Lease Questions - Ask Here

CarMan@Edmunds · June 2002

Hey Gregg. If you were to lease a 2002 Civic Sedan EX through American Honda Finance Corp. this month for 2 years with 12,000 miles per, their base lease money factor and residual value should be .00090 and 60%, respectively. The 30 month numbers should be .00090 and 58%. Lastly, the 36 month numbers should be .00090 and 58%, respectively. Unfortunately, Honda is not providing any sort of cash on the Civic right now, just the special financing and lease programs.

Car_man
Host
Smart Shoppers / FWI Message Boards

terry07 · June 2002

Hi Car_man, I am interested in leasing a Honda Pilot for either 36 or 48 months. The AHFC numbers I recieved from dealers based on 15,000 miles is: residual-36 months-64%. 48 months-57%. Money factor - .00255. Most are quoting me $600 out of pocket for around $400/month before taxes based on MSRP of $29730 (EX). One dealer says they have to add a $550 security deposit another says they have no security deposit. One more question: If I were to wait a couple of months, would the lease terms become less favorable either with higher money factors and lower residuals as we get later in the year, as there terms are maybe aggressive because it is a new model (one dealer's opinion)? Thanks, I really enjoy this site and find it very informative.

dayers · June 2002

Hello Carman,

Two related questions.

1) lease info (money factor/resid) on 36month, 12K miles lease for Audi A4 1.8T Avant. I live in Alabama and would buy here, Georgia or Tennessee.

2) how are residuals and finance rates calculated on balloon financing plans (Audi calls Premier Purchasing). Same basics on car.

Is there a good place to learn about this second financing option (pros/cons)

Thanks

rxke · June 2002

HI Carman!

Could you please provide me with the money factor and residuals for a Maxima GLE for 36 or 39 months and 12,000 and 15,000 miles per year. Also, is the Maxima changing in 2003 or 2004 to get some of the suspension upgrades that the Altima received?

Thanks for your help!

RXKE

voicemailking · June 2002

Leasing a 2003 TL Type S, 36 months, 15K per year, no money down ($550.00 out of pocket),then 35 payments at $389.00 plus tax. Does that sound good??? After dealing with 3 Acura dealers this was the best i could get...Any advice as i am supposed to pick up car tomorrow....I am in South Florida...thanks in advance

mlattin · June 2002

Hi CarMan,

I've been looking into leasing a 2002 Xterra XE (auto, power package, utility package) I've gotten a quote from carsdirect.com for 21,500 (Seattle area). The dealership I spoke to said 60 mo was available, whereas the nissan site says it only goes up to 48 months. Do you know the residuals and MF for either term?

Also, could you calculate the payments with 750 cap reduction, but adding 3,000 for my upside down trade in? (I know that's bad to do, but I can't stand my current car)

The dealer also said that there was an option to turn the lease into a purchase at 24 mos, keeping the payments close to the same, but adding I think a year to the term. Do you know anything about that?

Thank you,

Megan

CarMan@Edmunds · June 2002

Hi terry07. I am sorry to say that I have not seen the lease program for the new Honda Pilot, yet. However, it is safe to assume that Honda is not providing any sort of lease support on it at this time. So if you were to lease one this month through American Honda Finance Corp., you would have to use their standard lease money factors. The last that I heard, AHFC's base standard money factor for 48 month leases was .00240. Although this may have been revised since I last saw it, it is much more likely that the dealership that you are working with is attempting to mark-up the base lease money factor on this new popular model in an effort to bake additional profit into your deal.

