Lease Questions - Ask Here

wannapath · July 2005

Car_Man:
First time posting and I am finding a lot of great information! I was wondering if you could help me out...PLEASE. We will be leasing a Pathfinder LE 4x2 in the next week or so and we have been running the numbers on the lease calculator on Nissan's website. We have notice a decrease on the monthly payment if we choose to lease 39 months as opposed to 36 or even 42 months. We are totally baffled as to why this occurs....my husband who runs complex financial structures on Excel cannot figure it out either. The finance company is NMAC and the price of vehicle is $31165, we are looking at 12,000 or 15,000 miles per year (not sure yet).

Thanks for taking the time! :confuse:

doody · July 2005

Hi Car Man, It's doody again!

Can you help me with the M/F and residual for the new Mazda5?
MSRP is $20,410.

Looking for a 12k/year & 36 month lease in NY.
Do you know what the acquisition fee is in NY?

Thanks!

rroyce10 · July 2005

....... The longer the lease, the less the payments (or should be) .... this is July and you should be looking at a 36 month lease .... a 39 month lease will roll you into the 08 market and it can hurt your chances on resale or some of the better lease programs before they get started ....

Terry.

bernster · July 2005

Got a quote from a South Florida dealer for a Cadillac STS premium luxury performance listing at 60,835 (employee discount of 53,511) for a 3 year lease with 12k miles per yr of 678 per month with 1539 total at inception. This seems like a good deal. What do you think?

djocks · July 2005

anyone have any input taking on a lease assumtion through lease trader or swap a lease?

i could really use a car for only a year but no longer.

tlw2819 · July 2005

Hi Carman,
Could you please help me with the money factore and residual for a 36month lease? Also, how much will these change on a demo with 5000 miles?

Thanks

baggs32 · July 2005

Carman,
I'm also interested in the mf and residuals on a Mariner Premier for the Pittsburgh region. After employee discount and applicable rebates the price is $23,690 down from $28,840.

Also the mf and residuals on a 2005 Mercury Monterey Luxury. $25681 after ED and rebates. Pittsburgh region as well.

Both are for a 36 month lease where we drive less than 12,000 miles per year.

Thanks!

kfl · July 2005

What would be my best lease deal....

2006 Tribeca (going with 7 passenger ltd) since it seems to have the best resale value in what I have read.

2004 Lexus RX 330 (certified used) get new car financing and leasing.

Thank you CarMan with any help you can give.

sangone · July 2005

Carman:

I have a good basic understanding of the various components of leasing. Wanted to see if you knew what the July lease figures are from Infiniti. The one variable that I'm not sure about is the money factor. Is this figure fixed or can it go lower if you put more money down on the lease? The specifics:

Model: Infiniti M45 Sport w/ Journey & Tech pkgs, mudguard, trunk mat
Term: 39 months
Miles: 15K/year
Residual: 60%?
Money factor: .00196?

Any input regarding the Infiniti lease numbers for July is greatly appreciated.

wannapath · July 2005

You are thinking exactly what we are thinking "longer the lease, the less the payments" however this doesn't seem to be the case on the payment calculator on Nissan's website. A lot of their lease programs run 39 months and we were just wondering why "39" months seems to reduce monthly payments (when compared to 42 months or higher).
Also I noticed you said something about resale or qualifying for better lease programs, did we miss a key time for leasing vehicles? I've notice some posts on here referring to "better" times to lease....when is that? We can wait until early September to lease if the pricing will be better.
Thanks for your response Terry.

thedriver · July 2005

Carman,

After thinking about it, I think they were probably using the 2005 residual instead.

Also, are Volvo's manufacturer to dealer incentives able to be used with their lease programs?

Thanks.

rroyce10 · July 2005

......... It seems NMAC has always "preferred" the 39/42 month leases and have used that as a target area for a long time, so they structure the better payment that way .... 36 months is fine and 39 is okay, but what everyone has a tendency to forget is when the lease "end's" ..... most posters are trying to lease a "great deal" on a 05 right now, but the 06's are either on the way or already on the ground, so they're almost a used car ....

Right now, on a 39 month lease you'll be looking at September/October termination in 39 months, -- so the market will have shifted 3 times by then ... if you're not in a big hurry, I would be looking at an 06 .. this way the termination will end-up in Januaryish of the same model year ...................

Terry.

mzinzi · July 2005

Hi CarMan...

My mom is looking at leasing an Audi A4, so I need some info, here are the details:

Looking for July #'s for:

2005.5 Audi A4 2.0T Tiptronic
36, 39, and 42 Months
15,000 per year

I know Audi had some loyalty cash for June, is there any loyalty cash for July for the A4?

