Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
Options
Lease Questions - Ask Here
This discussion has been closed.
Comments
I want to lease for 3-4 years, and 10,000 mile lease would be plenty. (that is half the reason i want to get rid of my current lease; I bought miles upfront and have 20,000 which i don't need now bc i have a new job).
MSRP on the car according to Edmunds with the premium pkg and navigation is 37,810. I got one email quote thusfar with those options plus the rear spoiler that I want of 35,599. I'd rather not put down more than 3,000. If you could give me an idea of a lease payment that would be great. Thanks.
Thanks for your help
Also when does the current lease program expire? End of June or after the July 4th weekend?
Thanks
Thanks again.
alc5
I'm getting quoted $9,600 off sticker for a new 2005 XJ 8L. Sticker is $64,895 less $5,000 boardroom and $4,600 dealer cash. For 24 months, the MF is .00026 and a 55% residual for 15,000 miles. For 36 months, the MF is .00083 and the residual is 45%. I figure payments of $842 and $890 incl 6% tax.
The MF look very good to me and the residuals seem propped up from what I know of Jaguar resale values. What do you think of this deal?
J
- What is the money factor they use for a 36 mo/12,000mi lease?
- What is the residual value (% of MSRP)
- Do they offer a 10,000 mi lease?
Thanks.
re: '05 A6 3.2 lease:
The residual on that car should be 55% for that term/miles. Also, ask about the lease special Audi is waiving the security deposit.
$2500 down ( taxes , tags $190 in NYC, and bank fee) total out of pocket.
36mths/ 12,000 miles( which is plenty for us, we average 10,000 on other
primary car) PRICE PER MONTH $375.00.
$3000 down (same as above) PRICE PER MONTH $355.00.
now as i was ready to leave these sounded good but are the really, other dealers couldn't match their previous offer of $3000.00 down total out of pocket and$375.00 month. And now they lowered it. help if you can, Thanks Charlie
My husband and I signed a lease for a Honda Odyssey on Friday. The week prior to actually signing we faxed over to the dealer the color and specifics that we wanted. They had that information 5 days before we signed. The day we signed they said they were pretty positive they could have the car to us today (Monday). Today was important, because it is the day that my current lease expires.
Well today, they told my husband that the car would not be delivered until Wed or Friday of this week. This leads me to beleive they did not start looking for the specific car until today. This shady move is only one of a few things the dealer has done that has gotten me PO'd.
Anyhow, we signed the paperwork on Friday which means we are now paying for a car we don't have. Does anyone know if there is a loophole where we can get out of the lease considering we don't have the actual vehicle? I would appreciate any information.
I'm currently paying off a loan on an '04 Mazda 3, the payments have turned out to be too much for me to handle. I've checked into a lot of different options, but what I would really like to do is turn my loan into a lease. Is there any way to do this? I owe about 15,500 on my loan, in my mind I should be able to find a company that well give me the money to pay off my loan and then finance the difference between my loan and the residual three years from now. It seems logical to me that there would be a company somewhere that would do this. Any help would be greatly appreciated!
Thanks!
Things to note - unless your car is loaded up with options and has really low miles the payoff may be more than the car is worth to the lease bank - that means you would have to pay a lot down to even get in the lease.
It takes better credit to lease (in general) than to buy, and if you can't make your payments now it is possible your score would cause you to be turned down for the lease OR you would pay a really high money factor.
"Inexpensive" cars tend to not hold value well. The 3 is no exception. The ALG number on a NEW 3 with a 36/36k lease is just 46%. Cars with poor residual numbers are expensive to lease since you pay for more of the car. A Civic is cheap, but is better at 52%. The 3 is better than the Chevy Cobalt - a dismal 37%.
It might be better to try to just sell the car for the payoff or more and then get something less expensive. But you never know until you ask.
Dennis
I've also been looking into some of the lease trading websites, what are the things to look out for when doing this, and is it really a good idea? any thoughts on this whole process would be appreciated, has anyone ever done one of these transactions?
Thanks!
http://www.leasetrade.com/learning_center/lease_companies.cfm
and see if they even allow for lease assumptions or transfers.
Say you had a lease with MAC (Mazda):
Mazda American Credit
Yes, this lease company allows lease assumptions
Telephone: 800-945-6000
Transfer Restrictions: None
Buyer Credit Application Fee: $0
Lease Transfer Fee: $50
Original Lessee Remain Liable? Yes
Does Security Deposit Transfer? Yes
Other Information: None
So the good news is you could get someone to take over the lease, the bad news is you would still be liable for the car.
