Lease Questions - Ask Here

emmett1 · February 2001

I meant a 2001 Sebring LTD convertible....damn...where's my secretary when I need her?..LOL

cheapowner · February 2001

Anyone is leasing a Honda but not thru Honda Finance?

rjames27 · February 2001

Can anyone give me advice on leasing anew 2001.5 Passat GLS Wagon. I am looking at one with the 4 cyl Turbo, Luxury Pkg, Auto Transmission. Not really interested I the Cold Weather Pkg or Monsoon Radio but will take it that way if I have to. I would like to lease for 36-42 months with 15000 miles per year allowance. Any suggestion would be greatly appreciated as I have never leased before. Always paid cash in the past. Thanks

CarMan@Edmunds · February 2001

Hi glnelson1201. If you plan on driving 15,000 miles per year, then the 36 month residual value for a 2001 330i leased through BMW Financial Services would be a solid 62%.

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CarMan@Edmunds · February 2001

Emmett1, I am sorry to say that the Chrysler Financial 36 month, 12,000 miles per year residual value for a 2001 Sebring LTD convertible is still only 45%. That isn't all that strong when compared to the residual values for many German and Japanese automakers. Given the fact that Chrysler Financial does not have any lease money factor support on this car, one might think that they would be able to get a lower monthly lease payment on one by leasing it through a different bank. However, that might not necessarily be the case because if you decide to do so, I don't think that you will be able to take advantage of the $2,750 lease cash that Chrysler has available on the 2001 Sebring Convertible right now. I suggest that you shop around at a couple of different dealerships for sample lease payments to see what banks they run you through. Dealerships have access to computer systems that allow them to search the majority of the banks in the country to see what the best lease programs are for a particular vehicle at any given time. They will likely run your lease through the best one.

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glnelson1201 · February 2001

Hi Carman,

I hate to keep bugging you on this matter! But can you give me the Residual on the 325i Sedan with the miles and 36 month lease??

jyogi · February 2001

Hi Everyone.
I need some help here... About to try and purchase a Saab again, had a 92 that was a dream. I am looking at the Viggen, I see some great prices out there and need some help seeing what a Viggen would run, I can get GM Option 1 and am hoping that as well as the fact that they are chaging the body next year and pushing the 9-3's out. Does anyone know or can anyone figure out/find out the price of a:

2001 Saab Viggen 3 door
Black and heated seats.
36 mth lease 15,000 miles per year 2500 down GM Option 1.

If not I guess I am either going to end up getting a Jetta GLX or trying to extend my lease on a 1999 2 door Tahoe Sport. I guess I'd rather get a VW or stick with my big monster rather than get the smaller engine in the 9-3 coupe.

PLEASE Email me JYogi0265@aol.com

mmcbride1 · February 2001

Do you have the residuals on a 2001 Audi A4 1.8T Quattro? I'd be looking for either a 2 or 3 year lease at 12,000 per year (if you have both that would be very helpful). I would also like the money factors.

Thanks!

tank43 · February 2001

Hi Car man,

Can you give me Ford Motor Credit's current money factor and residual on a 2001 Ford
Ranger XLT SuperCab 4.0 2WD and Ranger Edge Plus Supercab 4.0 2WD.
36 month lease 12,000 miles per year.

Do you know how long the current money factor's and residual are good for ?
Thanks

buckless · February 2001

I'm looking to lease a Honda Accord Coupe ES 4Cyl. I'd like to know the current Money Factor and Residual through Honda Finance for a 3 year/ 36,000 mile lease. I keep getting different numbers from different dealers in my area. If you could also tell me what the bank fee should be it would be helpful.

Thanks Car_Man!

CarMan@Edmunds · February 2001

Don't worry about it glnelson1201. I am always glad to help out. The residual value for a 2001 BMW 325i Sedan leased through BMW Financial Services for 36 months and with 15,000 miles per year is currently 60% and with 12,000 miles per year is 61%.

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CarMan@Edmunds · February 2001

Hi jyogi. I would be glad to calculate a sample lease payment for you, but I will need some additional information first. As soon as you get back to me with this car's full MSRP and its selling price I should be able to let you know approximately how much money per month it will cost you to lease it. You can find out this car's GMO selling price by visiting the Web site www.gmfamilysavings.com. Talk to you soon.

