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Lease Questions - Ask Here

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  • sshkurovsshkurov Member Posts: 6
    Car_Man,

    A couple of weeks ago you provided me with money factors and residuals for a Jaguar 3.0 X-Type. Your information was right on the money and I was able to lease the car for a couple of hundred dollars under invoice. Your help is most appreciated!

    -SSB
  • rxkerxke Member Posts: 168
    Hi Car Man!

    HAVE YOU RECEIVED THE DEC LEASE DEALS FOR THE ABOVE CARS(12,000 AND 15,000 PER YEAR)? I will be getting one or two of them.(A4 1.8 quatto sedan, A6 3.0 sedan, 320E 4matic sedan, BMW 325xi sedan(all wheel drive)

    What are the residuals and the money factors(36 or 39 months)? Also, am I better off waiting to get two cars in Jan or am I better off getting them in Dec.(residuals)?

    Thank you for your input. It is appreciated.
  • willhintonwillhinton Member Posts: 1
    I have just been offered this deal. 2002 VW Passat GLS 5-spd. Leather package, luxury package, cold weather package, Monsoon, and Homelink. They are offering me a cap cost of $23,800, residual of 51%, and money factor of .00250. Residual value is $13,160.55. The fees are about $240. Does this seem like a good deal? Thanks.
  • 93fsu193fsu1 Member Posts: 97
    Any new details for december pathfinder lease specials or incentives?
  • rxkerxke Member Posts: 168
    Hi Car Man

    Any lease deals on these cars(residuals and money factors)?
  • larry_adairlarry_adair Member Posts: 3
    Hi,


    I just finished the first version of a leasing spreadsheet that anyone can download for free. Two things..1) It is a very simple application in Excel format. I would appreciate some feedback on information that is unclear or additional information that would be helpful (this is just a free product that I made in my spare time so be easy on me would ya?). 2) I would appreciate it if you would register for the download but that is not necessary.


     (moderator..this is my first post and I didn't see anything that suggests this post is out of line for this forum but if so please delete and I will look again!).


     The link for registration is


    http://bottomlinedeals.com/spreadsheetoptin.htm


     The link for the donload is here


     http://bottomlinedeals.com/spreadsheetdownload.htm


     I hope this is helpful to somebody. If you hit a snag let me know and I will try to help.


     Larry

  • egilesegiles Member Posts: 6
    Larry-

    Just wanted to let you know there is a problem with your zip file that contains your lease spreadsheet. I downloaded the file twice and both times had the same problem. It says that it is missing 1 byte in the zip file and then will not open. You may want to re-zip it again.

    Thanks-

    Eric Giles
  • larry_adairlarry_adair Member Posts: 3
    Thanks Eric. I was able to download it and use it but I see the flaw in the zip file and will fix it and upload later this evening. Thanks for the heads up.

    Larry
  • egilesegiles Member Posts: 6
    Larry-

    Just wanted to let you know there is a problem with your zip file that contains your lease spreadsheet. I downloaded the file twice and both times had the same problem. It says that it is missing 1 byte in the zip file and then will not open. You may want to re-zip it again.

    Thanks-

    Eric Giles
  • egilesegiles Member Posts: 6
    Sorry about the double posting, Larry. I have no idea why my computer decided to post the message again over an hour later!

    Eric Giles
  • larry_adairlarry_adair Member Posts: 3
    I reloaded and re-zipped. It appears to be working fine now but let me know if you have a problem with it.

    Thanks,

    larry
  • gdumas1gdumas1 Member Posts: 3
    Carman, I will be getting a pay increase of $320 per month. Would it be a good idea to increace my monthly lease payment for a year, and then turning my lease to a loan.
  • davv62davv62 Member Posts: 76
    I wonder if it would be possible to convert a loan to a lease. Here is the background.

    Last May, my sister bought a Nissan Sentra and financed it. Her credit at the time was mediocre, and she had to take an 11% rate.

    She has now fallen behind on the payments and it's clear that she can't afford to keep them up at her level of income. I looked into selling the car, but the current value is $2-3K below the loan balance, and she doesn't have the money to make up the difference. If she defaulted on the payment, I'm afraid that she would find it nearly impossible to get financed for another (cheaper) car. Already, she found it impossible to get financing for a used car, which is why she bought a new one.

