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Car_man
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I have a deal for the G35x for total lease payment including tax of $475/mo. I live in NY and the MSRP is 36,400 and 610 for destination charge. As you know for 15K , 39 mo, the RV is 57% and MF is .00172. What do you get for the lease rate with other fees such as bank fee(795), doc fee, 1st mo, security and licence not in lease but being paid separately. Also, do you know what the small 7.5% tax fee of 59.63 also paid up front (is more that the tax on 1st months payment I am picking up the car in 3 days.
Thanks,
Al.
Car_man
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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.
If you still really want to get out of your Lexus lease early, you may be able to roll part or all of your negative equity into your new lease if you are able to negotiate enough of a discount on your new vehicle. However, rolling your negative equity into your next lease will cause you to have to pay additional interest on it.
Car_man
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Car_man
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Car_man
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Car_man
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Car_man
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Car_man
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Car_man
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Car_man
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Car_man
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(That we have data on Tuesday - as I plan to make my purchase on Wed if I can get my dealer to improve a little more)
Hey Al - what were you being quoted for initial payment?
My dealer wants $2100 - which seems to be first month payment, plus acquisition fee, plus deposit - PLUS a $300 fee of sorts. I haven't asked for the breakdown but will very soon.
gross capitalized cost - $16,348
cap cost reduction - 0
residual value - 9,422
rent charge - 1,354
monthly payment - 230
Years ago I was getting a car from a small town dealer and ask what his "doc fee" was - he just looked at me funny and replied "You mean they charge you extra for filling out the paperwork? Why?"
When I was negotiating the price of my wife's new Accord last week I had all the dealers give me quotes that included the car, destination, and any doc or dealer fees. This levels the playing field since I can figure the lease/finance numbers, tags, title, taxes for myself - and those are all the same.
They now pre-print the doc fee on all the forms - that is supposed to convice you they can't be changed. In my case, we leased from a dealer with a $300 doc fee - but I didn't care since their price for the car/destination and doc fee was cheaper than others in the area.
Dennis
I think this is an error on the part of the dealer, and the customer should re-sign - but that is just me. The dealer should offer some reward for the hassle as well.
A local dealer got into trouble with INTENTIONALLY misleading folks. Of course their return the car if the financing does not work out agreement called for stiff per-day and per-mile penalties even if the car WAS returned. So someone trades cars and are quoted a payment, a couple of days later the dealer calls and says "the bank wouldn't do that rate, it is going to be $xxx more a month". The customer does not want to pay that, so they try to un-wind the deal and find they now owe hundreds in "use" charges and have to give back their new car. So they end up trying to hammer out a deal where they can keep their car. Besides, friends and neighbors have seen and heard about the new car and they don't to have to tell everyone they had to give it back. This dealer keeps the BBB busy here a lot - but folks DID sign the agreement saying they would pay use on the car if they returned it.
Dennis
My quoted fees were $1900 but I am trying to have the security deposit ($500) waived since I have had an Infiniti lease before.. As I have asked before there is a fee of $59.63 which says 7.5% tax but I do not know for what this is referring to. I already mentioned I am paying $475/mo.
Good luck,
Al
Thanks for the quick reply. Can you then, instead, give me the answer on a lease basis? Thanks.
I have purchase my fist car and now I would like to lease, however I'm not familiar
at all with terms such "lease money factor, residual value, etc". I have been reading all comments and questions posted but it seems that everyone already has a lot more knowledge than I do
Thank you.
Karilyn
http://www.leaseguide.com/index2.htm
Money factor = interest To vonvert a money factor to its equivalent interest rate multiply by 2400. The lower the better, since this gives a lower payment.
Residual value = how much the lease bankt thinks the car will be worth at the end of the lease. The higher the better within reason since this give a lower payment. An artificially high residual can mean trouble if the car is totalled or stolen and you don't have GAP insurance.
The lease payment is based on the difference between your lowest negotiated price and the residual using the money factor as interest.
Dennis
2005 Saab 9-2x Linear
$23685 MSRP
OPTIONS: Automatic Transmission and Moonroof
TOTAL: $26135 MSRP
36 months with 12 or 15K would be ideal...
I have no idea on what the selling price would be since that fat rebate is on their...
And I heard GM employees are leasing this bad boy for $99 a month!
With all of that bein' said, what are some monthly ranges I should be lookin' at?
Thanks. You and dwyne are great, really...
Car_man
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Car_man
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Once you have read these articles, I am sure that you will have a number of specific questions about the vehicle or vehicles that you are considering leasing. Stop back in this discussion and ask away. I will be more than happy to try to answer any questions that you think of.
