Lease Questions - Ask Here

reechz · May 2005

My thinking is that if you are ONLY planning on leasing, and then giving the car back, than the object would be to get the lowest payment per month and let the dealer pad the buy-out cost as much as he wants.
So, if I can get a $200 per month cost and the buy-out is $12,000 versus a $225 per month and a cheaper buy-out, I should go with the lesser per month.

Is there a flaw to this method? It seems too obvious to me and I want to make sure I am not missing something.

thanks.

cyninhi · May 2005

Thanks for your response. The lease deal was for 48 months.

Aloha,
Cyn in HI

dwynne · May 2005

The DEALER does not set the residual, the lease bank does - and the dealer can't change it. With 3rd party lease banks this is normally based on an educated guess by ALG. With a captive lease, then it CAN BE based on how bad they want to sell cars.

To make a low payment, the captive lease bank can either offer a really low money factor or a above market residual - or both. You are much better off with a real world residual and the dirt cheap MF if you can get it. If at some point in your lease you need/want to get out of the car, the over-inflated residual is always going to mean you can't - the car will never be worth the residual + unpaid depreciation at ANY point in the lease. It may be unlikely with a real world residual that the car will be worth more during the lease, but it would come a lot closer to it. Also if your insurance or lease does not include GAP insurance then if you lease car is totalled or stolen the normal insurance pay out (real world value) will not satisfy the lease bank and leave you stuck paying out the difference.

In the case of the BMW lease, the dealer has jacked up the MF to over 7% - but BMWFS has a generous residual. You can get a much cheaper MF from a 3rd party bank, but the residual is not as good. You have to run the numbers in EACH case to see which is better. If the payment were the same, I would take the lower MF and real world residual.

Dennis

CarMan@Edmunds · May 2005

Woody2408, the residual value that you were quoted for the 2005.5 A4 2.0T Sedan that you are interested in is right for a 2 year, 12,000 miles per lease of it through Audi Financial Services. The money factor is definitely too high though. AFS' base lease money factor for a 2 year lease of this car is currently only .00135 for a two year lease. This factor assumes that you pay a security deposit and AFS' acquisition fee of $575 (in most states) at lease signing.

I see that you are considering making a $3,500 down payment on your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for this A4 would be exactly the same, regardless of whether you had put $3,500 down, or had made absolutely no down payment at all.

Let's work up a sample lease payment on this car for you using Audi's base ease program. According to my calculations, if you were to lease a 2005.5 Audi A4 2.0T Sedan with an MSRP of $34,670 and a selling price of $33,305 through Audi Financial Services right now for 2 years with 12,000 miles per, your zero down, pre-tax monthly payment should be around $469. The payment for an otherwise identical 36 month lease should be around $448.

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CarMan@Edmunds · May 2005

You're very welcome, brickyarddog. Thank you for taking the time to stop back and let us all know how everything turned out. Enjoy your new Pilot!

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CarMan@Edmunds · May 2005

Greetings cartfan1. 1.9% over invoice sounds reasonable for a 2005 Subaru WRX. For more feedback on this car's price from others who have recently purchased one, make sure to stop by the "Subaru Impreza & Impreza WRX STI: Prices Paid & Buying Experience" discussion. If you would like, let tell me this exact car's full MSRP and selling price as well as how many miles per year you need to be able to drive it and I will calculate a sample lease payment on it for you using Subaru's actual lease program.

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CarMan@Edmunds · May 2005

Hi nj00dstarz. I am not exactly sure what the selling price that you were quoted for the Ford Explorer that you are interested in is in relation to its dealer invoice price, but I would think that you would be able to lease this truck at or very close to invoice minus any available incentives at this time. Ford's lease rates on the Explorer vary by region. I have not seen Ford Credit's exact lease rate for this truck in your area recently, but 3.25% looks reasonable to me. The residual value that you were quoted, 53%, is right on the money. Using the lease rate and residual value that you provided in your post, an MSRP of $32,895 and a capitalized cost of $24,544, I estimate that this truck should have a two year, zero down, pre-tax monthly payment of around $354.

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leaseshopper · May 2005

Thank you so very much for your opinion. I sorta confirmed how I felt but then I have 'skin in the game' as my boss always says. I was afraid I was not being objective.

