Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
Options
Lease Questions - Ask Here
This discussion has been closed.
Comments
Ford is not currently providing any sort of lease rate support on the Escape. So if you were to lease one through Ford Motor Credit at this time, you would have to use their standard lease rates, which are not very good (I believe that they are around 9.something%, ouch). The 3 year 12,000 miles per residual value for a 2002 Ford Escape XLT Premium 2WD leased through Ford Motor Credit should currently be 48%. Mazda is not providing any sort of lease support on the 2002 Tribute right now either. So you are probably much better off leasing one through an outside lending institution than their captive finance company. If I was looking into getting either of these trucks, I would seriously consider financing them instead of leasing. Interest rates in general are pretty low right now and would be much more attractive than a manufacturers' standard lease program.
The lease programs for Toyota and Lexus were scheduled to expire at the end of January. I have not seen their February programs yet, but should have had a chance to look at it by late this week. Please feel free to check back with me then.
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Well, 2 more cars have made their way onto the list. What are the money factors and residuals for the VW Passat GLS 1.8T and the Nissan Altima S? Same deal, 36 months, 12k and 15k miles/year. Thank you so much.
Has anyone returned a truck? And if so, do they hit you for excessive wear if there are scratches inside the bed?
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Excess mileage charges for leases vary from bank to bank. You will need to ask the dealerships that you are working with to find out the exact cost per additional mile. If you believe that you will exceed your allotted mileage, it often pays to purchase extra miles when your sign your lease agreement rather than when you turn your car in because many banks provide a discount on miles purchased at the beginning of a lease term. I think that this post addresses all of the questions that you had, but if you think of any others, fire away
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
"Excess Wear
An excess wear charge results when the wear or damage to the vehicle is beyond normal vehicle wear. Any excess wear charge is determined at the time the vehicle is returned.
To help prevent excess wear, always maintain your vehicle in accordance with the manufacturer's recommended maintenance schedule. See your owner's manual for more details. For added convenience, SmartCare, an affordable maintenance plan, is available from your dealer.
Your leased vehicle insurance policy may pay to repair damage that would be considered excess wear. If your vehicle is in an accident, you should file an insurance claim.
Excess Wear includes such items as:
- Glass that is damaged or that you tinted
- A damaged or corroded body, trim, frame,
crossmember, suspension, engine, powertrain,
or other mechanical part
- Damaged paint
- A torn, damaged, or stained interior or
trunkliner
- Missing equipment that was in or on the
vehicle when delivered and not replaced with
the equipment of equal quality and design
(including a missing wheel, wheel cover, jack
or wheel wrench)
- A tire (including spare) that is unsafe, is
not the size and type the manufacturer
recommends, is recapped or a snow tire, or has
less than 1/8 inch of tread left at the
shallowest point
- A damaged or worn brake that does not meet
government safety standards
- Oil leaks or low oil pressure
- A malfunctioning electrical system, battery
or lights
- Any other condition that makes the vehicle run
in a noisy, rough, improper, unsafe, or
unlawful way
- Any other damage"
As you can see they basically mention any sort of damage that one can possibly think of a vehicle having in their description of excess wear and tear, but do not go into how extensive this damage is allowed to be. Many banks use the guideline that they will not charge their lessees for any scratches or dings that are small enough that they can be covered up by a credit card. There are two ways that you can get a better idea about whether you will be liable for any excess wear and tear on this truck when you turn it in. One would be to contact GMAC directly to see if they have some sort of lease-end packet they can send you. Many banks, such as American Honda Finance Corp. and Nissan Motor Acceptance Corp. for example, send their customers templates that they can use to evaluate their vehicle. These templates contain descriptions of what they consider to be excess wear and tear, along with actual measurement tools that one can use to evaluate their car or truck. You also may want to consider bringing your truck by a GM dealership prior to the end of your lease term. They should be able to give you a decent idea of whether or not you will have to pay an fines on your vehicle.
Car_man
Host
Smart Shoppers / FWI Message Boards
What a wealth of information you provide here.
