Lease Questions - Ask Here

CarMan@Edmunds · January 2005

Thanks for the reminder, ortega. Here is the informaiton that you are looking for. If you were to lease a 2005 Acura TL with navigation through American Honda Finance Corp. right now for 2 years with 12,000 miles per, its base lease money factor and residual value should be an unattractive .00345 and 67%, respectively. The numbers for an otherwise identical 36 month lease should be .00235 and 60%. The numbers for an otherwise identical 39 month lease should be .00235 and 56%. As you can see, the 24 month lease is definitely NOT the way to go with this car.

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CarMan@Edmunds · January 2005

Hi whacked. I can tell you that neither of the trucks that you are interested in have lease support available on them this month. However, I can not tell you exactly what their lease programs are like because I have not seen either Honda's or Toyota's standard lease programs yet. I should have an opportunity to take a look at them by mid-week if you want to check back with me then.

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CarMan@Edmunds · January 2005

Hello ackerman. I would be more than happy to give you an idea of what Audi's lease programs are like for these cars, however in order for me to do so I need you to tell me how long you want to lease them for and how many miles per year you need to be able to drive them.

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CarMan@Edmunds · January 2005

Hey dbozman. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. That is the case here, even if you were to get another General Motors product. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least a significant portion of their remaining lease payments. As you can see, this can get very expensive.

You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

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CarMan@Edmunds · January 2005

Hi mfreeland. As Mathias just said, if you decide that your car is way more expensive to purchase at the end of your lease than it is worth all you have to do is follow your bank's lease-end procedures and turn it in at the scheduled end of your contract. The fact that your vehicle is way too expensive to purchase at the end of your lease means that you win because you have paid for less depreciation on this vehicle than you would have experienced it if you had purchased it.

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CarMan@Edmunds · January 2005

I'm always glad to help, valleydriver. It is difficult to say why the dealers that you have contacted via e-mail have not been more responsive. Perhaps you received automated responses from them at first and will get a more personalized response from a salesperson later on. Most dealers do not want to give consumers concrete selling prices over e-mail because they are afraid that the person who they give the quote to will just take their offer and shop it around with their competition. You may ultimately have to visit a few dealers in person, or at least contact them by phone, to get the pricing information that you are looking for.

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CarMan@Edmunds · January 2005

I am doing very well. Thanks for asking, Mark. Also, thanks for providing all of the necessary information to work up a lease payment on the car that you are considering in your post. Let's calculate a payment on it to compare to the one that you were given. According to my calculations, if you were to lease a 2005 Honda Accord LX 4-cylinder Sedan with an MSRP of $21,162 and a selling price of $19,900 through American Honda Finance Corp. right now for 3 years with 15,000 miles per, its zero down, pre-tax monthly payment should be right around $266. With this deal, at lease signing you would have to pay this car's first month's payment of $266, a security deposit of $275, and AHFC's lease acquisition fee of $595 (it is higher in NY) for a total of around $1,136.

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CarMan@Edmunds · January 2005

I am glad that you enjoy this discussion so much, Grover. I tell you, leasing in New York really stinks. Not only does it have vicarious liability laws that force banks to charge much higher than normal, usually around $500 higher, acquisition fees on leases, but it also has limitations on the making of multiple security deposits on leased vehicles for some strange reason. Some banks do not allow NY lessees to make multiple deposits at all. I am not familiar with the specific MSD rules for the captive finance companies of BMW, Volvo, or VW though.

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CarMan@Edmunds · January 2005

Hi not_too_shabby. If the dealer that you are working with is not willing to disclose any of this important information, especially this car's exact full MSRP and selling price, then threaten them with taking your business to a more straightforward dealer. That ought to get them to cough up the info that you want fairly quickly. I would be more than happy to give you an idea of what this car's lease program is currently like. Its current program is only scheduled to run through January 31st though. It will be diffrerent when you are in the market for a replacement car a couple of months from now. If you still want to know what its current program is like, I need you to tell me how long you want to lease it for and how many miles per year you want to be able to drive it.

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CarMan@Edmunds · January 2005

Hi Ken. I see that you are interested in the Chrysler 300. I really like this car and am impressed with the job that DaimlerChrysler did with it. If I had to purchase a domestic sedan right now, this would probably be it.

You never mentioned the selling price of the car that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. It would be easier for me to calculate a sample lease payment on this car for you if I knew what its selling price is. I can use an approximate price for now. Let's say that you are able to negotiate a reasonable discount of $1,500 on this car. When combined with the $1,000 bonus for leasing it through Chrysler Financial, this brings us to a selling price of $34,800 on a car with an MSRP of $37,300. Using these prices, I estimate that this car should have a 3 year, 12,000 miles per zero down, pre-tax monthly payment of around $544. As you can see, the payment that you were quoted is better than this.