It is difficult to predict exactly what a manufacturer will do with their future lease programs. Vehicles' residual values will always gradually fall as the model year progresses, but the residuals for a new model like this will probably do so at a much slower rate than those of a normal vehicle. If I had to guess, I would say that the Pilot's residual values will not fall that much in the next couple of months. As far as the money factors go, this will depend a great deal upon what happens to our economy and what the Fed does with their rates. I definitely don't think that rates are going to get any lower, but whether or not they increase over the next several months is anyone's guess. I certainly do not foresee Honda adding any support to the Pilot any time soon.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Hello dayers. If you were to lease a 2002 Audi A4 1.8T Avant through Audi Financial Services in any of the states that you mentioned for 3 years with 12,000 miles per, their base lease money factor and residual value should be .00240 and 59%, respectively. As far balloon notes go, they are not very popular in most parts of the country, so I do not personally keep tabs on manufacturers' programs for these deals. I suspect that Audi would be providing a similar level of support on balloon notes for this vehicle, but unfortunately I can not get any more specific than that.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Hey rxke. I would be happy to help you out. If you were to lease a 2002 Nissan Maxima GLE through Nissan Motor Acceptance Corp. for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00230 and 53%, respectively. The 12,000 miles per year residual value for this term would increase to 54%. If you were to lease this car for 39 months with 15,000 miles per year, the numbers should be .00238 and 52%. The 12,000 miles per year residual value for this term would increase to 53%. When negotiating a lease on the 2002 Maxima, make sure to keep in mind that Nissan is providing $1,000 lease cash on it this month that may be used to reduce this car's capitalized cost. I do not believe that the Maxima is scheduled for a major redesign until the 2004 model year.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Hi voicemailking. Do you know what sort of capitalized cost you were able to negotiate on this car? This is a very important number to know. Without it, you will never know exactly how much money you are being charged for the car that you want to lease. For now, I will calculate a sample lease payment that you can use for the sake of comparison on a 2003 Acura TL Type S without Navigation using its base MSRP of $31,830 and Edmunds.com True Market Value of $30,854 as the capitalized cost. Using these numbers and AHFC's base lease program, I come up with a zero down, pre-tax monthly lease payment of $422. So the deal that you were quoted certainly looks good and as though it is based off of a price that is below the Edmunds.com True Market Value for this car.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Hi Megan. Let me begin by saying that I personally feel as though 60 months is way too long for anyone to lease a vehicle for. This is a long time to commit to one vehicle and a lot can happen during the length of a lease that long. Not to mention the fact that the 2002 Nissan Xterra only comes with a 3 year/36,000 mile bumper to bumper warranty (although the powertrain warranty is longer). If you have problems with your car after this 3 year period is up, you may have to pay to fix them out of your own pocket prior to returning your vehicle at lease-end or face a penalty for excess wear and tear.

Having said this, Nissan Motor Acceptance Corp. does indeed offer 60 month leases if that is the way that you want to go. If you were to lease a 2002 Nissan Xterra XE 2WD through NMAC for 60 months with 15,000 miles per year, their base lease money factor and residual value should be .00244 and 40%, respectively. The 48 month 15,000 miles per year numbers for this truck should be .00244 and 46%. The aforementioned numbers were for the V6 Xterra. The 4-cylinder model would have the same money factors, but its residual values would be 1% lower than the ones that I provided you with. If you were to lease a 2002 Xterra 4-cyl. 2WD (MSRP: $18,539 / Cap: $17,420) through NMAC for 60 months and with 15,000 miles per year, $750 down, and $3,000 negative equity, I believe that your pre-tax monthly lease payments should be right around $273 or so. Of course this assumes that NMAC would let you roll $3,000 negative equity into this lease, which there is a good chance that they will not let you do.

As far as the option that the dealer mentioned to you, it sounds to me as though they are saying whatever thay can to try to persuade you to lease this truck for a long time so that they can get the monthly payments into a range that you can afford. NMAC does not have such a policy. Of course, anyone can purchase their leased vehicle at any time that they would like, assuming that the bank that they are leasing it through allows them to do so, but this certainly is not a special program and there definitely is no guarantee that you will be able to keep you monthly payments at the same level.

Car_man
Host
Smart Shoppers / FWI Message Boards

stuartbonia · June 2002

Please let me know the current money factors and residuals for the 2002 QX4 4WD for 12k and 15k miles. This is for Michigan.

Also, do you know what the current rebate is on this vehicle?