    My idea is to contact the finance company (Nissan) and see if they would be willing to convert her loan to a lease in order to make the payment more affordable. I realize that this is irregular, but my instincts tell me that they have nothing to lose by doing this, since then at least they have a chance of getting their money, but if they end up repossesing the car, they stand to lose some money at this point because the loan is "underwater."

    Does anybody have any thoughts on this?
  • kbehnkekbehnke Member Posts: 60
    Car_man,

    Can you give me the current money factor and residual value for a 2002 Nissan Sentra GXE. We're looking at a 36 month term(or 39 as Nissan sometimes advertises) and 15k miles/yr.

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I apologize for the delay in answering everyone's questions. I went away for a long weekend. I am back now and should be able to respond to the majority of your posts by the end of the day.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You are correct, fgrethel. A few days after they initially announced their December incentives program, BMW enhanced the lease money factors and special financing rates on many models. Unfortunately, your assumption about your salesperson attempting to mark up BMW's base lease money factors is correct. The base lease money factor for the 325Ci is now .00210 and for the 330Ci is .00190 for up to 42 month terms. The residual values for these cars should still be the same. Good luck in negotiating your deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gatorfan. Before I begin, I would like to state for the record that Rex got robbed in the voting on Saturday, he was much more deserving of the trophy than Crouch, but I guess that his season wasn't good enough for the voters to make him the first Sophomore to win the award. Now back to the auto industry. BMW has some fairly attractive lease money factors on the 2002 X5 3.0 right now. If you were to lease one through BMW Financial Services during the month of December, you should be able to use their base lease money factors of .00190 for up to 42 month terms and .00290 for 48 month terms. The corresponding 36 and 48 month 15,000 miles per year residual values for this truck are 63% and 50%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    That's great, SSB! Congratulations on your new car. I am glad that I was able to help you out. Enjoy your new Jag.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rxke. Two cars at the same time, huh? This certainly is going to be a nice Christmas (or Chanukah) ;). I have seen the lease programs for all of the vehicles that you mentioned. If you were to lease them through their captive finance companies for 3 years with 15,000 miles per during the month of December their money factors and residual values should be: 2002 Audi A4 1.8 quatto sedan - .00265 / 59%, 2002 Audi A6 3.0 sedan quattro - .00200 / 55%, 2002 Mercedes-Benz 320E 4matic sedan - .00246 / 61% (there also is $1,500 Dealer Cash on this car), and 2002 BMW 325xi sedan - .00230 / 60%. The 12,000 miles per year residual values for all of these vehicles would be 2% higher that the ones that I previously mentioned. The lease programs for these models are fairly attractive right now. If you are in the market and have the time I personally don't see any reason to wait until January to lease your new vehicles.

    Car_man
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  • rxkerxke Member Posts: 168
    Hi Car Man

    Thanks for your input. My CT dealer has quoted me residuals of:
    A6 with 12,000 miles(55%) and 15,000 miles(53%)
    A4 " " " " " (59%) " " " " "(57%)

    These residual percentages are 2% off your input. Should I push it with the dealer? Is he trying to make a little more money or is he legit?

    Thank you for your input. I will be making a final decision this week.
  • gatorfangatorfan Member Posts: 3
    Talked to my accountant over the weekend. Looks like I will be purchasing rather than leasing to take advantage of the accelerated depreciation business rule for trucks over 6000 GVWR. I am also looking at a Toyota Landcruiser, any incentives on it? Off topic: I felt it was Rex's to lose going into the UT game... and he did. Strange year in college football. Rex will be back next year though and should be a frontrunner.
  • remy725remy725 Member Posts: 13
    Hi Car Man

    Can you please provide me with the current money factors and residuals for both the 2002 BMW X5 4.4 & the Mercedes Benz 230K?