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CarMan@Edmunds · January 2005

You're very welcome, cpagem. Unfortunately, the LS 430 is one of the few models that Lexus is not providing any sort of lease support on this month. As a result, if you were to lease one through Lexus Financial Services this month, you would have to use its standard lease program. I believe that its standard lease money factor for consumers who qualify for its "Tier 1" credit tier is .00205. It also has a Tier 1+ tier for consumers with outstanding credit, and lower tiers for consumers with worse credit. Its 4 year, 15,000 miles per residual value for the 2005 LS 430 without navigation, pre-collision, or the ultra luxury packages is currently 47%.

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CarMan@Edmunds · January 2005

Hi jettatdi. If you have to pay a security deposit and BMW Financial Services' lease acquisition fee on this lease, the dealer that you are working with is padding this car's base lease money factor to add additional profit to your deal. BMW FS' current base lease money factor for a 3 year lease of a 2005 BMW 325xi is only .00125.

As far as this car's selling price goes, I am not personally all that familiar with what the market for this car is like, but you can find out what other community members who are currently in the market for or who have recently purchased similar cars are paying by visiting the following discussion: "BMW 3-Series: Prices Paid & Buying Experience".

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markcole · January 2005

Carman:

In the spirit of The King ... Thank ya. Thank ya very much.

Mark

jpl · January 2005

Hi Car Man: Back again, hope I have the right info this time!

Has A/T, Prem., Xenon, Cold-Wthr., & 17 in./w/run-flat tires, Met. Paint.

05-330-ci, 36 mo., 12k miles

msrp. $43,795- lease written at $41,520

residual-$26,277

$1644.56 down, $535.57 per mo.

Thanks for Your help!!

jpl

dumont · January 2005

Hi Car_man, (sorry 1st time long post)

I am glad I found this forum. You are doing a great service for us all.

I have leased several times in the past and took a beating on the first one and learned my lesson so by the time I did the second one I knew what I was doing. Of course the dealers still have their "tricks" and sometimes you even feel the price quoted is good enough you don't think their numbers need any checking. Case in point Oct 2004 leased an 04 Murano for 42 mos without calculating first but now running it shows a MF equivalent to 0.5 pct. This not including they paid off 7 (seven) $310 lease payments left on my Altima.

But my wife is always grabbing it and I don't like her car (Outlander wagon) so I am going to get rid of it. Its not going to be part of any deal.

I've been quoted in NJ $479 - 42mos with $1450 ttl out of pocket (incldg ttl, deposit, bankcharge 6 pct tax etc). I know in order to give your opinion you need the actual price/cap cost and MF the dealer used (mrsp is $35470 incl dest) but I don't have that yet. But running the calculation backward, and assuming they not using a final sale figure greater than the msrp, it comes to a MF of about 3.9 pct.

I am waiting for you post Honda's January MF's but aren't these negotiable with Honda Finance? And if they are, is it the dealer that makes the final decision? I have excellent credit (checked just this week and it was 741 Equifax and 768 Experian) Or are the dealers hands tied and the only thing I can negotiate is the sale price on which to base the lease? I hope I can negotiate both...

According to my calculations basis $1000 over invoice (should I try less??) and a MF=2.9 pct (if cant get less?? I got 0.5 from Nissan) and nothing whatsoever out of pocket (i.e. rolling their quote of upfront cost $1450 into the lease) I come up with:

Msrp $35470 (incldg $570 dest)

Negotiated sales price $33,373 (incldg dest)

Plus $1450

Ttl cap cost $ 34,823

Residual of mrsp (56 pct) $ 19,863

Tax 6 pct

MF = 2.9 pct (0.001208)

$447.61 for 42 mos with ZERO out of pocket upon inception

Again sorry for the long post. Appreciate your comments

Best Regards

Dumont

dumont · January 2005

Forgot to put the details of the car

05 Acura TL auto with navigations

Brgds

Dumont

sfowler2 · January 2005

I'm looking to lease an '05 Pathfinder SE that Nissan is advertising on their website. SE 4x4 w/ Comfort & Premium package, etc. $339/month, 12K per year (I really need 15k, though) with $1999 due at signing. MSRP $31,900. Actual Cap cost $28,810. I live in VA (4% tax). Could you figure the money factor and residual for me? Any idea how much more per month for 15k/year?

corral · January 2005

thank you for the help, he wants an sl awd for 42 months and 42000 niles.

