles, including the 2004 Rendezvous. It's taking a model that would normally have a 3 year 15k residual of around 35% and pumping it up to the low 50% area. In addition to this residual value support, it is providing a low 2.5% lease interest rate, and $1,000 owner loyalty / conquest cash on this model. Furthermore, dealers are much more likely to provide a hefty discount on the Rendezvous than Acura dealers are on the TL. When one takes all of these factors into account it explains why the Rendezvous has a lower lease payment than the TL. Having said this, I would think that you should be able to lease the TL for a little less than the quote that you were given. If you provide me with the full MSRP and dealer invoice price for the TL that you are interested in, I would be more than happy to work up a sample lease payment on you that you can use as a reference point when shopping.

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CarMan@Edmunds · June 2004

Greetings bjorkboy. It is difficult for me to say whether you will be able to get out of your leased Beetle at this time and lease a new Passat without having to pay a lot of money out of your own pocket or roll a lot of negative equity into your next loan / lease. Generally speaking it is usually fairly expensive for consumers to get out of leased vehicles this long before their scheduled termination dates. In your post you mentioned that your payoff for your leased Beetle is $11,400. Did you call the bank that you are leasing it through to get this number? If not, place a call to VW Credit, or whichever bank you are leasing your car through, to find out exactly how much money you would have to pay to get out of this lease at this time. Once you have this figure, compare it to what you can realistically expect to get for your vehicle by trading it in right now. You were on the right track when you looked up your car's Edmunds.com True Market Value, but you need to look up its trade-in value, not the price that dealers might be able to sell it for. You also may want to stop by the following discussion: sysop "Real-World Trade-In Values" Jun 20, 2004 10:23am. One of our most knowledgeable community members, Terry, hangs out there. He is usually more than happy to give consumers an idea of what their vehicles are currently worth if they provide him with an accurate description, including any damage, what sort of transmission the vehicle has, its color, its mileage, where they live, etc... I have a sneaking suspicion that it will cost you more to purchase your leased Beetle than it is worth on the open market. If that is the case, then it will cost you money to get out of your current vehicle and into a new one.

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CarMan@Edmunds · June 2004

Here you go, fish8. If you were to lease a 2004 Volkswagen Passat GLS 1.8T Sedan through VW Credit this month for 4 years with 15,000 miles per, its base lease money factor and residual value should be .00053 and 40%, respectively. When negotiating your lease on this car, keep in mind that Volkswagen is providing $750 dealer cash on it that may be used in conjunction with VW Credit's lease program. This cash will enable you to negotiate a more attractive capitalized cost than you normally would have been able to.

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hpowders · June 2004

Hello Car_Man. I need the residual and mf for a BMW 530i with premium package, comfort seats and automatic transmission, 36,000 miles, 36 months in the Tampa, Florida area.
Thank you.
hpowders

gwarren · June 2004

Car_Man,

Sorry to repeat the same, questions, but I am still in the process of attempting to Lease a new RX. Only I want to get it at the most opportune time. To refresh your memory my current 39 month lease is on RX 300 and ends 10/1 Lexus has sent me a certificate that will waive my remaining payments as long as I lease from them again. So I can lease anytime that is most favorable. The past month lease program fro this vehicle has not been strong with a 52% residual and no real support from Lexus. I have gotten the figures and they will not work for me and as I pretty well understand the lease components and realize that there isn't any more room for them to come down right now reasonably. I know that July fourth is typically a push time for the dealers and manufacturers, so any chance that something will break for the end of this month? Or is it more reasonable to hope for a reduction next quarter as they try to clean out 2004 model year.
Yes, I know that you don't have any crystal ball, but you do have knowledge and expertise not available to most of us, so your opinion counts.
Thanks again for your help past and future.

stef929rr · June 2004

Hello Car_Man,
What is the MF and residual value for this car on a 12k/3 year lease? I am in NY. Currently are there any factory to dealer incentives for this car?
What would the lease payment be:
MSRP: $21,840
Neg. Price: $19,700
Thank you for your help.

tburn · June 2004

Hi Car_man

Thanks so much for those insights. It just sounded like there was more to it. I would be interested to know what you think is a reasonable lease payment, given all the variables. The full MSRP on the Acura TL is $33,195, Dealer Invoice is $30,300. My quote was $31,595. Do you have any insights as to what Lexus is doing with the ES 330? Any programs? And, since I don't really need a car right now, does it make sense to wait until the 2005's come out? Again, I appreciate your help on this ... tburn

stevern · June 2004

Hi Car_Man,

You provide an invaluable service and thanks in advance. I know that I've seen some posts about the 04 Odyssey. However, I live in NY and understand that the lease programs are different. Can you tell me the MF and residual for an 04 Odyssey EX-L 24 months/15000 mi/year?? Thanks again. Steve

corvette · June 2004

http://bmw.samswope.com/frameset1.asp?LINK=NewCars&MAIN=new_c- ars_wildcard2

At first glance, this looks like BMW's current subsidised lease, but this one includes metallic paint, leather seats, cold weather package, and premium package and automatic. BMW's program only includes automatic in the price of $2500 down, $299 for 36 months, 10k per year. Is this a bait-and-switch price, or do these (nicely equipped) things actually go out the door at that price?