We are in CT by the way...

Thanks as always!!!!

petermk · July 2005

Hi! I am interested in leasing a car (Honda Accord or Volvo S40) in New York City and it seems like lease companies no longer lease cars here. Is it still possible to lease a car in New York or all leasing companies have left the state because of the "vicarious liability" law?
Thanks

tcg1 · July 2005

Hi Carman,

I just wanted to follow up and see if you were able to take a look at Volvo's July 2005 lease packages. I'm looking at a 2005 XC90 V8. Also, according to the dealer I'm talking to, there is a $2,575 leasing incentive now on the V8 model. How does that work? Do you negotiate the selling price of the car as low as posible and THEN tell them to knock off the incentive?

zheka212 · July 2005

You can lease a car in NY (definitely Honda and Nissan). However, the "bank fee" that is charged in NY is usually much higher ($1095 vs $595 elsewhere for Honda).

mderivero · July 2005

Car_man
Let me tell you this deal and let me know your opinion:
Acura TL w/Nav , spoiler, splash guards. Selling price $36,500. Purchase price $33,000
Lease for 42 months with no down only incentives. 12K miles
$514.00 per month + tax.
I have an Audi A-4 with 5 payments of $385.00 per month. They will keep my car with this deal.
What do you think? I need to make a decision.
Thank you.

c21bryan · July 2005

Car man,

have you been able to find out any info on Audi's lease programs for 06' A8L's. I am getting different money factors from different dealers on the supposedly the same lease programs. I would like to know what the real deal is in respect to the leases being offered. thanks.

mediaase · July 2005

I signed a lease on June 19 and upon signing asked if everything was ok with my credit and if I needed a co-signer. I mentioned that I didn't want the vehicle if I needed a co-signer for a lease. They said that everything looked fine and proceeded with the paperwork. Now, I live 3 hours away from that dealership and decided to leave the vehicle in town for 2 days thinking that they would contact me within 48 hours if there were any problems with the lease. They didn't call, so I called them and asked if everything was ok...they confirmed that it was and I drove the vehicle home.

Now, here I am 3 weeks later. I called them asking for my copies of the lease agreement as they never gave them to me...they said I would get a packet in the mail. I needed the agreement to get my tags. The salesman mentioned that finance needed to speak with me and then patched me through. The finance person then informed me that I needed a co-signer...this is 3 WEEKS after I signed the lease. He then said that if I didn't have a co-signer that I would have to bring the vehicle back. This means driving it 3 hours back to the dealership, having someone follow me, and then driving back...completely wasting a day. Now...had I been told something within a couple of days there wouldn't be a problem, but seeing as how it has been 3 weeks, I have paid a premium on my insurance, gotten rid of my old vehicle and am now in a bit of a mess...

I contacted Nissan Consumer Affairs about this issue and they are contacting the regional director. The dealership is saying that it's my responsibility to bring the vehicle back...even though they waited way too long to contact me which has led me into a huge mess. I basically told them to come pick it up if they wanted it or to make me an offer and I would just pay cash for the now-used vehicle. They immediately gave me an offer of about $800 below invoice, which is probably a good deal...but I just want to make sure I'm not getting screwed over.

Does anyone know how long a dealer has to contact the leasee about needing a co-signer or any other questions about the lease? Aren't contracts legally binding after 3 days? I just think there's something odd about waiting 3 weeks to tell someone they need a co-signer....and who knows HOW long it would have been if I hadn't called THEM.

ANY help is GREATLY appreciated.

newtoy1 · July 2005

Car_Man

Need to validate numbers given by the dealer on the July IFS lease program:

39 Months / 15K/year

MSRP $48,660
Sell: $46,795
Residual: 61%
Money Factor: .00233

Couple of questions:

* Any recommendations on best lease term length based on IFS programs?
* I can add refundable deposits (Max nine months worth) to buy down the Money Factor. Each payment is worth a .0001 reduction. I ran some numbers and it appears to be a pretty good deal, any thoughts?

Thanks, just wanted to validate the dealer quote.

Kirstie_H · July 2005

Car_man is under the weather at the moment, but he will return as soon as he can. In the interim, please try to assist each other - there are many knowledgeable members who participate here and who are happy to give you opinions on your lease negotiations.

kirstie_h

dhamilton · July 2005

Carman
Best wishes and our prayers, get well soon. Thanks for everything you do for us. ...Dan

mym35 · July 2005

Infiniti M35 MSRP 40,700 without journey package, 2,800 down (which includes tax and first pymt and also oil changes and required maintence on the car) 599 a month 41 payments with 15,000 miles/yr. I just wished I would for dealt for the journey package but overall just looking at the #'s I feel I got a okay deal what do you guys think? First time leasing

bdr127 · July 2005

Just as the consumer doesn't have "3 days to return the car," the dealer does not have "3 days to finalize the financing/contract."