Thanks again

ajpbf7 · January 2005

carman, just a renider for thoose residuals and MF's for Jan. on the cars above. Again, 12k per yr and 36 and/or 39 month term. Also, if not to much trouble could I get the same for a scion Tc. same terms as above. I appreciate it.

not_too_shabby · January 2005

Hi Car_man,

I would be doing a 3yr/36K lease. I typically only pay fees only at signing.

pegasus17 · January 2005

Terms: 36 months, 12k/15k miles. Only need residuals and money factors. Have means to calculate payments. THX, carman

warpack · January 2005

Hi Carman,

I still working on getting a 2005 A4 1.8t quattro. Can you provide me with updated Jan residuals and money factors? I looking at 36 or 39 months with 12K a year. Also, is Audi providing any additional support right now?

Thanks

John

joe44 · January 2005

Car Man-

Thanks in advance for your help to all of us on these boards.

I am in the market to lease a 04 or 05 Yukon XL/Suburban. 36 month; 0 down; 15k miles per year.

What are the current money factors/interest rates and residuals for this vehicle?

If I can get those from you, think I can handle the rest with the MSRP, negotiated price, tax, etc.

Thanks- Joe44

prince812 · January 2005

Car_Man,

You are doing a great service. I am considering the 05 Acura TL (35,900) or the Lexus 330 ES (39,100). I am in Northern California and both dealers say there is little room to negotiate so I will assume these prices. In Acuras case there is a waiting list.

I will consider the 36, 39 or 42 month lease and drive 15,000 miles per year.

Given no money down and these terms can you give me a ball park of what I will pay monthly for each car or which lease payment would be most cost effective? Do you know if either company is offering incentives or lease cash?

I can put a cash security payment down if necessary. Hope this is enough information.

Thanks again for taking the time to help.

CarMan@Edmunds · January 2005

No problem, Mark.

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CarMan@Edmunds · January 2005

Thanks for the additional information, jpl. It looks like you provided everything that we need to work up a lease payment on this car. According to my calculations, if you were to lease a 2005 BMW 330Ci with an MSRP of $43,795 and a selling price of $41,520 through BMW Financial Services right now for 3 years with 12,000 miles per, its zero down, pre-tax monthly payment should be right around $478.

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CarMan@Edmunds · January 2005

I am glad that you find this discussion so helpful, dumont. Banks' lease money factors are not negotiable, in that they publish a base money factor for each vehicle and individual dealers do not have the authority to lease them with a lower money factor than the published one. The only negotiation that is involved in vehicles' money factors is trying to prevent dealers from "marking-up" banks' base money factors to add additional back-end profit to deals. As long as you know what a bank's published money factor is for the car or truck that you are interested in leasing you are in good shape. Honda is not currently providing any sort of lease support on the Acura TL. So if you were to lease one through American Honda Finance Corp., you would have to use its standard lease money factors. Its standard 36 month lease money factor is currently .00235. This is equivalent to an interest rate of right around 5.64%. Using this factor, an MSRP of $35,470, and a capitalized cost of $34,823 I estimate that a 2005 Acura TL with navigation would have a 3 year, 12,000 miles per zero down, monthly payment of around $517.

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CarMan@Edmunds · January 2005

I would be happy to give you an idea of what this truck's lease program is currently like, sfowler2. If you were to lease a 2005 Nissan Pathfinder SE 4x4 through Nissan Motor Acceptance Corp. right now for 39 months with 12,000 miles per year, its base lease money factor and residual value should be .00174 and 59%, respectively. Make sure to let me know if you have any other questions.

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CarMan@Edmunds · January 2005

No problem, corral. OK, so your friend wants to lease a 2005 Nissan Murano SL AWD for 42 months with 12,000 miles per year. If he was to do so through Nissan Motor Acceptance Corp. right now, its base lease money factor and residual value should be .00137 and 57%, respectively.

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CarMan@Edmunds · January 2005

Thanks for posting the reminder, ajpbf7. Here is the information that you are looking for. According the the latest information that I have seen, if you were to lease a 2005 Chevrolet Cobalt SS through General Motors Acceptance Corp. right now for 36 months with 12,000 miles per year, its base lease money factor and residual value should be 3.5% and 57%, respectively. As you can see, GMAC publishes what are known as lease rates instead of money factors for the vehicles that it leases. You can convert lease rates into approximate money factor equivalents by dividing them by 2400. So a lease rate of 3.5% would be equivelent to a money factor of around .00146. When negotiating your lease of this car, make sure to take the $900 lease cash that is currently available on it into account.

I have not seen the new January lease programs for either the Honda S2000 or the Scion TC yet, but I can tell you that neither of these cars has any lease support available on them at this time.

