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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Paul. Yikes, have I really been hanging around here that long :o. I am familiar with the advertised Audi A4 lease that you mentioned in your post. The fact that Audi used a down payment to arrive at the attractive lease payment that it is advertising on this car does not mean that you have to put any money down. Of course, your lease payment will be higher if you do not make any sort of capitalized cost reduction, but you are definitely better of not putting any money down. This car has decent residual values on it right now, which is a good thing when leasing. The advertised payment was arrived at using a money factor of .00110, which is equivalent to an interest rate of right around 2.64%. This is pretty good, but I have seen better. Overall this is a decent deal. The information that you provided does not mention what the capitalized cost of this car is, but I suspect that like most advertised lease payments this one leaves a little meat on the bone so to speak. I would not be surprised if you were able to negotiate a lower selling price.

    The bottom line is that the lease program on this car is decent. If you like the car, lease one without putting any money down and try to negotiate as low as selling price as possible.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Mike. Ford recently began cracking down on its dealers for being too lenient when evaluating returning vehicles that were leased through Ford Credit. In fact, I think that I remember hearing that it is going to start using an independent inspection company, much like American Honda Finance Corp. and a number of other banks currently use, to inspect its leased vehicles. I am surprised that your dealer evaluated your vehicle rather than an independent company. Perhaps this new policy has not been implemented yet. Anyhow, I am sorry to say that there may not be a whole lot that you can do if you do not agree with your dealer's assessment of your vehicle. Consumers are free to turn their leased car or truck in to whichever dealership they would like, not just the one that they originally leased it at. If Ford does not have some sort of system in place to prevent consumers from having their leased vehicles inspected at multiple dealerships, you may want to think about making an appointment to have it inspected at and return it to a different dealership. Even if this sort of thing is allowed, you may end up being assessed a similar bill for excess wear and tear, but it's worth a shot.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Ahhh, you were interested in information on a 12,000 miles per year lease. It's easy enough to convert AHFC's 15,000 miles per year residual values to 12,000 miles per year. Just add 2% for leases of 36 to 48 months in length.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Lauralee, AHFC allows the waiver of its security deposit requirement in exchange for a .00010 increase in vehicle' lease money factors. This is the reason that you were quoted a slightly higher factor than the one that I provided you with earlier. So the money factor that you were quoted looks good to me.

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  • cjs2002cjs2002 Member Posts: 341
    alright... well apparently my RX8 plan isn't going to work out how I'd originally planned it (plus since my parents will be taking the car and driving it in rouphly 7 months mom doesn't like the rx8 and dad can't fit into it) so I went back and looked at the paper and saw this... so heres my ordeal and experiences up till now

    alright heres whats up... I saw in the paper the other day a deal on an 05 PAC... for 1495 down,24months it was 199 a month for a touring model (no leather) just standard equipment (+ crome wheels and side air bags) anyways I called and asked them waht it would be with 0 down and he said it would be rouphly 273 a month including tax... alright i said well what if I put nothing down and I told you i had the employee choice plan he said it would be 261 including tax then... well heres my delema... from my understanding of what chrysler corp told me not dealer that plan takes 4 - 5% off... alright well looking at the whole thing I did a bit of math and found that it was basically taking 1400 off the price... now heres where i get confused ... if i were to put 1495 down to get to 199 couldn't i use the discount instead to cover that downpayment and do aprox the same thing... I called another dealor and they said that with the discount it would be 215 a month for 24 month including tax (nothing down) while the other dealor said it would be 261 a month with 200 down?... I called the second dealor and told him what the second dealor quoted me... now unless I've missed something or Im just plain out dumb in theory the discount should supplement that down payment IE make it so I wouldn't have to put any money down... I'm confused as to which dealor is telling the truth... can anyone explain this to me... and tell me how I should be looking at it... because the way I see it the discount is taking 1400 off the price which is basically the same as putting that money down right? so in essence the price should be that 199 plus tax so after tax 215 right.... please let me know...
  • nofo1nofo1 Member Posts: 3
    Any ideas on residuals and money factors for a 2004 Mercedes CL500?

    Also, how does leasing a used car work? How are the residuals determined (basically... how do I know I am getting a decent deal?) Just curious. Seems like it should be more popular than it is... at least with luxury cars?