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CarMan@Edmunds · February 2001

Hi mmcbride1. You certainly are in the market for an A4 at the right time. Audi recently introduced some excellent lease money factors for this model. They are the lowest that they have had in some time. Unfortunately, I don't have the exact details of their program with me right now. The 12,000 miles per year residual values for a 2001 Audi A41.8T quattro should be 68% for 2 years and 59% for 3 years. Off of the top of my head, I believe that the lease money factors for both of these terms are currently .00125, which amounts to about 3%. I will check around to make sure and get back to you if I was way off on the money factor.

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CarMan@Edmunds · February 2001

I would be glad to help you out, Tank. If you were to lease a 2001 Ranger XLT SuperCab 4.0 2WD through Ford Motor Credit prior to April 2nd for 3 years with 12,000 miles per the lease rate for this truck should be 4.75% and the residual value should be 49%. The equivalent numbers for a 2001 Ranger Edge Plus Supercab 4.0 2WD would be 6.5% and 50% respectively.

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mmcbride1 · February 2001

Thanks. Do you have any idea how long the money factor is good for? That sounds outstanding!

Correct me if I'm wrong, but using the following numbers, I calculate a lease payment of $367/mo. for 2 years and $334/mo. at 3 years, 12k.

MSRP - $29,600
Cap cost (assuming I can get them down to this) - $27,500
Residual - $20,128/2 yrs, $17,464/3 yrs
Monthly Depreciation - (27,500-20,128)/24=307/mo or (27,500-17464)/36=278/mo
Monthly interest - (27500+20128)*.00125=60/mo or (27500+17464)*.00125=56/mo

307+60=367/mo for 2 yr. lease
278+56=334/mo for 3 yr. lease

If that's the case, I'm definitely sold on the A4. Are they not selling well, or why would Audi give so much lease support (not that I'm complaining)?

mmcbride1 · February 2001

Assume I pay for inception fees up front (does Audi charge these?), and zero down, the lease #'s are before taxes.

ctorrey · February 2001

Car Man,

I just noticed your response to mmcbride1 where you mentioned a possible money factor from AoA of .00125. Does this apply to all 2001 Audi's or just the A4? Seems almost too good to believe.

Thanks.

CarMan@Edmunds · February 2001

Mmcbride1, I just double checked the lease data that I provided you with earlier. Although Audi does have a .00125 lease money factor available on the A4, unfortunately it is only good on the 2.8L & 2.8L quattro. If you go with the 1.8T you will have to use a higher lease money factor of .00250. This program is only good through March 6th.

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CarMan@Edmunds · February 2001

Ctorrey, the aforementioned lease money factor is only available on 2001 A4 1.8T models. Audi does have lease support available on most of its other cars, but not quite as much as they have on that particular vehicle.

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mmcbride1 · February 2001

OK, so do you have the residuals on an A4 2.8 Quattro (2 yrs/12k per and 3 yrs/12k per)? Thanks. I might be willing to go up if it will not cost much more...

Also, I realize the Money FActor is different, but was I using the right equation to calculate the lease payments above?

Thanks for all your help.

ctorrey · February 2001

Carman,

That makes sense. Earlier today I was quoted a current money factor of .00320 and a residual of 56% on a '01 A6 4.2 for 36 months, 12k miles (New England region). Neither of these numbers appeal to me considering the fact that 3 years ago my A4 2.8Q fetched a money factor of .0034 and a residual of 63% for a 36 month lease/12k miles (I realize things have changed in the leasing world over the past three years, but that's a big residual difference - even when compared to some of the figures you have put up for new BMW's recently). It was through UBVL, not Audi Financial. Any thoughts?
Thanks again for your advice.

CarMan@Edmunds · February 2001

Mmcbride1, the residual values that I originally posted were correct and I posted the correct lease money factor for the 2001 A4 2.8L in my last message to you.

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CarMan@Edmunds · February 2001

Ctorrey, I wonder why the dealership that you are working with ran your lease through a bank other than Audi Financial Services. Audi's captive lease program is significantly better than the one that you were quoted. Their 36 month 12K money factor and residual for a 2001 A6 4.2L are .00290 and 58% respectively. Perhaps you should try shopping around at a couple of different dealerships and ask why they aren't using Audi Financial if they try to run you through a different lending institution.