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CarMan@Edmunds · January 2005

Thanks for the additional info, not_too_shabby. OK, if you were to lease a 2005 Saab 9-5 Aero Wagon through Saab Financial Services Corp. right now for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00029 and 48%, respectively. The numbers for an otherwise identical lease of a 2005 Saab 9-5 Arc Wagon should be .00048 and 48%. When negotiating the capitalized cost of either of these wagons, make sure to take the $4,000 lease cash that is available on them into account.

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CarMan@Edmunds · January 2005

Hi coppamc. Ford's, and in turn Mercury's, December lease programs were extended until today, January 10th. It will publish an all new lease program for the month of January sometime tomorrow. Please post a reminder in this discussion for me in a few days and I will be more than happy to give you an idea of what the new lease programs on these cars are like. Talk to you soon.

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CarMan@Edmunds · January 2005

Here you go, John. If you were to lease a 2005 Audi A4 1.8T Sedan with quattro (not the Special Edition model) through Audi Financial Services right now for 36 months with 12,000 miles per year, its base lease money factor and residual value should be .00015 and 58%, respectively. The numbers for an otherwise identical 39 month lease of this car should be .00035 and 55%.

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CarMan@Edmunds · January 2005

You're very welcome, joe44. General Motors is no longer leasing 2004 models, but I can give you an idea of what the lease program for the 2005 version of the truck that you are interested in is like. If you were to lease a 2005 GMC Yukon XL through General Motors Acceptance Corp. right now for 3 years with 15,000 miles per year, its base lease rate and residual value should be 5.5% and 53%, respectively. As you can see, GMAC publishes what are known as lease rates instead of money factors for the vehicles that it leases. One can convert lease rates into approximate money factor equivalents by dividing them by 2400. So a lease rate of 5.5% would be equivalent to a money factor of around .00229.

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CarMan@Edmunds · January 2005

I am glad to hear, or read in this case

, that you enjoy this discussion so much, prince812. Acura is not currently providing any sort of lease support on the TL, but Lexus is providing some on the ES 330. I would be more than happy to calculate lease payments on the cars that you are considering for you. However, in order for me to do so I need you to provide me with their full MSRPs, including destination charges.

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jerseyal · January 2005

CarMan:

Can you work up a payment for me assuming the MSRP of $51,195? (The new model is selling well and none of the dealers seem to be discounting) Also assume 15,000 miles per year.

For a 36 month lease. Can you tell me the money factor and residual?

Regarding sales tax on a car that is to be leased. Is the TOTAL value of the car taxable, or is only the depreciation taxable? Thanks a bunch CarMan. This site is so informative.

mfreeland · January 2005

Thanks for the information. But I have more questions. After reading all the info on your web site I went home to dissect my lease contract. I have a Closed-End Lease which I was excited about and in the section "Purchase Option At End of Lease Term" it says at the end of the my lease if I wish to purchase the car (which we prefer to do) the total is $9,541.00 which I am willing to pay. But I am concern that there are hidden cost that will make my total higher. Are there hidden cost? Is this price negotiable? If we go over our mileage will there be a penalty if we purchase the car? Sorry for so many questions but I want to be prepared and I do not want any surprises. Thanks for your help.

prince812 · January 2005

Car_man,

The MSRP price on the Lexus at 39,100 did include destination and the Acura TL is 36,700 with destination. Again either 36,39 or 42 months whichever is most cost effective and driving 15k per year.

I can put down cash security if you suggest it is best.

Thanks again

ackerman · January 2005

Car_Man,

After test driving the A4 I decided against it.

I drove the MB SLK 350 and am now focused on that.

What are the MBC Residuals and Money Factors on the SLK 350 for a 36 or 39 Month Lease with 10K miles per year?

Thanks,

Don Ackerman

wifrbr · January 2005

Hello Car_Man,

I've been doing a lot of research on leasing a car but I can't seem to find a couple residuals. I'm am looking for a 36 month lease, 12k/year. Can you tell me the residual on a couple cars.

2005 Mazda 6s sedan grand touring

2005 Ford Escape Limited AWD

Thanks a lot

CarMan@Edmunds · January 2005

Hello jerseyal. I would be more than happy to work up a sample lease payment on this car for you. In order to do so I need to know the selling price of this car, so for now I will assume that you are getting it for $1,000 under its full MSRP. Your actual lease payment on it will vary depending upon its exact selling price. According to my calculations, if you were to lease a 2005 Mercedes-Benz SLK350 with an MSRP of $51,195 and a selling price of $50,195 through Mercedes-Benz Credit right now for 36 months with 15,000 miles per, your zero down, pre-tax monthly payment should be right around $767. I arrived at this payment by using Mercedes-Benz Credit's Tier 1 standard lease money factor of .00310 and a residual value of 62%. Your payment would vary if you qualify for a different credit tier.