For taking over a lease, you would just look for a car that has a nice low payment (lower than you could get on your own) due to the lessee paying money down or trading - or just leasing at the right time. You would look for cars ahead on miles - they have not driven as many miles per month as allowed. I guess ideally you would find one with a cash incentive to take over the lease AND maybe one where the original lessee is still liable. Also don't take any lease that goes past the full factory warranty. Something breaks out of warranty, you have to fix it before the turn in or they come to you for what THEY say the repair costs. I would pay to have the car inspected before I took it over - someone like McGoos or Inspection Solutions or even a local (to the lesee) dealer. For sure to look for scratches, dings, and stuff that will require repair or payment at lease end. When I have look at those lease swap/trade sites in the past most everything I have seen are REALLY bad lease deals. Even if the car were perfect with few miles would not be a good deal. For example, go look at available S2000 leases. Honda is running a $299/mo for 36 promo right now. It does requite a chunk out of pocket, but if you bargain the car down you end up around $340 a month with little out of pocket for a 36/36k lease. Right now on leasetrade there are 5 S2000s listed with payments from $424 to $590. The $590 lease has 34 payments to go and is a 2003 model car! Someone would have to be "nuts" to take that over. The only way any of them would be attractive is if you just needed a car for a few months.
Dennis
I saw your response to Briana and I was hoping you could help me as well. I am interested in leasing a Honda Accord EX Coupe (2.4 cyl, 5 speed, automatic) with an MSRP of $23,100. Can you let me know what an average monthly lease payment would be for a 3 or 4 year lease?
Thanks!
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Thnaks for the info. -- I was putting 2K down and getting a 489 quote, that including all taxes and fees. Let me know if I'm correct here -- your number would end up as follows: NJ tax is 6%, so that would add 28.00 per payment on your 471, correct? Thus 499.00 total w/an initial payment of 1095 -- $595 acquisition + 500 sec. dep.
I've gotten the dealer down to about $500 over dealer invoice -- this puts the price of the car at roughly 36,300, so the numbers I get from him should change somewhat. By how much would you guess?
As a new car, it looks to me like lease deals aren't very good yet -- do you agree? I've never leased before, so I'm inexperienced at it. Am leasing because I want to get a hybrid or something w/better mileage and cleaner down the road, and it looks like I'll have more choices in a few years.
Thanks again and please let me know if I'm understanding your numbers correctly.
I'm also looking at the Tribeca, and came up with the same results as you did for the lease calculation above at $471/mo. I've discovered something strange, though. I obtained the lease residuals and money factor from the dealer and from Subaru HQ for the Tribeca, and then attempted to compute the monthly payment as stated on their web page here: Subaru Offers (use zip code 55449; I'm in Minnesota). The number I come up with is $353/mo based on MSRP $31320, $2000 down, 65% residual and 0.0021 mf. Subaru HQ said these are the numbers that should work to $319, but they don't.
Now, perhaps they aren't disclosing a further reduction in capitalized cost from MSRP; if I put the purchase cost at about $1150 less ($30170, about $1030 over invoice), then I get $319.
I guess I want to make sure that Subaru calculates lease payments the same as most everyone else, and doesn't do something funky like Toyota Financial does with computing residual values. Do you think they just didn't disclose an actual purchase price?
I had inquired yesterday regarding money factor and residuals for A6 4.2. Since then have negotiated the following on a 2005 A6 4.2 S Line
MSRP 59870
Negotiated price before cap cost reduction 56353
(includes dealer add ons at cost - Lojack and paint protector already on the car)
Cap cost reduction 2000
Acquisition fee 575
Residual 52%
Money factor .00200 (approx 4.8%)
36 months/15K miles per year
Normal upfronts(1st month payment ,doc fee,tag,lemon law) 1403
Monthly payment (includes 7% tax) 894
Am considering pulling the trigger on this rather than ordering a 2006 with basically same options due to price increase (MSRP up approx 2000). Although residual will be higher (assuming 57%),as well as the money factor, when coupled with minimal discount from MSRP the payment would be at least a 100 higher per month.
Are the current money factors /residuals in agreement with your information? Also may forgo the cap cost reduction.
Looking to make final decision by month end.
Your feedback on deal is appreciated.
Thanks
I am looking at the 2005.5 A4 2.0T. The current manufacturer lease is:
Down payment $2165 (not including acquisition fee or sec deposit)
24 mos/@ 349/mo based on:
$31,520.00 MSRP and Purchase option at lease end for $22,064.00
I have gotten the dealer so far to agree to eating my last lease payment on my current vehicle (454.32) and to take $1,000 off the down pmt of the Audi(manufacturer to dealer marketing support).
I may add a couple of options, but what do you think of the current deal? Also, this deal ends on July 5. Do you think that Audi will be offering new incentives after this?
Thanks for your help!
