Lease Questions - Ask Here

alasondro · July 2005

thank you for the info about the Saab 9-2 aero, but unfortunately they are sold out of them across the board. I'm thinking about getting a Tc, but went into the dealership and the car salesmen was giving me the runaround on the lease cost. He was saying that it is only 20-60 dollars less than the finance for 5yr.
I wanted to find out the money factor and the residual value on the a 3 year lease at 12,000 mi.

thanks,
Chris

mnjoe · July 2005

Thanks Car Man. Took delivery of the loaded AWD STS V8 Monday. Great car with every imaginable electronic gadget ... and more. Silver Smoke with Graphite interior. Just wanted to follow up and let you know it happened (details are in post 21930). Seemed a good deal on this class car once the lease numbers and employee purchase price deal came into play. While I appreciated your willingness to answer my questions, I want to tell you what an education it has been reading months of posts and learning the inside and out of leasing. This is my 5th lease, but the first time I really knew what I was doing. I encourage others to not just get their specific question answered, but to read through this substantial body of information and learn from other's questions. Thanks for everything, and I'll keep reading (though I'm good to go for 35 months and 27 days).

pacer · July 2005

Thank you Car_man,

I have been told by the import dealers that GM is notorious for excessive wear charges at end of lease. Do you have any idea if this is true or not? Also, do you think GAP insurance is necessary? Is GAP included in the typical GM lease?

Thanks Pacer, :shades:

crj1 · July 2005

GMAC is much better than most lease companies, VW/Audi is probably the worst and I know because I used to work for them. Plus GAP is already part of a GMAC lease so do not pay extra for it.

taitando · July 2005

Thanks Car_man. It seems MSRP wasn't as negotiable when lease deals were to be had. Now, when I can get below invoice, the money factor and residuals take a dive

mick0212 · July 2005

Hi, Car_Man:

I'm thinking about taking advantage of the Ford Family Plan and leasing a 2005 Explorer XLT 4x4 or 500 Limited. Can you tell me what the money factor and residual would be for each, assuming 12,000 miles/yr and either 24 or 36 months?

Thanks!

c21bryan · July 2005

I am looking into a 36 month 15k a year lease for the A8 L. I have done some due diligence on various Audi forums but the the MF & residuals are different than what the dealer is telling me. is it possible that the lease programs vary by region? if so I am in SoCal. thanks for your help.

jegpgh · July 2005

Hi Car Man

I need a reality check on a 39 month lease at 12,000 miles per year. MSRP of $51,590 with a selling price of $48,750. WIth $2,000 down I am quote a monthly lease of $785. My tax rate is 7%. What do you think?

jegpgh

delrick · July 2005

That is my experience based on a half dozen leases with GMAC also.

All I have ever been hit with was worn out tires once. (Original equipment Goodyear Eagles that didn't make it 25,000 miles).

Went and bought a set of used tires with enough tread to pass.

Worst experiences have been with banks and non-captive lease companies.

rohit1 · July 2005

I am in Canada and am looking at the Lexus RX330. Below is the situation: Pls advise whether to lease or Finance?? Any Price ideas??

1. Finance the car
Total cost of the car=$63,726.10(including tax & PDI+admin)
Finance rate= 2.4%
Down payment-$15,000
Monthly payment- $1065.65X48 months= $51,151.20
Total = $ 66,151.20

2. Lease the car
Finance rate-2.5% (if I put $5000 security deposit)
Security deposit- $5000
Payment due upon delivery- $2615.10
MOnthly payments- 780.10X48= $37,444.80
Residual- $24,444.40+tax= $28,111.06
Total= $68,170.96 (This is the cost if I decide to buy the vehicle after 48 months)

Pls advise what way should I go

sofakingcool · July 2005

Car_Man,

Could you please supply me with the MF and residual for a 2005 Lexus IS 300 with automatic transmission. I need them for a 2 yr./15000 mile and 3 yr./15000 miles lease. Location: Michigan (48867). Thanks in advance.

meredith07 · July 2005

My mom leased a Mercedes ML in 2003. She has 1 year left on the lease. The air conditioner broke and Mercedes cannot get the part until NOVEMBER!! She works in real estate and MUST have a car with AC in order to do business. I have asked Mercedes to take the car back, and we will only pay the extra mileage. I find that fair. Does she have any recourse? Any one have any info or a direction to go in? Thanks!

akr · July 2005

Carman:

I am in the process of leasing a Mercedes E350 4-matic, MSRP $55,975, negotiated price $ 53,000, 39 months, 10k miles. Out of pocket $795 MB Credit fee, title & registration $329, $120 doc fee + first month payment. What should the pretax monthly payment be? Does the 4 matic qualify for the subsidized .00188 MF (ends August 1) that the RWD E350 current promotion.

