Lease Questions - Ask Here

wibble · August 2004

You can check the incentives page here on Edmunds for special leases. Otherwise post what cars your interested in here and our esteemed host will give you the info.

bigbutr · August 2004

So I really would be reamed if I took the latter of the three I've gotten (locally, $476 a month w/ 1400 down), somewhat on the middle one (another in Alabama, $444 a month w/ 1500 down) and just a little less on the other (in Georgia, $396 a month w/ 1995 down, though that already included 8 % Georgia tax and the guy told me it would be less because of our 3.25%).
I'd like to think dealers aren't that bold in trying to rip someone off, but that's what it seems like here, doesn't it?
Also, is tax figured on the amount of the vehicle you're using, ie, MSRP is 32,190, residual is 15,000, so I pay tax on the 17,190 right?
Do you think it would upset the local F&I guy some kind of fierce if I showed him your figures? He already knows where I get my information from and that I'm researching. Do you think I'll get a 'There's no way that's right!"?
I really like the S60, but I also like the 04 Accord EX-L too, so if it comes down to it, I can always go across the street.

bigbutr · August 2004

I guess now you're going to tell me these quotes I received for a 36-month, 15,000-mile per year lease on a 2004 Honda Accord EX-L 4-cylinder are just 'a tad' on the high side.
I don't have a cap cost figure. But I do know the MSRP is $24,790 and before I mentioned lease, one dealer was willing to sell it for $22,972.42 out the door (3.25% tax in Alabama, $16.50 title and I'm guessing somewhere around $730 in tax) which would have made the car price about $300 below invoice.
Anyway, these are the figures he sent me:
Sign & Drive: $361.01 a month
$462.06 down: $346.06 a month
$1,000 down: $329.82 a month (one I considered)
$1,500 down: $314.72 a month
$2,000 down: $299.63 a month

I've posted in the Accord Buying Experience forum what people think I could realistically get the car for. I've got four dealers (as of today) sending quotes, two of which I think will get into a bidding war because of a departed F&I guy from one going to the other (he happens to be a family friend and guaranteed they'd beat his old place).
I'm thinking $21,000 bumped up to $21,800 with some add-ons (spoiler, day/night mirror, mud guards, trunk cargo mat).
So given what I've been able to tell you, can you extrapolate some lease numbers?

Thanks yet again,

Steve
Dothan, Alabama

htownpimp786 · August 2004

Hi!

Ive got a offer on the table for a 2004 Acura TL (auto) WITH navigation, for 33,100.

The price is only plus TT&L.....no fees, no gimmicks, nothing extra.

ALSO...just a heads up on a NEW PROMOTION. In the texas area, only on a lease, for the next 18-20 days, instead of paying the normal 6.25% sales tax, on a lease you only have to pay 1.2%....thats about a 1500 dollar saving!

My total DRIVE out is 34,100 I know some people got the car for 32,500.....but the best i could do is 33,100....and the car is on the lot, (silver exterior & ebony inside)

Wondering if this is a good deal?

Also...does anyone know if theyre are any other lease specials or rebates i should know about, also does anyone know what money factor is the standard factor that they deal with. I read .0025 or something but im not sure.

If someone could please give me some details on leasing terms with acura. Im looking at a

35195 MSRP
33100 selling price
34100 walk out
48 month lease
12,000 miles a year
2500 cash down

(in Houston, Texas)

What should i be looking at, whats a good money factor for acura, please let me know! thanks

bayareaguy · August 2004

I have a dilemna with my 2002 RX300 AWD that is currently leased until end of March 2005. I'm trying to make a decision on whether to

1) Outright purchase the vehicle - either at the end of the lease term or earlier, OR

2) Purchase another new vehicle.

Q1 - Is there any significant benefit, to waiting until my lease ends vs trying to purchase my vehicle within 6 months of lease end?

Q2 - Does anyone know if the dealer (Lexus in particular) will negotiate the selling price of the vehicle instead of the "residual value" stated in the contract?