CarMan@Edmunds · May 2005

Hello cark. Here is the information that you are looking for. If you were to lease a 2005 Nissan Murano SL AWD through Nissan Motor Acceptance Corp. prior to the end of the month for 36 months with 12,000 miles per year, its base lease money factor and residual value should be .00080 and 59%, respectively.

Ford's lease program for the Explorer Sport Trac varies by region. In most of the country, Ford Credit's base lease rate and residual value for a 2 year, 12,000 miles per lease of a 2005 Ford Sport Trac XLT Premium 4WD are 2.0% and 60%, respectively. You can convert Ford Credit's published lease rate into an approximate money factor equivalent by dividing it by 2400. If you let me know what state you are in, I can try to give you an idea of what the lease cash and bonus cash are for this truck.

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ct1211 · May 2005

Hi car man, can you check my math on a 2006 Infiniti M35 lease?

I have an MSRP of 47,660 with a negoiated net cap price of 46,000. I think you posted elsewhere that the money factor for 39 months 15K miles/yr was .00210 with a residual of 61%. the only other number I added in was 40.00 for a doc fee. ( I do not knoe Infiniti's acquasition fee) and I get a pre tax payment of 593.00. Does this sound right?? Also correct me if I am wrong but it seems Infiniti's sweet spot for payments is 39 months (as opposed to say 36) Also do you no what there charge is to accuire the lease?

Thanks so much for your help!!

Craig

CarMan@Edmunds · May 2005

Hi prince2100. If there wasn't some sort of misunderstanding and the dealer that you are working with actually tried to convince you that the selling prices of leased vehicles are not negotiable, then you need to find a different dealer. The selling prices of leased vehicles are negotiable, just as if you were paying cash or financing. Given the current market for this car and the dealer cash that is available on it, you should be able to lease one at or below invoice at this time.

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CarMan@Edmunds · May 2005

I would be more than happy to give you an idea of what this car's lease program is like right now, prince2100. However, 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.

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CarMan@Edmunds · May 2005

Hey burgermac. It looks to me as though you are being sold this truck for around $1,000 over invoice or so, which is not bad. For additional feedback about this truck's selling price, you may want to stop by the following discussion: "BMW X3: Prices Paid & Buying Experience". There you will find other community members who have either recently purchased or are in the market for similar trucks. The thing that would personally turn me off about this deal would be the marked-up lease money factor and residual value. At least the dealer that you are working with is waiving your truck's security deposit. This will account for a portion of the mark-up from the base money factor.

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CarMan@Edmunds · May 2005

Greetings tbmwdriver. I would be more than happy to give you an idea of what this truck's lease program is like right now. However, in order for me to do so, I need you to tell me what state you are in. This is important because Toyota's lease program for vehicles often varies depending upon which one of its twelve regions one is in.

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CarMan@Edmunds · May 2005

Hello imonster. In order to determine whether you should purchase your vehicle at the end of your lease, you need to compare its purchase price to its value on the open market at this time. Even though it states your car or truck's purchase option price on your lease contract, you should place a call to the bank that you are leasing it through just to make sure that you have the correct figure. When you do so, it never hurts to try to haggle with them. Some banks will negotiate the lease-end purchase prices of vehicles. If your initial contact at your bank is not willing to lower your vehicle's purchase price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they will not, but you don't have anything to lose by asking.

As I said earlier, 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.

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CarMan@Edmunds · May 2005

No problem, fish2575. $300 over invoice is a very good price for an Acura MDX. You absolutely can and should tell the dealer that you are working with that you do not want to make a capitalized cost reduction on your lease. Consumers can lease any vehicle that they want without paying anything other than its first month's payment, security deposit, acquisition fee, and any required state taxes or fees at lease signing. You can have your security deposit and acquisition fees waived in exchange for the use of a higher money factor, but this will obviously increase your monthly payment. I personally always pay these items at lease signing.

Let's work up a sample lease payment on this truck using the price that you were quoted and see what we come up with. According to my calculations, if you were to lease a 2005 Acura MDX (Non-Touring) without the rear entertainment or navigation systems, with an MSRP of $37,470 and a selling price of $34,395.50 through American Honda Finance Corp. right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $403.