What the dealer did was try to sell the car and get it over the curb as fast as they could without securing financing first. It's completely their fault. A dealer should never release a car to a customer without securing financing first. Most do it because "we'll just work it out later... I'm sure we'll find a bank to buy it."

What did you sign when you picked up the car? Did you get any copies of anything? Did you sign any type of disclaimer that said anything about finalizing financing and that your rate, payment, etc may change once things are worked out with whatever bank they use?

I would definitely continue to stay in contact with the regional Nissan office. I'd also consider contacting your state's attorney general or whoever deals with consumer affairs in your state. Find out from your government as to what your rights are in this situation. Good luck!

rroyce10 · July 2005

..... **Aren't contracts legally binding after 3 days? I just think there's something odd about waiting 3 weeks to tell someone they need a co-signer....**..

I'm sure there is a little more to this than what meets the eye ... **and if I needed a co-signer** ..

For starters, I have a funny feeling there was a "credit issue" already in play, or you wouldn't have asked the question .... a dealer isn't going to just drop a $20,000/$30,000 vehicle on the streets if they didn't feel there was some daylight in the deal .. remember, it's their car and their insurance that is at risk .. now maybe you needed some "stips", maybe something is on your credit bureau, perhaps a misplaced foreclosure or a misplaced credit card from the past - who knows.?

That said .. I can see 2 days, I can even see 5 days -- but 3 weeks is waaaaay too long .. I don't think the dealer has done anything incorrectly (except for being stupid for 3 weeks) but there is a reason why you can't get approved, it's a credit problem of some sort because most lease companies won't accept a co-pilot ..... best thing you can do is get back and find out what the real problem is -- but like I said, I have a funny felling your not telling us the whole story ...

Terry :surprise:

mediaase · July 2005

Thanks for the info guys. There's really nothing that I'm leaving out. I went into it knowing that I have little credit. I don't have any *bad* credit...I just have very little. This was my main concern when signing the credit app and I mentioned it to the sales person. I even said that I didn't want it if I had to have a co-signer simply because the co-signer would be liable for payments that basically go towards nothing. I wouldn't mind at all having a co-signer if I was purchasing the vehicle...but not a lease. He "supposedly" ran my credit and said that everything was fine. This was on a Sunday afternoon. Knowing that banks are closed on Sundays, I decided to leave the vehicle in that town for 2 full work days (Monday and Tuesday). I even called them Tuesday afternoon to make sure that everything was ok with the lease...they said that it was and I brought the vehicle back to my state.

The ONLY copy of ANYTHING they gave me was an odometer agreement. They said I would get a packet in the mail with the rest...looking back, I should have gotten copies of every single thing I signed before I left, but being my first lease and seeing as how it was at an authorized Nissan dealership, I figured it was fine for them to mail it. Lesson learned.

But the biggest question is why in the world it took 3 weeks for them to mention anything about a co-signer...even they can't answer it, yet they make it sound like I'm responsible for spending an entire day to lug this thing back to them when I did everything I could to ensure that everything was fine with the lease agreement and credit app. It's not even my vehicle right now...should I really be responsible for it?

scfan · July 2005

MYM35,

The numbers are high. I posted a proposed deal on an M35 Sport, MSRP of $46,000+ a few days ago. You have some leeway with your lease, I think

lawnboy1 · July 2005

I am trying figure out what my lease payments would be on a new 2005 Jetta. The MSRP is $24,040. I used the lease calculator and I am not sure that I am doing it right. It seems that the lease price is way higher than I would have thought. I was guessing about $250 it shows around $500. I am confused. I really want to figure this out so I can gain leasing power once I visit the dealer.

gregl · July 2005

If I get a 48 month lease, what kind of penalty would I encur if I wanted to get into another lease after 3 years? Could I be upside down?

coledaddy · July 2005

I am looking to lease or finance a 2005 Chevy Tahoe Z71. Loaded, the internet pricing comes to $50,880, but with their current Employee pricing, it drops to $40,042. Can someone tell me an aggressive lease figure I can expect to pay monthly on a 3, or 4 year lease / 15k miles / with $0 down? What is the money factor they use?

Here's a curve ball...I am nearing the end of my current leased Tahoe, with about 6 months remaining, and already over the miles, so I want to turn it back in. Is there a way to avoid getting digned hard? I don't have the GMAC lease (I used WFargo), so can't do an easy trade in. Will they beat me down?