    Thanks in advance.
  • linc2linc2 Member Posts: 2
    hey Car Man,
    My lease on a 2001 Lincoln LS V8 is terminating this week. I will be 20,000 miles over at .20 pm. I went to a dealer who promised to role my excess miles into a new lease payment on a 2004 LS V6 for the same I am paying now $500 per month. I test drove the V6 Premium and my car with 70k rides better and has more bells. The residual on my car is 19k but is worth considerably less due to the excess miles. Do I buy out the lease even though its way above market or have you heard of Ford Motor Credit negotiating buy outs? Do I need to involve the dealer? I am avg 20k miles per year which means by the time I pay off a 4 year loan the car will have 150k.

    thanks,
    rookie
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey sting. After one posts a message, if they hit the refresh button on their browser I believe that their message is posted again. This is probably why your message appeared several times. If this happens to you, you can always delete the duplicate posts. I already did so for you.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Chris, whether you should get gap insurance or not is really a matter of personal preference. If you are a very risk averse person and are concerned about having to pay the difference between your insurance company's estimated value of your leased vehicle and the amount that you still owe on it in the event of an accident or theft then you may want to consider purchasing gap insurance. As you mentioned, you can always look into getting gap coverage elsewhere for less than the $500 that you were quoted by your current dealer. Many credit unions sell this sort of coverage to their members. It's funny that the F&I person that you were dealing with tried to sell you both gap insurance and LoJack. These two items are almost complete opposites. If you pay for gap insurance, then you would not want your vehicle recovered if it was stolen. If your vehicle is stolen and recovered then you will have to wait for it to be repaired rather than just having your lease end and get something new.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings mkpravin. Let's take a look at the current lease programs for the models that you are considering. If you were to lease a 2004 BMW 325i through BMW Financial Services this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00220 and 59%, respectively. This car has $1,500 dealer cash available on it that will help you to negotiate an attractive capitalized cost. If you were to do an otherwise identical lease of a 2004 BMW 325Ci its base lease money factor and residual value should be .00020 and 55%, but there is no dealer cash on this car. Lastly, if you were to enter into an otherwise identical lease of a 2004 BMW X3 2.5i, its base money factor and residual value should be .00070 and 57%. I have not seen the lease program for any 2005 3-Series models yet so I can't help you out with informaiton on that particular model. The highest residual values that BMW FS publishes allow 15,000 miles per year. If you need to drive more than that you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end. In your post you mentioned that you want to put $2,000 down. I always advise consumers against making any sort of capitalized cost reduction when leasing. Consumers can and should lease any vehicle that they want without paying anything at lease signing other than their vehicle's first month's payment, a security deposit that is equivalent to that payment rounded up to the nearest $50 increment, and BMW FS' lease acquisition fee of $525 (its higher in New York).

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, will2702. Let me know if you have any other questions.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey lauralee. I believe that the 2005 Honda Pilot is available. Honda is not providing any sort of support on it though. If you were to lease one through American Honda Finance Corp., you would have to use its standard lease program. Its 3 year, 15,000 miles per base money factor and residual value for a 2005 Honda Pilot EX should be .00265 and a solid 64%. As you can see the 2005 model's money factor is higher than the supported factor that is available on the 2004 model at this time, but its residual value is higher which will offset some of the difference. I suspect that you will be able to negotiate a lower price on a leftover '04 Pilot than you will be able to on an '05 model and as a result its lease payment will probably be lower.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, Becky. Sorry that I didn't have better news for you.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, 429. I do not believe that Honda is offering lease support on the 2004 Odyssey any longer. As a result, if you were to lease one through American Honda Finance Corp. this month, you would have to use its standard lease money factors. Its base standard factor for a 24 month lease is currently .00345, which is much higher than the special factor of .00089 that is was offering on 2 year leases of this van last month. Honda is still providing the $500 dealer cash on this van though. I would not be surprised if it had to increase this dealer cash as we get closer to the arrival of the redesigned Odyssey. If you want to get a leftover Odyssey you probably should negotiate a selling price of right around invoice minus any available cash incentives and then finance it.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello rybolt. Nissan has never had to provide any sort of lease support on the 350Z. If you were to lease one through Nissan Motor Acceptance Corp. this month, you would have to use its standard lease money factor of .00235, which is equivalent to an interest rate of right around 5.64%. If you really want to lease a 350Z, tell your dealer that you want a money factor that is at least as low as the .00235 that NMAC is providing on it this month, unless it can find a bank that has much higher residual values for it.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, markm124. People leave out that information all the time. OK, if you were to lease a 2005 Honda Accord EX-V6 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 .00226 and 56%. The lease program for the 2004 Accord is worse, its base factor and residual for this term would be .00265 and 51%, but Honda is providing $1,000 dealer cash on the '04 model that will help you negotiate a more attractive capitalized cost.