Dealer says yes and is quoting a $599 payment which sounds good to me but I must do the deal by Saturday. Please let me know your views asap. Many thanks.

ehw99 · July 2005

Hi, Car Man. Could you provide me with the MF and residual for 42 months and 15K lease. Also, a general question: if we are able to buy through the VPP program from Infiniti, do you calculate the residual off of sticker or the discounted price we are paying? Thanks for your help!

mbx4steve · July 2005

Hi, I just signed a lease today for a 2005 Accord EX 4 cycl. 4 door, auto, cloth from Norm Reeves Honda in So. Calif. The cap cost was $20,148. Nothing down, just paid first month and fees. My monthly is $282 plus change for 36 months. I got the .00112 money factor, 54% residual lease special that Honda is running on their 12K mile/yr program. Use 52% as residual for 15K mile/yr, same M.F. I think this is a great time to lease the '05 unless you really like the minor changes in the '06 model.

javagirl1 · July 2005

Hi-
Thank you very much for the information. The money factor is key, and for some reason I couldn't get that from them. The guy I had was a brand new salesman, which made it sort of difficult.

Thank again.

mazda04rx8 · July 2005

Seems to me if you invest the 10k difference in down payment vs what out of pocket for the lease is you may be able to make up the difference and the lease gives you the flexibility to walk away from the car.

I would recommend the lease. Good luck with your choice.

Tony B.

doctorevil · July 2005

I am currently leasing a 03 pathfinder SE and paying $399/month. I have about 7 months left on a 39 month lease and want to get into a 05 LE 4x4 loaded asap as I am going to need the third row seating and an all around larger vehicle.

Has anyone had any experience with Nissan as far as an early out around this time if going to lease a more expensive NISSAN?

Just curious what the extra costs would be if any & if its worthwhile to approach a couple dealers on this. Or--am I stuck until the end of lease. Thanks

kronogoose · July 2005

Most leasing offers I see allow for either 12,000 or 15,000 miles per year. Is it possible to get more miles (like 17- or 18K) into a lease agreement? At what point does a lease lose its advantages over purchasing?

Besides leasing, are there any other options for someone who drives 18,000 miles per year but wants to change his vehicle every two- to three years?

Thanks in advance.

Greg

mbx4steve · July 2005

I was looking over my lease agreement this morning and noticed that the dealer did not charge me the $300 refundable security deposit. So I called and was told that they added that to the money factor rate and increased it from .00112 to .00122. Oh yeah, I now remember that part of the discussion, briefly. But there were so many numbers floating around then that I think I missed it!

Anyway, I plugged the numbers in the spreadsheet that I created for myself, and realized that the dealer tagged on another $130 to my lease agreement. Well, the dealer said, you wanted "nothing down". So they structured the deal to make that happened. If I wanted a small monthly payment, I would need to put in a larger down pay. If I want nothing down, then I have to pay more interest! OK...I have a feeling that this is how they made their money back because they initially said they couldn't lease the car at that cost.

It's not a big amount of money so I don't plan to make a big deal out of it. But the lesson here (you already know) is that the dealers don't like to share the rates they use. There is nothing "black and white" anywhere in the lease agreement which clearly spells out the money factor used. I should have been more careful and request that in writing somehow.

