Lease Questions - Ask Here

indysoob · April 2005

Carman-

Can you please supply me with the residuals and MF for a 2005 Pacifica Touring 26S AWD and FWD. It would be for a 39 month, 12k/year lease.

Thanks!

dwynne · April 2005

I don't know - but if you are pre-approved you will get a lease, but most of those don't tell you what the rate or tier will be.

I got "Pre Approved" for the lease on my wife's new Accord, but that was a joke. I had to fill out another credit app, etc at the dealership. With BMWFS you get pre-approved, then once you make your deal your "Assign" the app to the dealership and they get it. You show up to get your car, sign, and drive off - no 2nd app to fill out. I guess I just wasted my time with the Honda online "pre-approval" process.

I guess it is up to you. If you have a car you can drive safely and reliably now, then why not get your score bumped up and wait until you can get what you want? If you just gotta have something now, then just compare what Honda and Toyota can do for you and pick the best deal.

Dennis

dwynne · April 2005

Often, the leasing agent/broker has contacts and can get an additional discount on the car that is hard for you or I to negotiate for ourselves. To keep the agent coming back to that dealer that will make them a better deal. They know you or I will not likely be back for another new car for years - but the agent may be back later in the day.

Also, they will likely have access to something like "LeaseTrack" - an online system that has a TON of lease banks in there along with what money factors and residuals they offer (the residuals tend to be the same) for each vehicle. The user (lease agent) can sort this list by cheapest for customer, most money for themselves, etc. This way they can give you the best deal on the lease and maybe save money on the cap cost as well. Unless the captive lease bank has a special on the lease, quite often a 3rd party lease agent can do the lease for less.

Of course, YMMV

Dennis

stkntraffic · April 2005

My current lease is up in a couple weeks, so I need a new car pretty soon. I was wondering if someone has heard of any attractive lease deals lately. I'm pretty open-minded about brands, etc., but I'd like a car that fits most of these requirements:

- 4-door, midsized
- lux/near-lux
- prefer a manual transmission

Some cars that fit would be the G35 sedan, BMW 5-series (kind of expensive for what you get), Acura TL (a little on the small side), etc.

Any thoughts or suggestions? Thanks in advance

murph1031 · April 2005

I got a quote including tax and all costs from the dealer, I then plug in all the info into a lease calculator and see that my figures are lower. Upon inquiring he tells me to include a 3% lease tax as well as my 6% sales tax. Is this correct or is he screwing with me?

shaker58 · April 2005

Hi carman,

Looking into leasing these vehicles can you give me the 3yr 12000 miles numbers
I live in ny.

Thanks
Gary

kyfdx · April 2005

Sounds like Pennsylvania??

kyfdx · April 2005

If you are in St Louis, don't forget the BMW dealer in Paducah.. That isn't too far away..

stkntraffic · April 2005

I forgot to mention that I'm in Austin, TX. Looking for a 15K/year lease, either 24 or 36 month total.

dwynne · April 2005

I have never heard of that, but I don't live in NJ (isn't that where you live?).

From what I understand, NJ has a 6% lease tax that is due on the difference between cap cost and residual. So if your cap cost is $20k and the residual is $10k then $600 tax is due when you sign the lease. Most banks will let you roll this into the lease.

I don't know what the 3% could be, unless there is some local lease tax in the city/county where the dealer is located?

Dennis

kappajen1 · April 2005

Hello carman-
I am interested in leasing the new Jetta (Value or Package #1) and was wondering if you have seen any numbers (residual and money factor) for either yet. I can't seem to find anything. I live in New York, it would be a 36-month, 15,000 miles/yr lease, and my credit score is 715 (if that helps). Thank you.

dwynne · April 2005

Of the ones you mentioned, the G35 would be my choice. 296 HP V-6 with the 6 speed this year. I don't care for the new 5 (looks or reliability) and I would not want to spend big bucks on a FWD car.

The G35 enjoys strong residual numbers so makes a great lease deal if you can get a discount on the car. Good news for you is that Grubbs up in the DFW area is know for making super deals on Infinitis. I think they would have to get you a 6mt from the port, since most dealers sell few and stock few or none. I would guess within a few hundred of invoice price would be the cost.