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  • djdezdjdez Member Posts: 119
    Hello Car_Man ... It's been almost a year that I've had my 2003 Infiniti M45, and a few friends of mine are still amazed at the lease deal I got last year (thanks to YOU!) and are again interested in getting one for themselves now that deals are popping up. We're noticing that it seems like Infiniti is practically giving these cars away again at this time of the year. I was told there was either $4000 or $5000 dealer cash available -- but CAN this be used on a lease or is it on purchases only??? If so, is the money factor comparable to what I was able to get last year (.00047) ??? What kind of lease deal can my friend expect on car that has an MSRP of around $46,500 ??? They had one advertised (for purchase) of $37,995 -- it had an MSRP of $45,300 ... I'm sure with $4000 - $5000 dealer cash it could be had for even less -- but he IS interested in the lease -- so, I would appreciate if you can give me money factors and residuals for 36/39 month leases with 10k/12k miles ...

    Thanks Car_man .. I still visit this site weekly !!! You provide an EXCELLENT service !
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi kzybulew. Generally speaking, manufacturers' captive finance companies usually have the most attractive lease programs on vehicles. From time to time independent banks step up to the plate an have a more attractive lease program on unsupported models, but it virtually impossible for individual consumers to find out about these deals on their own. Dealers have computer systems that allow them to search the country to find out which banks have the most attractive lease program on a particular model at any given time. Even if a consumer was to find out about an independent bank that has a more attractive program on the model that they want, most major banks only lease vehicles through dealers and do not deal with the general public. Your best bet is to ask me to give you an idea of what the manufacturer's lease program is like on the model or models that you are considering and make sure that the dealer that you are working with can match or beat that program.

    You mentioned in your post that you are specifically interested in leasing a 2005 Chrysler Pacifica. Chrysler Financial is probably the best bank to lease this model through. I doubt that there are independent banks out there that have a more attractive lease program on this vehicle than CFC does at this time.

    Consumers usually can add aftermarket items to leased vehicles, as long as they do so properly. You would probably be fined for excess wear and tear on a vehicle that you installed a terrible stereo in or one that you did a terrible job installing a stereo in. However, if the installation is done properly you probably will not be fined. Of course, the exact policy on this matter will vary from bank to bank so you need to check with the bank that you are leasing through prior to doing any modification to your vehicle.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I am surprised that you would have to pay full MSRP for an RSX at this point, scanty. Have you tried comparison shopping for this car with a few other dealers in your area? I would be more than happy to check your calculations for you. For a 36 month, 12,000 miles per year lease of a 2005 Acura RSX (non Type-S) with an MSRP and selling price of $23,404, I come up with a zero down, pre-tax monthly payment of around $380.98 and a 39 month payment of around $375.15, which is exactly what you came up with. You certainly have mastered the art of calculating your own lease payment.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I answered your question on the Jetta GLI yesterday, air00max. Since you currently have a Volkswagen, you would indeed be eligible for $1,000 owner loyalty cash on deals that are leased or financed through VW Credit.

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  • stingsting Member Posts: 7
    Thanks Car_man. I had another person at Ford tell me that the "A" Plan Purchase Price is actually 2% below Invoice. So now I have some conflicting info. Would you happen to know what the Residual Value and Money Factor would be for the 2004 X-Type 2.5L @ a selling price of $26,690 (MSRP $29,300 + $665 Dest.) for a 2 Year Lease @ 12,000 miles per year. And would it be possible to then "assume" a bit at what my lease payments would be per month taking into account a $3,300 down payment (including 1st payment) and also what would my payments be without the $3,300 down payment. I plan on possibly going to the dealer no later than Friday or Saturday and I would like to feel more confident about negotiating. I know you are busy and I thank you for your help.
  • mazdax605mazdax605 Member Posts: 89
    Thanks fo rth einput Car_Man.I was wondering if we decide we want gap insurance,would we need it before we take the car home tonight or can we get it seperatly from an independant source afterwards?IMy wife contacted her insurance agent and inquired about it yesterday,and they said they did not sell gap insuranc,but suggested we look into getting it.I belong to a credit union should I contact them about this?Thanks again