Last week, I went to several dealerships looking to lease a 2002 Grand
Cherokee Laredo 4x4 F package. I was looking for a 36 month 12k/year lease
with as little money down as possible. I am currently leasing a 1999 Cherokee
sport whose lease is up March 20th.
The numbers they gave me seemed very high. So, yesterday I went to the
Chrysler financial web site and plugged the numbers in to see what lease
payment they would come up with. Those numbers seemed much more
reasonable, even with the 9% State Tax added on.
Did the money factor or residual rates just change, or were the dealerships
messing with the numbers?
Thanks in advance!...Shawn
I had known from Acura website that the 2003 TL Type S is available. Do you have any info. on the money factor and residual value on a 4 yr/12k miles per year lease? The website can't calculate the payment. It said need to contact dealer. I want to know this up front before step in a dealership.
Thanks.
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
The MSRP on the Cherokee I'm interested in is $28,935. I'm going to offer
$27,100. I am aware of the $2500 incentive on Cherokees and $1000 for
returning chrysler lesees. That should put the cap cost at $23,600 (unless
I screwed something up).
Thanks Again...Shawn
I have some more info. I just got off the phone with the dealer, and
we settled on a price of $27,975. They quoted me $440/month on a
36 month lease with $1995 due at inception, and a residual of $13,834.
Based on what I typed in at the chrysler financial web site, I get the
following. $27,975 - $3500 - $900 = $23,575 Cap Cost
Monthly payment = $316.68 + 9% Sales Tax = $345.18
Risidual = 13,258.70
So, it would seem that their quoted monthly payment differs
from the Chrysler Financial web site payment by almost $100/month.
And their residual is about $500 higher.
Are the Chrysler Financial numbers really that far off? Or is the
dealership playing with the numbers?
Thanks...Shawn
I am looking at a 2002 GMC Envoy SLT loaded. The GM Buypower price (internet price) is $200 over invoice (plus adv pricing) so...
MSRP $37825 and my price $32907 residual .44 lease factor 6.5 - monthly payment $0 down is 603.71.
Should I call another dealer and tell him I want a better residual - with GMAC. He said he would check other leases - came back and said he got a lower lease money factor(5.9 or 6.3%)but worse residuals - that was the best. He seemed pretty honest - books out etc. Did they recently change (Feb 3?) the residuals all around?
Any other info I can give to you to help... I just think a payment of $600/plus seems pretty high - but maybe this vehicles residuals aren't that great...
Thanks in advance!
M
M
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
From the below info. on a 03TL Type S with navigation system. Can you tell me the resdiual and money factor? Your Results
Your Estimated Monthly Payment is shown below.
LEASE
2003 TL
48 Months Term
12,000 Annual Mileage
$452.26
*Lease Summary: Required Refundable Security Deposit $475.00, 1st Monthly Payment $452.26, Capitalized Cost Reduction $0.00 to equal an estimate total of $927.26 due at lease signing
I got this from eacura.com
Thanks.
Car_man
Host
Smart Shoppers / FWI Message Boards
One question, I had noticed most of the MF and residual value that you quote is from the manufacture own finance company. For example, Toyota (Toyota Finance), Nissan (Nissan Finance) and so on. From my previous experience, all the dealers that I leased car with never use the manufacture finance company at the first place. Unless the manufactuer is subsdized the lease. I'll see the dealer use Bank of America, Banc One, Chase and so on. Is there a reason why the dealer is not using the manufacture own finance?
Anyhow what can be done about this fee. Called Chrysler financial talked to a supervisor he said they have nothing to do with it, strictly dealer charge. I am in the philly area.
It works out the deal is about 825 over invoice with this fee rolled into the price.
MSRP 31595
Invoice 29,032 from edmunds
Actual selling price 29845
cap cost reduction rebate 4000
cap cost reduction-money down 2800
total at inception 3308.94
monthly payment348.57 plus pa tax
Any suggestions. Thanks Mike
They can often be waived by the leasing company if the money factor is increased (Generally a very bad deal). GE Capital used to do this on their used car leases, but it required a .00050 increase in the money factor. On a $20,000 car with, say, a $11,000 residual, that was $558 over 36months plus tax on that. Not a good way to save $495 upfront. But we were leasing a lot of 2yr old Jaguars through them back in 97-00... Ouch!
