Car_Man, Thanks for the info on the lease. I was actually running numbers assuming 48% residual with a 6.50% lease rate, so it was good news to hear that I was calculating too high. Can you tell me the regions of the country that the two lease programs are for? I live in the wonderful state of Florida, and we never seem to get the incentives that other regions of the country receive. I am crossing my fingers on this one b/c it will really make a difference in my decision on whether to go with the Trailblazer or wait until the Saturn VUE arrives. Thanks again for the help!!!
M, I think that in your area you would have to use the higher rate of the two that I posted. However, it certainly would not hurt to comparison shop at several different Chevrolet dealerships to see what the rates are like in your area for certain. One of them is bound to give you a straight answer, and there certainly are tons of Chevy dealers out there.
Once again, thank you for the information. I have just one more question for comparison purposes. Is the lease factor for the 325i the same as the 330i, and what are the residuals for the 325i (36 month/15k).
No problem, Eric. Yes, the BMW FS lease money factor for the 2002 325i is currently the same as the one that I just provided you with for the 330. This car's residual value would be the same as well.
Car Man, I would like to ask you opinion on Acquisition Fees. I am considering leasing my (soon to be delievered) BMW 530i. The dealer is stating the I need to pay a $525 Acquisition Fee. How negotiable is this charge. The leasing would be through BMW Financial.
Also can you give me an updated MF and residual based on 3yr/12k.
In a previous post, you stated "VW Credit lowered the base lease money factor on the 2002 Passat to .00225"...
I seem to recall that the money factor for the '02 Passat GLS 1.8T was .00175 back in October. So VW would have RAISED the money factor this month. Am I missing something?
And a general question:
Might it be better to wait until December before leasing/financing a car? Seems like the rates have to go down with the fed's recent half point cut.
Can you tell me what the lease factor is on this deal? I have a friend who just lease a car, but can't tell me the lease factor, but has these details:
Cap Reduction 673.78 1st Payment 785.35 Refundable deposits 4,500.00 Calif.Tire Fee 5.00 License fees 451.00 Tax on cap reduction 47.61 Documentation fee 45.00 Tax on Doc Fee 3.15 Luxury Tax 989.56
Total drive off: 7,500.00
785.35 For 48 months (Base payment is 733.98 +51.37 tax @7%)
Agreed upon value of the vehicle: 62,739.00 Acquisition fee 450.00 Gross cap cost 63,189.00 Residual 36,296.40
Chris, I am sorry to say that lease acquisition fees are not negotiable. Individual dealerships have no control over them, other than their ability to occasionally mark them up for additional profit. BMW Financial Services' base acquisition fee is $525 for all models. All consumers who lease through them have to pay this charge, or at least have it rolled into their vehicle's capitalized cost. The BMW FS 3 year 12,000 miles per lease money factor and residual value for this car are currently .00260 and 62%.
Please bear with me as this is my first attempt at leasing a vehicle, so if my questions are silly, I apologize in advance.
I am considering leasing a 2001 QX4. Infiniti is offering a subsidized lease if you take delivery by 11/30/01. The deal is this: You get the QX4 with the powered sunroof and premium package (the only options I would want, anyway), at a MSRP of 37,645. Infiniti wants $4439 up front, which includes $3190 down. Net capitalized cost is $33,366. It seems like the residual is $18,823. Payments are $399/mo over 39 months (assuming 12K mi/yr).
My questions are:
1) Does the fact this this lease is subsidized mean that the terms are fixed? It seems pretty outrageous being stuck paying at MSRP for a 2001 model. Is this negotiable? Likewise, the 3K downpayment seems a bit steep. Is that also negotiable in a subsidized lease? Is the mileage limit negotiable? I would prefer 15K/yr.
2) What is the November money factor Infiniti is offering on the 2001 QX4's?
3) Does this subsidized lease seem like a good deal overall, considering the current market for comparable SUV's?
Cupholder, my bad. The lease money factor that I stated for this car was correct, but I forgot that their October factor was so low. Theoretically interest rates should decrease after the Fed cuts rates, but there often is a lag of several months between a cut and when banks lower their lease money factors. It's tough to say what the lease program on the Passat will be like in December. If I had to guess through I would think that the money factors on them will likely fall.