    Chris
  • talancetalance Member Posts: 4
    Hi Car_man,

    First let me say thanks for all of the great information that you provide. I have already learned alot about leasing. My wife and I are looking at either a 2004 or 2005 Cadillac CTS for 36 months for either 12k or 15k miles, leaning toward 15k due to her long commute. Can you give me an idea of current GMAC lease program info for this vehicle - lease cash, rates, money factor, residual %?

    Thanks!
  • kyfdxkyfdx Moderator Posts: 265,476
    sting...

    At the local dealer in this area, they are selling the base X-types with MSRP of $29,995 for $24,000 even.

    I would check around on the price, before getting into the lease details.. just a heads up.

    regards,
    kyfdx

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  • stingsting Member Posts: 7
    Thanks kyfdx. I live in Las Vegas and there is only one Jaguar Dealer here (monopoly?). I have also been advised to seek out Southern California Dealers for a good deal. I have not tried them yet.
  • kyfdxkyfdx Moderator Posts: 265,476
    Just one here (Cincinnati) also... but I think yours is trying to take advantage of you.. Once you start talking leases, they like to "forget" about the selling price and get you to concentrate on payments...

    The Jag/Land Rover dealer here actually has cars inside the local mall as a promotion... A month ago, they had one of the base X-types there with a sign on it: $24,995... Now, in the paper, they are advertising $6K off..

    Good luck!!
    kyfdx

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  • scantyscanty Member Posts: 164
    Thanks for checking my math, Car_man. Good to see that my engineering degree isn't going completely to waste.

    I was thinking it would be a full MSRP deal since the new RSX's are just hitting the lots. I know the '04's have been slow movers, but didn't think there would be much wiggle room on the new ones.
  • ponytrekkerponytrekker Member Posts: 314
    In the BMW lease guide I remember it saying that bumpers really can't be repainted so if they're scratched expect to pay for new ones.

    Yeah, like they really replace them.
  • oidvoidoidvoid Member Posts: 25
    Car_man,

    Thank you! Once again you come through with the goods. I was wondering, would you want to hazard a guess as to what the residuals might be when the '05 TLs arrive? Could I assume they will be close to what they were at the beginning of the '04 MY?
  • pimpwgnpimpwgn Member Posts: 3
    Car_man:

    Do you have these figures?

    Thank.
  • jbl1jbl1 Member Posts: 6
    I'm trying to convince my husband that the lease deals right now (in No. Calif.) on the X3 are so good even before they've been negotiated that its worth getting one. He doesn't see how that's possible. What we ultimately want is a 36-39 mo. lease for 12K miles. We're hoping you can help!

    The BMW ads are quoting 39 Month Closed End Lease. $278/mo. plus tax. MSRP $31,945, Residual Of $19,805. 10K miles/yr., total miles allowed 32,500,. Total Cash Due At Signing $4,990. Adjusted Vehicle Cap Cost Of $30,995.

    One toyota dealer just quoted me on a car that he said had an MSRP of $24,099 w/ their price of $22,555 (edmunds says invoice of the model I want is $21,864)& his lease deal for 36 months, 12K miles, $1,500 down plus $33.70 monthly tax (our rate is 8.25%) for a base?? monthly payment of $385.12 & total payment of $418.82

    And finally, the CR-V which isn't in dealerships yet but is supposed to have an msrp of approx. $25,000 but I don't have any other info.
    If there isn't enough info. for you to evaluate what a CR-V lease would be can you at least help me with comparing the toyota & bmw leases to see how close they actually are? THANKS!!!!
  • mk2mk2 Member Posts: 27
    Hi Car Man,

    I'm trying to negotiate a lease for a Toyota Highlander Limited. The dealer tells me that when calculating lease payments I have to use base MSRP to figure out lease payments even though the car has a number of options installed. Is that true?