My residual value at lease end is $22,770.80. I "believe" I should be able to negotiate a lower purchase price as the Bay Area is flooded with Lexus RX300's and the new RX330 are now in the market (Am I way off to assume this?). Excess mileage charges should be minimal ($600).

I hope I made sense and appreciate any advice anyone might be able to offer.

Thanks,
-J

lponz7 · August 2004

Car_Man, Many thanks. This is very helpful, since the dealer is quoting .00235--big difference. I failed to specify the I'm looking at fwd, rather than 4WD, does that change the MF or RV at all? I'm also being quoted 45% on RV rather than the 46%. Is that the appropriate difference on RV between 4 and 2WD? Thanks again. lponz7

htownpimp786 · August 2004

Hi!

Ive got a offer on the table for a 2004 Acura TL (auto) WITH navigation, for 33,100.

The price is only plus TT&L.....no fees, no gimmicks, nothing extra.

ALSO...just a heads up on a NEW PROMOTION. In the texas area, only on a lease, for the next 18-20 days, instead of paying the normal 6.25% sales tax, on a lease you only have to pay 1.2%....thats about a 1500 dollar saving!

My total DRIVE out is 34,100 I know some people got the car for 32,500.....but the best i could do is 33,100....and the car is on the lot, (silver exterior & ebony inside)

Wondering if this is a good deal?

Also...does anyone know if theyre are any other lease specials or rebates i should know about, also does anyone know what money factor is the standard factor that they deal with. I read .0025 or something but im not sure.

If someone could please give me some details on leasing terms with acura. Im looking at a

35195 MSRP
33100 selling price
34100 walk out
48 month lease
12,000 miles a year
2500 cash down

(in Houston, Texas)

What should i be looking at, whats a good money factor for acura, please let me know! thanks

rroyce10 · August 2004

Q1 - Is there any significant benefit, to waiting until my lease ends vs trying to purchase my vehicle within 6 months of lease end?
Q2 - Does anyone know if the dealer (Lexus in particular) will negotiate the selling price of the vehicle instead of the "residual value" stated in the contract?

    ================================

         If, and the word being here is "if" your going to get a break on the buy-out it's going to be at the very end of the lease, like 3/4 weeks before the end .... right now, you owe the remaining payments, minus any interst, plus the residual ..

            Try to keep in mind, the dealer has Nothing to do with the lease, -0-, less than one, nada, no matter what they tell you .l.o.l.. once it's signed and delivered, it's between you and the lease co. ..... right now, RX300's are hot everywhere and the 330 hasn't made it blink an eyeball .. depending on the color, miles, condition and the options, they are doing the strong $24/$25 range at the auctions in your area right now, so that should at least give you an idea ....

                     Good luck ..

                           Terry.

ddelise · August 2004

Morning -

If it matters, I am looking at the Touring or Limited models.

Can you post money factor and residuals on this car - looking at 12k/yr. and 36 months. I am in FL.

I was looking at the Pacifica, and ready to pull the trigger, when my wife found out she is pregnant... with TWINS! Add those to our 2 1/2 year old, and (unfortunately), that puts me in minivan territory.

Thanks - Damon

ccc132435 · August 2004

Odyssey 2004 EX. 24 Month Lease. Nothing Down.(No taxes, no title, nothing). Everything was put in the lease. Only 1st Note 356.00. That's it. Please let me know.

sandyl · August 2004

I currently have a Camry lease with 5 more payments of 310/mo + tax. GM sent me an offer
to pay off my lease up to 2K, so I am entertaining the idea of getting the malibu.

The carsdirect price with rebates would be about 18.5 for the high end model(might include GMAC
financing rebate as well though, not sure if applies to leases).

So what is the residual and money factors on these. I was going to get another camry or swich
to an Altima (best lease deal out there from what I can see). I really want to get payments
under 250/month like the good ole days of the 90's.