You are missing one piece of information that would make estimating the lease money factor that was used to calculate this vehicle's lease payment much easier, its full MSRP. Do you, or your friend by any chance have that piece of information? Thanks.
....... It's always to your advantage to go with a "subsidized" lease program ...
But, it's not your advantage to go with one now.."If" it's a 01 --- the rates might look attractive, the residuals will fall ... and the "True value" decreases immensely. If you try to get out of this lease early .. let's say even 6 months early, you are right on the edge of the new year, and it will take a crane to get you out of it, even if they are leasing you the vehicle at "Dead cost" ..l...o...l... ---- you are best at looking at a 02 ...
I have a Mountaineer on order. I expect delivery in the second week of December. MSRP is $32,600. What are the numbers on this vehicle? Any change between now and December?
went back to dealer and payment was 30.00 more he said it numbers changes since last week please give me the correct payment that I should shoot for 39mths 12000yr m1 m2 m5 m7 bose,htd seats and metaliac paint nys sales taxes 8.5% and 595 bank fee 661 no $ down just 1st payment or 584 with 3165 down `1st pyt taxes and bank fee
Car Man - my wife and I ares trying to make a purchase decision for her on a new BMW 325i and a Lexus IS300 Sportcross. We are struggling in determining the "best" deal as we look at factors such as total cost vs. payment price.
I have never leased, always focused on getting the best price possible and later the best financing. Leasing seems to have so many variables that it is difficult to make an apples to apples comparison with different leases and even more difficult to compare a lease to traditional financing.
The BMW we are considering has an msrp of 31,875, we think we can buy it for 29,000.
The Lexus msrp is 36,500, but the dealer is offering below market lease terms, they want 3000 down, 399/month, 39 month lease, 12K miles/year. They tell us the interest rate is 4% and the cap cost is 33,700, residual is 56%. This is certainly lower than their "normal" lease terms but I don't have enough experience with leases to determine how good a deal this is. I don't know if they would sell the car for 33,700 without going the lease route, if so, this appears to be a good deal.
From earlier posts, I see the BMW has a higher residual at 62% and their lease finance cost seems to be around 6%.
I realize that comparing these cars are not apples to apples since the equipment on each is not realy comparable. Although the BMW has less content, we would be very happy with it.
But when I consider the fact that there is both a huge difference in MSRP and potential actual price of these cars, that in a 39 month lease the fact that the BMW has a 5 point higher residual value (which seems to me means that we would be "consuming" $1,750 more in car cost with the Lexus in comparison to the BMW), I can't see how the lower Lexus interest rate (4% vs. 6%) could offset the other cost advantages of the BMW. Yet that 399 monthy payment is very appealing.
We haven't negotiated lease terms with the BMW dealer yet. What do you think is the best way to compare pricing for these deals? Any advice you could provide would be greatly appreciated.
Compare the present value of the payments; that is always how you can decide which car costs less.
I'm not sure you want to get drawn into the sticker price comparisons. For ex, Saab always has high sticker prices and around 0% financing; I think they do it to make you think you're getting the deal of the century (i.e. they hope you do what you just did). You just have to compare what you're paying for 2 similarly equipped cars, in terms of present value dollars.
Here is present value on the Lexus using 6% (the same rate you would pay BMW):
The present value of 39 payments of $399 is $14106.
The present value of $20440 residual is $16827.
The present value of $3000 downpayment is $3000.
That all adds up to $33933.
And that's assuming $3000 is all you would pay to drive out, but I suspect there's going to be some dealer fees added in which would make your total cost even higher.
Compare that to the BMW...you said you could get it for $29000, although I would ask the dealer to give me an exact quote on payment and out the door cash.
The above applies assuming you buy the car; if all you do is turn in at lease end, then you can leave the residual out of the computation. Then the Lexus is $14106+3000=$17106. You would need to figure out the BMW, but it's probably less also. The key is one car costs $33700 (cap cost) and the other $29000. Even though the Lexus has a higher interest rate, it doesn't make that big a difference over 39 months. Now if you were financing a house for 30 years 2% would make more of a difference but not here.
Oh and that $3000 down would bring down any payment...it's pretty substantial, more than the 4%.