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mmcbride1 · February 2001

I have one more question for you: I just spoke to my salesman at the Audi dealership. He confirmed the .0025 MF on the A41.8T, but he said that was the buy rate and that I would pay a spread over the buy rate. I understand this is coommon practice with outside finance companies, but I was under the impression that I would not have to pay this spread if I used a captive finance company (Audi financial).

What do you think?

brose5 · February 2001

Car Man,

Can you provide me pertinent info (money factor, residuals, etc.) relative to leasing a Volvo S60 2.4T for 48 months and 12,000 mi/yr? (In reality, I only put on 9K mi/yr.) I have heard that leases are improving through Volvo Finance. Also, any feadback on who generally has better leasing numbers (Volvo, Chase, etc.)?

Thanks for your help.

tank43 · February 2001

Car Man,

Can you provide Residual/Money Factor for a Honda Accord LX 4DR V6
thru American Honda Finance. 36/48 Months 12,000 mi per year.
Please let me know how long the figures are good for .

Columbus Ohio Thanks

CarMan@Edmunds · February 2001

Mmcbride1, the lease money factor that I previously posted is the rate that Audi Financial Services is currently making available on this car. Dealerships do have the option to mark-up this rate to bake additional profit into your deal, but the marking up of rates is certainly the exception rather than the rule. To be totally honest with you, the marking-up of interest rates seems to have become a little more common than it was in the past now that invoice pricing is so readily available over the Internet. Consumers are beating up dealerships so badly over the prices of vehicles that they try to make some of the lost money up on the back end by selling extended warranties, service contracts, and by marking-up interest rates.

You shouldn't have a problem getting the base money factor when leasing this car. All that it would take would probably be to say that if they don't give you the base money factor you will lease from a different dealership. If they don't buy your bluff, shop around I am sure that there will be dealers out there who would be glad to lease you a vehicle without marking up the money factor.

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CarMan@Edmunds · February 2001

Hi brose5. Volvo finally had to introduce lease support on the S60 because without support in many instances they were actually more expensive to lease than an S70. Here is the information that you are looking. If you lease a 2001 Volvo S60 2.4T through Volvo Finance prior to February 28th for 48 months and with 12,000 miles per year, the money factor would be .00275 and the residual value would be 50%.

As a point of reference, Volvo has been advertising a national lease on the S60 2.4T w/Automatic Transmission, Premium Pkg., Cold Weather Pkg., & STC for 473/mo. with $1,500 down over 39 months with 12,000 miles per year.

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CarMan@Edmunds · February 2001

Tank43, I am sorry to say that Honda only has lease support on 4-cylinder Accords at this time. So, if you decide to lease a 2001 Accord Sedan LX V6 through American Honda Finance Corp. prior to the end of the month you will have to use their standard lease money factor of .00325 for both 36 and 48 month terms. The corresponding 12,000 mile per year residual values for this car are 58% and 51% respectively.

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ctorrey · February 2001

Once again, thank you(!) for your leasing insights. In regards to post #374, I just wanted to confirm that the lease figures you provided are for the Audi A6 4.2 and not the A8L 4.2. I noticed you included an "L" next to "A6" and, as far as I know, Audi doesn't make a "L"ong wheelbase A6.

AS: I also wonder why the dealership gave me bad numbers - greed perhaps? I'll straighten 'em out this weekend. Thanks again.

jwilson1 · February 2001

I've never leased before, so:

1) do you need to service a vehicle from the leasing dealer?
2) if I move to another state before the termination of the lease (as is possible), can I end the lease with another dealer?

Car_Man, I'm looking for good rates on an Acura 3.5 RL. "They" say that the new model will be appearing at the end of March/April. I recall they gave some very aggressive money to clear out the 2000s when that model year shifted. Should I anticipate that the same thing might happen? Any way of predicting? If it is likely, perhaps it would make sense to wait another month.

