Lease Questions - Ask Here

CarMan@Edmunds · January 2002

Good morning, multiplechoice. Audi has different lease programs for the 2002 A6 depending upon what exact model you are interested in, i.e. A6 2.7T, A6 2.8L Avant, A6 2.8L Sedan 2WD, A6 2.8L Sedan quattro, etc... It would be a big help if you could be a little more specific about the exact car that you are interested in leasing. Talk to you soon. Thanks.

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CarMan@Edmunds · January 2002

Hi kjana. If you were to lease a 2002 Audi A6 4.2L, great car by the way (a friend of mine leased one a few months ago), through Audi Financial Services this month for 3 years with 10,000 miles per the base lease money factor and residual value should be .00075 and 50%, respectively. You were absolutely correct when you stated that vehicles' residual values naturally decline as the model year progresses. Many automakers do indeed increase their lease money factor support on vehicles as their residual values drop in an effort to maintain a similar lease payment. Their money factors on the A6 4.2L are already equivalent to an interest rate of less than 2%, so it is difficult to say how much Audi will drop the money factors on this particular model, if they do so at all.

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CarMan@Edmunds · January 2002

Greetings lalakrsfan. I bet you that I could have guessed that you live in Southern CA by looking at your user i.d.

. In your post, you mentioned that you are interested in leasing this truck for between 36 and 48 months. Well, Nissan's lowest money factors for this particular model are for 39 month lease terms, so I will provide you with the information for a lease of that length. If you were to lease a 2002 Nissan Pathfinder LE 4WD through Nissan Motor Acceptance Corp. this month for 39 months with 15,000 miles per year, the base lease money factor and residual value should be .00226 and 52%, respectively. I don't know if you would be interested in a Pathfinder SE, but the money factors for that trim level are lower than the LE and its residual values are slightly higher, too, making it a slightly better vehicle to lease. As far as how to calculate a vehicle's residual value goes, you are absolutely correct. You should multiply its residual value percentage times the full MSRP of the vehicle plus the full MSRPs of all of its factory installed options.

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CarMan@Edmunds · January 2002

You're welcome, Alex. I am glad that I was able to help you out.

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CarMan@Edmunds · January 2002

Thanks for letting me know where you are planning on leasing this truck, Mark. As you may have seen in some of my previous posts on leasing DaimlerChrysler vehicles, their lease program often varies depending upon what part of the country one is in. I don't know whether the model that you mentioned is a Laredo or a Limited, so I will provide you with the money factors for both. As far as the length of your lease goes, Chrysler Financial has a stronger lease program for 36 months than for 39 months on this truck, so that is the information that I will give you. If you were to lease a 2002 Jeep Grand Cherokee Laredo 4WD in the Detroit area through Chrysler Financial for 3 years with 12,000 miles per right now, you should be able to use a base lease money factor and residual value of .00145 and 50%, respectively. If you were to lease a Limited 4WD using the same lease terms, the numbers should be .00190 and 47%, respectively.

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CarMan@Edmunds · January 2002

I am glad to see that you enjoy this section of Edmunds.com so much, Daniel. Many banks do allow consumers to pre-pay their leases in exchange for a break in the lease money factor that they are charged. Rather than publishing an entire set of special money factors for pre-paid leases, BMW Financial Services has a standard deduction that they use in conjunction with their normal money factors. Unfortunately, I do not know exactly what the deduction that BMW Financial Services uses is. Pre-paying leases can make sense for people who have the cash to do so, if the reduction in the money factor used is significant enough. Another path that you may also want to look into is making multiple security deposits on a normal lease. BMW Financial Services allows its lessees to make up to 9 additional security deposits on their leased vehicles. With each additional deposit, BMW FS will reduce their money factor by a certain amount. This is another good way for consumers who have the cash to lower their lease payments.