Car_man
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Car_man
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I need to get a lease for under $200 a month that is with tax and title and everything in the payment... Rather not put anything down if possible.
Please give me some cars and possible payments I can be looking at... I keep running numbers on stuff like cobalts and everything that I can think of that is cheap but still keep getting about $220 a month... can't seem to get much lower than that but saturn was running their special of $139+tax last month but I was not able to get on that because I did not have time to make it to the dealer and stuff... please give any suggestions and also what specials are going on currently?
Any information you can give me on something to look for would be great since I'm going to look this comming weeked... I would like to be able to get into a Mazda 3 possibly but can't get the numbers low enough myself, let alone talking to the dealer... anyway, interested in anything I can get in that range.
Thanks
Thank you,
Marc
With a lease bank that DOES pre-pay, like BMWFS I assume they have some kind of language in the contract that covers this. There is STILL a money factor even with a pre-pay lease (you keep their half of the car for 3 years, so you owe interest on it) - but it is typically a lot lower than their normal lease MF for the same car.
BMWFS also has a balloon payment plan (buyer's choice?). With that plan your name is on the title so you would be paid on a loss. The numbers may not be as good as a lease, however.
I was only ever in the position to pre-pay a lease like that once, and the banks I had to work with would not do it. So I paid a huge amount down and financed the rest for small payment- then sold the car when I was ready for something else.
Dennis
for leasing the S60R through Volvo Finance or through
other financing companies, like Chase?
Thanks.
Mike
I know I want an MDX and what the invoice price is. Do most of you go to your dealers and negotiate the price for the lease?
Does anybody try to get their leases through the internet?
I have seen references to "fighting chance" and their fax attack method(which supposedly leads you step by step), but how do you get the fax numbers for all the dealers in your area? The acura website only lists telephone numbers, do you call and ask for their fax number?
I know this post might sound stupid, but I tried calling a dealer to see how it might work. I asked for the internet sales person, but she would only quote the lease offer that Acura is advertising (not the greatest deal).
Any help or examples would be appreciated.
Thanks
the term MSRP is no where to be found on my lease contract (i looked VERY carefully), however, there is a part which says "the agreed upon value of the vehicle is $15,254"... i'm hoping that is what you need... thanks again.
I would start at carsdirect.com . Put in your zip code, what comes up? You can also put in the ZIP codes of big cities close enough you would drive and get the truck. In my case, my ZIP does not show much of a deal ($1,000 off MSRP) - but the Atlanta area shows about $1,800 over invoice. (about $2,500 under MSRP). Find the area with the best deal and then if you think that is "good enough" just continue button and let the CD folks do the rest. Car_man has given you the buy rate MF and you know the rest - just insist that is what you get.
Look at Edmunds TMV and see what it says they are going for in your area and other similar areas. Look here on the Edmunds board for Acura buying experience forums and see what folks are paying. One of my best leads on a cheap dealer came from the Accord buying forum here - someone had JUST purchased a car from this dealer and got a great price. That will give you some idea of who is dealing, who is not, and what folks are paying.
Or, once you know the city around you with the best deal go to the web pages of the Acura dealer(s) in that area (use the link from the Acura page or google them up). Do they have a Internet sales department? If so contact them and tell them what you want and use about $600-700 below the CD price as your goal. If they don't have a strong web page or Internet department (or you get no answer) then look up their fax number on the web page - worst case call the receptionist at the dealership and get the sales fax number from her. Then find the new car sales manager's name on the web page - if you can't find it then call the receptionist back :-) Fax him/her a letter telling them what you want and shooting for $600-700 below the CD price. The real CD mark up is closer to $500, so that gives them room to come back with a higher offer.
You will be surprised that most of the dealerships have terrible web pages, don't answer the e-mails, and don't reply to the faxes (I just went through this getting my wife an Accord). But all it takes is one or two willing to deal and you are set.
Again, looks at the Pilot. I have not compared both and while I am sure the MDX has more "cachet" the simple fact that there 10x more Honda dealers means you will be able to deal right down near invoice on one of them.
Once you get the price you want, then talk about trade (I hope you don't have one, since this really is a handicap to good dealing). Once all that is done, tell them your plans to lease at the buy rate - and tell them (from car_man) what it is. If the money factor is really low (the Accord rate is < 1% right now) you can roll in the acq fee into the lease to save on out of pocket money - and if they are charging < 1% for using their money, why not?
Dennis
Dennis
I need some advice on whether I should walk away from a lease or not. I want to know if anyone experienced what I'm about to write.