    Thanks,

    mk2
  • esashesash Member Posts: 5
    Hi
    Here is the situation
    I am interested in buying a 2003 boxster with 14000 miles from a private sellar
    I found out he is leasing the car
    The lease started in january 2003
    with a 6000 cap reducation
    and monthly payment of 775. for 60 months
    The list price was 52000
    He wants to sell the car for 33000
    which is what he says he owes
    Here is the question.
    The price from my standpoint looks to be reasonable as most 2003 boxsters are in the high 30'000 range
    is there a downside to buying this car from him
    is he upside down on his lease in other words does he owe more than the car is worth
    am i paying more than the car is worth
    is this diferent than buying the car from someone
    who owns the car?
    i appreciate your help
    jeff
  • markm124markm124 Member Posts: 19
    Thanks Car_man. I will bother you one last time on this one: you said that the numbers that you gave me for the 2004 & 2005 Accord EX-V6 (no nav)were for 15,000 miles per year. How much do the residuals change for 12,000 miles per year.
    Thanks again.
  • kyfdxkyfdx Moderator Posts: 265,476
    Car_man can answer your lease assumption/purchase questions here.. but, if you want to know what the car is actually worth, post a detailed description of it here:

    michael143 "Real-World Trade-In Values" Sep 15, 2004 2:45pm

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  • anonymouspostsanonymousposts Member Posts: 3,802
    He's not even 2 years into the lease so the total of his remaining payments alone amount to $27,900. That's before you add the residual. So I would say that without a doubt this individual is upside down.
  • esashesash Member Posts: 5
    okay
    can someone sell aleased vehicle or does the car belong to the leasing company

    thanks
    jeff
  • kyfdxkyfdx Moderator Posts: 265,476
    As long as the leasing company gets their payoff, they generally will let him sell it.. Or, if they are sticky about it... he can always find a dealer who will act as an agent for him (all leasing companies allow their cars to be traded in to a dealer).

    Who knows how he came up with his payoff, though.. Unless he called the leasing company and got a current payoff, he won't know. Those numbers (cap cost reduction and payment) seem extremely high for a Boxster, so I wonder if he had some negative equity in his trade-in when he leased it...

    Before I got too far into it, I'd have him call the 800# on his leasing statement and get an accurate payoff for the car... If that checks out, then I'd look into buying it out.. Off the top of my head, that payoff price looks like a good deal.

    regards,
    kyfdx

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  • ers1ers1 Member Posts: 1
    Any idea what the residual value on a 42 month, 15,000 miles per year lease for a 2004 Volvo S80 T-6 should be? I have been quoted 35% which seems low.
  • attendantattendant Member Posts: 2
    I'd like to lease a 2004 BMW 525i or a Z4. How do I take advantage of the advertised specials? Does it matter where I go, and how do I make sure that the dealer does not add on too much to the advertised special price when they tack on the options? And are there any other ways I could be cheated?