Thanks

CarMan@Edmunds · June 2002

Hello stuartbonia. Here is the information that you are looking for. If you were to lease a 2002 Infiniti QX4 4WD through Infiniti Financial Services this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00113 and 52%, respectively. The 12,000 miles per year residual value for an otherwise identical lease would be 53%. There is currently $2,000 dealer cash on the 2002 QX4, but only $500 of this cash is compatible with the IFS special lease program.

Car_man
Host
Smart Shoppers / FWI Message Boards

dan__2 · June 2002

Hello Car_man.
I just read your BMW 5-series money factor in the above post. Would this be the same for a 3-series in the MN area? I was quoted a money factor that equated to something closer to 7% which seemed a little high to me.
Thanks.

CarMan@Edmunds · June 2002

Hi dan__2. No the BMW 3-Series would have a different lease program than the 5-Series would. If you were to lease a 2002 BMW 325xi Sedan through BMW Financial Services this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00250 and 58%, respectively through July 1st. Given the fact that a money factor of .00250 is equivalent to an interest rate of right around 6%, it sounds to me as though the dealership that you are working with is attempting to mark up the base BMW FS money factor for this car in an effort to bake additional profit into your deal.

Car_man
Host
Smart Shoppers / FWI Message Boards

purchasingsoon · June 2002

Thanks Car_man, that info will come in handy tomorrow. Wish me luck!

hpowders · June 2002

I need your help Car Man. I will begin shopping for a 2002 325I Sedan lease for 36 months 36000 miles-automatic transmission plus premium package. The MSRP including destination charge is $32195. Is $1500 over invoice($31060) too much to expect for the capitalized cost? Also what money factor is a fair one for this vehicle for someone with a very good credit rating? I have seen 0.00249(5.9%). I believe I saw in a previous post that 58% is the expected residual for the 3 series. Is that about right? Do they figure the destination charge as part of the residual calculation? I don't intend to buy the vehicle at lease end so I would like as high a residual as possible to keep my monthly payments down. All in all Car Man what do you think is a fair monthly payment for this car before taxes assuming the $31060 cost, 36 months, and 36000 miles? Also,how much time do I have to make this deal due to the 2003 model change-over?
Thank you very much!
Howard

rxke · June 2002

Hi Carman!

A friend of mine is interested in getting one of these cars within the next week or two. He lives in NY. What are the residuals and money factors for the 2003 Maxima and the Infinite G35? The lease would be for 36 months and 12,000 per year.

Thanks again for your very helpful info. It really makes a difference when you go into a dealer armed with your info.

RXKE

gracevw · June 2002

Car_Man,

I'm back with another question!! One of my local VW dealers has new 2001 Beetles they are trying to get rid of. They have the GL listed at $13,995. Depending on the money factor, is it worth it to lease a car that is almost two years old even if it is technically new? Will I still get the three year warrenty from date of delivery?

Thanks again!!

gracevw

tlivac · June 2002

My 1999 9-3 SE (5 speed)is due to come off lease on July 22. The purchase value was 31,200. I put down an additional $1,700 in cash not including 1st month, security, registration fees, sales tax. I am including the $595 acquisition fee in this number because I consider it to be a cost associated with leasing the car. The total of my payments is 13,494. The residual on the contract is 16,817, Chase is offering me the car for $15,033 plus tax.

I'm trying to fiugure out if I should:

1) buy the car and keep it
2) buy iy, sell it and upgrade to a 9-5 wagon
3) turn it in and go for the 9-5 wagon.