Hi Carman, I just sold my 98 48 month Leased Jetta, before the lease was up. I'll let you know, I made 2K on the car (i love it!!!). Anyways, I have a question. The guy buying the car is going to cut a check to VW for the residual, and a separate check to me. Can i give this guy the car, before the title comes? How does the liability thing work? We are going to sign a bill of sales that sates, that the car has been sold to him. Would this "bill of sales" free me of any liability if the guy were to take the car with him before the pink slip came? This guy needs the car soon. How could we do this? or Am I responsible for insurance, until the title is turned over to him?. Thanks for your help.
I signed the paperwork on a 2002 GLX Passat wagon yesterday. Lease terms of 39 months and 15K miles. I got a .0020 money factor. I posted earlier about my negotiations and ended up with first and last payment at drive off, $490 acquisition fee rolled into deal, 6 CD changer included and cap price of about $31,500. I didn't have to haggle much because we have dealt with the same salesperson and dealership for what will be our third VW in about 6 years. Am I happy? Yes. Could I have done better? Maybe. But the best thing is that they found a wagon that is not silver with black interior! So, I'm off to get my new car tomorrow. Thanks for all your help car_man and fellow posters!
........ Congrats..! I have posting this Idea for almost a year now...it's nice to see someone has taken advantage of it...
You need to call the Lease co today. -- - not the dealer- and tell them you are paying off the vehicle ..
Depending on the Lease Co. you might have this done in less than a day ..(Get their full name and position) -- get the person you talked with to fax all the basic paper work to the dealer or yourself depending on how they want it done .... The new owner won't get the title today, probably not for a week or so, it would be like if he was buying the vehicle from any other company ...
Make sure everyone gets copies of all the paper work --- and that's pretty much it --- there is no difference if you had a loan with a Bank .....pay-off the lender, and the buyer gets copies of all the papers --- make a "sales order" that shows he is the new owner, with the Vin#, miles, model..etc... Keep in mind, he pays sales tax on the amount that's paid to the Lease co. --- so you may want to have 2 receipts ....... if you know what I mean ..l..o..l..
Car_Man... You asked me to remind you about money factors and residuals on the X-Type just about now. Any new info available yet on the 3.0 and 2.5 models? I may be wanting to finalize a deal in the next couple of days. Thanks again, Steve
Hello -- I'm a first time contributor. A local Acura dealer has offered me a 36 month 15k mile lease on an RSX. Money factor, .0027; Residual, .59. Are these numbers good, or is there some extra dealer profit in the factor?
With many of the car makers now offering 0% interest loans(although usually just for a 3 yr loan), would it be possible that they might also offer zero money factor leases? Aside from that, have you been noticing an overall lowering of money factors recently?
Mwmcdonald1, Ford Motor Credit's lease program for Lincoln/Mercury vehicles is scheduled to run through January 14th. As a result, there probably won't be any changes to this truck's lease program prior to that date. One never knows for certain though, domestic automakers seem to make more unscheduled revisions to their incentives programs than other manufacturers. In a great deal of the country, Ford has a lease rate of only 0.25% for 36 month leases of the 2002 Mountaineer. The corresponding 3 year, 15,000 miles per Ford Motor Credit residual values for this truck are 42% for the 2WD and 43% for the AWD model.
Thanks for the MSRP, lexusfan2002. Now that I look back at your original post, I realize that you never told me what model your friend leased. That is another vital piece of information. Do you know exactly what model it was and if possible how many miles per year it was leased for?
Gary, Mercedes-Benz did introduce a new lease program on November 2nd. The current Mercedes-Benz Credit Corp. 3 year (I haven't seen their 39 month program but bet that it is almost identical other than perhaps having a residual value that is around 1% less) lease money factor and 12,000 miles per year residual value for a 2002 ML320 should be .00319 and 63%, respectively. In order for me to provide you with a sample lease payment, I will need this truck's full MSRP and the price that you were able to negotiate for it. If you post those numbers, I would be more than happy to play with some numbers for you.