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CarMan@Edmunds · May 2005

Hey lucas2. I believe that I already answered this question for you earlier. Let me know if you can't find it and I will look my response up for you or answer it again. Thanks.

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hpowders · May 2005

Thanks, Dennis. I don't care about a back seat. It's just my wife and me.
I'm leaning toward the GS430-very refined with a beautiful interior and steering wheel.
A Lexus dealer told me last week that the Lexus lease rates run for some months and June will finally have a new Lexus lease program and I should check back with him then.
Of course I will check back on this thread first to see if you and Car_Man have the latest Lexus June numbers.
Regards,
hpowders

CarMan@Edmunds · May 2005

Here is the informaiton that you are looking for, munchmouth. If you were to lease a 2005 Infiniti G35 Sedan RWD through Infiniti Financial Services right now for 24 months with 12,000 miles per year, its base lease money factor and residual value should be .00179 and 71%, respectively. The numbers for otherwise identical 36 and 39 month leases are .00179 / 61% and .00179 / 60%.

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ajpbf7 · May 2005

Carman,

Could you provide me with the residual and MF for the 05 Tacoma V-6 X-Runner. This would be a 36 month 10K or 12K per year. Thanks!

buster6 · May 2005

Hi Car_Man,

I just leased a new Tundra (with the great Toyota financial service lease program right now) as a second vehicle. I will not be using as my primary car so the miles should stay in check, but my concern is that there may not be GAP insurance on the Toyota lease (do you know this for sure?). I am pretty sure that I have had automatic GAP insurance when I leased other vehicles. With the low monthly payment I am sure that I will be completely upside down through out the term. So to my question, do you know if Toyota leases have GAP included. if not is there any other source for it besides the dealer? Do you know what is the going rate on 3 years of coverage?

Thanks in advance!!

CarMan@Edmunds · May 2005

The person who you spoke with was absolutely correct, Heidi. If you opt to purchase your leased vehicle at the end of your term, you would not have to pay any sort of penalties for excess mileage or excess wear and tear. Trading in your leased vehicle is not necessarily a good idea though unless you are absolutely positive that you can get more for it as a trade allowance than it will cost you to buy from he bank that you are leasing it through or if at least the amount of money that you will lose by trading it in is less than any excess mileage penalty that you would have to pay. It is silly to say that dealers do not even check the mileage on vehicles that are being traded in. They absolutely do. The more miles your car or truck has on it, the less it is worth to dealers.

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CarMan@Edmunds · May 2005

Don't worry about it, danf1. It happens all the time. OK, according to the latest information that I have seen, if you were to lease a Ridgeline RT (not the RT-L) through American Honda Finance Corp. right now for 39 months with 15,000 miles per year, its base lease money factor and residual value should be .00245 and 56%, respectively. The numbers for an otherwise identical 48 month lease of this truck should be .00230 and 52%.

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CarMan@Edmunds · May 2005

I would be happy to help you out, David D. Let's work up a sample lease payment and see what we come up with. According to my calculations, if you were to lease a 2006 BMW 325i with an MSRP of $36,945 and a selling price of $36,000 through BMW Financial Services right now for 36 months with 15,000 miles per year (I don't believe that BMW FS offers 39 month leases), your zero down, pre-tax monthly payment should be around $524. With this lease, you would have to pay your car's first month's payment, a security deposit of $525, BMW FS' New York lease acquisition fee of $900, and any required state taxes or fees at lease signing. If you need to drive more than 15,000 miles per year, 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 have to pay an excess mileage penalty at lease-end. If you roll the $900 acquisition fee into your car's cap cost instead of paying it at signing, your payment would increase to around $551. I used a money factor of .00255 and a residual value of 61% to arrive at these payments. The 2006 BMW 330i would be much more expensive to lease than a 2006 325i would be. Not only is it a more expensive car, but its lease program is worse right now.

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mpklaf · May 2005

Hi
Can anyone tell me if this is a good deal?