Thanks a bunch

sandy

kyfdx · August 2004

If that payment is inclusive of all taxes and fees, and you have no security deposit upfront, you did well... I'm assuming you got the EX with the Rear Entertainment System that they advertise. The lease deal they've been advertising is a really good deal, and when you roll everthing into the cap cost, including taxes and fees, you are right at that amount. Pretty good for the first lease... Most people have to screw one up, before they figure it all out. Have fun with your new car!

ase · August 2004

Hi,
I leased a 2000 RAV4 in September of 2000. I have one more year in the lease agreement: the lease is up in 9/05.
I am right where I need to be w/ the mileage, and am not over.
Here is my question:
I am interested in the Highlander. I have researched it on line and have test driven it and really like the car. I spoke with the finance manager @ a Toyota dealership, and at this time I am approx. $3400 upside down in the lease. Since I plan on buying a Highlander (have been pre-approved by my credit union and have a blank check ready to pay for the car), will Toyota negotiate what I owe on the lease? Since I would like to purchase a more expensive car and am a repeat customer, will Toyota let me out of the lease without paying the 3400 or would they negotiate it and say ok, pay 1500?
Curious (wish I never leased!)
ASE

ksharma01 · August 2004

Hey there car man...
Just following up as I didnt get the residual on this yet. Here is my final (ideal) setup and would like your input on residual and money factor. This is for a 2004 330i with ZHP, Leather, moon-roof, ZCW, Xenon, Rear-airbags, and 508-PDC.

MSRP = $45205
Miles = 12K
Will try and negotiate NET Cap of $39955 (invoice of 41355 + 500 - 2400 deal cash) well see how it goes.

As soon as I get the residual and mf (which you have already said is .00150, I believe) I'll be in good shape to walk in and make a deal!

Thanks!

PS to ALL:
I have a hard time doing this stuff in my head and on paper. Especially since the options I want probably won't all be together, so I know Ill need to compromise on them. So I am thinking of bringing in my notebook PC with the formulas, options, prices, and everything in Excel. The questions is - is this a total turnoff for the dealers to the point of where they won't even make a deal? Or is it accepted now? Just want to make sure I dont shoot myself in the foot and not be able to make a deal.

307web · August 2004

Most leases do not include mileage any higher than 15,000 per year and then charge $.15-.20 per excess mile.
I know you can prepay for additional miles at a lower rate than the excess mileage rate. What are "typical" prepaid mileage rates and what are the lowest and highest you can expect? Which manufacturer's lease programs offer lower than typical excess mileage rates and do they have limits on the amount of excess mileage you can prepay at the discounted rate?
To stay within warranty coverage, I would either lease a vehicle for just 24 months or else buy an $0 deductible extended warranty on a vehicle leased for 36-42 months.

coler23 · August 2004

After reading this board for a few weeks, I went to JM Lexus in South Florida. I am visiting in Florida but live in Maryland. I got an AWD Premium plus with NAV which has an MSRP of 44,288 for 40,100 and they shipped it to my home in Maryland free of charge. I think it is a good deal, but I have never leased a car before and I wonder if the payments make sense. I put 3500 down and am paying 550 a month. The residual value is 23,915. TTL is included in those prices. Did I get a good deal?
Thanks for the feedback

coler23 · August 2004

Carman,

I forgot to give the specifics of my lease. It is 36 months 12,000 miles. msrp 44,288 I negotiated to 40,100 and I am paying 550 a month with 3500 down ttl included. Was this a good deal?

kyfdx · August 2004

Use the hypothetical car you just built, get all the numbers from Car-man, then work up a sample lease payment before you go in... Then work up a couple more for a car that MSRPs for about a thousand more and a thousand less. Jot these down, and take a calculator with you.

You won't have to know every exact number once you get in there... You'll already know your target monthly price with minimum amount upfront before you start.. Then just make the adjustments for the actual car you make the deal on.

All of the MFs, residuals,MSRPs, selling prices.. are necessary to come up with a fair lease payment, but once you know that payment, you can negotiate strictly on payment, upfront money and lease terms (length/mileage).