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CarMan@Edmunds · January 2002

I am sorry to hear that you are not comfortable in your new Camry, mdiver65. Unfortunately, I have a strong feeling that it is going to be very expensive for you to get out of this car at this point. Chances are that you are upside down on it and owe significantly more on it than it is worth in the open market right now. If this is the case, you will either have to roll your negative equity into your next vehicle loan or lease or pay the difference between what you are able to get for your car and what you still owe on it out of your own pocket. As far as the Avalon goes, you certainly would not have to ordinarily have to pay full MSRP for one. However, when taking your negative equity from your current lease into effect you may indeed have to pay the equivalent of full MSRP for an Avalon, if not more. As I am sure you are well aware, you are in a tough situation. Place a call to Toyota Financial Services, or whatever bank you are leasing your car through, and find out how much money it will cost you to purchase your Camry at this time. Probably the best way that you can minimize your loss on the Camry would probably be to try to sell it on your own rather than trading it in. Consumers are almost always able to get more money from a private sale than from trading their car or truck in.

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CarMan@Edmunds · January 2002

Welcome back, silvercrown. I don't believe that anyone has asked about leasing a Toyota Highlander yet this month. To the best of my knowledge, Toyota does not have any sort of lease money factor support available on the 2002 Highlander in any part of the country at this time. So if you were to lease one through Toyota Financial Services right now, you would have to use their standard lease money factors. Their standard 3 year money factor is currently .00280 and the 3 year 15,000 miles per residual values for the 2002 Highlander are 60% for the 4WD and 59% for the 2WD non-Limited models. The 12,000 miles per year residual values are 2% higher than the ones that I mentioned.

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kjana · January 2002

Thanks, CarMan!

teo · January 2002

Car_man::: I am interested in getting the latest Money factors, inceptions, mileage, etc on a new 325i sedan. I typically drive less than 12K miles per year and take exceptional care of my cars. My credit report beacon score is currently above 750 points.

I live in Miami and would like some guidance on what to expect in terms of leasing a new 3 series directly from BMW Financial services.

I appreciate your response.

silvercrown · January 2002

Thanks for the info, Car_Man. I'm surprised that you haven't had many inquiries for the Highlander. I thought it was pretty popular. I can hardly believe that I'm even considering an SUV, but the Highlander seems really nice. Hopefully, by the time I might decide to get one, the lease deals will be more advantageous.

Thanks again!

SilverCrown

silvercrown · January 2002

Hi Car_Man,

Out of curiosity, what are the money factors and residuals for a 2002 Nissan Altima SL (or S) 4 cylinder? A long while back, I asked for lease info on the SE V6 model and the numbers seemed pretty high. What is the current info for a 3 year lease for 12k/15k miles per year on the 4 cylinder models?

Thanks so much.

SilverCrown

CarMan@Edmunds · January 2002

No problem, kjana.

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CarMan@Edmunds · January 2002

Hi teo. Given your credit situation, you should not have any trouble qualifying for BMW FS' best rates. If you were to lease a 2002 BMW 325i Sedan through BMW Financial Services right now for 3 years with 12,000 miles per, the base lease money factor and residual value should be .00230 and 62%, respectively. As far as the fees that are due at lease signing go, you will likely have to pay your car's first lease payment, a security deposit of this payment rounded up to the closest $25 or $50 increment, an acquisition fee of $525, and any sort of down payment that you wish to make. I personally believe that it is a good idea to lease with as little money down as possible.

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CarMan@Edmunds · January 2002

You're welcome, SilverCrown. The Highlander has been selling fairly well. I personally think that it is a great truck. I see tons of them on the roads in my neck of the woods. As far as SUVs go, the Highlander is one of the more car-like models on the market. So if you are used to driving cars, this is probably a good direction to go if you need additional utility.

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CarMan@Edmunds · January 2002

SilverCrown, I personally think that Nissan did an outstanding job with the redesign of the Altima. They have some very lofty goals for this model now. Nissan is making an effort to sell them without provising much in the way of support. As a result, there is not any cash or special financing rates on it and the lease rates aren't anything special. Given how extremely competitive the segment that this car is in, I personally believe that Nissan will ultimately have no choice but to crank up the support on this car somewhat. If you were to lease a 2002 Altima 2.5 S or SL through NMAC this month, the 3 year base lease money factor would be .00235.