I'll be about 5,000 over in mileage ($750) and the condition of my tires is a bit suspect. Except for some minor dings from rocks and such, the car is in great shape.

tlivac · June 2002

Is it true that to get the best lease deal, one should tell the dealer that you want to buy, negotiate the price and then switch to a lease based on the negotiated price?

jb_thecser · June 2002

Car Man, can I get the money factors and residuals for 3 year/12k per leases on Ford Explorer XLT AWD (both V6 and V8 - haven't driven one yet, if there's any difference between them in resids and MFs). TIA!

natasha2002 · June 2002

I am a student and want to lease new Chevy Cavalier Coup for 2 years with 0 downpayment. I don't know much about 1) the best price on Cavalier these days after $3000 cash back (if applicable to lease option);2)what is the residual value of the vehicle after two year lease; 3) what is appr. monthly lease payment;4)What is the lowest lease interest rate. Also, I would like to know about range of monthly collision insurance rate on Cavalier.
Please save my student funds in bargaining with dealers.:)

I'm in Dallas, TX

Thanks in advance. Natasha

CarMan@Edmunds · June 2002

You're welcome, purchasingsoon. Good luck in your negotiations.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Hello Howard. I believe that $1,500 over dealer invoice for a 2002 BMW 325i is a reasonably aggressive price given the market for this car right now, but it should be attainable. You will probably have to comparison shop at a few dealerships to get this price though. If you were to lease this particular car through BMW Financial Services this month for 3 years with 12,000 miles per, their base lease money factor and residual value should be .00250 and 60%, respectively. When using this percentage to calculate a vehicle's dollar residual value the destination charge is included in the price.

According to my calculations a 3 year 12,000 miles per BMW FS lease of a 2002 BMW 325i (MSRP: $32,195 / Cap: $31,060) should have a zero down, pre-tax monthly lease payment of right around $452.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Hey RXKE. Here is the information that your friend is looking for. If they were to lease a 2003 Nissan Maxima through Nissan Motor Acceptance Corp. right now for 3 years with 12,000 miles per, the base lease money factor and residual value should be .00280 for all trim levels, and 55% for the GLE, 49% for the GXE, and 53% for the SE. As far as the 2003 Infiniti G35 goes (nice car by the way) if your friend were to lease this car through Infiniti Financial Services this month for 3 years with 12,000 miles per, their base lease money factor and residual value should be .00260 and 55% (56% without leather).

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Hi gracevw. It is interesting to see that your local Volkswagen dealership still has 2001 Beetles in stock. Very few 2001 models are still out there at this point. Unfortunately, it really does not make much sense to lease a 2001 model this late in the year. No manufacturers that I am aware of, including Volkswagen, are providing lease support on 2001 models any longer. Most of them ended their supported lease programs on 2001 models several months ago. In fact, you may not even be able to lease this car through VW Credit at all this point. You will need to check with your dealer to find out for certain. Still, given the lack of lease money factor support and the extremely low residual values that any 2001 model would have at this time, I personally do not think that leasing one makes sense right now. If you were to purchase or lease this car, you would still receive its full warranty.

Car_man
Host
Smart Shoppers / FWI Message Boards

gracevw · June 2002

Car_man,

Thanks for the advice!! After considering it further, I have to agree with you! I will be dealing on a 2002 for sure. Actually, I was just at one of the dealers last night but that is a post for another forum!

Anyway...thanks again!

gracevw

hpowders · June 2002

Thanks very much Car Man for the comprehensive answer.
Howard

CarMan@Edmunds · June 2002

Hi tlivac. If your haven't been in any major accidents and you enjoy driving your current car, then purchasing it at the end of your scheduled lease term is certainly an option that you might want to explore. I suggest that you compare the price that you were quoted for your car by the bank that you are leasing it through to what it would realistically cost you to buy a similar vehicle on the open market today. You can get a good idea of what similar vehicles are selling for right now by looking up this car's True Market Value here at Edmunds.com or by paying a visit to the Real World Trade In Values discussion over on the Smart Shoppers Message Board. If the price that you were quoted to purchase your current car is less than or in line with what is would cost you to buy a similar vehicle, then this is an option that you definitely should consider. Remember, if you purchase your vehicle at the end of your term, you will not have to pay any excess mileage or excess wear and tear charges. So this is at least an additional $750 in savings that you will realize if you were to buy your car that you need to keep in mind. Even if you decide to upgrade to the 9-5, you should still investigate purchasing your car at lease-end. If it turns out that your vehicle is worth significantly more on the open market than its purchase option price, then you can always buy it and sell it on your own or trade it in.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Tlivac, the prices of leased vehicles can be negotiated just like the prices of vehicles that are paid for with cash or financed. You do not necessarily have to mislead the dealership that you are working with into believing that you are paying cash or financing, but when shopping for a car or truck that you plan to lease make sure to be firm and not to let your salesperson steer your discussion to monthly payments. Establish the price that you are going to pay for the vehicle first, then you can get into a discussion about what your monthly lease payments should be like. Misleading your salesperson will only lead to confusion about what incentives are available on the model that you are interested in.