    36 month
    12k & 15K per year

    Thanks Much!
    Steve
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Willhinton, the lease money factor that this dealership is using to calculate your monthly payments looks to be a little on the high side to me. I would be more than happy to provide you with some sample lease payments for this car, but first I am going to need a little more information from you such as the length of this lease, the number of miles per year that it allows, and this car's full MSRP. As soon as you post this additional information, I will estimate what this car's payments should be like. Talk to you soon.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi again 93fsu1. Nissan's December incentives and lease programs for the 2002 Nissan Pathfinder are exactly the same as they were in November. If you would like any additional information on this or any other vehicles' incentives, please let me know.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Rxke, Acura is running a special lease on the 2002 RL right now. If you lease one through American Honda Finance Corp. prior to January 2nd, you can use their special base lease money factor of .00031 for up to 39 month terms. In conjunction with this special lease money factor, Acura is advertising a sample lease payment for this car. They are currently advertising a 2002 RL (without Navigation) for $499 per month over 39 months with $1,000 down and 12,000 miles per year.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on the raise, gdumas1! Your vehicle's lease payments are basically set in stone, and I do not believe that there is any advantage to making additional or larger payments to the bank that you are leasing it through. My suggestion to you would be to continue leasing your vehicle at its current payment and save the extra money that you are going to be pulling in. Then if you believe that its lease-end purchase price is in-line with what you would have to pay for this car on the open market, or of course less, and you like it then take the money that you have saved and purchase it. Even if you can not pay for the whole vehicle, you will definitely be able to make a significant down payment on it.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Davv62, I definitely do not think that it would be to your sister's advantage to convert her Sentra loan into a lease at this time. Furthermore, I highly doubt that this sort of transaction is even possible. If she was able to convert her loan into a lease, she would not be able to take advantage of Nissan's special lease program for new models. As a result, she would likely have to use a very high interest rate to lease it. Has she kept her credit clean over the past several months? I ask because interest rates in general have fallen significantly since last May. There is a good chance that she could refinance her current loan for this car at a much lower interest rate than she initially agreed to. This may be her best option at this time. Even though I do not recommend extending loans, if she is having a really tough time making her current payments it is possible that she could even extend her current loan when she refinanced to lower her monthly payments.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi kbehnke. If you were to lease a 2002 Nissan Sentra through Nissan Motor Acceptance Corp. right now, you should be able to use their base lease money factor of .00264 for all leases up to 60 months in length. This car's 3 year 15,000 miles per residual value is currently 50% and its 39 month residual value is currently 49%. Keep in mind that Nissan is offering $500 lease cash on all 2002 Sentras, excluding SER models. This will have an impact on your car's capitalized cost and lower its monthly payments.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi again, rxke. It is strange that the dealership that you are dealing with quoted you different residual values for these cars. Vehicles' residual values are set by the banks that one leases them through and individual dealerships have no authority to alter them. Perhaps your dealer is making it sound like these cars' residual values are lower than they really are so that they can mark-up the money factor or price of the vehicle without you noticing. Or perhaps they just made an innocent mistake. Either way, it certainly would not hurt to comparison shop at another dealership or two so that you can compare the deals that you are quoted.

    Car_man
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  • gazzagazza Member Posts: 3
    Car_man,

    Can you please provide the "official" money factor and residual for a 2002 VW Passat Wagon 1.8T GLS over a 24 month lease (12000 miles per year)?

    Thanks

    PS: See #2588.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, gatorfan. As far as the Land Cruiser goes, Toyota does not have any incentives on the 2002 model, but if you can find a 2001 models left on a dealer's lot many regions have up to $3,000 dealer cash on them to help clear them out.

    Car_man (a suffering Penn State fan)
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello Steve. Here is the information that you are looking for. If you were to lease a 2002 BMW X5 4.4 through BMW FS for 3 years with 15,000 miles per prior to the end of the month, its base lease money factor and residual value should be .00230 and 62%. The 12,000 miles per year residual value for this truck would be 64% for this term. If you were to lease a 2002 Mercedes-Benz C320K through MBCC at this time for 3 years with 15,000 miles per, the base lease money factor and residual value should be .00339 and 63%. The 12,000 miles per year residual value for this car would be 65% for this term.