stats · June 2004

Hi. I am looking to lease an Acura TL in Southern Ca (zip 91320). I want 0 down and no gap insurance. MSRP is 33,195 and sales price is 31,295 (similar to tburn above). Length is 36 months, and 12 or 15k miles (would go to 39 months if it were notably lower). What are the residuals and money factors (and extra mile costs for 12k leases)? Also, how would the Infiniti G35 lease program compare? MSRP 35,890 (AWD model) and sales price of $34,000, same lease terms? I saw earlier posts suggesting that the G35 might be as much as $100 a month cheaper to lease, which would be important to know. Thanks for your help.

Mark

fourizonly · June 2004

Hi. I just leased a Infiniti G35 Sedan RWD Premium w/full size spare, trunk mat, & splash guard. MSRP $34,025. Here are the details:
Selling price $30,611 ($500 below invoice)
Terms: 39 months
Mileage: 15K/year
Total drive off $1,248.31 which includes:
-$392.93 first month payment (8.25% tax included)
-$255 registration fee
-$45.38 Sales tax paid in advance
-$5.00 CA tire fee
-$550 Acquisition fee
Residual Value is $20,415

ponytrekker · June 2004

Looks like this lease is limited to one car in stock.

CarMan@Edmunds · June 2004

Hey hpowders. Here's the info that you're looking for. If you were to lease a 2004 BMW 530i through BMW Financial Services this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00225 and 60%, respectively. When negotiating your lease on this car, keep in mind that BMW is currently providing $1,000 dealer cash on it that will help you to negotiate a more attractive capitalized cost.

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CarMan@Edmunds · June 2004

Hey gwarren. I do actually have a crystal ball, it's just in the shop. Those darn things have terrible reliability

. Lexus has been doing very well with the RX 330. It really has not had to provide any sort of support on the RX since the new 330 replaced the 300. It does occasionally provide a little lease support on this truck when it runs a brand-wide promotion, like the Lexus "December to Remember" event or something along those lines. It is difficult to say what Lexus is going to do with its lease program for this model in July with any degree of certainty, but if I was a betting man...well OK I am a betting man...I would bet that Lexus will not provide any specials on the RX 330 next month.

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CarMan@Edmunds · June 2004

Hello stef929rr. Honda is not providing any sort of support on the 2004 Element at this time. This means that if you were to lease one through American Honda Finance Corp., you would have to use its standard lease program. Right now, AHFC's base standard lease money factor is .00290 for 3 year terms in New York. Its corresponding 12,000 miles per year residual value for the 2004 Element EX 4WD is 57%. Honda is not providing any dealer cash on 2004 Elements right now. It did pay dealers $1,000 dealer cash to help them unload their 2003 Elements, but I doubt that there are very many of those still out there. Here is the sample lease payment that you requested. If you were to lease a 2004 Honda Element EX 4WD (MSRP: $21,840 / selling price: $19,700) through AHFC in New York this month for 3 years with 12,000 miles per, its zero down, pre-tax monthly payment should be right around $295.

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CarMan@Edmunds · June 2004

You're welcome, tburn. Even though the Acura TL is a very nice car, I think that there is a fairly ample supply of them out there. I would not be surprised if you could negotiate a lower selling price than the $1,300 over invoice that you mentioned in your post. I would think that you could get most dealers down to at least $1,000 over invoice, if not lower. This will very depending upon what the market is like in your area. Let's work up a sample lease payment on the car that you are interested in and see what we come up with. If you were to lease a 2004 Acura TL without navigation (MSRP: $33,195 / selling price: $31,595) through AHFC in any state but New York this month for 3 years with 12,000 miles per, your zero down, pre-tax monthly lease payment should be right around $478.

Lexus is currently providing a little support on the 2004 ES 330, including 3.29% financing for up to 5 years and special lease money factors.

It is difficult to say whether you would be better off waiting until the 2005 models hit showrooms to lease. This will vary from model to model. With an unsupported vehicle like the Acura TL, you probably would be better off waiting until the new model arrives to lease because the '05 will have higher residual values and as a result a lower lease payment (assuming that you are able to negotiate a similar selling price). If you are able to combine a really low selling price on an '04 ES 330 with Lexus' supported lease program, you may be able to lease one for less now than you will be able to lease an '05 for when it is first introduced.

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rubinstein7 · June 2004

What are the current Money Factors and residuals for a 2004 non navigation TL leased for 39 months,15000 yearly through Honda finance.Thanks.

CarMan@Edmunds · June 2004

Thanks Steve. You are correct, Honda has a different lease program for residents of New York than it has for the rest of the country. If you were to lease a 2004 Honda Odyssey EX-L through American Honda Finance Corp. in New York this month for 2 years with 12,000 miles per, its base lease money factor and residual value should be .00160 and 67%, respectively. When negotiating your lease on this van, keep in mind that Honda is providing $500 dealer cash on it. This money will enable you to negotiate a more attractive capitalized cost than you would have been able to without it.