A '05 Acura TL (non-navi, with a $2500 dealer package) for a 48 month lease at $430/mo. Downpayment of 2000 dollars (for tax+title+misc). Leasing is thru American Honda. No disposal fee. This is my first time leasing.
Thanks

burgermac · May 2005

Car_man & dwynne-
Thanks for all of your help. I signed the paperwork this weekend and took delivery of the X3 3.0i. I was satisfied that I got a good deal. I paid $37,650 or about $980 over invoice($36,670), which, for a BMW, is not that bad a deal (about 94% of MSRP($40,020)- everyone else was stuck at about 96%-97% of MSRP). The edmunds.com suggested price is $2,072 over invoice, and I beat that by over $1000. I consider that to be a pretty decent deal. I am okay paying a slight premium for a premium car, and I am certainly impressed with the car itself- quite a ride. The money factor they gave me was .0012, and this was after they waived the security deposit, so if i forked over $500 sec. dep., I could have gotten the .001 if I pushed. The money is in my account earning interest instead of theirs and the difference in interest cost was about $490 over the life of the lease- better for me than for them, in my book. The $825 lease acquisition fee is a non-negotiable in the state of Tennessee I have come to learn. If anyone has any experience on that front and could enlighten me otherwise, I'd love to know. Every dealer I spoke with was not willing or not able to budge from the $825. The doc prep fee at the dealer I ended up with was $99.50 (versus $329-$399 everywhere else), and they charged no Title/license fee because I need to register it myself (I bought it out of state). The residual factor was 62%, which is as high as on any BMW they are offering right now. All of these factors combined led to a monthly pmt of $487 with no cap cost reduction. The local dealer was offering a $500 monthly pmt under the same lease terms, and about double on the up front fees. Overall, I feel like I got fairly good execution on the overall package. Some people could probably do better (yourselves included) but a lot of people probably do worse, so I am content. Like another poster mentioned earlier, I don't want to hear champagne corks popping when I drive away from the dealership. They may have cracked open a beer or two, but it certainly wasn't champagne. I want to thank you both for all of your help. Without you, I would have added to my local dealership's profitability in a considerable way. I can't speak highly enough for the service you both provide- it's yeomans work and you should be applauded. Thanks!

davidd3 · May 2005

Thanks Car_Man. I highly appreciate your taking time to help me prepare for battle.

One more question. Based on your experience, is a MF of .00255 high or low for BMW? While monitoring this forum for your reply to my inquiry, I am getting the impression that MFs on most other cars are lower, in many cases substantially lower. In fact, I have not seen a higher MF quoted on this forum in the past few days. Any insight you can offer would be appreciated?

Many thanks.

David D

kyfdx · May 2005

.00255 is a market rate money factor for a brand-new car that needs no lease incentives.. It is equivalent to an interest rate of just over 6%...

Lower money factors are usually used as an incentive in lieu of cash discounts..

For instance, the '05 3-series have money factors ranging from .0008 to .00225.. plus some dealer cash incentives.. But, those cars are a model year older, and need an incentive.

regards,
kyfdx

fish2575 · May 2005

Thank you Car Man! Can you explain to me how tax works into a lease? We have 9.1% sales tax in Washington State. Would it make sense to pay the sales tax in cash? And how do we figure out what the tax amount would be? Do we pay a percentage of tax on the MSRP or the selling price? Thank you!

inbjce · May 2005

Wondering what is a fair payment on an 2005 ES-330 with MSRP of $37,709 and Invoice of $33,367 for a 48/12,000 with $0 down? Also, how can I figure this with a trade-in or cash back (to pay tax-title-license), etc.?

3boy · May 2005

Thanks for the reply, Dennis. What is your particular concern about the new 3? Is it that the price will be better later on, or that there is no track record on reliability, repairs, etc.? What do you think is a reasonable time to wait? Thanks!

ravisudhir · May 2005

"Given the current market for this car and the dealer cash that is available on it, you should be able to lease one at or below invoice at this time."

Wow, I did not know this. I just went to the dealership and got some quotes. I haggled with the manager and he agreed to give $2000 off MSRP on an ordered car. I do not need one until Aug, and he said he cannot lock in any lease rates except the selling price.

Terms: 39 months, 15K/yr, 7% sales tax rolled into the cap cost (Ohio law requires it this way, apparently; unless I pay it upfront).