The only thing that can change those numbers on a 330i sedan is if you have navigation. Navi almost always lowers the residual percentage.

regards,
kyfdx

ksharma01 · August 2004

Wow... your last sentence just lit a bulb in my head! I never thought about what options would raise or reduce the residual! I was sort of borderline with the NAV system but now will not be getting it. Planning this stuff out ahead of time sure can save you money later on... thanks!

So your point is that as long as you know how to compute numbers using the MF and residual Car_man will provide, and you have "above and below" scenarios, you should be good to go with just a calculator. Makes sense.

Thanks again for the input.

jaa37 · August 2004

Carman,

Here's an email I got from a dealer in New York (sales tax 8.25 or thereabouts, I'm not positive):

2004 Volvo XC70

Black / Graphite Leather

Automatic Transmission w/Geartronic Transmission

Premium and Touring Packages

Integrated Booster Seats for Children

16 Xenia Alloy Wheels

MSRP: $39,785

Lease Cap. Cost: $37,000

36 months / 12,000 miles annually

Sales Tax included

Bank Fee included

$1,000 Volvo Loyalty

Residual: 56%

MF: ..00045

$467.92

Due at signing: $722 (1st month, coupon tax, and DMV fees)

The purchase price for this XC90 is $32,941. The $1,000 loyalty will be subtracted from the COD.

Thoughts? Seems a little high to me. Also, what does he mean when he says the purchase price is $32941? Can the cap cost be so mugh higher than the purchase price?

Thanks!

vsaxena · August 2004

We are thinking of leasing a Z4. BMW has the following leasing fees.

$800 Acquisition Fee
$350 Security Deposit (Up front)
$350 Disposition Fee (at lease end?)

Are these fee negotiable? Are these fee too high? The dealer said that even if exercise the purchase option, the Acquisition Fee is still not refundable.

Also what is the typical experience with wear and tear charges on the BMW cars? Does it depend on the dealer you work with? For a 3 year, 36K miles lease, will they dock us for new tires (sports package tires)? Since there is a spectrum of tires available, can we put any tires (say costing $100 apiece vs putting tires worth $200 apiece?)

They are offering us a residual of 0.57 with 2.3% financing for 36Months.

keithndi · August 2004

I was looking to lease a cadilac srx. Will options it's around $48,000. TTL all extra. Is it a bad idea to trade in my car to lower the monthly payment? Should the net cap cost be $48,000? If I lease for 1 year, and refinance and purchase the car, is a lower residual % better?

drose224 · August 2004

Carman,

I'm looking at a 2004 BMW Z4.

Invoice is 35665 including transportation. First pass with salesman was 33,500. I have a couple questions. Does the 3500 marketing incentive apply to lease sales or only to outright sales. What is the money factor I can expect and the residual percentage. I am planning on leasing for 36 months.

If anyone knows the answer to whether or not the 3500 marketing incentive applies to leased vehicles I'd appreciate the answer. I know Carman is extremely busy sometimes. I turned in my Audi TT roadster on Friday and am going through severe drop top withdrawl!!!

Also a note to think about. The TT was really clean when I dropped it off and the dealer told me he was going to buy it from Audi USA and would waive the disposal fee to me. Another incentive to keep your lease car clean!

Thanks!!!

David

zman4 · August 2004

HEY DROSE224, I AM IN THE MIDDLE OF NEGOITIATING FOR A 3.0 Z4, AND YES THE 3500.00 IS APPLICABLE TO LEASES,

rroyce10 · August 2004

......... Kill the Caps - thanks .....