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teo · January 2002

Thanks Car_man!

shaker58 · January 2002

any deals on a minivan or 7 pass suv I live in ny and looking for a 3 yr lease with 12000 miles

multiplechoice · January 2002

here is more info that should help you in getting the info I asked for in a prior post. I am looking at the Audi 2.7T and would like to know what programs are available and till when? (15k/yr, 36 or 42 mo,). If you can, I would also like the figures for a GS430. Thanks. By the way, Mdiver65, might want to consider an aftermarket seat, ie. Recaro, or someother brand for his "02 Camry.

silvercrown · January 2002

Thanks for the money factor, Car_Man. What are the 3 year residual values for the S or SL for 12k/15k miles per year?

Thanks again.

SilverCrown

CarMan@Edmunds · January 2002

I am glad that I was able to help you out.

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CarMan@Edmunds · January 2002

There are lots of decent lease programs on vehicles that can be used to haul many people around, shaker58. No one particular model stands out above all of the rest in my mind. What specific models are you interested in? I would be more than happy to look at the current incentives and lease programs of a couple of models that you provide me with and let you know what I think of their current programs.

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CarMan@Edmunds · January 2002

Thanks for the additional information, multiplechoice. If you were to lease a 2002 Audi A6 2.7T (great car BTW) through Audi Financial Services prior to March 5th for 3 years with 15,000 miles per, the base lease money factor and residual value should be .00165 and 54%, respectively. I have not seen a 42 month lease program for this car, but the 39 month figures would be .00165 and 52% and the 48 month figures should be .00185 and 47%. If you were to lease a 2002 Lexus GS 430 through Lexus Financial Services prior to January 31st, the 3 year 15,000 miles per base lease money factor and residual value should be .00260 and 54%. Again, I have not seen the 42 month lease figures for LFS, but its 39 month numbers should be .00260 and 54% and its 48 month umbers should be .00260 and 48%.

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CarMan@Edmunds · January 2002

You're welcome, SilverCrown. The 3 year 15,000 miles per NMAC residual value for a 2002 Nissan Altima 2.5L S should currently be 52%. The 36 mo. 15k resid. for the 2002 Altima 2.5 SL should be 51%. The 12,000 miles per year residual values for these models should be 1% higher than the aforementioned numbers.

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mgt6103 · January 2002

Do automaker's special financing rates on purchased vehicles apply as well to lease interest rates? ex. "5.9 % APR on 36 month financing." How does one discover the lease interest rates(money factor) available when shopping for a leased vehicle? Also, are incentives applicable to both new and leased vehicles. Thanks!

shaker58 · January 2002

on the suv side my wife likes the yukon slt,ml320,or the acura on the caravan it would be toyota or honda

baseballmom94 · January 2002

After studying Edmunds prices and negotiating tips and getting the money factors and residuals from you, we finally went to lease a new '02 Yukon today. Two things appeared on the final lease contract that made me a little curious and hoping we didn't get taken. A "rent charge" appeared under the depreciation amount. Also, a GMAC administrative fee of $595 was charged. The dealer said there was not way to get rid of this fee. However, the total monthly payment was the same as the payment that I figured when doing the lease calculations.

Here are the numbers:

Gross Cap Cost: $36461 (including $595 admin. fee)

Minus the GM Rebate: -$2002

Adjusted Cap Cost: $34,459

Money Factor Rate: 6.5%

Residual: 51% $20,562

Monthly Payment: $537 before taxes
$568 after taxes

Does this sound right to you or did the financial guy pad this deal at the end?? I thought I did everything right, but I'm starting to wonder!

baseballmom94 · January 2002

Another thing: when the sales guy was figuring up my total on the phone last week, he said taxes would be about $2065 on the Yukon. According to the lease contract, the taxes are $31 per month -- $1116 total.

silvercrown · January 2002

Thanks, Car_man. Boy, the residuals for the Highlander were a lot higher than for the Altima. I can't wait to crunch the numbers. :-)

Thanks again.