It was similar with security deposits as well.
Also.. you may want to rethink the $2,800 cash down... I'd suggest paying the Bank Fee, First Payment, tags and security upfront only. That's a lot of cash to throw straight at the cap cost (Unlessit includes inceptions.. but even then, shouldnt you be closer to 1,200 just paying inceptions?) particularly if the Jeep has a subvented money factor. If it does, take advantage of the low rate (THis is like putting a huge down payment on a car with, say, 2.9% Financing. At that rate, buy as much of THEIR money as possible).
Also, see if you can sign the rebate over to the dealer and avoid the sales tax on it. Sometimes you can do this.
Hope this helps!
Bill
The advertisng fee, was it on the actual factory invoice? I was a GM dealer and Ad feesof as much as 2-2.5% were not unheard of. There are ways to tell if its BS or a legitimate item onan invoice.
Ona $40K++++ Car, that can be a lot.
If it helps, I have seen advertising charges on invoices for the following cars (Where pricing in relation to invoice is moot)
BMW Z8
Lexus SC430
Corvette ZO6
NewThunderbird
etc...
Bill
If I looked at the invoice, should I expect to see detail information, such as advertising, and the invoice cost of various options?
Thanks for the information. It really helps!
If so, scan it and post.. I can read them and can tell you if its legit.
If I remember right, Advertising on a GM is listed down near the destination fee, and does not have an item for the MSRP (As that would be illegal.. long story).
Hope this helps, but remember, its gotta be in the same typeface..etc as the rest of the invoice.
Bill
I can't believe that the numbers for the Saturn L series are so low! It sounds like a great deal financially if you're interested in that car. One thing that I find surprising is that the residuals on the Passat are quite a bit higher than for both the Altima and the Saturn L. Very interesting. Another intriguing bit is the numbers for the Jaguar X-type that I read in another post. I don't know what the prices are (mid 30's to 40's maybe?) but that almost sounds "doable" or within reach in the future perhaps.
As usual, you are a fountain of information and a huge help. Thanks again!!
SilverCrown
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
You're right about the X-Type lease program. It is very attractive right now. I just helped a friend lease a 2002 X a few months ago and she loves it. It is a lot of car for the money when you lease.
Car_man
Host
Smart Shoppers / FWI Message Boards
I scrolled about 100 messages, please forgive if this problem has been addressed previously. I have a 1999 Ford Expedition that I leased through a bank (Key Bank). My term (39 months) is up, I have had the pre-inspection and am ready to turn the car back to the bank (and pay them for mileage ($1000) and dents/dings($800)). Key Bank says I have to drop the car off at one of the local dealers where it will sit for a few weeks and then they'll have someone pick it up to take to auction in another 4-6 weeks after which they'll get back to me on how much I owe them. My problem is that Key Bank is telling me that I will have to keep insurance (I'm still liable) on the car until it is sold at auction, and I have no way of proving what damages occurred prior (or post) to me dropping the car off. 1) When I turn the car in, I do not want to be liable for insurance (e.g. Key Bank should take possession of the car and is responsible for any accidents, injury, damage, etc.)...I should be out of the picture. 2) Would an "Odometer Disclosure Statement" help me out here? 3) When I turn the car in, I want Key Bank to certify the condition of the car so I am not responsible for any additional damage that may occur subsequently. Am I being unreasonable?
Thanks for your time!
Car_man
Host
Smart Shoppers / FWI Message Boards
Car_man
Host
Smart Shoppers / FWI Message Boards
First, are leases available for less the 12,000 miles/year. I only need 8,000 or 10,000/yr.
How does that impact the residual figuires?
Next, could you provide me with the residual for a 48 and 60 month lease, for 12,000/yr(or 8,000 or 10,000 if available) Also the money facors?(I know that generally leases this long are not recomended, but I am going to get an extended warranty and Chrysler is offering 7/70,000 powertrain coverage.)
Last, if I make the entire "depreciation" payment for the lease up front, can I avoid paying interest?