Terry.

zman4 · August 2004

HEY DROSE, I ALSO WANTED TO ASK YOU WHAT TYPE OF MONEY FACTOR YOU ARE BEING QUOTED ON THE Z4? I AM WORKING OFF OF .O190 AT A VIRGINIA DEALERSHIP, I LIVE IN MD. BUT FOUND A DEALER THERE IN LYNCHBURG, VA. THAT WAS MUCH MORE UPFRONT TO DEAL WITH. THEY ARE HAMMERSLEY BMW, THANKS

zman4 · August 2004

BOY ARE YOU PICKY! Just kidding Terry!

zman4 · August 2004

Terry, I was interested of why a car dealer would be on this site, since most of them hate the information that is shared here. I worked for a Honda Store in sales for 8 years and i have trouble getting respect from dealers.. They keep trying to fool me even when I tell them that I know the games.

gperr · August 2004

Carman,

Can you please provide the residual and money factor for August for Honda Pilot EX-L w/nav. 36 months 12K miles. Also, what is the difference in base rates with and without a security deposit. In Southern NJ near Philly. Also, what is the current Bank fee/acquisition fee for Honda? Also are there any cash incentives I should know about? Thanks

Gregg

yrneh1 · August 2004

Hi, Carman...

I stopped by Acura dealer to get a lease quote, and this is what they offered on 04 MDX touring w/NAV.

36 month 12k lease w/$2000 down
purchase price $800 above invoice (I think he quoted $38800, which seemed a bit high).

$625 + tax/month - monthly payment

I walked away because it seemed a bit high. I know that AFHC is offering $399 w/$3000 down on base model. Is there that much jump for touring with NAV? I would like to find out what MF and residual value they are using. I appreciate your help. Thanks in advance!

wibble · August 2004

"Terry, I was interested of why a car dealer would be on this site, since most of them hate the information that is shared here."

I, for one, have no problem with the information shared here. If someone comes in looking for a lease and has the info posted here then that's great. No haggling and grinding. The information Car_Man posts here is always fair and accurate. I'd rather have an informed buyer from this forum than the type who thinks there's $5000 profit in every car and his 2500000 mile ex rent-a-heap is worth $30000.

need4speed · August 2004

can someone tell me please what would be the best lease deal if I want to get the scion tc.
Whats the term? How much down? option to buy? etc/

jpr51 · August 2004

I CURRENTLY LEASE A VW PASSAT FOR $363 A MONTH WITH 5 PAYMENTS REMAINING. A NISSAN DEALER, WHO ALSO SELLS VW OFFERED TO TAKE ME OUT OF MY VW LEASE FOR A MAXIMA SE MRSP OF $27700 FOR $400 A MONTH INCLUDING SALES TAX.IS THIS A GOOD DEAL 0R AM I PAYING FOR MY REMAINING VW LEASE IN THIS DEAL? MAXIMA LEASE IS 48 MONTHS WITH 15000 MILES PER YEAR. ONLY MONEY DOWN IS $400 FOR FIRST PAYMENT. ANY OPINIONS OR HELP GREATLY WELCOMED.

sunpro2003 · August 2004

Does it make sense to lease a 2004 Jeep Grand Cherokee in August when the new models are due out in Sept? I feel like I am losing 1 year of
value on the vehicle even thought its a new car.

The quoted lease payment I got was for 24 month lease(15K miles/year) with no money down-The payment was $339/month which includes sales tax. The residual is $15,500. MSRP is $30,495.

Is this a good deal?

Does it make sense to wait for the 2005?
Thanks

nvbanker · August 2004

That's not a bad deal you've been offered. Unless you like the new model better, there's not a guaranteed advantage in waiting. The fact that you are leasing at the end of the year cycle will adjust the residual so that you will pay less for the car in the payment. Timing is a crap shoot.

CarMan@Edmunds · August 2004

Hi need4speed. Leasing definitely is not a scam. It can be a very good way to get a new vehicle, provided that you understand how it works prior to agreeing to any deal and that there is an attractive lease program on the car that you are interested in. Since you are new to the world of leasing, I suggest that you check out the following article that is available here at Edmunds.com: 10 Steps to Leasing a New Car. It contains a ton of useful information on this subject. You definitely do not want to put any money down, other than your car's first month's payment, security deposit, and your bank's acquisition fee when leasing. If you sell your current car, just pocket the money. If you really want to apply it to your lease, use it to make or subsidize your monthly payments. Check out the article and let me know if you have any questions.