Cb44, BMW's current lease money factors on the 2002 X5 are around six and one quarter percent this month. Even though there isn't much in the way of support on the 2002 X5, BMW still has incentives on the 2001 X5 4.4. They have a 3 year money factor on it that is equivalent to right around 4.7% and $2,500 Dealer Cash that may be used in conjunction with the BMW FS lease program that are currently scheduled to run through 11/30/01.
Mookie14, in order for you to break your lease on the Explorer that you currently have early you will either have to buy it and try to sell it on your own or try to trade it in to a dealership who will in turn pay it off. There is a very good chance that you will be upside down on your truck, i.e. owe more money on it that it is worth, if you try to get out of it early. The only way to know for certain how much money it will cost you to get out of this truck early is to call Ford Motor Credit, or whichever bank you are leasing it through, around the time that you want to get out of it. If you do purchase it and sell it on your own or trade it in to a dealership, you would not be liable for any excess wear and tear or excess mileage. Keep in mind though that a vehicle with very high mileage or a significant wear and tear may be forth much less than what it would cost to purchase it from your bank. It is difficult to say what your credit is like right now, but the fact that you have made all of your current lease payments on time certainly should help it out. You may want to obtain a copy of your credit report to see what your credit is like at the time that you are in the market for a new car or truck. When you do so, you will be able to make sure that it doesn't contain any mistakes.
Rjk55425, I think that the best advice that anyone can give an individual trying to decide between two vehicles is to go with the one that they really want to drive for several years. There's nothing worse than going with one's second choice and then regretting it every day. Of course, all things being equal then one must look at the deals that are available. For 39 month leases of these cars through their captive finance companies, the 325's residual value is only 2% higher than the SportCross' at this time. Not only is there not much of a difference between these cars' residual values but the lease money factor for the IS 300 SportCross is significantly lower than the BMW's. Right now the LFS money factor for this vehicle is only .00183, or around 4.4%. Plus, from what I hear the SportCross is not really selling all that well so you should be able to negotiate a very reasonable price on one. If you reconsider your decision to lease for some reason, keep in mind that there is $1,500 Dealer Cash on the 2002 IS 300 Sport Cross right now (it can not be combined with the special lease program). Overall, the IS 300 Sport Cross probably has a slightly better lease program than the 325.
Ubrsf, congratulations on making money off of trading in your leased Jetta. As long as you have the money for the vehicle and you are sure that VW has received payment for their portion of it I don't see any reason why you couldn't turn over this car to the person without them physically having the title, just as long as they don't mind driving off in it without one. You definitely should cancel your insurance coverage of the car prior to letting him drive away in it. Let him worry about the insurance coverage.
Thanks for the reminder, Steve. Yes, I have seen the Jaguar Credit lease program for the new X-Type for the month of November. Right now the 3 year 10,000 miles per money factors and residual values for the X-Type are .00073 / 54% for the 2002 X-Type 3.0L and .00139 / 55% for the 4.0. The 15,000 miles per year programs are .00114 / 52% and .00171 / 53%, respectively.
Hi John. Welcome to the Finance, Warranty, and Insurance Message Board. The residual value that you were quoted to lease a 2002 Acura RSX through American Honda Finance Corp. exactly matches what it should be at this time. However, unless your credit is not in good shape, it appears as though your dealership is marking up AHFC's base lease money factor of .00240 on your deal.
Kbehnke, I have never seen any manufacturer offer interest-free leases on its vehicles. With all of the 0.0% loans that are out there at this time, one would think that this sort of deal may be offered, but it definitely hasn't. In fact, the lease money factors that I have seen out there do not look significantly lower right now than they were prior to when many manufacturers introduced 0.0% financing on certain models. I think that a lot of manufacturers were severely hurt by the losses that they incurred through their lease business over the past year or two and are really looking to push their customers into normal financing deals, rather than leases at this time.
C_M. Thanks, but... I think you may have mistaken the S-Type for the X-Type or had the wrong liters, but in your response (copied below next to 15,000 lease) you mention the 3.0 and 4.0 X-Type. Only the S-Type comes in 3.0 and 4.0. The X-Type only comes in 2.5 and 3.0.
"Thanks for the reminder, Steve. Yes, I have seen the Jaguar Credit lease program for the new X-Type for the month of November. Right now the 3 year 10,000 miles per money factors and residual values for the X-Type are .00073 / 54% for the 2002 X-Type 3.0L and .00139 / 55% for the 4.0. The 15,000 miles per year programs are .00114 / 52% and .00171 / 53%, respectively."