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fish8 · June 2004

Thank YOU!!!!! That is the exact money factor my VW dealer has providing me. Makes me feel comfortable that they are being fairly honest.

stevern · June 2004

Thanks so much Car_Man. Are the numbers the same for 24 months/15k miles per year? Steve

kyfdx · June 2004

I agree with ponytrekker... All of those cars look to be one car in stock for each example. If you got that one, it would be a great deal, but if its gone.... Sam Swope didn't seem real aggressive on price, the one time I shopped there (last December).

regards,
kyfdx

mzinzi · June 2004

Hi CarMan...

Sorry to bug you again, but do you have info for a couple of convertibles?

-2004 Volkswagen New Beetle GLS 1.8T Convertible
-36,39,42 months if possible
-12,000 miles per year

-2004 Audi A4 1.8T FrontTrak Cabriolet
-36,39,42,48 months if possible
-10,000 miles per year

I live in CT if it matters, and once again, you're the best!

Thanks!

mbonus · June 2004

Hi Car_Man,

Thank you for the info last week. I received some hard numbers from a local dealer and the lease numbers differed significantly. I looked back at your reply and I think we got our models crossed up.

Could you give me the residual for a 2005 WRX-STI 36 mths/15000?

Thanks for your help.

Mike

kpbuck · June 2004

Thanks Car man,
I have negotiated a purchase price of 41180 with MSRP of 46940 for the A6 2.7T Sline. They told me the monthly payment would be 526 a month including tax (Ohio @ 7%) with "nothing down" (1237.00 due @ signing - first month, tax and title, acquisition fee).The lease is for 48 m with 12000 miles a year. This seems like a good deal but using the formula in "Calc your own lease payment" I calculate a monthly payment of 487.74 including tax.
46940 X .43 = 20184
41180 - 20184 = 20996 divided by 48months =437.42
(41180 + 20184) X .0003 = 18.41
437.42 + 18.41 =455.83 X .07 = 31.90
455.83 + 31.90 = 487.74 month

Any help on which payment is more likely or more accurate would be greatly appreciated. Thanks again.
Kpbuck

roadrunner955 · June 2004

Hi Carman, I know you are busy, but can you tell me if this is a good lease deal?

2004 Grand Cherokee Laredo V8
MSRP 33025
Cap cost 25798 including rebates
12000/yr-39 mos
Residual 15472
Monthly payment 347.40, including sales tax, free oil changes for term included
Due at signing 347.40+80.00 Registration

Please help...thank you!

CarMan@Edmunds · June 2004

Hi corvette. The advertisement that you provided the link to in your post did not mention the full MSRP or selling price of the vehicle that you referenced, so it is difficult for me to say how feasible this deal is. I can tell you though that most of BMW's manufacturer-sponsored advertised leases leave a little meat on the bone so to speak. One should be able to beat most of its advertised leases by shopping around a little bit. It is difficult for me to say whether or not there is enough room left to include all of the options that this other advertised lease does, but I would not be surprised if it was possible.

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CarMan@Edmunds · June 2004

Hi Mark. Here is the information that you are looking for. If you were to lease a 2004 Acura TL without navigation through American Honda Finance Corp. this month for 36 months with 15,000 miles per year, its base lease money factor and residual value should be .00250 and 55%, respectively. A 12,000 miles per year lease of this car would have the same money factor, but a residual value that is 2% higher. I am not sure how much AHFC charges per mile if you exceed your mileage allowance, but you should be able to find this out by asking your dealer or by calling AHFC directly. AHFC leases all automatically include gap insurance and you can not get out of paying for it.

If you were to lease a 2004 Infiniti G35 Sedan AWD through Infiniti Financial Services for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00169 and 58%, respectively. A 12,000 miles per year lease of this car would have the same money factor, but a residual value of 59%. I didn't mention the 39 month lease program for the TL because there is a significant drop in residuals between 36 and 39 months for that car, but the G35's lease program has a much smaller drop, making the 39 month program more attractive. This car's 39 month, 15,000 miles per year numbers should be .00170 and 57% and the 12,000 miles per year residual value would be 58%.

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CarMan@Edmunds · June 2004

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

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CarMan@Edmunds · June 2004

Hello rubinstein7. If you were to lease a 2004 Acura TL without navigation through American Honda Finance Corp. in any state but New York this month for 39 months with 15,000 miles per year, its base lease money factor and residual value should be .00250 and 50%, respectively.

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CarMan@Edmunds · June 2004

No problem, fish8. I am glad that I was able to help you out.

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CarMan@Edmunds · June 2004

You're welcome, Steve. I made a typo in my original message to you, not enough coffee running through my veins yet I guess. That is the 15,000 miles per year residual value. Sorry for the confusion.

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