Car_man
Host
Smart Shoppers / FWI Message Boards

iamaddman · June 2002

Hi Carman,

I have gotten a quote from a dealer on a 2002 Envoy SLE as follows:

MSRP 33590
Cap 28429 (2961 Discount / 750 Bonus cash / 450 internet discount)
55% residual
.0022916 money factor
Zero down (excludes taxes)
36/mo 12K

They quoted me a price of $506.00/mo

When I do the math I am coming up with $414.07/mo

First do the residual and money factor sound correct.
Second based on the numbers the dealer gave to me whos payment is correct.

Any help would be greatly appreciated.

Thanks

CarMan@Edmunds · June 2002

Hey jb_thecser. Ford has not introduced a lease program for the 2003 Explorer yet. It is hard to say when they will come out with a lease program for this truck, but if I had to make an educated guess, I would say that they will introduce lease programs for many of their new 2003 models when their current program is scheduled to expire on July 1st. Please feel free to check back with me later on in the month or early next month and I will let you know if they have published rates and residual values for this model.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Welcome to the Finance, Warranty, and Insurance Message Board, Natasha. Unfortunately, the $3,000 consumer cash that General Motors is currently providing on the 2002 Chevrolet Cavalier may not be used in conjunction with GMAC's lease program. The exact price that you are able to negotiate on a 2002 Cavailer will depend upon what trim level you are interested in, i.e. a Base Cavalier, the Cavalier LS, the Cavalier LS Sport, or the Cavalier Z24. It will also depend upon what options you want this car to be equipped with. If can provide us with the exact details of the model that you want, we will be able to give you an idea of approximately what you should be able to buy one for. Regardless of the trim level that you decide to get, I can tell you that the market for the Chevrolet Cavalier is very soft and you should be able to purchase one for right around dealer invoice or slightly above even without any cash incentives. All 2002 Chevrolet Cavaliers leased through General Motors Acceptance Corp. this month should have a 2 year 15,000 miles per base lease rate and residual value of 3.5% and 50%, respectively. I would be more than happy to calculate a sample lease payment on this a Cavalier for you, but first I need you to provide me with the exact MSRP and purchase price of the car that you are interested in. Talk to you soon.

Car_man
Host
Smart Shoppers / FWI Message Boards

jb_thecser · June 2002

Maybe they're 2002 Explorers, then. They're the new body style that are at dealers right now. Could you give me the resids and MFs for 3 year/12k per leases for the following?

2002 Explorer XLT AWD V6
2002 Explorer XLT AWD V8
2002 Subaru Outback Wagon base
2002 Nissan Pathfinder SE

All auto tranny, if that matters. Wife can't drive stick. TIA.

gracevw · June 2002

Car_man,

OK - here I am (again!). I don't like someone else to do my work for me, but you offered...:)and I would like to double check to make sure I go in with a fair offer for everyone.

I am looking for a 2002 Beetle GL; 10K mi./month; no bells and whistles - the absolute base model; here in NY tax is 8%. From what I saw on the printouts I mentioned in the "Ask a dealer" forum the MF was 2.05% (possibly slightly higher, but definitely under 3%). He came at me with $271.??/month and $373 in DMV, etc. - this seems high to me though.