Just need to pay attention to all the little things the dealer could do. If the number changes, ask questions till you are happy with the answers. I should have done that but I was kinda in a hurry to get in and out. But still, I am glad to get a decent car at a great price ($20,148 is lowest cap cost that I have read so far, but I am sure better deals could be had these days). :P

arrosen · July 2005

I have leased several cars with more than 15K miles. Usually, the banks or finance companies don't quote leases for more than 15K miles, but they do allow you to pre-purchase additional miles. My experience is that they usually sell them for about 1/2 the cost of the mileage penalty. So if the lease you are interested in has a 20cent/mile overage penalty, you should be able to "buy" 3000 miles (which essentially makes a 15K lease an 18K lease) for about $300 (10cents * 3000 miles) per year...or about $25 extra per month for the life of the lease.

in2carz · July 2005

Hi: Looking at a 2005 Sienna XLE FrontWD with Option Pkg #6. Could use some help with the lease #s. Leasing in Massachusetts. MSRP is $34200. Willing to do any term length 36-48 Months. Lease Terms are 15K miles/year. No Cap Cost reduction. I know Toyota is offering 3.9% for purchase of any term length and have been told that the lease MF is close ~.0016. Also have been told that the Residual is approx 55% on 48 Month lease. I'm coming up with $399.97/month. Can tell me what you know about the Sienna Lease Terms and run the numbers for me? Thx. Much appreciated!

lagatta · July 2005

What is the residual percentage for a 2005 Durango 4 wheel drive, based on a three year lease?

Thanks

mikeeau · July 2005

Carman,
Acura RL
Here's the deal
Price $44,500 Includes Destination and Doc prep
Term - 36 months
Residual - 59%
THEY WANT A MONEY FACTOR OF .0031!!!!
I walked away from it because I thought the money factor was too high. What's a reasonable number to use.

Thanks

cmks02 · July 2005

I am seriously thinking about ordering a 2006 Freestyle for delivery in October and leasing for 36 months. However, I have read recently that Ford will discontinue the FS after the 2007 model year. Will the residual % be lower since the car will not be in Ford's lineup after 2007? As an alternative, would it make any difference if I leased for 24 months vs 36 months? My goal is the lowest monthly payment for a lease term of 24-39 months.

mbx4steve · July 2005

Allow me to put in my 2 cents...

I suspect the bank would also use a different residual to account for the additional wear and tear. So watch for that too. It might cost more than just the miles...

And the other thing to think about is whether it's a good idea to pre-pay or just take a chance. I have a story to share. I leased a '04 Volvo S60 2.5T in April '04. I traded in my '96 Volvo 850 as the down payment to reduce my monthly pay. Five months later, a drunk crashed into me and the S60 was totaled. I still have a $28K balance. Insurance would only pay $26K to the bank, and the balance was taken care by gap issurnace. But, I ended up with nothing! Essentially, I paid $6K to lease a car for only 5 months. That's a lot of "depreciation" to swallow.

So now I would only put the minimum $ down when I lease. I estimate my mileage to be about 12 to 13K miles a year. But I would still pick the 12K plan and gamble that my mileage might go over just slightly by the end of the lease. I rather pay for that later than paying upfront. Once you are locked in at a higher rate, there's little chance that the bank would lower it. And if something happens to the car before the lease is up, I would still be liable for the higher rates.

Hope this helps and not cause you more :confuse:

holdenout4les · July 2005

Car_man:

Hope I'm not stretching your patience (or bandwidth!), but I'm trying to slice my payments as much as possible on one of these trucks (FX35RWD, X5 3.0). Would you mind providing the current MF and residuals on a 39mo/12K lease? (Also, if anyone knows, can you buy down the BMW rate w/ security deposits? If so, how much?) Thanks to all, esp. Car_man.

will2702 · July 2005

Hey CarMan,
This is probably the final car I am shopping for so sorry for all the questions. I need the MF and RV for both the 2.4i and the T5 models with 2yr/24K and 3yr/36K along with any incentives/rebates that comes along the deal. Thanks again.

will2702 · July 2005

I know from your earlier postings on this car the Residual Value increases 2% if it is a Manual and another 2% if it is for 10K miles. Right? Also is that .00019 money factor right for 2yr/24K automatic?? because in an earlier posting you put .00107 and 55%. What would it be if it is a Manual?

Sorry for all the questions for the previous cars. It's just that I am trying to find the best deal out of all of them because the dealerships here are all offering employee discounts.

fizzyhair · July 2005

I am considering leasing a Saturn Relay 3 with a DVD player, and I would like to know if this is a good deal.