Take care.
Joe W.

bretfraz · February 2001

In answering your questions:

1. No. Your goal should be to maintain the car to mfr schedule. You'll want to keep the car in "like new" condition as any damage or alterations will likely be charged back to you. For example, if you have something like a cell phone installed and they drill into the console to mount it, you'll probably be charged for the damaged console. If you customize the suspension, you'll have to put it back like it was new. The lease company wants the car back in as close to perfect condition. That also includes things like tires. If the tread is worn, you'll either have to replace them or be charged for them. And you'll have to install comparable tires; not those "4 for $99" tires.

2. You can turn in your car at lease end to any similar dealer. I just did this (leased in IL, returned in GA). When/if you move you'll have to notify your leasing company. There might be an issue regarding taxes and that could change your payment. But the dealer issue is not a problem.

Don't let any of this scare you. It's really a piece of cake. My personal advice is to learn as much as possible about leasing (teach yourself how to calculate them) and read the contract carefully before signing as some lease terms and conditions can be quite different than a purchase.

Best of Luck!

lesleyallan · February 2001

Car_Man
I am just about to walk into Audi and put a price on the table for an '01 A6 2.7T. They had given me a leasing factor of .0030. Do you know if this is the base value, or if they have inflated it? Do these lease numbers change from state to state, or region to region? I live in Seattle WA. Any advice you can offer is greatly appreciated.

Lesley Allan

sairajo · February 2001

I am at the end of my 39th month lease with Chase Manhattan Bank for my SAAB. I have just received a letter from Chase that details what the process is for returning the car to them. They mention that they will come to my home to pick up the car and then evaluate/assess the condition of the car separately and send me documentation at a later time. Is this the normal procedure? Has anyone had any experience with Chase as a leasing company? I'm just curious...this is the first time I have leased, and I want to know what to expect (how stringent are they, is this how other leasing companies handle car returns, etc)..Thanks.

CarMan@Edmunds · February 2001

Ctorrey, the "L" was short for "liter", not for "long wheel base." I was definitely talking about the A6 and not the A8. Sorry for the confusion.

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CarMan@Edmunds · February 2001

Hi Joe. You definitely do not have to have a leased vehicle serviced at the dealership that you lease it from. You can have it serviced at any other dealership that sells the same product, have it serviced at a local garage or quick lube, or even maintain it yourself if you choose to.

Don't worry about moving in the middle of a lease contract. If you lease your car through a manufacturers' captive finance company, you can return it any any dealership that sells the same make. If you are leasing through a third party, they will likely will have drop off locations throughout the country.

If you are interested in leasing a 2001 Acura RL, then you are in luck. Acura has special lease rates on this car through February 28th. If you lease one prior to then through American Honda Finance Corp. you will be able to use a lease money factor of .00103 for up to 39 month terms. That is equivalent to an interest rate of slightly less than 2.5%!

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CarMan@Edmunds · February 2001

Lesley, the base lease money factor for a 2001 Audi A6 2.7L leased through Audi Financial Services prior to the end of the money is .00260 for up to 39 month terms. Although Audi does have regional variation in their lease program from time to time, they only have one national program going on at this point. So the above factor should be available in your area. It certainly sounds to me as though the dealership that you are working with is marking up the interest rate that they quoted you.

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gigik2000 · February 2001

I recently traded in my 1997 Camry on a new Camry. The dealer paid off the last two payments and turned in the car to the lease company. Originally the leasing company was VNFSC but has since been taken over by BankOne. I recently received a $2,032 bill from BankOne for Wear & Tear Damages. I believe this to be outrages, since the car was in excellent condition. For instance, they charged $405 for a missing center cap on one of the wheels. This was a problem from the beginning. Whenever one would fall off, the dealer would just give me one at no charge, because they said they were so inexpensive. The charges were many and all outrageous. Do I have any recourse? What can you recommend I do?

KCRam · February 2001

Hi gigik2000

You probably should sit down with a sales manager from the Toyota dealer and show him the bill you have received. If they have always just handed you the center caps, then there's probably a lot more on that bill that the dealer would agree is ridiculous. A well-written letter from the dealer to BankOne should get many charges reduced or eliminated (remember, the dealer is part of the lease contract), since they can prove that the charges are unwarranted.

Good luck and keep us posted.

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gperr · February 2001

Car_man,

What are the current Residual and MF for a:

Honda Prelude Base (5-spd)
12K Miles
24, 27, 30, 33, 36, 39 months

Thanks

Gregg

tank43 · February 2001

Car Man

What is the current residual / money factor thru American Honda Finance
for the 2001 Civic LX 4 Dr sedan automatic. 36 months 12,000 mi per year.