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CarMan@Edmunds · August 2004

Hi amy. Congratulations on your new car. I am always hesitant to comment on consumers deals after they have already taken delivery of their new vehicle because nothing good can come of doing so. But, since you asked, I just worked up a sample lease payment on your S40 using Volvo's base lease program and according to my calculations, I come up with a pre-tax payment of around $348. When one takes tax into account, it still is probably a little less than what you are paying. So your deal looks reasonable to me, but I think that your dealer may have added a little back-end profit to it by marking up your money factor a little bit.

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CarMan@Edmunds · August 2004

I have seen Mercedes' new August lease program and would be more than happy to help you out, g17. If you were to lease a 2004 Mercedes-Benz CLK 320 Convertible (MSRP: 49,290 / Cap Cost: $46,200) through Mercedes-Benz Credit Corp. right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly lease payment should be right around $722. I arrived at this payment, using a money factor of .00310 and a residual value of 58%. The payment for an otherwise identical 39 month lease should be very similar and really does not justify adding the additional 3 months to the deal.

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CarMan@Edmunds · August 2004

Hi keeferb. General Motors publishes what is known as lease rates instead of lease money factors for the vehicles that it leases. You can convert its lease rates into approximate money factor equivalents by dividing them by 2400. GMAC's 36 month, 15,000 miles per year current base lease rate and residual value for the 2004 Trailblazer LS 4WD should be 2.5% and 55% in your area. GM's normal customer cash incentives can not be combined with this lease program, but it usually has special lease cash incentives that can be. In addition to any lease cash that is available on this car, GM is providing another $1,500 bonus cash on GMAC lease and finance contracts this month.

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CarMan@Edmunds · August 2004

Hello zman4. Let's take a look at your deal. The lease money factor that you were quoted is BMW Financial Services' current base money factor for this car. This is good because it means that your dealer is not marking up GM's base factor in an effort to add additional back-end profit to your deal. Using the numbers that you provided in your post, I come up with a zero down, pre-tax 12,000 miles per year lease payment of around $488.

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CarMan@Edmunds · August 2004

You're very welcome, blackhat. I am sorry to say that this is one of the main reasons why I always advise consumers against making down payments on leased vehicles. Doing so does nothing to reduce vehicles' lease-end purchase prices. Your purchase option price for your leased PT Cruiser would have been exactly the same, regardless of whether you had put almost $10,000 down, or had made absolutely no down payment at all. So there is indeed a very good chance that your vehicle is worth less on the open market right now than it would cost you to buy. If I was in your situation, I would continue to drive this vehicle until the scheduled end of your lease. Since it is probably worth less than it will cost you to buy at this time, it will cost you money to get out of your deal early. At the end of your lease you can turn in your car and walk away from it or try to negotiate with the bank that you are leasing it through to see if they would be willing to lower its purchase price. There is no guarantee that they will be willing to do so, but you don't have anything to lose by asking.

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g17 · August 2004

Hey car_man thanks.....one small question, you mentioned Convertible in your response, but I originally posted about a hardtop. Do the financial numbers change at all, or is the res. and the MF the same?

Thanks Again!! :-)

amc731 · August 2004

Hello everyone..Our 5 year lease on an Olds Sihouette van is up and we're extending 2 months until our new van is in. I'm just wondering if anyone can give me any ideas/suggestions/warnings about what to expect when our vehicle is turned in. I'd like to not be penalized for something minor if I can help it. We're only at 48,000 miles and just put new good quality tires on.....but, how picky will they really be regarding interior/exterior condition of the car? It looks good to me but I didn't know if they have specific things they look for.....any help would be appreciated! Thanks!