Lee
I am #1 on my local Lexus dealer's waiting list for the 2006 Lexus IS 250. They will give me a call when the first cars come in, which they think will be in early September. I am coming off-lease in mid-September. So the timing should be just right. If not, I am able to extend my lease for 1 month.
Anyway, assuming that I like the car as much as I think I will when it comes in, I intend to lease it. I would need a customized lease on the following terms: 18,500 miles per year, no money down, fees and taxes rolled into the monthly payment. I have noticed that you always quote MFs, residuals and pre-tax monthly payments based on either 12,000 miles per year or 15,000 miles per year. Will Lexus' financing arm structure a lease for more than 15,000 miles per year, and if so, when the time comes, would you be able to help me to evaluate the deal or is my leasing situation just too customized?
I am assuming that this lease may very well be a worst case leasing scenario - a totally unsupported lease based on full MSRP or thereabouts. Surely I could lease most similarly priced cars for a lower monthly payment. While I am prepared to pay a "premium" to be one of the first people to have this exciting new car, I will consider other cars if the premium for leasing this new Lexus may be too steep. Based on your experience, could you give me any indication what to expect from Lexus when the time comes?
Your helpful reply will be highly appreciated.
David D
I don't know if others have had better experiences using this service but I felt it was important to at least provide this feedback since this service is recommended by Edmunds. I am a very easy going person and I feel have been very patient with this service but this level of customer service is just not acceptable.
The trade in:
2003 Cadillac CTS LuxSport, owned 33 months
49350 miles
Trade in offer from dealer, $18,000
Payoff from GMAC: $16,800
Lease deal:
2005 Cadillac SRX LuxPerformance V6
MSRP: $52695
GMS price: $46,285
36 month lease @15K miles/yr (52% residual): $712.63 plus $1796.02 due at signing
48 month lease @15K miles/yr (44% residual): $664.05 plus $1747.44 due at signing
Money factor 5.7% / 2400
No cap cost reduction
City: Nashville, TN
I think that's all the data. Let me know if I missed anything. Thanks.
In my case, however I found my own car and negotiated my own price and just had them do the lease deal for me. Seems like this is the way you should have gone as well - use the BMW dealer locator and find the car you want and get a good price, then you are ready to go. I will admit that I have not used their car finder service but I do know how hard it can be to find the right car at a BMW dealer that will give a decent price. The BMW salesguy I used in GA was able to find a car already built but not sold on the way to another dealership. He called the dealership and got the OK to grab the car and re-routed to his dealership. My boss did the same thing 2 years later. In both cases we saved money on the car AND saved a long wait for the cars to be ordered. He also searched what was in stock and there was nothing that matched what we wanted - but cars "on the boat" that fit the bill.
Dennis
Could you please post the current residual and mf numbers for both the Cobalt and Malibu sedans? Also, if you would be able to post any lease incentives for these two cars for Southeast Michigan.
It would be greatly appreciated.
Thanks!
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. I would be more than happy to work up a sample lease payment on the car that you are interested in for you if you let me know what its selling price is.
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Another thing that I don't like about this deal is this car's selling price. In your post you mentioned that the Audi A4 that you are interested in leasing has an MSRP of $35,320 and a capitalized cost of $33,530. Unless you are rolling some of the fees that you would have to pay into the cap cost, like the $500 money factor buy down or your car's acquisition fee, this selling price is too high. For more information on how much others are paying for similar models right now, stop by the following discussion: "Audi A4: Prices Paid & Buying Experience".
Car_man
Host
Smart Shopper Forum
Let's work up a sample lease payment on the car that you are interested in and see what we come up with. According to my calculations, if you were to lease a 2005 Infiniti G35 Coupe with an MSRP of $37,810 and a selling price of $35,599 through Infiniti Financial Services right now for 36 months with 10,000 miles per year, your zero down, pre-tax monthly payment would be around $465. The payment for an otherwise identical 39 month lease should be $448 and the payment for a 48 month lease should be $459. As you can see, 39 months looks like the term to go with on this car this month.
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum
There is nothing wrong with trading in your current vehicle when leasing a new one, however it would be in your best interest to have the dealer that you are working with cut you a check for your trade rather than using the proceeds as a capitalized cost reduction 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 Acura RL would be exactly the same, regardless of whether you had put $12,000 down, or had made absolutely no down payment at all.
I would be more than happy to calculate a sample lease payment on this car for you to give you an idea of how much it would cost to lease right now, however in order for me to do so I need some additional information from your first including its full MSRP and how many miles per year you need to be able to drive it. When negotiating this car's selling price, make sure to take the fact that Acura recently introduced $2,500 dealer cash on leases of the 2005 RL into account.
Car_man
Host
Smart Shopper Forum
Car_man
Host
Smart Shopper Forum