48 Months
$460 a month (Canadian)
20000 k a year
$0 down

Any thoughts? :confuse:

njbmwgs · July 2005

my dealer wants me to sign the lease contract, in order to 'lock-in' the employee pricing by August 1, on a Envoy XL which is expected to arrive on August 8th. I've never signed for a vehicle without seeing it first, but my dealer claims that a log of people are doing it on cars that are in transit, in order to lock in the 'deal'. She did say that they'd make the first payment due in 45 days, to account for it arriving on the 8th.

Am I being paranoid by not wanting to sign? Should I sign but have the contract indicate the vehicle is in transit? Is this normal procedure.

Thanks in advance - Brian

jerseyal · July 2005

Brian:

What your dealer is saying is true; employee pricing ends August 1st. If you have test driven the Relay and like its features, handling, etc, compared to other models, go ahead with the deal. Employee pricing is only for 2005 models, which are almost all gone.

Now as far as the lease is concerned, you shouldn't have to take care of that till August 8th, once you take delivery. What you should do is put a deposit down for the vehicle, if you want it.

Then you should also investigate 3rd party lease providers to see what kind of deal they will give you. Sometimes they will give you a much better deal than the dealer would. Some dealers like to pad some of their profit by marking up the money factor. Having 3rd party lease estimates should give you a good baseline for comparison.

I've been more than satisfied with my Saturn, made by GM, and hope you share the same experience. After 64,000 miles, i just gas it up and go and of course change the oil at regular intervals. No problems whatsoever. It almost works like a reliable appliance.

Al

mbx4steve · July 2005

Grace2, Did you ever get your questions answered? See my Mess #22503

To repeat, I just leased a EX 4 cycl. with auto and cloth. Costa Mesa Honda quoted me $20148 as cap cost and Norm Reeves (Cerritos) Honda matched it. The money factor was .00122 and residual was 54%. No money down, $530 out the door and $282 monthly pay for 36 months 12k miles/yr.

Try Westminster Honda too. They sent me a late quote of $20048 after I accept Norm Reeve's. But make sure that's cap cost and not cash cost. The dealers use the higher sale price amount for cap cost due to the lower money factor used in leases.

carcrazy8 · July 2005

We were told about the Honda Value Plan lease for an 05 Honda Civic. What is a money factor? How do we best negotiate a quality contract?

delrick · July 2005

The dealer must price in accordance with the whatever program is in effect at time of delivery.

Delivery means date of contract execution.

If the vehicle physically arrives after the Employee pricing promotion is over, they must price it with whatever discounts or incentives are being offered at that time.

Your dealer is correct, and I have done this before, they can effect a "paper" delivery as soon as they have a vehicle ID number from the factory to put on the contract, even if the vehicle is in transit.

If you are satisfied with the terms of the deal, I wouldn't hesitate to sign off.

Any problems wioll be taken care of in the warranty period anyway..

CRJ · July 2005

Hi,

I currently lease a G35 coupe and I was wondering if someone can tell me if Infiniti will expect an OEM windshield as a replacement? Will they consider replacement with a non-OEM part excess wear?

Last week I was driving on the highway and a stone cracked my windshield. I contacted my insurance company and they recommended Safelite to repair it since it was smaller than a dollar. Safelite tried to repair it but it didn't work, so they offered to replace the windshield. I asked for an OEM replacement, which I waited about a week for, but they replaced it with a PPG #FW02367. The person who replaced it did a great job, but I now realize that PPG is not the OEM part. After driving today I also noticed some distortion and rippling in my line of sight. I'm going to call Safelite on Monday to see about replacing it again, but would like to hear some opinions on OEM versus non-OEM windshields, especially on a lease.

Thanks.

G1rlFm49 · July 2005

Hello - we priced a lease for a 2005 Nissan Altima this afternoon. Here are the specifics of the quote we received:

36 months, 12,000 miles/year
$180.00/month
$2600 payment
55% residual value at $11,368
MSRP: 20,670

FYI - They gave us prices for lower down payments as well, however, there is a trade in involved that will reduce this down payment by ~$1000-1500.

Does this sound like a good deal? ANything we are missing? This is the first time working on a leased vehicle...typically buy new!
Thanks for your help,
Jamie

jnijankin · July 2005

Hi Carman!