mitchs3 · August 2004

Carman.....I am 3 months away from the end of my 36 month lease on 2002 BMW 330i. Does BMW offer specials to lease a new car, i.e. let you out of last 2 or 3 payments on current lease and start new. I know there is $2400.00 cash incentive on 330i, what is money factor and residual this month for 2004 330i sedan? If the residual is low, as I expect this time of year, then I'll wait till 05 model comes out...I suspect the $2400.00 just offsets the residual drop for late in model year. Also another option is for me to re-lease my 2002 330i as it is in excellent cond. Does BMW financial re-lease used cars, such as my 02 as it comes off initial lease, what is MF and residual for this? Thanks again for your valuable help!

crikkit · August 2004

I'm thinking about leasing a car. Should there be any fees to pay other than the acquistion fee, security deposit and first month's lease? I don't want to try to argue out of paying for something that's just standard.

Also, how does gap insurance work? Is that something that will be included in my lease, or do I need to get that through my auto insurer?

Thanks!

benover · August 2004

I am about 40 months into a 60 month lease of an Escalade and will definitely be buying the SUV due to the high miles (already over 100,000 over my total allowed mileage). Is there an advantage for me to go ahead an buy it now before the end of the lease and will the bank negotiate the sale price now as they often due at the end? I know they would not discount if they new the actual miles on the auto now and would know I really have no choice than to purchase rather than turn in.

larrym · August 2004

Hi, I am completely clueless when it comes to leasing. (Always bought in the past) Anyhow my girlfriend wishes to lease an Infiniti G35 coupe with leather. I built the vehicle she wishes to lease and it comes out to $36,160 msrp
(G35 automatic Ivory Pearl coupe w/dark leather, Bose Audio System, Wheel and Tire Package, Power Sunroof, Premium Package, Aero Package, Trunk Mat) She's open to additional options, except for the navigation system. I have done a search in a 50 mile radius of 07010 (Cliffside Park, NJ) and I have been able to locate about 20 G35s with similar option, but any of them would suit her needs.

I was wondering what a great lease offer would be for this vehicle. She is looking at a 48month lease, and 12,000 miles a year, 0 down (except for 1st and last month, title, bank fees)

We have gone to 2 dealerships and received 2 quotes. The 1st quote my GF went by herself and got a quote for $450 a month and 4K down!!! I was in shock, then we went together to the other dealership and were told $440 a month with 0 down, but did not include tax, I am not sure how to incorporate tax into the equation, in NJ we have 6% tax so I am assuming we just add 6% to each months payment.

Any help is appreciated.
Thank You

CarMan@Edmunds · August 2004

Hi trigger. BMW is not currently providing any sort of lease support on the 2004 M3. So if you were to lease one through BMW Financial Services, you would have to use its standard lease program. I have not seen its standard program in a few weeks, but the last time that I did, its base standard lease money factor was .00275 for 48 month leases. The corresponding 15,000 miles per year residual value for this car should be 50%. Using the prices that you mentioned in your post, an MSRP of $52,500 and a selling price of $51,500, I estimate that this car should have a 4 year, 15,000 miles per, zero down, pre-tax monthly lease payment of right around $740 or so.

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CarMan@Edmunds · August 2004

Bigbutr, tax is calculated on leased vehicles differently in different states. You need to check with your local Department of Motor Vehicles to see exactly how its done in your area.

It doesn't really matter whether the F&I person that you are dealing with gets upset or not. You are the one who is leasing your new car and you have to spend your hard earned money on it. Use the information that your are able to find out here on Edmunds.com to your advantage to make sure that you are getting the best deal possible.

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CarMan@Edmunds · August 2004

So you're going with the Accord now, huh, Steve. It is a great car for the money. Given the fact that Honda is providing $500 dealer cash on '04 Accord Sedans this month, you should be able to easily lease one right at invoice, if not a hundred or two below. You can look up this car's exact dealer invoice price by visiting the New Vehicle Pricing section of this site. If I am reading your post correctly, Accord EX without navigation that you are interested in has a full MSRP of $24,790 and a selling price of $21,800. Using these figures, I calculate that a zero down, pre-tax 36 month, 15,000 miles per year AHFC lease of this car should have a lease payment of right around $285.

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