    Car_man
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  • rxkerxke Member Posts: 168
    Hi CarMan

    The CT dealers money factor numbers seem right,
    A6 .00200 and A4 .00265. The dealer is pricing each car just under $1000 over invoice. Some dealers are even charging less but may not have the colors I want. Their residual numbers don't match with yours:
    A6 3.0 quattro A4 1.8 quattro
    15,000 miles 53% 57%
    12,000 miles 55% 59%

    I will call some of the other dealers to check it out. Thanks for your input. It is very much appreciated.
  • smd522smd522 Member Posts: 5
    CarMan - I understand that BMW has some pretty good programs on Certified Pre Owned 5 series. I am interested in a 36 mos/15k mile per year lease. I do not have a particular car in mind right now but would like to know what the rates are for a 98 528iA as well as how the residuals work. I believe that there is a difference based on the mileage of the vehicle, can you tell me how it is calculated, and what the differences are. If it makes any difference the cars I am looking at are Automatics, with the Premium Package. When do the programs expire? Also are there any other things to be aware of with leasing used? Ie: Other factors that will influence rate or residual and thus affect payments. Thanks for your help.
  • kbehnkekbehnke Member Posts: 60
    Thanks for the info, Car_man.

    Regarding the lease cash, do you know how long that offer is good for? Does this work similiar to a purchase rebate, i.e, just subtract the $500 from the final agreed upon lease price?

    Thanks again!
  • davv62davv62 Member Posts: 76
    Carman - thanks for replying to my question.

    Unfortunately, my sister has not kept her credit clean since May. I doubt very much that she would be able to lower her interest rate, or even get another loan at all, under her current circumstances.

    I don't think she can extend the loan because it already has a 5-year term.

    She is desperate to hold onto the car and lower her monthly payments, and converting to a lease was the only option that I could think of. If the car is repossessed, I assume she will have great difficulty getting financing on another car, even if it's a cheaper used car.

    My analysis is this: (1) Nissan credit is already on the hook because they lent her the money; (2) the loan is on a track toward repossession; (3) if they repossess at this stage, they will lose money because the value has depreciated much faster than the loan balance; (4) they therefore have nothing to lose by agreeing to convert the loan to a lease because at least that offers a chance that the obligation will be satisfied.

    I realize the idea is not optimal, but it is born of desperation. Based on what I have told you, is there anything other option that you can think of?
  • stanley22stanley22 Member Posts: 4
    I have CLK 320 coupe blk/gry lthr, 2001 ,10k miles
    loaded. Assume lease $700 month, 15k miles/year
    Stanley22 at Edmunds chat room
  • stanley22stanley22 Member Posts: 4
    I have a MB CLK 320, 2001, 10 k miles, coupe, loaded, blk/gry lthr. Leased for $700/mnth 15K miles per year. What are some ways You would recommend to advertise to have someone assume my lease. Great car but I could use 2 more doors. Thanks Stanley22
  • baseballmom94baseballmom94 Member Posts: 92
    Carman: Do you know anything about the new Ohio law which is supposedly going into effect Feb. 1, 2002? It will require consumers who are leasing a vehicle to pay the sales tax on the ENTIRE amount of the car monthly. Just wondering if you had any info on this.

    Also, is it possible to find better lease rates through another source other than the dealer. How does this process work? Do you take the lease paperwork to the dealer when closing a deal on the car? Thank you.
  • iwin611iwin611 Member Posts: 2
    Hi Car_man,

    Thanks for posting the Audi A6 information on Monday of this week. However, yesterday's Washington Post (12/10/01) carried a large ad with up to 1.9% APR towards purchase and some "Special Lease Rates" (not disclosed) on 2002 models. Have the money factors dropped again? I'm looking for an A6 3.0 with Multitronic transmission (or the Tiptronic if the numbers were better).

    Thanks
  • postoakpostoak Member Posts: 537
    A coworker who leases told me he has to pay an $800/year property tax on the vehicle. Why does he have to pay tax on a property he doesn't even own? Is this common/normal with leases?

    Also, does BMW publish money factors, residual values, and leasing terms somewhere online or do you have to contact them for such information?
  • chrism123chrism123 Member Posts: 47
    Car Man, I am looking to lease a 2001 9-5 Wagon. I believe there are lease incentives running through December 01. Do you have any information on the current programs (m.f., residuals, cap cost, etc).