Need your advice as always. Firstly, I am located in Miami, FL and am looking to lease an Audi A4 2.0T Quattro with premium pkg, lighting pkg, sport pkg, and audio pkg. Can you provide me the numbers? (residual, MF, and what the cost should be for 36 months, 12k a year)

I am currently leasing a 2002 Audi TT and have 4 months left on my 39 mth lease and have asked my same Audi dealer about terminating early and moving into the A4 because my wife just had our second child and need the extra room of the A4 since the TT is really a toy. The TT only has 23k miles on it and is certainly worth more than the buy back. Do I have any negotiating room based on this or any ways of benefiting from this?

The dealer said they can terminate no problem but would either 1. pay only two of the 4 payments left, or 2. pay it all, but roll some of it into the new lease. With no money down, the inception fees total $1800.00

The last thing the dealer said to me was that the 2005.5 models have a much better lease deal than the 2006 - is this true or is he of course just giving me this bologna because he wants to get rid of what is on his lot?

Your assistance is greatly appreciated and look forward to your reply.

Rgds,
jnijankin

CarMan@Edmunds · July 2005

Hi jpmiller99. Tires are an item that lessees commonly get hit up with excess wear and tear charges on. Most banks require that a certain amount of tread is left on the tires of leased vehicles that are returned at lease-end. If you are only talking about a three year lease and if you rotate your vehicle's tires on a regular basis, there is a good chance that you will not have to change them before returning your leased vehicle at the end of its term.

Pre-paid leases work differently than large down payments. Consumers who pay for their entire leases in advance and then are in an accident should receive all of their money back. In your post you stated that you would like to avoid the finance portion of leasing. Unfortunately, even though the bank that you are working with gets all of their money in advance, pre-paid leases are not interest free. Banks only provide a reduction in the lease money factor that is used to calculate the cost of pre-paid leases, they do not eliminate the interest charge completely.

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CarMan@Edmunds · July 2005

You're welcome Andy. I am sure that you will not have too much trouble finding a dealer that is willing to get you out of your current lease if you buy a new vehicle from it. The problem is that there is a good possibility that you will lose money by getting out of your lease early. Your least expensive option would probably be to get a large vehicle for your wife and continue leasing your vehicle until its scheduled end.

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CarMan@Edmunds · July 2005

No problem mcboston. Consumers who lease through Volvo Finance are required to pay a security deposit that is equivalent to their vehicle's monthly payment rounded up to the nearest $25 increment and an acquisition fee of $595 (in every state but New York) at lease signing. Any sort of doc fee that you are charged is up to the dealership that you are working with and is nothing more than a way for them to add profit to your deal. Let's calculate a sample lease payment on this car for you and see what we come up with. According to my calculations, if you were to lease a 2005 Volvo S60 2.5T AWD with an MSRP of $36,660 and a selling price of $30,100 through Volvo Finance right now for 3 years with 15,000 miles per, its zero down, pre-tax monthly payment should be around $369. This payment is based upon a residual value of 46%, so your car's lease-end purchase price would be $16,864. Different states calculate sales tax on leased vehicles differently than others. If you let me know what state you are in, I can try to give you an idea of how sales tax is calculated on leased vehicles in your area.

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CarMan@Edmunds · July 2005

Here is the information that you are looking for Eric. If you were to lease a 2005 Chevrolet Tahoe through General Motors Acceptance Corp. on or before August 1st for 2 years with 15,000 miles per, its base lease rate and residual value should be 5.4% and 62%, respectively. The numbers for an otherwise identical 3 year lease should be 5.4% and 53%. As you can see, GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert its lease rates into approximate money factor equivalents by dividing them by 2400.

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CarMan@Edmunds · July 2005

Thanks for the additional information, perrysdad. Let's estimate some lease payments on these cars for you and see what we come up with. According to my calculations, if you were to lease a 2005 Infiniti G35 Sedan 2WD with an MSRP of $35,540 and a selling price of $31,920 through Infiniti Financial Services for 36 months with 15,000 miles per year on or before August 1st, your zero down, pre-tax monthly payment should be around $388. The payment for an otherwise identical lease of a car with a selling price of $32,071 should be around $392. I noticed that both of these selling prices are either around or below this car's dealer invoice prices. Did you mention that you are interested in leasing them when you were quoted these prices? I ask because Infiniti is providing $1,000 dealer cash on '05 G35 2WD Sedans in July, but only on models that are not leased through IFS. It is possible that these cars' prices will be a little higher if you want to lease them.