Ok... here's the deal. I found out that my wife's 2003 OB wagon would buyout $17,700 w/o including this month's payment; it currently has 40,300 miles. She really wants the Subaru Tribeca (financed), and I'm about to cut our son's legs (no room in the OB). I was offered $16k at a dealer and the owner wouldn't budge. So, if I wait and not use the OB as much, I may be able to have him honor the $16k by May but of course the OB continues to depreciate so that's not something I'd count on. If I buyout on it, I'll still lose money cause I probably won't sell the car close to the buyout price. I thought the lease was for 36 months but after reviewing the contract, it read 39 months. I'd have to wait till March '06 to walk? I doubt I'll make any profit to put as down payment for the Tribeca next year anyway.
So, should I try another dealer to see who gives more (if possible), or should I try to walk away from the lease? IF I do, how do I do that? There's a place named www.swapalease.com but I'm not sure how it works. Does anyone recommend that site?
So, my Saturday was almost a washout, just like the day... except that my Tribeca order is tentative until I come up with an answer by this wknd.
Probably the last time I'd do a lease.... sheesh...
As always, your help is appreciated.
Thanks.
You are in a lease that runs until March of 2006 and you already have over 40k on it? If you signed a 36k mile lease you are going to owe some coin at turn in, if you got a 45k mile lease you will if you drive it another year the way you have been. If you keep driving it until turn in then you will have 0 equity and owe money for the extra miles - plus will have made another year's worth of payments. There is possibly a turn in fee as well - listed on your lease contract and varies by lease bank.
How many miles allowed on the lease - so how many left?
If you have a nice low lease payment and are under the curve for miles (and it does not look like you are) then swapalease or leasetrade might be an option. It also depends on the lease bank, some will not allow lease transfers and assumptions, others will (with varying fees). But no one will want a car that is behind on miles or with a bad payment.
When you got your lease buyout from the bank was there a break-down? In most states the lease can only be bought out by the lessee (you) or an licensed car dealer (with your permission). Quite often the lease quotes will include the sales tax due in the buyout price. If you sell to a dealer or to a private party through a broker/dealer then no tax is due the lease bank - so the REAL buyout price may be less. If you figured your buyout yourself then the amount is probably wrong :-)
Some lease bank have an early exit "penalty" - see if that is in your break-down of the buy out. If so, see what the lease contract says (on the back, probably) about this. If they have something if be like this (just making up numbers): 5 payment penalty is less than 20% of the payments made, 4 payment penalty if more than 20% but less than 40% of the payments made, etc. If could be that with another payment or two you could drop the penalty a payment or remove it from the buy out.
Go the the Edmunds used car site - right here, and put in your car. You didn't say what it was so I used the H6 3.0 model. In my ZIP code with no options (I have no idea what you have on it) and with the high miles it is showing $15k trade in, $16.1k private party, $18.1k dealer retail. In your area the price may be higher or lower, and the price will be higher or lower if you have a different model. If the private party selling price is above your buyout price, then find a car dealer or broker to handle the transaction and find yourself a buyer.
If you had financed with a long term note, you might be in the same situation as you are now. A high mile used car with more owed than it is worth.
You can't walk away from the lease, no more than you can walk away from a financed car. You have to either get someone else to buy it for the buy out or to get what you can and pay the rest out of pocket (or roll it into the new car financing/lease).
I sure hope the Tribeca looks better in person, since in pictures it is UGLY - and that is supposed to be the new "look" of Subaru cars to come? I have an old Legacy wagon I use on snowy and rainy days and it may look "dated", but it still looks nice :-)
I also would not want to get the first year of any car. Always lots of glitches and bugs in the first run of cars and I much prefer to avoid that. Also no deals on the new iron - let the new where off for a year (or most of the year) and you will save TONS of money on it.
Can't you put your son in the passenger seat with it all the way back, or in the back seat passenger side with the passenger seat pushed up? My old Legacy has quite a bit of leg room - but your son may be quite a bit taller than my kids are :-)
Dennis
505 per month 1st month and refundable security upfront
when I started looking was quoted 585 per month so shopping around saved me 80 per month.
Where are you located???
Rgds,
Karilyn
See you soon and thanks again!!
Wow, thanks for that info Dennis.
Second, some things I left out... the vehicle is a 2003 OB Wagon and the lease contract is 39months/48,750 (remainder of the 3 months is pro-rated based on the 15k miles a year agreement).
According to SOA, $17,700 is the buyout on the OB (no calculations on my end) as of today (without including this month's payment). The lease payment is $315/month and has clean payments (non late).
The Tribeca does look better in person... it's definitely not photogenic. In any event, just so you're aware of my situation since everyone has given me the same response as you have... my son will be 2 on April 19th and he already measures 38" tall / 36 lbs. I'm about 6'5" so I know who he's coming out after. So the OB wagon has just become too uncomfortable. We used to use the vehilce alot but that's no longer the case. So I'm not concerned of going over by the end of the lease.