Who's selling these cars at invoice? Can I lease them from out of state?

Thanks.

Ravi

stame22 · May 2005

1) What is the money factor and residual on a 36 mth. lease for the Murano SL w/ Touring Package?

2) I've heard that you can lower your monthly payment by putting say 5 times the normal security deposit down up front. For example if the normal security deposit was $500, then you would put $2500 down as your security deposit. Is this accurate? If it is, is it b/c you are lowering your Money Factor or just the amount of money that the bank is at risk of you defaulting on?

duxfan · May 2005

Car_man,

I just test drove a chevy equinox LT with an MSRP of 29,690. The dealership gave me a lease quote of 1,426 down and $432 a month for 36 months with 15K miles per year. I liev in Connecticut. How do you think this compares? Also interested to hear what I should expect to pay for this vehicle if I wanted to buy it. Thanks!

Scott

davidd3 · May 2005

kyfdx,

Thanks for your clear answer.

Regards,

David D

danf1 · May 2005

You should not put that kind of money down on a lease. All you are doing is lowering your cap cost and therefore your payment. You are not gaining equity, and at the end of the lease you are left with nothing. If the car is totalled in 3 months your $ is gone and you get nothing back. Pay your 1st payment, plate fees and security deposit up front and nothing else.

mswartz1 · May 2005

what about tax and bank fee. and how about security. if these are all capped and security waived, then yes, you have a good deal. otherwise....hmmm, the dealer got a gooooood deal

stame22 · May 2005

So you're saying that by putting a large Security Deposit down not a "down payment" that I'm putting myself at risk if something happens and the car was totaled that I would be out of the Security Deposit. However, that still doesn't answer my original question.

nyatl · May 2005

New to the leasing game. Are these deals any good? Not planning on buying after the lease, does the low residual matter?

MSRP--$43,683//Sale Price--$39,500//48mos.//15k miles//Residual--44%//
MF--0.0175//Monthly Payment--$485.00 (includes TTL (7%) and Gap Ins.)//
Cap Cost--$5,000

MSRP--$43,683//Sale Price--$39,146//48 mos.//15k miles//Residual--$19,220.52//
Money Factor--0.0166//Cap Cost--$4700//Monthly--$475

MSRP--$43,683/Sale Price--$39,500//48 mos.//15k miles//Residual--44%//
Money Factor--.00151//Cap Cost--$5,189.30

cark · May 2005

Hi Car_man,

Thanks for getting back to me. In regard to the 2005 Ford Sport Trac XLT Premium 4WD, I'm in state of New Jersey.

Also, Toyota is running a special lease on the 2005 Tundra. Can you provide me the MF & residual on the Tundra. Does the special lease include the Limited edition.

Again, thanks for your time.

dwynne · May 2005

I think in WA state it is just tax on the payment each month. So if your payment works about to be $500, then they would add the 9.1% (I feel your pain, our local rate is 9.25%) on top of that and you would pay $545.50 per month.

In most states where these is just tax on the payment, they USUALLY charge tax on the cap cost reduction (if any) as well. This would be any out of pocket money that went toward reducing the net cap cost, and would not normally go toward paying things like acquisition fee, tags, etc. Otherwise, you could pay a huge amount up front and beat them out of taxes with a little payment each month.

Dennis

dwynne · May 2005

Call your insurance agent. My insurance carrier includes it with the policy if you tell them it is a lease vehicle. If they say no, then look at the fine print on the lease contract (or do that too) - it should state that it has it, if it does. Nothing would hack off a captive lease customer than having their lease car stolen and then having to PAY the lease bank money out of pocket as well. Not good for repeat business at all. So a lot of captive banks now include this in the contract as a matter of course.

Dennis

dwynne · May 2005

Sweet!

Sounds like a good deal. I think we all get too caught up in trying to get the last dollar out of every deal. As you correctly analyzed, in the end it did not matter THAT much.

I knew I guy once who was buying a GMC pickup and refused to buy it unless they through in a stereo for free. They finally agreed and it was some $29 hunk of junk they got from someplace and slapped in there. I told him he could have avoided giving up hours of his life by just taking the deal and putting a much nicer stereo in for himself. He thought I was nuts

Which dealer did you get it from, by the way? Living in middle TN I am curious.