    I live in New Hampshire and looking at a 3yr/12k mile lease. Looking at either the 9-5 SE or Base edition Wagon.

    Thanks,
    Chris
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, rxke. I am glad that I was able to help you out. If you think of any other questions, please don't hesitate to ask.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi smd522. I am sorry to say that I have not seen the details of BMW Financial Services' current Certified Pre-Owned Lease Program. I do know that BMW is one of the few manufacturers that actually provides a decent amount of support on certain Certified Pre-Owned vehicle leases from time to time. Most banks do not publish percentages that are used to calculate used vehicles' residuals. Instead with Pre-Owned lease programs they usually issue straight dollar amounts that are to be used as residual values. Since all vehicles that qualify for these programs are assumed to be immaculate, their condition should not be an issue when calculating lease payments. However, factors such as the vehicle's year, trim level, equipment, mileage, the length of lease that you are interested in, and the number of miles per year you want to be able to drive without penalty will all have an effect upon your vehicle's payment. I am sorry that I can't be more specific at this time about this car's lease parameters.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I am glad that I was able to help you out, kbehnke. Nissan almost always issues a new incentives program at the beginning of each month. However, they rarely discontinue cash incentives on their vehicles from one month to the next. I suspect that this $500 lease cash will still be around in January and that they will actually increase it to at least $750 at some point during the model year. That may be several months down the road though and is no guarantee that it will even occur. Lease Cash works just like regular consumer cash would. Negotiate a price with the dealership that you are shopping at that does not include any incentives and then have them subtract the $500 from your agreed upon capitalized cost.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi stanley22. Nice car. I personally love the CLK, but can completely understand the need for more room. I believe that your best bet for finding someone to assume your lease is to try one of the Web sites that are designed to help people who want out of their leases and shoppers meet up with each other like www.swapalease.com.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi again, baseballmom94. I don't live in Ohio, and although I have heard that they are going to change the tax laws in your state I do not currently know the exact details of the changes. You may want to try to see if either of the following Web sites have information on the subject: Ohio Bureau of Motor Vehicles or Ohio Department of Taxation. In answer to your second question, it is very very difficult for individual consumers to find a better lease program on their own than their dealer will be able to find for them. Manufacturers' captive finance companies, banks that are owned by or affiliated with the manufacturer of the vehicle that you are interested in, more often than not have the best available lease program on a given vehicle. Individuals can not arrange financing through a captive financing company on their own without going through a dealership. Furthermore, even if a captive finance company does not have the best program on a given vehicle, dealerships usually have access to computer programs that allow them to query the majority of the banks in the country to see which one is offering the most attractive lease program on a particular vehicle at a given time. Consumers can not possibly do this much research on their own. The best way to make sure that you are getting the best possible lease on a given car or truck is to negotiate a price and then find out what the lease parameters for it are by either asking myself or by shopping around at a few different dealerships.

    Car_man
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  • ronald15ronald15 Member Posts: 21
    Carman: Dealer has offered to lease me an 2002 GLS Passat Sedan 4 cyl, auto, 10k, 36 months with luxury and leather pkg.(no monsoon). for $338.00 per month plus sales tax. No money due at lease signing except for registration. Is this a good deal based on current residuals and money factors?.
  • superman5superman5 Member Posts: 154
    i am driving a rx300 right now but i am really tired of my car, yet i know i shoudl have leased since i like to change cars every 2-3 years, anyhow i am willing to trade in my car for some fun car to drive. I am looking to lease now since easier to change cars thats way, anyhow i dont want to have big payments so i am asking carman or anybody, do you guys know any special lease any car makers are offering, so i can take advantage of their special rate, i am lookign for something 4 door or 2 door, convertible is ok too, long as they are not suvs. (cars in my mind are like 325,z3,a4,is300,slk,etc , i guess something not too big and little snappy in speed) plz help me
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi iwin611. Audi has not made any revisions to its lease program since they initially introduced it on December 1st. They should have a base lease money factor of .00200 on the car that you are interested in. This is equivalent to an interest rate of around 4.8%. This is probably one of the "special" lease rates that they mentioned in their ad.

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