Again...I thank you.

gracevw

bretfraz · June 2002

Took me forever to find this but I think it'll help with calculating taxes on your lease. It's important to note that NY has a different tax system than most states:

http://www.leasetips.com/salestax.htm

bretfraz · June 2002

Took me forever to find this but I think it'll help with calculating taxes on your lease. It's important to note that NY has a different tax system than most states:

http://www.leasetips.com/salestax.htm

gracevw · June 2002

Ah-ha!! Now it begins to make sense! Thank you for finding that information.

What I still don't like, nor understand, about what this dealer did is that they subtracted the residual from the sum of the invoice (inc. fees), acquisition fee, and the taxes which effectivelly increased the amount I would have to pay over the life of the lease. Am I making any sense here??

gracevw

CarMan@Edmunds · June 2002

You're welcome, gracevw. I think that the 2002 Beetle is the right way to go. Good luck in your negotiations.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

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

Car_man
Host
Smart Shoppers / FWI Message Boards

jnijankin · June 2002

Hi Carman!

Hope all is well. I would like to know if there is a way to confirm a money factor so that the dealer isn't profiting on it. I am about to lease an Audi TT and you told me that Audi Financial's money factor for the month was .00200 while the dealer says it is .002150. It may not be a lot but anything is something. Can this be a bargaining tool, because if I can confirm that Audi Financial's factor is in fact .00200 then I can show this and they can't say anything, correct?
Thanks for your input and look forward to you reply.

CarMan@Edmunds · June 2002

Hello iamaddman. General Motors currently has two different incentives programs running on the 2002 GMC Envoy. Which one you are eligible for will depend upon the region that you are in. The more supported of the two programs provides a 36 month GMAC lease rate of 3.5%, while the less supported program provides a rate of 6.5%. The money factor that you were quoted, .0022916, is equivalent to an interest rate of right around 5.5%. So, if I had to make an educated guess, I would say that you reside in an area that has the 3.5% rate and your dealership is marking up GMAC's base rate 2% in an effort to bake additional profit into your deal. Either that, or they are running your lease through a bank other than General Motors Acceptance Corp. Using the numbers that you provided in your post, a 3 year lease on a 2002 GMC Envoy with an MSRP of $33,590, a capitalized cost of $28,429, a lease money factor of .0022916, and a 12,000 miles per year residual value of 55%, I come up with a pre-tax monthly lease payment of right around $384. However, when using GMAC's actual supported lease program (3.5% lease rate & 54% residual value) I come up with a payment of $354 per month. Either way, the monthly lease payment that you were quoted to lease this truck look to be a little on the high side to me. If I was you, I would definitely comparison shop at a few different dealerships in your area.

Car_man
Host
Smart Shoppers / FWI Message Boards

CarMan@Edmunds · June 2002

Sure thing, jb_thecser. Please keep in mind that Ford's lease program often varies depending upon what part of the country one is in. For the areas that I have seen their current lease program for, if one was to lease a 2002 Explorer 4-Door XLT 4WD through Ford Motor Credit for 3 years with 12,000 miles per, their base lease rate and residual value should be 2.0% and 41%. As you can see this truck has fairly low residual values on it right now. This is the case with captive finance companies' residual values for many models being offered by the Traditional Big 3 Domestic automakers right now, especially Ford and DaimlerChrysler. Many banks got burned by overestimating residual values, especially on trucks, a few years back and they are determined not to make the same mistake twice. As a result, their residual values are much less attractive than they were a few short years ago.

As far as the Nissan Pathfinder goes, if you were to lease a 2002 Pathfinder SE 4WD through Nissan Motor Acceptance Corp. this month for 3 years with 12,000 miles per, their base lease money factor and residual value should be .00155 and 53%, respectively. Their 39 month lease parameters for this truck, .00133 and 52%, are actually a better deal at this point. Unfortunately, I have not seen the lease program for the Subaru Outback lately, so I can not help you out there.

I know exactly how you feel about not being able to get a stick. I actually prefer to drive vehicles' with manual transmissions, but my wife claims that she doesn't know how to drive one. I actually taught her how to drive stick a few years ago, and she was very good at it, but it makes her nervous in traffic, which I can certainly understand.