    I would appreciate any and all responses.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey cjs2002. You are very focused on this vehicle's lease payments, which makes sense from the stand point that that is the amount of money that you will have to spend each month to drive it, but the most important number to know when negotiating a lease is actually the vehicle's selling price. I suggest that you get price quotes on the exact Pacifica that you are interested in leasing from a couple of dealers. Given the fact that you are obtaining this vehicle through some sort of DaimlerChrysler employee or supplier purchase program, this number should be the same, regardless of where you go as long as the vehicles that you are looking at are equipped the same. Once you know its selling price, and of course its full MSRP, it is easy to calculate what your lease payment should be like on it.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi nofo1. There is a great article on leasing here at Edmunds.com that you might want to check out prior to negotiating your lease on this car. Here is a link to it: 10 Steps to Leasing a New Car. In answer to your specific question about leasing, vehicles' residual values are set by the bank that you are leasing through and individual dealers do not have the authority to change them. I would be more than happy to give you an idea of what the lease program is like on this car right now, but 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. Even without this information, I can tell you that Mercedes-Benz is currently providing $5,000 dealer cash on this car to help dealers unload their leftover 2004 models before the 2005s arrive.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey rookie. Some banks will indeed negotiate the end of term purchase prices of leased vehicles. It is difficult to say whether Ford Credit will do so with your Lincoln LS, but you don't have anything to lose by giving them a call to see if they are willing to work with you. Whatever you do, don't involve the dealer that you got your car from. They do not have any authority to work with you. This is between you, the lessee, and Ford Credit. When you call them, make sure to give them the indication that you are right at your lease's mileage limit, not over and not under. If you were way under, they might be less inclined to work with you because your vehicle is worth more than it would have been if you had put more miles on it and if you are way over they might decline to work with you because they are expecting a large check for your excess mileage. If your initial contact at Ford Credit is unwilling to work with you, you may have better luck if you work your way up the ladder to a manager. Again, there's no guarantee that they will be willing to lower your car's purchase price, but you don't have anything to lose by asking.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for being such a loyal reader, djdez. I am glad that you enjoy this discussion so much. Infiniti is providing a decent level of support on the 2004 M45 right now. I suspect that the deals on this car will get even better as we get closer to the redesigned version of it. I was at the press introduction of the all new M45 at the New York Auto Show and it looked like a really nice car. In answer to your question about the dealer cash that is available on the '04 M45 right now, I believe that Infiniti is currently providing $4,000 dealer cash on cash purchases of this car and $2,000 on Infiniti Financial Services leases of it. Unfortunately, Infiniti's base lease money factor on it is currently .00152, which is not nearly as attractive as the factors were when you leased yours a year ago. This factor is good for any length lease. The 12,000 miles per year residual values for the '04 M45 are currently 52% for 36 months and 51% for 39 months. Its 10,000 miles per year residual values should be 1% higher. Using an MSRP of $46,500 and a selling price of $37,995, I came up with a 39 month, 12,000 miles per year zero down, pre-tax monthly lease payment of around $460. If you were to reduce the mileage allowance for this lease to 10,000 miles per year, it would drop the payment to $449.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, sting. According to the latest information that I have seen, if you were to lease a 2004 X-Type 2.5L for a 2 years with 12,000 miles per, its base lease money factor and residual value should be a terrible .00350 and 52%, respectively. As you can see, there is no lease money factor support on this model at this time, which is bad news in that you have to pay a higher interest rate than you would have to pay on the 3.0L, but good news in that I believe you can use the $5,500 dealer cash that Jaguar is providing on the 2004 X-Type 2.5L to reduce its capitalized cost. The dealer cash can not be used on 3.0L leases.

    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 its selling price. I noticed in your post that you mentioned the possibility of making a $3,000 down payment on this lease. I always advise consumers against making down payments on leased vehicles for two main reasons. The first is that if the vehicle that you are leasing is totaled in an accident or stolen and never recovered, your insurance company pays off the bank that you are leasing it through and your down payment essentially disappears. The second problem that I have with making down payments on leases is that they do not reduce vehicles' lease-end purchase prices. So your lease-end purchase option price for this car would be exactly the same, regardless of whether you had put $3,000 or had made absolutely no down payment at all.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, Chris. You definitely should contact your credit union to see if they offer gap insurance, many do, and if so how much it would cost prior to negotiating with your dealer.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, talance. Thank you for the thanks :). I would be more than happy to give you an idea of what this car's lease program is currently like. I do not believe that General Motors Acceptance Corp. is leasing the 2004 CTS any longer. If you were to lease this car, you would probably have to do so through an independent bank. If you were to lease a 2005 Cadillac CTS (not the CTS-V) through GMAC right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 3.95% and 51%, respectively. As you can see, GMAC publishes lease rates for vehicles instead of the lease money factors that most other banks use. You can convert this lease rate into an approximate money factor by dividing it by 2400. If you were to lease this car with only 12,000 miles per year, its lease rate would be the same, but its residual value would increase to 54%. GM is providing $1,000 lease cash on this car in the entire country. This money will help you to negotiate a more attractive capitalized cost. It has an additional $1,000 lease cash ($2,000 total) in some areas. If you let me know where you ate, I can tell you if you are in one of them.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, scanty. Make sure to come back and let us know how everything turns out.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, oidvoid. That is a good question. If I had to make an educated guess, I would say that the residual values for the 2005 Acura TL will be 4% to 5% higher than they are on the '04 version right now.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Wow, you were able to fit your entire question in your message title, pimpwgn. I'm impressed. OK, if you were to lease a 2004 BMW 325i through BMW Financial Services this month for 2 years with 15,000 miles per, its base lease money factor and residual value should be .00220 and 66%, respectively. The numbers for an otherwise identical 3 year lease should be .00220 and 59%. When negotiating your lease on this car, keep in mind that BMW is providing $1,500 dealer cash on it that will help you to negotiate a more attractive capitalized cost.

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