Dennis

dwynne · May 2005

That is a high number, on a new car that BMW hopes will not need any help in moving. It is actually over the "market" rate - since a 3rd party lease bank will do a LOT lower for someone with "A" credit.

Dennis

dwynne · May 2005

The new 5 was HORRIBLE when it first came out. Folks I know that got them had them die or non-start and were in the shop all the time. One even had his purchased back by BMW since they could not fix it.

If you wait, the new will wear off, the bugs will get fixed (or more of them will), and the price you can get the car for will come down. Once the sales slow, the MF will drop from its current lofty amount.

Being first and being an early adopter can be nice - but I have some expensive stuff around here (first gen DVD and CD players, laserdisc, early clone PCs) that I paid to much for. With a car, it is paying WAY too much to buy early - plus all the bugs they will have. BMWs are not very reliable cars, and new design BMWs are the worst. I had a 330i and it did pretty good, my M5 has does pretty good too. Both were not first year cars either. I prefer to NOT over pay and NOT get the first year car. You will just spend too much in money and possibly time and trouble that you could save by waiting. I love BMWs, but first year BMWs just scare me

Dennis

burgermac · May 2005

You're right- you've got to be happy with the car at the end of the whole ordeal, and we're more than happy with it... of course, it's only 300 miles old, but we're optimistic.

I ended up buying it in Tuscaloosa, Alabama from TomWilliams Nissan/BMW. They were great- met every one of my requests without any hesitation and then the internet sales manager, my primary contact, has made himself available via email and cell phone for anything I might need- and there have been a few things: since they had the car driven to me in Memphis by a couple of nice retired fellows, I never had an "official" delivery at a BMW center, so I expect to have a few questions along the way.

In the end, you guys were my biggest asset throughout the whole process. I am more than appreciative. Thanks.

topgun7 · May 2005

there is a distinction between lower your cap cost by putting a down payment vs putting mulitple security deposit to lower your money factor. Stame is asking about putting down security deposit not reducing cap cost. Only 3 car companies that I am aware of allow you to do it (Car_man may know more), Lexus, BMW and Volve. I did it with 2 lexus car, a 2002 sc430 and a 2002 ls430. In both case, I put down 9 security deposits and reduce the money factor by 0.0009 (or rougly 2.14%) and save about 120 or so a month for both car. At the end of the lease, Lexus just sent the deposit back to us. These program change all the time, Car_man probably can update you to see if these car companies still offer it or not. Lexus allow up to 9 deposit (at least back in 2002 they allow that) and each deposit reduce the money factor by 0.0001. Since I am not interested in BMW or Volve, I don't remember what their term are. By the way, the Lexus delear's finance manager don't know about it either. After I told him about it, he had to call Lexus financial to find out how to do it.

CarMan@Edmunds · May 2005

Burgermac, Edmunds.com has two great articles on how to sell your car privately. Click on the following links to check them out: 10 Steps to Selling Your Car and Edmunds.com's Quick Guide to Selling Your Car.

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CarMan@Edmunds · May 2005

Hey munchmouth. I would be happy to give you an idea of what the lease program is like on the car that you are interested in right now. However, in order for me to do so I need you to tell me how long you want to lease it for. As far as how much you should spend goes, take a look at the following discussion: "Audi A4: Prices Paid & Buying Experience". There you will find other community members who have recently purchased similar cars. Once you have an idea of what this car's selling price and MSRP are, feel free to stop back here and let me know and I can calculate a sample lease payment for you.

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CarMan@Edmunds · May 2005

Woody2408, the dealer does not pay for shipping your car to the dealership, you do. It is called the destination charge. It sounds to me as though this dealer is being less than honest with you. While you are getting a decent discount on this car, the price that you were quoted is definitely more than $100 over invoice. I'm not saying that $100 over is the going rate for this model, just that you are being mislead. Furthermore, they are still trying to make money on the back end by marking up its money factor. Perhaps this is the best that you can do in your area, but if I was in your situation I personally would comparison shop with a few other dealers if possible. AFS' buy rate for this car is still .00135. Now that you know it you should be able to find a dealer that is willing to use it to calculate your lease payment.

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