By the way, don't forget the lease cash that is currently being offered on these trucks. I believe that Ford currently has $1,500 lease cash on 2002 Explorer 4-Door models and that Nissan currently has $1,000 lease cash on 2002 Pathfinders. This money should have an impact upon the capitalized cost that you are able to negotiate.

Car_man
Host
Smart Shoppers / FWI Message Boards

gracevw · June 2002

Does anyone know what the money factor is for a 36 mo. lease on a Beetle GL? I think the dealer is high, but I can't get the information from VW directly.

Thanks,
gracevw

iamaddman · June 2002

Carman thanks so much for the info. I definetly plan on shopping around. I do have 1 more questions regarding a program GM has to buyout existing lease / smartbuy customers. I have been told that GM will buyout existing lease / smartbuy customers if there lease expires by a certain date, and they purchase or lease a new GM vehicle. The problem is I have gotten three different dates? They are End of Sept '02, End of Dec '02, and End of Feb '02. My question is do you happen to know about this program, and if so which date is correct.

Again,

Thanks for all of your help

Adam

copychick · June 2002

CarMan, I'm hoping I didn't make a mistake last night.

My 39 month Saturn SL2 lease through Chase would have been up in 2 months. Chase sent me a letter saying I could either buy out the car, return it to Saturn and lease another car, or return it to Saturn period. I cannot find my lease agreement (yes, I know that's a really dumb thing to do).

Last night I bought an '02 Chevy Impala and the Chevy dealer paid off the remaining $600 on my lease. The dealer told me I could turn my leased car right into them and that Chase would be picking it up that night (this dealer does work with both GMAC and Chase). Prior to buying the Impala, I asked him whether I should have the Saturn detailed and cleaned before returning it. He assured me that people return their cars without cleaning them up all the time and that I shouldn't bother. So I did not clean the car at all (just removed my stuff).

I asked him whether Chase would be coming after me for additional money after relinquishing the car and he told me it wouldn't happen (yes, I know that was dumb of me--didn't realize it at the time). The car was in average shape--no real dents, a small ding here or there, some scratches (only 2 were deep), a small chip/crack in the windshield, it needed new tires, and the rear brakes were going. The oil was just changed a week ago (I hadn't intended to buy the Impala so soon).

I do remember that this Chase lease included a stipulation that Chase will cover the first $1,200 in damages. They also have one month's security ($299) from me.

CarMan, what do you think the chances are that I will end up owing any more money? This was the first time I ever leased, and I had no idea they could come after me after the fact (until I read the earlier posts on this board).

Hoping you can put my mind at ease,

-Nicole

butchbr73 · June 2002

Has anyone dealt with and leased a car from Nissan? I am thinking about it, but scared as hell from the lease-end charges..... How are they when you turn your car in? Should I steer clear of leasing a Nissan (Maxima), or are they a good car to "lease"? I have owned 3 of them, but debating on the lease option b/c I seem to trade, on the average, every 3 years and end up fighting for the value of the trade-in....

What are the current residuals and money factors for a 2002 Maxima SE and GLE? When do they end? If I wait till July, would it be different? If so, do you have an idea of what is coming down the road?

thanks,
Brent

allenallen · June 2002

Lease terms, for Mercedes C230, on Long Island, residual of 60% for either 36 or 39 months with 15K miles/year. Money factor of .00245. But the dealer hasn't put anything in writing yet. Does this sound about right?

fladriver · June 2002

I'm looking at the Audi A6 2.7T for a 42 month lease. With the options I want the MSRP is $43600. I was told the interest rate is 1.2% and the residual is $18,139.65. Anyway, my deal is that I would pay $1600 to drive off, then 41 payments left at $499+tax.

First question: does that sound like a good deal?

Second question: it seems like I'm getting the car below invoice! Is there a rebate on this car now, and if so how much?

Lease Questions - Ask Here

Comments

Helpful Tools

Most popular vehicles