As far as sales tax goes, different states calculate sales tax on leased vehicles differently than others. I believe that New Jersey charges tax on your actual lease payment rather than the entire cost of the vehicle that you are leasing. You may be able to find out more informaiton on how tax is calculated on leased vehicles in New Jersey by visiting the following Web sites: New Jersey Motor Vehicle Commission or New Jersey Department of the Treasury.

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CarMan@Edmunds · January 2005

You're very welcome, mfreeland. The vast majority of auto leases are closed-end leases, so I am not surprised that yours is. There should not be any hidden fees associated with the lease-end purchase of your car or truck. You will not have to pay any excess mileage or excess wear and tear penalties if you do so either. In fact, banks are occasionally willing to negotiate this number with consumers, making leased vehicles less expensive to purchase than the price that appears on their contract. If your initial contact at your bank is not willing to work with you, you may get better results by working your way up the ladder to a manager. More often than not banks will not lower vehicles' lease-end purchase prices, but it never hurts to ask.

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CarMan@Edmunds · January 2005

Thanks for the additional information, prince812. I really need the selling prices of these vehicles to work up lease payments on them. I didn't realize that the numbers that you have already provided me with were their MSRPs. For now I will assume $1,000 discounts on these cars for the sake of calculating payments on them. Naturally your actual lease payment will vary as its selling price does. Let's work up some lease payments. According to my calculations, if you were to lease a 2005 Acura TL without navigation with an MSRP of $36,700 and a selling price of price $35,700 through American Honda Finance Corp. right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be right around $535. The payment for an otherwise identical 39 month lease of this car would be $538.

If you were to lease a 2005 Lexus ES 330 without navigation with an MSRP of $39,100 and a selling price of $38,100 through Lexus financial Services right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment would be right around $538. The payment for an otherwise identical 39 month lease would be around $531.

Both of these sample leases assume that you are paying a security deposit. Both of these cars can be leased without a deposit, but their payments would increase. I personally pay a security deposit whenever I lease because I would rather do so and get the money back at the of my lease than throw the money away in the form of a higher monthly payment.

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wifrbr · January 2005

Hello Car_Man,

In your expert opinion, what car/truck under $30,000 is the best to lease because of money factor, residual value, etc??

Thanks

prince812 · January 2005

Thanks again you are great.

You mentioned these leases assume a security deposit which I will definitely take your advice and pay. How much security deposit did you assume with these lease payments? And where would that put my total drive off price for the lease?

Also why does the payment go up for the Acura when I go from 36 mos. to 39 mos., but down on the Lexus? Are there incentives from Lexus?

What would be the payment on a 42 month lease on the Acura TL assuming the same sales price?

Finally, given the money factor, residual etc. in your expert opininion which of the cars/leases presents the better lease value?

stever12 · January 2005

Car_Man, are the terms you listed valid for all Cobalts or only the Cobalt SS? Also, do you have the terms on a 48 mth lease - residual, GM's lease rate, etc?

Thanks! This forum is awsome.

nupeskee · January 2005

Car_Man, I am looking to lease a 05 GX470 and would like to have the rates for 36, 39, 42, and 48 months as well as the residuals. I am not sure of the selling price so I will calculate by hand once you provide the info. Thanks.

redman4 · January 2005

Car Man,

I've been lurking int he forum for a couple of months and can see how valuable a service you are providing folks.

Can you please tell me what the residual,money factor and payment would be for an Acura MDX Touring w/Nav lease for 36, 42 and 48 months at 12,000 miles/yr. The MSRP is $42,845 and the selling price is $39,200.

Thanks,

mfreeland · January 2005

So the price that is typed on my lease is the price of the car? If I am understanding all this correctly, my bank estimated the residual value my truck at the end of the lease, right? It will not matter what the real residual value is all that will matter is what was typed at the time of the contract? The price of my truck will not be the difference between what the truck cost when I leased it and what the residual value they estimated on the lease, right? I am so sorry if I am confusing because I think I am confusing myself...LOL. I hope you can uncode my questions. Thanks for all the help.

kyfdx · January 2005

You have it correct..

That is the very definition of a "closed-end" lease... All numbers are pre-determined..

Since you don't HAVE to buy the car, you can try negotiating a lower buy-out price... But, they can't make you pay more, if you exercise that option...

regards,

kyfdx

(not the expert)

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