Hi Carman. I am working on negotiations for a new car for me, my roomate and my parents. It seems that everyone is trying to do this before the end of the year! I need comprehensive information including money factors, residuals, acquisition fees and disposition fees (if you can find out) as the dealers seem to mark up everything they can in my area. I just want to be able to understand things apples to apples. All leases will be for three years. I would like the information for both 12 and 15k per year as I am not certain who will need what. The vehicles are all 2002's (with one exception) and they are as follows:
Volkswagon Passat 1.8T Manual GLS (Some controversy on this vehicle's November numbers in the forum!) Audi A 6 Avant 3.0 Quattro Highlander V6 (non-limited) 2WD BMW X5 3.0 (2001 and 2002) I have found bits and pieces of the info I need in the forum, but there is contradictory info and in some cases the info is not complete. I am ready to whip together my spreadsheets with offers to the dealers once I get your info. By the way, if it matters, I live in Arizona (for regional plans).
Thanks for your help! You will be assisting three deals to get done--I hope! We need to keep the economy moving--at least in the automotive market!
Hi Ronald. I would be happy to help you out. Even through there is not any sort of support available on the Acura TL right now, American Honda Finance Corp.'s lease money factors on it aren't that bad. If you were to lease one through them for 3 years with 12,000 miles per at this time you should be able to use a base lease money factor of .00240 and a residual value of 59% (non-Navigation).
Lexusfan2002, interestingly enough it certainly appears as though your friend got an outstanding lease money factor on their SC 430. According to my calculations, if one were to lease a 2002 SC 430 (Cap Cost: 63,189 & MSRP: $62,500) through Lexus Financial Services at this time for 4 years (15,000 miles per) at $733.98/month pre-tax their lease money factor should be around 0.00045! Not too shabby.
I am still wondering if you could furnish the current money factor for a 2001 QX4 & if you think Infiniti's current subsidized lease for same seems like a relatively good deal.
Can you tell me where the strong deals are on luxury/near luxury cars or SUVs? I'm looking for something that is going to put me at $530/month or less, with 3 years and 18k miles per year. I've been looking at everything from the Trailblazer/Envoy/Bravada to the Lincoln LS and Acura TL-S.
Anything else I'm missing where there is a particularly strong lease program at this point?
You are absolutely correct, Steve. I apologize for the mix up, I definitely know better than that. I saw the word "Type" and overlooked the prefix. Here is the correct information. Right now the 3 year 10,000 miles per money factors and residual values for the X-Type are .00253 / 57% for the 2002 X-Type 2.5L and .00183 / 58% for the 3.0. The 15,000 miles per year programs are .00275 / 55% and .00240 / 56%, respectively. Sorry about the confusion.
Comments
Thanks for the info on the lease. I was actually running numbers assuming 48% residual with a 6.50% lease rate, so it was good news to hear that I was calculating too high. Can you tell me the regions of the country that the two lease programs are for? I live in the wonderful state of Florida, and we never seem to get the incentives that other regions of the country receive. I am crossing my fingers on this one b/c it will really make a difference in my decision on whether to go with the Trailblazer or wait until the Saturn VUE arrives. Thanks again for the help!!!
-M
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Once again, thank you for the information. I have just one more question for comparison purposes. Is the lease factor for the 325i the same as the 330i, and what are the residuals for the 325i (36 month/15k).
Thank you again!
Eric Giles
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Also can you give me an updated MF and residual based on 3yr/12k.
Thanks,
Chris M
In a previous post, you stated "VW Credit lowered the base lease money factor on the 2002 Passat to .00225"...
I seem to recall that the money factor for the '02 Passat GLS 1.8T was .00175 back in October. So VW would have RAISED the money factor this month. Am I missing something?
And a general question:
Might it be better to wait until December before leasing/financing a car? Seems like the rates have to go down with the fed's recent half point cut.