There are March Infiniti lease numbers for the sedan:

24/30k 0.00179 70%
36/45k 0.00179 60%

3rd party lease bank residuals will not be quite as strong on the sedan so the Infiniti captive lease would be the way to go.

About the only downside is the dated (now) styling which I think will be replaced soon. The interior was upgraded and now looks better, but maybe not quite as nice as the other 2 you mentioned. Back seat is a little tight as well.

It will not lease as well, but the Volvo V60r can be had at deep discounts now and can be had with an manual transmission. The back seat is tight on it as well, but the interior looks better (to me) - for sure if the optional, expensive leather is optioned. Volvo dealers have trouble selling a 300hp hot rod, so there is serious dealer incentive to move them.

You could also look at the "old" BMW 3 series - the 330i or 330i w/performance pack. There is a large ($4,500?) dealer incentive on them right now. They are not any smaller than the G35 in back seat room - and (to my eyes) much nicer looking. They will not lease as well as the G35, though - cost more, higher MF, lower residual.

The current numbers on the 330i sedan:

24/30k 0.00225 61%
36/45k 0.00225 52%

Dennis

amycat · April 2005

I have a 2002 Nissan Xterra that I will turning in early - I am planning on requesting an early termination quote - and fully prepared to pay what is due.

My question is, what can I expect to happen when the NMAC person inspects my SUV - both things to prepare for (like having the car detailed) and what the process will entail (time lines, etc.)? I've read some scary stories on the boards about additional costs tacked on by NMAC - so I'm a bit concerned.

My SUV is only at 27,000 miles, and my lease allows for 60,000. The car is very clean and well taken care of - no dings, windshield chips or missing parts. The only thing that is worn out is the driver side floor mat!

Thanks,

Amy

jessie504 · April 2005

Thank you very much for the assistance Car Man.

I am still in negotiation with the dealer and he seems to be willing to take an additional amount off of the selling price. So that I am able to calculate the lease rate on whatever offer I can get, can you please provide me with the MF and residual on the car for both 36/12k and 36/15k?

I appreciate your help and your time.

galant00 · April 2005

Hello car man .. i need some advice i am looking at the 2005 infiniti g35 coupe with premium package automatic..27 months lease 10,000 miles a year.. 399+ tax with 2,500 down.. i will not be putting money down because i have Vehicle Purchase Price through a friend of mine. the price of the car is 35,610 the invoice is 32,659 the difference is 2,951. so 2,951- 2,500 leaves me with 491 i will pay for the registraion and the first months payment out of my own pocket. i will put the 491 and add the rest for the tax bill. new jersey is 6 percent. so what do you think good deal or i could do better?

nospam · April 2005

Dennis,

Are your comments on G35 dated styling, based on conjecture or tangible data?

I'm not criticizing - just wondering what changes we might see in 2006 since the 2005 MY is half over.

stkntraffic · April 2005

Wow! Thanks for the detailed info. It does seem like the G35 gives the most bang for the buck. Using your numbers, I compute a lease payment in the low $400's for a G35 w/premium package. I can live with that.

I am intrigued by the Volvo V60 R, maybe even the V70 R wagon. I think I'll pay a visit to our local Infiniti and Volvo dealers and see what's what. Thanks again.

kirk123 · April 2005

Dear Mr CarMan

There are 24 mo promotional leases on both. Are either a good deal?

Saab: 389/mo $2,999 due at signing, 24,000 miles MSRP $37,820.

Audi: 399/mo $3,373 due at signinig, 20,000 miles MSRP $38,820.

Can you provide the residuals and money factor for these if leased in Massachusetts?

thanks

nospam · April 2005

Note that the residuals for the G35x appear to be lower.

dwynne · April 2005

Conjecture, it appears. I was THINKING I had read it was due for a redesign soon but looking back MY2006 will only be the 4th year of production so it is still a few years away (likely) to be redone. The G35 COUPE is a sweet looking design on the outside, the sedan less successful (IMHO) - particularly from the rear. With the bump in HP for 6mt and interior updates, it is more "Attractive" that ever

Sorry to mislead you, I must have typed faster than my brain could think.....