As per Edmunds, the car would be $15.4 Trade, $16.6 Private Sell, $18.5 Dealer Retail. So, it seems like the dealer is giving me a good deal ($16k). Unless I don't use the car much (which we don't already), then maybe he would still offer the same in 2-3 months?
Doesn't seem like anything is easy with leases....
Car Man,
I went to the Acura dealer near me and signed a lease for the MDX 36 months/12K. I know you have told me that the residual is 64%, but the dealer said that is only on a base MDX and the touring is 62%. Is this correct?
With no downpayment and purchasing the car at invoice I calculated about $2K due at signing and $433 a month including tax.
I ended up with 2.5K ($999 down, no security deposit) due at signing plus $441 a month including tax. He said he is selling me the car at 36,654, which is $300 over invoice, and $1300 below TMV.
I was leary about the 62% residual, but I looked at it as I am only paying $500 extra at closing and $7 a month more than I originally calculated and it is still a very good deal.
What is your opinion on this?
If the buyout does not include taxes or penalties, then a couple more months of payments will reduce it some - but it will take a lot more to get it down from $17,700 to $16,000. So you will either have to ride it out to the end, or just pay extra to get out early. I can't believe you could not put the car seat on the passenger side rear, scoot the passenger seat up enough to have lots of room - at least enough to get by for a while.
Dennis
The buy rate money factor is 0.00196. The MSRP is $40,295 so the residual would be (using the dealer's 62%) $24,982.90
Plugging the GROSS cap cost ($36,654) in to a lease calculator show $445.01 base payment (no tax). If I take off $999 from the cap cost shows $412.32 with no tax.
If your tax rate is 7% on top of the base rate, then $441 sounds right to me.
I am not sure what the breakdown is of the $2,500 you paid at signing. $999 cap cost reduction, $441 first month's payment, that leave $1,060 to cover maybe tax on the cap cost reduction, lease acq fee? dealer doc fee? title, tax, tags?
If the tax rate is right and you have the $2,500 all accounted for - then it looks like you got a SMOKING deal - $300 over invoice and the buy rate on the lease.
Dennis
Since I'm looking to replace two vehicles in the next twelve months, I am open to considering various SUV's or vans for my wife. Are you aware of any especially strong leasing opportunities? We still prefer 36 months/15,000 miles. Price range is probably low to high thirties. Sometimes, it seems like the planets align for an extraordinary deal (favorable rate, residual and selling price).
Thanks,
Jeff
For instance, there used to be a super hot lease on the Honda Odyssey minivan last year before the new 2005 model was released. I also remember outrageous discounts on the old M45 last year and super cheap Mazda RX-8 leases last year also.
Anything as hot or hotter at the moment?
Too bad there isn't a site that's constantly updated with the top lease deals of the week/month available in different categories.
Maybe Edmunds could set up something like that.
Maybe they could even set up a web page with a lease payment calculator where you can just plug in the lease term months, mileage allowance and negotiated price and it would automatically display what the before-tax payment would be based on the manufacturer's current lease program's best rate just like you can figure monthly loan payments with a loan calculator. The lease money factors and residual values would need to be kept in a database, so it could be as automated as possible and the user only has to select the make and model, then type in the negotiated price, mileage, zip code and term.
Sometimes there is a vehicle you weren't considering (so didn't even bother asking about it) but would have considered it if you had realized how cheap the leases could be for whatever reason (massive dealer incentives etc.).
The breakdown of the $2500 is as follows:
$999 cap cost reduction (No sec deposit if I paid this)
$441 1st payment
$198 Doc Fee
$287 DMV
$595 Bank Fee
Since I paid the $999 cap cost, Acura waives the security deposit, but the money factor increases to .00202 or something close to that. Sales Tax is 6%.
The Saab lease numbers should be out today. Can you give me residual and MF info on both a 2/24 and 3/36K lease for a 2005 Arc Wagon? Also any leasing incentives and owner loyalty info would be great.
Thanks
Just checking in to see if you've received the new April lease rates for BMW. I am interested in the base MF and residuals for the 2006 530i and 2005 545i. I am planning on leasing for 36 months at 12k miles per year.
Thanks for your help.
-Eric
Can you provide the money factors and residuals for 12k and 24 months for the following:
Nissan Altima 2.5S (w/SL package - not sure if that matters)
Nissan Murano S Fwd
Nissan Murano SL Fwd
Saab 9-3 Linear (pretty sure this is a smartbuy - not sure if you have that info)
Volvo S-40 2.4
Also are there any incentives I should be aware of? BTW, I'm in NY.
Thanks for all your help,
Sean