Cap Reduction 673.78
1st Payment 785.35
Refundable deposits 4,500.00
Calif.Tire Fee 5.00
License fees 451.00
Tax on cap reduction 47.61
Documentation fee 45.00
Tax on Doc Fee 3.15
Luxury Tax 989.56
Total drive off: 7,500.00
785.35 For 48 months
(Base payment is 733.98 +51.37 tax @7%)
Agreed upon value of the vehicle: 62,739.00
Acquisition fee 450.00
Gross cap cost 63,189.00
Residual 36,296.40
Thanks!!!
Can you tell me what the geographic breakdown is for the different lease programs? Is New York, as I presume, in the area with the worse rate?
Thanks.
ME
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Please bear with me as this is my first attempt at leasing a vehicle, so if my questions are silly, I apologize in advance.
I am considering leasing a 2001 QX4. Infiniti is offering a subsidized lease if you take delivery by 11/30/01. The deal is this: You get the QX4 with the powered sunroof and premium package (the only options I would want, anyway), at a MSRP of 37,645. Infiniti wants $4439 up front, which includes $3190 down. Net capitalized cost is $33,366. It seems like the residual is $18,823. Payments are $399/mo over 39 months (assuming 12K mi/yr).
My questions are:
1) Does the fact this this lease is subsidized mean that the terms are fixed? It seems pretty outrageous being stuck paying at MSRP for a 2001 model. Is this negotiable? Likewise, the 3K downpayment seems a bit steep. Is that also negotiable in a subsidized lease? Is the mileage limit negotiable? I would prefer 15K/yr.
2) What is the November money factor Infiniti is offering on the 2001 QX4's?
3) Does this subsidized lease seem like a good deal overall, considering the current market for comparable SUV's?
Thanks in advance.
-Csquare
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But, it's not your advantage to go with one now.."If" it's a 01 --- the rates might look attractive, the residuals will fall ... and the "True value" decreases immensely. If you try to get out of this lease early .. let's say even 6 months early, you are right on the edge of the new year, and it will take a crane to get you out of it, even if they are leasing you the vehicle at "Dead cost" ..l...o...l... ---- you are best at looking at a 02 ...
Terry.
I'm in southern CA.
Thanks
Thanks again!!
went back to dealer and payment was 30.00 more he said it numbers changes since last week please give me the correct payment that I should shoot for
39mths 12000yr
m1 m2 m5 m7 bose,htd seats and metaliac paint
nys sales taxes 8.5% and 595 bank fee
661 no $ down just 1st payment
or
584 with 3165 down `1st pyt taxes and bank fee
thanks for all your help
gary
Any current lease info on 2002 BMW X5's. I know the incentives on 2001 4.4's expired last month.
thanx
I have never leased, always focused on getting the best price possible and later the best financing. Leasing seems to have so many variables that it is difficult to make an apples to apples comparison with different leases and even more difficult to compare a lease to traditional financing.
The BMW we are considering has an msrp of 31,875, we think we can buy it for 29,000.
The Lexus msrp is 36,500, but the dealer is offering below market lease terms, they want 3000 down, 399/month, 39 month lease, 12K miles/year. They tell us the interest rate is 4% and the cap cost is 33,700, residual is 56%. This is certainly lower than their "normal" lease terms but I don't have enough experience with leases to determine how good a deal this is. I don't know if they would sell the car for 33,700 without going the lease route, if so, this appears to be a good deal.
From earlier posts, I see the BMW has a higher residual at 62% and their lease finance cost seems to be around 6%.
I realize that comparing these cars are not apples to apples since the equipment on each is not realy comparable. Although the BMW has less content, we would be very happy with it.
But when I consider the fact that there is both a huge difference in MSRP and potential actual price of these cars, that in a 39 month lease the fact that the BMW has a 5 point higher residual value (which seems to me means that we would be "consuming" $1,750 more in car cost with the Lexus in comparison to the BMW), I can't see how the lower Lexus interest rate (4% vs. 6%) could offset the other cost advantages of the BMW. Yet that 399 monthy payment is very appealing.
We haven't negotiated lease terms with the BMW dealer yet. What do you think is the best way to compare pricing for these deals? Any advice you could provide would be greatly appreciated.
I'm not sure you want to get drawn into the sticker price comparisons. For ex, Saab always has high sticker prices and around 0% financing; I think they do it to make you think you're getting the deal of the century (i.e. they hope you do what you just did). You just have to compare what you're paying for 2 similarly equipped cars, in terms of present value dollars.