Thanks in advance!

newtoy1 · July 2005

mderivero

Not an expert, but you need a bit more info to tell if the deal is good on the TL. You need the residual % and money factor. Just plugging in a 54% residual and a .0023 money factor, neither are exceptional, you appear to have some room on the deal, but without that info pretty tough to tell. It looks like your still paying for your Audi, possibly through a higher lease payment.

newtoy1 · July 2005

lawnboy1

Just make sure you have all your numbers:

MSRP
Actual Sell Price (Cap Cost)
Additional Acquistion Fee? (Car Man knows this stuff, I don't)
Money Down (Yes or No)
Money Factor
Residual %
Term Months/Miles

Should be pretty straight forward, I can double check it if you post your lease terms.

jacksdad · July 2005

Hi Carman,

I'm looking at a 05 Accord Coupe with V6, Navi, 6spd manual lease for 3 yrs, 36,000 miles in New England. The MSRP is $29,315, selling price is 26,615. Residual is quoted at 54% and payments with 2000 down are 322/month. The dealer quoted a money factor of .00122 (roughly 2.9%?)

I think from looking at the other posts, the selling price should be closer to 24,500. Also, the car has 1500+ miles on it, how do i factor this in?

Can you confirm the money factor, monthly payment and if possible, whether the selling price is reasonable.

Next, I'm also considering a G35x all wheel drive, auto with leather, MSRP 33,330, selling price 29,999, lease offered at 329/month, zero down, 10k per year. Does this add up?

Thank you

maguro · July 2005

hai, i just lease a nissan altima 2005 for 2 years last week , since first time i tryed that car , there was a little bit craking sound from the driver door. so every time i open the door than i will hear that door craking (little bit) but the sales person said that's only need little bit oil. so i believed him. so i took the car ,and this monday i went to the nissan service(same location) to fix the door for free. but after they said the door is okay after they gave oil, the door still little bit craking.
i need your advice what should i do best,if later i come back to nissan dealer and they cannot fix that door. acctually that's not a big deal for me, but if i think that i pay for that car, and i will hear that sound for 2 years i feel not happy acctually and what i'm afraid that at the end of the lease they will blame that door problem to me and charge me to fix that problem.
but in the otherside i think that i only drive this car for 2 years only and will give this car back to them.. so please, i need your opinion about this problem, thanks

sandyl · July 2005

I would photocopy and keep the records of the service of the door. When returning the lease, I would then fax it to the leasing company. Nissan is pretty
good about lease returns and normal wear and tear (I am on my 3rd nissan, havin also done toyota as well).

sandy

dglozman · July 2005

Are you entitle to rebates if you lease a car or they only applies when you buy it?
Do you have to pay taxes on the whole purchase price or only on the amount you pay for a lease?
Is there a significant difference in price between leases for 12K miles allowance per year and 8K miles per year?
Where and how I can calculate how much I will pay for a lease (programs, web sites, etc..) Any good resources you can recommend on this subject?
Is lease gets calculated based on the purchase price or some other factors (like depreciation)?

My situation: planing to lease 2005 Honda Accord LX 4cyl AT or 2005 Nissan Altima S AT. State NJ . 36 month lease no money down. Allowance 8-10k miles per year

Thanks,

Dmitry

qbrozen · July 2005

I don't know what other posts you are referring to, but you might want to check them again and make sure they also have NAVI. From what I remember, $26K is a good selling price on that car (invoice is $26,5). HOWEVER, it that would be if it had no miles. With 1500 miles, its been used quite a bit as a demo. Personally, I'd probably be shooting for $25K.

sofakingcool · July 2005

Carman,

Please supply me with the residual and MF for the following vehicles that I am considering leasing so I can calculate a projected lease payment. All cars have automatic transmissions.

2005 BMW 325i Sedan
2005 Acura TSX (both with and without Navi)
2005 Audi A4 2.0 Quattro (with Ultrasport package)
2005 Mercedes C230 Sedan
2005 Infiniti G35 Sedan

36 month
15,000 miles/yr
Location is: 48867 (Michigan)

Hope that is all the info you need. Do you forsee any current or future lease program incentives from these manufacturers? I know that's alot to ask. Thanks in advance.

leroybrown71 · July 2005

Hi Car_Man, need a tad of help
Can you give me the MF & residual for an 05 Altima 2.5SL model? I'm looking at 36-39 months preferably, 12 & 15k miles. MSRP on this car is 26020, selling price will be 24556, before any rebates/ lease cash. Does the 1500 rebate work this month, or is there some kind of lease cash again?