Dennis

cybersys · April 2005

Can the leasing guru help me decipher if this lease is a good deal. I spent about 3 hours at the dealership working on this one:

2005 Pacifica AWD
26U package
Rear Seat Video
17x7 chrome wheels
Power Moonroof
($36,240 msrp total...options included)

$440 per month (39 months)
$589 due at signing (1st payment, doc, title, license)
taxes rolled into lease (6.5%)
12K per year
$32,811 vehicle price
$17,032 residual
Money Factor .00089

dwynne · April 2005

It looks like there are 2 rebates: $2k customer cash and $1k Chrysler financing cash. With an invoice price of about $34k then $31k would be a good price for the car after both rebates. $32,811 sounds too high to me, even if you can't use the $1k finance bonus with this lease then $32k would be about the right price.

Go to carsdirect.com and build a similar car using your ZIP code. When I check with the Atlanta ZIP the price comes up $50 over invoice less the $3k in rebates.

Actually, there are more rebates - so maybe it is $1,750 cash with your lease deal? If so the your price is closer to being "right".

Did car_man verify the MF as the buy rate? I seems cheap enough (2.1%) and the dealer can't change the residual.

You have more patients than me if you spend 3 hours at the dealership. I would do this sort of thing online or on the phone/fax.

Dennis

skinnydog · April 2005

Carman, can you confirm that for 36 months and 15K per year the Residual value on this is 58% and the money factor is .0008. If so, these seem like great lease terms. Also, could you confirm whether there is a $500 rebate on this and if it works with a lease?

Thanks,

John

johnsowj · April 2005

I have a 2001 VW Passat that I leased for 48months with 48,000 mile limit. I am at 43,000 with 1 month left on my lease. I currently had it inspected for return and they found $590 in damage. The inspector also said there are some small hail dents that could cost another $500 or so. That being said, I received a purchase quote from VW for 12,299.00 for the car. What are my options as far as saving money in the long run? Pay the costs and turn in the car, Buy the car and try to re-sell fast, (one I like) have a dealer buy the car directly. Has anyone had any experience with this from VW Credit? Will dealers by a car at the end of its lease?

ca_man · April 2005

Hello car_man,

Could you please let me know what the residuals, money factor and payment would be for an 2005 Audi A4 2.0T through their captive lease company ?

The MSRP of the car is $34,120 and the negotiated selling price would be $ 32,700. The terms I am looking at are 24 months / 12K miles per year and 36 months / 12 K miles per year.

I live in California. Thanks in advance !

cosmog91 · April 2005

Dear Car man,

I plan to lease an Infiniti M35 in the next week. The MSRP is $47,460 and I hope to negotiate to at least $46m. The problem is that I drive a minimum of 25,000 miles a year and lease for three years. In the past I've pre-purchased miles at a discounted rate. What is the best strategy to keep my monthly payments in reach and what do anticipate the monthly fee will be?

I also live in Southern California
Thank you

snaj · April 2005

Please, please, check this deal for me! First, I negotiated down the purchase price of a 9-3 Linnear Convertible w/ Auto,leather, tonneau and metallic paint to 38359 (39,159 out the door- incl 7% tax and all fees). Then I switched over to a Lease negotiation thinking I would lower Cost. I'm now lost in the numbers...
The numbers I have (I left after he drew up the contract and said I'd be back tomorrow) are MSRP 41940. Gross cap 41825. Net Cap 39825. starting cost 3256, Dealer Rebates 2000 off the starting costs, leaving me 1256 due (of which I only have to pay the first month lease, dealer says he is discounting the rest (-667). 15K /yr lease. Gap Ins included. RV 21389 (51%). MF .00064 . Monthly lease rate 551 +tax = 589/month. He said the RV went from 52% down to 51% since I want 15K instead of 12K..
Does this seem reasonable, or is he hiding some significant inflated profit? Should I pick it up tomorrow or shop around?