How long are these numbers good for ? And is the residual calculated on the MSRP
before the destination charge is added ?

Columbus Ohio Thanks

CarMan@Edmunds · February 2001

Gregg, the following is the information that you asked for. If you decide to lease a 2001 Honda Prelude through American Honda Finance Corp. right now, you will have to pay their standard lease money factors of 0.00365 for 24 to 30 months and 0.00325 from 33 to 48 months. This car's 12,000 miles per year residual values are 65% for 24 mo., 63% for 27 mo., 62% for 30 mo., 60% for 33 mo., 59% for 36 mo., and 57% for 39 mo.

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CarMan@Edmunds · February 2001

Hi Tank. The lease money factors for a 2001 Honda Civic would be the same as the ones that I posted in my previous message. This car's 3 year, 12,000 mile residual value is currently a solid 61%. This residual value is based upon your vehicle's full MSRP, I believe including destination charges. AHFC's current lease program is good through the end of the month.

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glnelson1201 · February 2001

Hi Carman,

Can you give me the residual and the money factor on the T5, for 36 months with 15,000 miles annually Thank you!

jdleano · February 2001

hi carman
i have several questions for you first do you know what the going aquisition fee is for volvo. i got quoted a fee of $650.00 dollars and i noticed on edmunds a fee of $495.00 dollars can they vary?? or is this dealer markup. second i was also given a factor of .00185 if i put down a multiple security deposit of $4750.00 for 48 mo 12k miles/year; cap cost = $30320.00; monthly payment = $422.09 total out of pocket = $6266.09; does this sound ok?? what do you think of multiple security deposits??? and is the lease factor correct or does it sound like there is fluff added to it? thanks in advance!

ks10596 · February 2001

Car Man,

Earlier you had posted an Audi A4 money factor of .00125. On message #369 it sounded like this was only available for the 2.8 and 2.8T but on message #370 it sounded like it was only available on the 1.8T. I just wanted to get clarification on this please sir. Also, can you give the residuals on whatever model it is for 3 yrs at 12/15K miles.

Thanks in advance!

edhillary · February 2001

Was just quoted the following for immediate delivery. Left a cancellable deposit.

BAse MDX List 34850.
Sell Price 34850 including delivery

Cap Reduction - 1590
Sales TAx 6%

Cost/Mo for 42 Months - 520
Residual 20500

Does that sound fair at today's lease rates?

CarMan@Edmunds · February 2001

Hi glnelson1201. I would be glad to help you out. Traditionally, Volvo's lease programs have varied quite a bit from region to region. However, fortunately they are currently running a national lease promotion on the 2001 S60 that I can tell you about. If you lease this car through Volvo Finance prior to the end of the month you will be able to take advantage of a special lease money factor of .00280 for 36 month terms. Also, the 36 month, 15,000 miles per year residual value for a 2001 S60 T5 is currently 54%.

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CarMan@Edmunds · February 2001

Hello jdleano. Volvo Finance's lease acquisition fee is currently $495. There are two possible reasons why the acquisition fee that you are being charged to lease a Volvo would be different. One is that the dealership that you are working with may be running your lease through a bank other than Volvo Finance. If you are sure that you are being offered a Volvo Finance lease, then it is likely that the dealership is marking-up the acquisition fee to bake additional profit into your deal.

The lease money factor that you were quoted sounds reasonable to me. It certainly is much lower than the .00275 normal supported money factor that Volvo is offering for 48 month terms on this car. You need to decide if making a $4,750 security deposit that they will keep for four whole years is worth the approximate 2.15% break in the interest rate that you are being provided. I personally don't think that it is and would probably just lease this car without the extra security deposits, but I know many people who have leased using MSDs and seem to like it.

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CarMan@Edmunds · February 2001

Sorry for the confusion, ks10596. The .00125 lease money factor is only available on 2001 A4 2.8L Sedans. The 36 month, 15,000 miles per year residual values on this car are 51% for 2WD models and 53% for quattro models. To figure out the 12,000 miles per year residuals, increase the aforementioned residuals by 2%.

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