THanks car_man!!

LB

lstufleb · July 2005

I am considering a purchase of the 2005 Honda Odyssey. Not real excited about $550 car payments at this time. I figure I will trade in three or four years. That said, I wondered about the possibility of leasing vs. buying. I know very little (actually nothing) about calculating lease payments. If leasing turns out to be a better option, then I have to wonder if there are other vehicles I should consider with better lease options. Whether it be an SUV or mini van. Have three kids, and need some space.

ern16 · July 2005

I am looking into leasing a 2005 Saab 9-3 aero under GM's current "everyone gets the employee discount" offer. The sell price of the car w/ all options except navi is $30300, which I think is good. However, the MF they quoted me on a 36 mo, 12k mi/ye lease was .00212. Does anyone know if they can bring this down? I'm looking for something closer to 0.0013. Has anyone leased with Saab under the current deal? Thanks.

scott21 · July 2005

Car Man,
Can you let me know what the money factors and residuals are for these vehicles? Thanks.

crookster · July 2005

Would it be possible to get a fully loaded navigator for 500-600 a month if my buyout is 29000 and i put down 3000-4000?

djocks · July 2005

anyone have any input taking on a lease assumption through lease trader or swap a lease?

cjones88 · July 2005

If I take over a lease from someone in another state, how do taxes work out? Do I continue to pay taxes at their rate to the original leasor (like BMW Financial Services)? Or is the tax rate changed to the tax rate in my county? One more dumb question -- are local ad valorem taxes still due on lease purchases (new or lease takeover)? Didn't know since I wouldn't be the primary title holder.

Carman, can you pls provide MF and residuals for 2005 Honda Accord EX sedans? Pls provide for 3.0 V6 and 2.4 EX-L with automatic, no navigation on either. Based on carsdirect quotes in my neighborhood, it looks like if MF and residuals are similar between the two models, my payment will actually be lower on the V6 due to current pricing. Thanks.

cadub49er · July 2005

Hi Car_Man (hope you feel better)
Got this quote from Santa Monica Acura in So Cal --

Salesperson replied to my e-mail --
"Here are your lease numbers.

Selling price: $37,829.00
Nothing out of pocket due at lease signing.
Monthly payment: $548.79 plus tax = $594.07
Term: 36 months
Miles per year: 15,000
Residual: 56% = $24,105.20
Money factor: .001960 thru American Honda
On approved credit score of 700+." ( I have 720+)

Running the same numbers on the Edmunds calculator, I am getting $571 incl. tax

Issues:
1) I thought the resdiual / money factor I had been seeing was 63% and .00178.
2) can I apply any of the $1500 incentive toward this?

Using the better factors, I was expecting numbers towards the low $500 area incl. tax. Or is this wishful thinking? Appreciate any feedback

gcartee · July 2005

I am looking to lease a 2005 Toyota Tundra double cab limited with the X-SP pkg. The MSRP is $35K the residual is $19,800 and the term is 48mo with 12K miles per year. This will be a sign and drive with $0 due when I lease.

What can I expect for a monthly payment, money factor, etc.???

Thank!!!

donp1 · July 2005

Mr. car man I can use your help. I too have never leased. I own a 2003 TL-S type and am considering a RL (or the Cadillac STS). The leasing process seems different to me. My goal is to lease without being fleeced and I do not believe I am being offered a good deal. For the RL the offer is:

"At 48 months, you are looking at $690 a month with first payment due at signing.

The residual is 49% for 48 months. Money Factor is .00270.

I was working numbers on a Desert Mist RL with Parchment Interior.

What do you think?"
Any help is appreciated.

ibs · July 2005

I don't know what the actual AHFC money factors and residuals are, but the numbers the dealer quoted don't add up. Assuming an MSRP of $43,045, using the above numbers I get $502.61 pre tax. In my location, tax rate is 5.1% which yeilds a payment with tax of $528.24. You'll need to adjust your payment according to you local tax rate.

As for the $1500 incentive, you should be able to use it in the deal. However, using Wisconsin figures ($570 destination charge, CA may be different?) I get an invoice price of $38,830. Your sales price of $37,829 is already below that. The $1500 in dealer cash is likely based on meeting a target quota, and this early in the month the dealer may not be sure he's going to get the full $1500 fro Acura. In any event, I'd negotiate the full $1500 off leaving them the full amount of the holdback. Either way, you need to check those figures the dealer is quoting since his payment looks to be high.

ibs · July 2005

In order to give you a better idea on price, we need the MSRP and sales price for the vehicle.

Lease Questions - Ask Here

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