snaj · April 2005

Sorry, I left out that I'm in Florida, and the lease is 36mos.
I appreciate your time and help on this question. Your forum has been a great help.
-Snaj

nospam · April 2005

Agree with you on the coupe styling - beautiful. Can't buy it due to RWD and living in the NE - yeah I could swap tires, just not worth it though for me. (Considering it is a sports car with tons of blind spots (dangerous))

So Sedan (x) for me... I wish there were more AWD luxury sports sedans... But this one is definitely the most economical. (Aside from gas)

Also agree with you on the styling - I don't care for the rear end. But I love the front, and the AWD with RWD performance.

One wonders with slow moving inventory - if we'll see some incentives on these cars soon.

bryan3536 · April 2005

Carman, I understand why states like NY have gone away from "leases" (I'm a dreaded lawyer), but practically speaking, how does it impact me as a car buyer contemplating a lease? Do I approach negotiations any differently? What are the things I need to look out for? I'm looking into "leasing" a new 2005 Grand Cherokee Laredo (base model), and my plan was simply to negotiate the price using the Edmunds TMV as though I was going to finance it for 60 months, apply the applicable rebates and incentives, and if the monthly nut was too steep for my budget, then ask for the lease quote based on that same price. Is there something else, other than the price, that needs to be negotiated? What?

Also, I have a trade-in, and I've been told by a number of people that the best way to get a good value for the trade is to tell the salesperson you don't have a trade, negotiate the price of the car your buying, and then spring the trade-in on them at the end. Somewhat underhanded, but then again, so too are many salespersons. Is that the way to do it? Thanks!

vgurl · April 2005

'I don't know - but if you are pre-approved you will get a lease, but most of those don't tell you what the rate or tier will be.

I got "Pre Approved" for the lease on my wife's new Accord, but that was a joke. I had to fill out another credit app, etc at the dealership. With BMWFS you get pre-approved, then once you make your deal your "Assign" the app to the dealership and they get it. You show up to get your car, sign, and drive off - no 2nd app to fill out. I guess I just wasted my time with the Honda online "pre-approval" process.

I guess it is up to you. If you have a car you can drive safely and reliably now, then why not get your score bumped up and wait until you can get what you want? If you just gotta have something now, then just compare what Honda and Toyota can do for you and pick the best deal.

Dennis'

Thx! It's such a relief to hear that being pre-approved means I'll most likely get a lease. I wish I did have a car currently. It would be one less thing for me to worry about. But I live in NYC and don't have a car, never really having had the need for the added expense with subways & taxis at my disposal. But my move to Florida changes that whole scenario & I'm now forced to get one. I just wonder if I should buy a used car or lease a car. I don't have that much $$ to spend so I thought leasing would be the quick fix. I guess I'll just have to see how it goes. And either way, I will definitely take more care to keep a close watch on how I handle my credit!

Thanks again guys, you've been great!

vgurl

dwynne · April 2005

Several options, but you need to do some homework first.

Go to the Edmunds used price guide here and get trade in value, also check KBB trade in. I check a GLS 1.8 w/43k and it shows only $9,500 trade in value. But you need to check with all the right options, etc and what comes up. This is ABOUT what a dealer might give you for it - in trade for a new car. CarMax might also be interested in buying it, if they have a store in your area.

In most states, sales tax is either paid on the payment or on the depreciation up front. In either case, you never paid sales tax on the whole price of the car. This means if you try to buy and re-sell the car you will have to pay tax on the buy out price. This will further raise the price you need to get for selling the car. In most states someone other than the lessee (you) or a dealer can't buy the car at all - so to sell it to another person you would have to go through a dealer to avoid the extra tax.

You should also check with your lease bank and see if the $12,299 includes sales tax or not. It is possible that they included the tax in the price, since it would have to be collected on the sale. If so, then what a DEALER would have to pay would be less since they would not pay the tax.