SilverCrown

CarMan@Edmunds · January 2002

Mgt6103, the special financing rates that you see manufacturers advertising on television and on their Web sites may only be used to purchase vehicles, not to lease them. If a manufacturer has special financing rates on a particular model though, there is a very good chance that they have special lease rates on it as well, just different rates. The same sort of policy usually exists for cash incentives. One should assume that the cash incentive that is available to consumers who purchase vehicles is not compatible with its special lease program. This cash often may be used on special leases, like the bonus cash that General Motors has available right now, but this definitely is not always the case. If you have a specific vehicle that you are interested in leasing, I would be more than happy to give you an idea of what the lease rates and lease cash that are available on it right now should be like.

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CarMan@Edmunds · January 2002

No problem, shaker58. Let's take a look at the vehicles that you are considering. The GMC Yukon has $2,002 bonus cash that may be used in conjunction with its lease program right now, which is nice. However, its lease rate is nothing special (6.5%) and neither are its residual values. Neither the Acura MDX or the Mercedes-Benz M-Class have any sort of cash or special lease programs available on them this month. You should be able to haggle a little bit more on the M-Class, but the MDX has a better standard lease program. Neither the Toyota Sienna nor the Honda Odyssey have any special lease rates that I am aware of. There are special financing and cash incentives programs on the Sienna in certain regions though. As I am sure you are well aware, the dealers will be much more willing to work with you on the Sienna's price than on the Odyeesy's.

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CarMan@Edmunds · January 2002

Congratulations on your new truck, baseballmom94! If the lease payment that you calculated came out the same as the payment that the dealership quoted you then you are probably in good shape. The only thing about this deal that looks a little strange to me is the $595 acquisition fee. It is true that all banks charge an acquisition fee, or a bank bee, on their leases. However, the last time that I heard, General Motors Acceptance Corp.'s acquisition fee was around $400. Individual dealerships do have the authority to mark this fee up to bake a little extra profit into a deal. This may be what happened here. Even so, it certainly looks as though your research paid off. You were able to get the truck that you wanted at a good price and lease payment. Enjoy!

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CarMan@Edmunds · January 2002

No problem, SilverCrown. I am always glad to help.

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mgt6103 · January 2002

eaweg · January 2002

Carman,

What kind of money factor and residual will I be looking at for a 2002 325ci and 330ci on 3 year lease? Also, could you ballpark a figure for me with no cap cost reduction? I just want metallic paint, sunroof, leatherette, sport package, and xenon headlights on either.

kmurray66 · January 2002

The $595 GMAC "Assignment Fee" is also in my deal and is legit. I was also able to calculate your pmt to the dollar. The invoice + $49 part of your deal is particularly good. In the NE, short wheelbase Yukons are very scarce and $500-$1,000 above invoice appears to be the norm. I assume your total cash out of pocket was the first month pmt. and any inception fees (e.g. registration, window etching etc.)

BTW, for mgt6103 the MSRP is $40,317.65 ($20,562/.51) - simple algebra.

subrab · January 2002

Hi CAR_MAN,

Can you give me the important lease numbers for the 2002 CR-V EX automatic? Are there any lease specials from Honda Finance for this vehicle in Pennsylvania?

Thanks in advance for the info.

precise1 · January 2002

can i get a quote on a ford lease on a 2002 f150 12k/36 months. the truck will be a 4x4 supercab, with a lariat package.

mgt6103 · January 2002

CAR-MAN: thanks for previous info... I am looking at 2002 Maxima SE's with 6 spd transmission(s). What would the money factor(s) and residual(s) be on a 36 month lease at 12,000 and 15,000 miles/year on a "loaded" (no dvd nav)6 spd Maxima SE? Do you expect these numbers to change after January 31st? Also, the current Nissan incentives are good. Do you think that they will be available after January 31st (i.e. February)? Basically, I'm 2 months from turning in my current lease and am trying to wait until February to lease my next car -- but I'm wondering if I should act now? Thanks!

CarMan@Edmunds · January 2002

Good morning, eaweg. If you were to lease a 2002 BMW 325Ci through BMW Financial Services for 3 years with 15,000 miles per the current base lease money factor and residual value should be .00230 and 60%, respectively. Also, the lease numbers for the 2002 330Ci should be .00205 and 60%, respectively. I would be more than happy to calculate a sample lease payment for you if you provide me with the full MSRP and cap cost of the model that you are interested in. BMW is currently advertising leases on both of these models. They are promoting the 2002 325Ci at $319 per month with $2,500 down for 3 years with 10,000 miles per and the 2002 330Ci at $389 per month.