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CarMan@Edmunds · July 2005

Greetings richard1933. I would be happy to give you an idea of what sort of lease payment you should expect to pay on this car. However, Toyota's lease program often varies depending upon which one of its twelve regions consumers are in. As a result, in order for me to give you an accurate payment estimate I need you to tell me what state you are in.

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CarMan@Edmunds · July 2005

You're very welcome David. You certainly have done a lot of research. Right now is a pretty good time to lease a 2005 model. Leasing at the end of the model year is usually not a bad idea because vehicles' prices are fairly low and most models have a decent amount of lease support available on them. Vehicles' residual values gradually fall as the model year progresses. At some point, vehicles' residual values will fall to the point that most automakers will deem it too expensive to continue providing attractive lease payments on them. When this happens they will pull the plug on their supported lease programs and the monthly payments for these vehicles will dramatically increase. This has not happened yet. July, or even August for that matter should be a very good time to lease a 2005 model, unless you are talking about a vehicle that normally does not have much in the way of lease support available on it such as the Acura TL. Acura has not been providing any special lease money factors on this car. The combination of high lease money factors and the low residual values that naturally occur at the end of the model year might actually make leasing an '05 TL more expensive than leasing a similar '06 model when it is introduced.

Right now would be a good time to lease a 2005 Infiniti G35 Sedan because the lease program is fairly attractive on it and you should be able to get one at a price that is fairly close to invoice in many areas. It is still a pretty good time to lease a 2005.5 A4, but Audi has already pulled the plug on its lease support of the older 2005 version of this car.

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CarMan@Edmunds · July 2005

Greetings kpwk. According to the latest information that I have seen, if you were to lease a 2005 Honda Odyssey Touring with Navigation and the Rear Entertainment System through American Honda Finance Corp. right now for 4 years with 12,000 miles per, its base lease money factor and residual value should be .00230 and 45%, respectively. I believe that AHFC's lease acquisition fee is currently $595 in every state but New York.

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CarMan@Edmunds · July 2005

Bp714, Infiniti's lease program for this car is still the same as it was when we spoke, or typed I suppose I should say, a couple of weeks ago. The .00204 money factor is IFS' 36 month number for this car and the .00211 factor is for 39 months.

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CarMan@Edmunds · July 2005

Hi mick0212. The Ford Family Plan is definitely an attractive deal on most models. Let's take a look at the current lease programs for the models that you are interested in. Keep in mind that Ford's lease program for models often varies depending upon what region of the country one is in. Since you never mentioned what state you are in, I will provide you with informaiton on what I believe is the most widely available lease program for these models. According to the latest informaiton that I have seen, if you were to lease a 2005 Explorer XLT 4x4 through Ford Credit right now fro 2 years with 12,000 miles per, its base lease rate and residual value should be 1.0% and 50%, respectively. The numbers for an otherwise identical 3 year lease of this truck should be 2.0% and 42%. If you were to lease a 2005 Ford 500 Limited 2WD through Ford Credit right now for 2 years with 12,000 miles per, its base lease rate and residual value should be 3.5% and 60%, respectively. The numbers for an otherwise identical 3 year lease of this car should be 5.0% and 52%. As you can see, Ford Credit publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400.

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CarMan@Edmunds · July 2005

Thanks for the additional informaiton, bmwshopper1. According to the latest information that I have seen, if you were to lease a 2005 BMW X5 3.0 through BMW Financial Services on or before August 1st for 3 years with 10,000 miles per, its base lease money factor and residual value should be .00125 and 62%, respectively.

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CarMan@Edmunds · July 2005

Hi njbmwgs. I will calculate a lease payment on this truck for you so that you can compare it to the one that you came up with. According to my calculations, if you were to lease a 2005 GMC Envoy XL with an MSRP of $40,065 and a capitalized cost of $35,182 through GMAC right now for 36 months with 12,000 miles per year, your zero down monthly payment should be around $421. Part of the reason why the payments that you and I cam up with are different than the one that you were quoted is that it appears as though you are interested in obtaining this truck through GMAC's "SmartBuy" program. That particular program provides balloon notes on vehicles, not leases. The monthly payments for balloon notes are calculated a little differently than they are for leases.

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