The purpose of the pre-turn-in inspection is so you have no surprises and to give you the option of fixing this yourself or paying them. So go to one of those paintless dent repair places (Dent Doctor, Dent Wizard, etc) and get a quote on popping out the dents and any of the other damage they can repair for you. Make it really clear that you are paying for this out of pocket and be prepared to try a few to get the best quote. Most have a money back guarantee - if they can't fix it or you can still see it, you don't pay. I had a BADLY hail dinged car fixed this way and you could not tell it ever had a dent in it after they were done. BTW, your car insurance should have covered the hail dings if you had turned it in at that time. You don't say what the other problems are - bald tires, interior damage, scratches, or what. Buy you might be able to cheaply fix some of these thing yourself and avoid most or all of the charges at turn in.

Car dealers would be interested in buying your car if you are getting a new one from them, or if you can price it below trade in at an auction price. Otherwise, they could get the same car at auction for much lower than "trade-in" value.

Dennis

kmill · April 2005

Need help! I'm getting jerked around by two dealers (IMO it's because I'm a woman!). Looking for a 05 XLE FWD with pkg #6. 15k, 36 mos. I was quoted 32,538 with a monthly payment of $548 and $980 in "startup" fees. They told me the money factor was .00255. Another dealer said they'd give me the car for $32,000 and they came up with a monthly payment of $550 with $0 startup fees. This includes taxes. So for a lower priced car the payment is the exact same (after dividing the $980 by 36 mos.) Can you tell me what the lease payments should be? I don't want to put any money down. The second dealer also told me the invoice I got off Edmunds was $600 too low (they had it at 31,292). Are they lying about the invoice? I just don't know who to trust and am ready to run into the arms of the closest Honda dealer!!
Thanks,
kmill

jetfan · April 2005

Go to AAA website for info ( I'm in Mid Atlantic) or go to www.volvoprograms.com or www.volvoprogram.com ( not sure which one). The Access code is FC3456SCZ. Good Luck.

brandi20 · April 2005

thanks so much car_man! i will be purchasing my acura rsx
within the next 4 weeks. i will let you know how it went

unixman · April 2005

Hi all,

I need to understand / confirm some details on how the GM Smartbuy works - but more importantly, need to understand the flow of formulas/numbers as the monthly payment is determined. Assuming MSRP of the vehicle is 51545, 0 down, taxes (8.625% in NYS, right ?) rolled into the payment, APR is 3.95% (money factor is unknown, but I figure 3.95 / 2400 = 0.001645 (is that right ?), term 36 months, 15k miles. Any clues ? Thank you in advance.

acechase67 · April 2005

i have some questions on an 2005 accord ex-l lease.i have neggotiated the monthly payments down to $298/a month with $582 total out of pocket including first payment and fees.went to edmunds and the msrp is 25,115,invoice is 22,651,tmv is 23,541.leasing term is 3year 36,000 miles.also, has anyone ever heard of having equity in your lease car.i am currently leasing an accord se 2002.it only has a little over 20,000 miles out of the 36,000 used.one dealer told me their appraiser would have to check it but he thought they would be very interested in the car.do they give you trade money towards your new lease on a returned lease?edmunds says my current honda's dealer retail is $15,536 my buyout price is $12,662.36.i am shopping in mass and would appreciate any help possible , thanks alot.

topcook · April 2005

How do I negotiate a fair leasing price. (I'm looking to lease a Toyota Matrix.) I was having difficulty in navigating through the massive amount of information on your website. Perhaps it's because I'm at work and don't have as much time as I'd like to read thru everything and, I don't have enough time at home to get onto my computer either. Any help you or someone else can provide would be most appreciated. This is the first time I'm doing something like this. HELP!! Oh, thanks in advance.

stalnaker · April 2005

Car_Man,

Can you give me the same numbers for the CRV, both the EX AWD and SE AWD versions?

I want to compare it since it's in the same price range, and see if it's a cheaper vehicle to lease.

Thanks again!