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CarMan@Edmunds · January 2002

Hi subrab. As I am sure you are aware, the redesigned CR-V has been very popular since it was introduced. So, Honda has not felt the need to provide any sort of support on it. If you were to lease a 2002 Honda CR-V EX 4WD through American Honda Finance Corp. right now for 3 years with 15,000 miles per, you would have to use their base standard lease money factor for this term of .00225 and a residual value of 62%.

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CarMan@Edmunds · January 2002

Hi precise1. By quote do you mean that you are interested in an approximate monthly lease payment or are you just interested in the lease rate and residual value for this truck? If you are looking for a sample lease payment, I will need you to provide me with the full MSRP and the price that you believe you will be able to negotiate on this vehicle.

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CarMan@Edmunds · January 2002

You're welcome, mgt6103. Here is the new information that you are looking for. If you were to lease a 2002 Nissan Maxima SE through Nissan Motor Acceptance Corp. for 3 years with 15,000 miles per prior to the end of this month, you should be able to use their base lease money factor and residual value of .00244 and 53%, respectively. The 12,000 miles per year residual value for this term should be 54%. Also, Nissan is providing $525 lease cash on this car that may be used to reduce its capitalized cost. It is difficult to say what Nissan will do with this car's lease program for the month of February. I personally do not expect them to make any dramatic changes, but one never knows for certain until the official program is released. I highly doubt that they will reduce their support on this car, so you probably don't have to rush to get out of your current lease.

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eaweg · January 2002

Thanks Car_Man! Last question, does the $2500 down include the sceurity deposit and acq. fee or is that strictly a down payment and the security deposit and acq. fee are extra?

mgt6103 · January 2002

CAR-MAN: Sorry about "nickel and diming" you with multiple posts... Could you find 36 and 48 month lease interest rates/money factors and residuals assuming 12,000 miles per year on (1) Lexus IS 300 5 spd (2)Audi A4 3.0 quattro 6 spd? Are these "January specials?" Thanks a million.

seqlady · January 2002

Hi Carman,
The 2002 A4, 1.8T, 5speed, sunroof, heated seats, canvas beige or silver; 12K miles/yr, 39 month or 48 month lease....can you provide numbers please? Thanks a bunch!

wasabi911 · January 2002

Hi Car_man

Can you provide me the money factors and residuals on a 36 month lease at 12,000 and 15,000 miles for these 3 cars? Are there any special lease programs available?

Thank you!

CarMan@Edmunds · January 2002

Eaweg, the $2,500 that BMW is advertising in their sample lease payments is only a down payment. Your car's first month's payment, security deposit, and acquisition fee would also be due at lease signing if you were to go with this particular deal.

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CarMan@Edmunds · January 2002

Don't worry about it, mgt6103. I am always goad to help out. Unfortunately, you missed the year-end specials that Lexus was offering on most of its vehicles. Fortunately, the IS 300 is the only model that they actually still have supported lease money factors available on. If you were to lease a 2002 Lexus IS 300 with a manual transmission through Lexus Financial Services this month, your best option would be to lease it for 39 months because this is where they are providing the support on this model. The LFS 39 month base money factor and 12,000 miles per year residual value for this model are .00255 and 51%. As far as the Audi A4 goes, (awesome car BTW, I love what they did with the redesign) if you were to lease a 2002 A4 3.0L quattro through Audi Financial Services during the month of January for 3 years with 12,000 miles per, the base lease money factor and residual value should be .00215 and 58%, respectively. The 4 year factor and residual should be .00225 and 51%.

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CarMan@Edmunds · January 2002

Hi seqlady. Here is the information that you are looking for. If you were to lease a 2002 Audi A4 1.8T quattro through Audi Financial Services during the month of January for 39 months with 12,000 miles per year, the base lease money factor and residual value should be .00215 and 58%, respectively. The 4 year factor and residual should be .00225 and 53%.

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