The present value of 39 payments of $399 is $14106.
The present value of $20440 residual is $16827.
The present value of $3000 downpayment is $3000.
That all adds up to $33933.
And that's assuming $3000 is all you would pay to drive out, but I suspect there's going to be some dealer fees added in which would make your total cost even higher.
Compare that to the BMW...you said you could get it for $29000, although I would ask the dealer to give me an exact quote on payment and out the door cash.
The above applies assuming you buy the car; if all you do is turn in at lease end, then you can leave the residual out of the computation. Then the Lexus is $14106+3000=$17106. You would need to figure out the BMW, but it's probably less also. The key is one car costs $33700 (cap cost) and the other $29000. Even though the Lexus has a higher interest rate, it doesn't make that big a difference over 39 months. Now if you were financing a house for 30 years 2% would make more of a difference but not here.
Oh and that $3000 down would bring down any payment...it's pretty substantial, more than the 4%.
You need to call the Lease co today. -- - not the dealer- and tell them you are paying off the vehicle ..
Depending on the Lease Co. you might have this done in less than a day ..(Get their full name and position) -- get the person you talked with to fax all the basic paper work to the dealer or yourself depending on how they want it done .... The new owner won't get the title today, probably not for a week or so, it would be like if he was buying the vehicle from any other company ...
Make sure everyone gets copies of all the paper work --- and that's pretty much it --- there is no difference if you had a loan with a Bank .....pay-off the lender, and the buyer gets copies of all the papers --- make a "sales order" that shows he is the new owner, with the Vin#, miles, model..etc...
Keep in mind, he pays sales tax on the amount that's paid to the Lease co. --- so you may want to have 2 receipts ....... if you know what I mean ..l..o..l..
Congrats ...
Terry.
You asked me to remind you about money factors and residuals on the X-Type just about now. Any new info available yet on the 3.0 and 2.5 models? I may be wanting to finalize a deal in the next couple of days.
Thanks again,
Steve
Thanks,
John
With many of the car makers now offering 0% interest loans(although usually just for a 3 yr loan), would it be possible that they might also offer zero money factor leases? Aside from that, have you been noticing an overall lowering of money factors recently?
Just wondering.
Thanks.
Car_Man
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thanks for all your help
Thanks, but...
I think you may have mistaken the S-Type for the X-Type or had the wrong liters, but in your response (copied below next to 15,000 lease) you mention the 3.0 and 4.0 X-Type. Only the S-Type comes in 3.0 and 4.0. The X-Type only comes in 2.5 and 3.0.
"Thanks for the reminder, Steve. Yes, I have seen the Jaguar Credit lease program for the new X-Type for the month of November. Right now the 3 year 10,000 miles per money factors and residual values for the X-Type are .00073 / 54% for the 2002 X-Type 3.0L and .00139 / 55% for the 4.0. The 15,000 miles per year programs are .00114 / 52% and .00171 / 53%, respectively."
Volkswagon Passat 1.8T Manual GLS (Some controversy on this vehicle's November numbers in the forum!)
Audi A 6 Avant 3.0 Quattro
Highlander V6 (non-limited) 2WD
BMW X5 3.0 (2001 and 2002)
I have found bits and pieces of the info I need in the forum, but there is contradictory info and in some cases the info is not complete. I am ready to whip together my spreadsheets with offers to the dealers once I get your info. By the way, if it matters, I live in Arizona (for regional plans).
Thanks for your help! You will be assisting three deals to get done--I hope! We need to keep the economy moving--at least in the automotive market!
Car_Man
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I am still wondering if you could furnish the current money factor for a 2001 QX4 & if you think Infiniti's current subsidized lease for same seems like a relatively good deal.
Thanks for any help you can provide,
Jake
Can you tell me where the strong deals are on luxury/near luxury cars or SUVs? I'm looking for something that is going to put me at $530/month or less, with 3 years and 18k miles per year. I've been looking at everything from the Trailblazer/Envoy/Bravada to the Lincoln LS and Acura TL-S.
Anything else I'm missing where there is a particularly strong lease program at this point?
Thanks.
ME
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