Ernest

spektre · April 2005

Car_man,

Can you give me residuals and money factor for an 05 Toyota Corolla LE Auto please? Not sure how options affect residual, but I'm looking at ABS w/ Side-balloons optioned model. Would like:

24mo/30k, 36mo/45k

Thanks :shades:

I'm in Massachusetts - I know Toyota has some funky regional-fu going on.

branco327 · April 2005

dennis

you say turn it in then buy it back as a BMW CPO but can I still certify it if I buy out the car early from the lease or does this only work for leased cars? should i wait until the car is 3 or 4 years old to certify it?

btw, the guys at the dealership were surprised I knew about this little secret of buying it back as a CPO. they were trying to convince me that the third party warranty by GMAC would be better. some how i think this was a sales pitch.

thanks.

kyfdx · April 2005

Here is a good post from someone that turned in his leased car to his dealer, then bought it CPO from him.. He worked out the whole deal in advance..

Warning... this might be hard to pull off as well as he did..

pen101, "BMW 5-Series: Prices Paid & Buying Experience" #1215, 30 Dec 2004 7:28 pm

branco327 · April 2005

thanks a bunch for that link. i printed it off and will keep it for when i'm ready to do the same.

dwynne · April 2005

You could do it early, but it would likely cost more money. You just have the dealer buy it out, then CPO it, and you buy it from them. The BMW CPO program extends for 2 years after the factory warranty ends, so it does not matter when you CPO it - the warranty goes until 6 years from in-service date and 100k miles.

If you wait until lease end and turn it in, BMWFS will offer the car to your turn in dealer - NORMALLY at a price that is lower than your buy out price was. This difference can help cover the CPO fee, anything needed on the car to make it pass CPO, and dealer profit. If you were really lucky, it might cover it all.

Like I said, the used car manager at the BMW dealer should be able to give you and idea of what they are being offered and for what amount around the time of your turn in. Then you can work with them on the turn in and CPO buy out.

Dennis

gperr · April 2005

Car_man,

Can you please post the April MF and Res for '05 Honda Pilot EX-L w/ DVD (No nav) for 36 months, both 12 and 15K miles.

Thanks

Gregg

sharkala · April 2005

I am interested in leasing a 2005 Nissan Exterra SE, with bumper guards, side rails and splash guards. The MSRP is $29,000, selling price is $27,000. Terms for 36 months, 12K miles a year, $1000 down- what should my lease price be-
in addition, my current car is up in August, it needs to be inspected in July, does it make sense for Nissan to pick up my Honda payments now ($388) to avoid any improvements I may need to make-
thanks.

drtravel · April 2005

Just leased my Infiniti M35 yesterday using the money rates provided by you. The financial man said I was the first person he saw this year that actually received the IFS money rate - seems that all others paid a premium over the base rates. He was curious as to how I got the rates because IFS doesn't share them with the public. Oddly the money rate or APR appears no where in the lease agreement.

Thanks again

macp · April 2005

I have been quoted a lease of $1089 for a 2006 CLS Benz. The selling price is $70650 ($1000 off sticker). The lease factor quoted is .00360 which the salesman says is the best they offer. Residual is 65% and the term is 39 months. Nothing down, other than the security deposit, dock fee, and 1st payment ($2430 total). I live in NC. 15k miles/year.

Could you recomend me going with this deal?

savethefleas · April 2005

CarMan, VeeDubDriver on thecarlounge.net told me to ask you about residuals and money factors for a new Scion Xb. Thanks in advance!

jdg345 · April 2005

I'm in the market for a Convertible, but I would like to have a backseat as there is usually a third or fourth person that accompanies me. Are there any outstanding deals out there at the current time?

My original wishlist was either of the following, but they don't have back seats.
S2000
350z Touring Roadster

Otherwise, for a 4-5 seater, I'm looking at:
Ford Mustang GT Premium
Chrysler Sebring Limited
CLK320
325

Any other suggestions? I'm figuring the CLK and the 325 will be a stretch due to the nature of BMWFS wanting to charge premium over the MF. I listed the 2xRoadsters as I haven't yet completely given up that option ... it all comes down to cost. Lease term I'm looking for something with the best overall bang for the buck, so I'm guessing 36-48 months more than likely.

Thank you everyone in advance.

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