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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Mookie14, if your vehicle is still under warranty and is having exhaust problems you definitely should get it checked out at your dealer ASAP. If you warranty has expired and the problem is serious and very noticeable, you may want to think about getting it repaired before you turn your truck in. If it is not all that noticeable, you can always roll the dice and see if they notice, you never know the individual who inspects your truck may not.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    The Saab lease cash that I mentioned to you a few days ago is available for everyone, not just General Motors employees. If you or a family member is a GM employee, then you would qualify for the special price afforded by the employee purchase program program and any available cash incentives.

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  • gfelkergfelker Member Posts: 26
    Thanks for the reply on the audi a4. I assume the packages would be basically the same with quattrro included for both cars?
  • jefepro2jefepro2 Member Posts: 16
    Thanks for the info Car man! It is curious that they haven't released any info on the 03's both Toyota and Nissan, as there are currently those models at my local dealership. Oh well, thanks again. I will ask next week (Sept) to see if they have released them.
  • mitchs3mitchs3 Member Posts: 68
    Your help in leasing is greatly apprecited, Car man. Interested in 03 Odyssey, given it's high resale I am thinking about a lease. Do you have current numbers (money factor and residual value) for 36 or 48 lease at 12k per year. I realize you may be giving 02 numbers but I doubt 03 numbers will change much
  • pegasus17pegasus17 Member Posts: 536
    Carman, Please provide residual and MF data on 2003 Toyota Avalon XL. 36 & 48 months, 12k and 15k info. THX.
  • bradlake1bradlake1 Member Posts: 48
    Hi Carman:

    Thanks for all the advice you offer on this forum, it is greatly appreciated. Can you give some general advice about the Lease rates of Volvo vehicles (historically)? My wife and I are contemplating leasing the Volvo XC90 this winter. I have heard residual values are average to below-average for Volvos. It would be great if you could offer your opinion about what residuals might be expected for Volvo's new SUV. I live in Atlanta. Thanks Again!!
  • hoosierboyhoosierboy Member Posts: 25
    Hi All,
    I have two questions that I hope you can answer for me.

    1. If you trade in your leased vehicle at the end of the lease for another leased vehicle, do you pay a mileage penalty?

    2. Can you trade in a lease vehicle at any time during a lease and lease another vehicle? For example, if you lease a two door, and a year later you need a four door. Is this doable?
    Thank you for your input!
    Hoosier
  • KCRamKCRam Member Posts: 3,516
    Hi hoosierboy

    1. Depends on the lender. Many captive finance divisions (such as GMAC, Ford Credit, Toyota Financial, etc) will waive fees in return for repeat business if the miles aren't too far off the mark. Really excessive miles will cost you no matter what. Banks generally want their money because they have no vested interest in the vehicle - they sell money, nothing else.

    2. You can trade in a leased vehicle but you are still responsible for the entire value of the lease. If you sign a contract for 36 payments of $300, you owe that much money whether you keep the car 36 months or 2 months. In your example, if you decided to change cars after 1 year, you would have to hope that the car's wholesale value can cover the remainder of payments, otherwise it wioll cost you plenty to cut your lease. Most leases also have substantial early termination fees to discourage people from doing this. The numbers would look like this:
    - Lease: 36 payments @ $300 per month
    - Residual value at 36 months: $11,000
    - Amount owed after 12 months to buy out lease: (24x$300)+$11,000 = $18,200
    In order to avoid a negative balance, the car would have to be worth $18,200 after 12 months. Otherwise, you will pay the difference and any required fees.

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  • jgwoodsjgwoods Member Posts: 15
    Hey Car_man,

    What are the residuals and MFs for the 02 Civic LX/EX & 02 Jetta GLS 2.0 with a 36 month lease at 12,000 miles for August? Also are there any dealer cash/rebates/incentives for these models still going on?

    Thanks a million!
  • thornickthornick Member Posts: 5
    Is there any reason why I get a different result for the monthly payment on a Lexus GS300 using the Edmunds lease calculation formula than for example, the result from LeaseCompare.com? I am plugging in the same numbers but get different results. I am accounting for local taxes.

    Thanks in advance! Tom
  • cfg1cfg1 Member Posts: 85
    Did you include the $695 acquisition fee that LeaseCompare uses?
  • thornickthornick Member Posts: 5
    I add the acquisition fee in the total cost not the monthly payment.
  • cfg1cfg1 Member Posts: 85
    LeaseCompare adds the $695 acquisition fee to the cap cost to compute the monthly payment.
  • rmlinnrmlinn Member Posts: 22
    Thanks carman - I used the info I got on this board to get what I think is a nice deal on a A6 3.0 CVT with leather, sunroof and convenience package, I was fine with 10K/yr and 48 mos, $405/mo (not including tax)with $1515 out the door including 1st month, no security, all fees.. Sad to say, the 2.7 turbo was about$460 with same parameters without the convenience package, but alas, I'm a little short these days. They don't have a lot of 2002's left, so there are deals to be had. MSRP was 38575, selling price 35400, 44% residual, MF just under 1%. I looked at the Saabs, very nice and can't beat the price these days, but the A6 just speaks to me. I'll miss my ES300, it's been the best car I've ever had, but it's time to move on.
  • ogbuffguyogbuffguy Member Posts: 42
    i would like to know the lease rates for an Audi 1.8T Quattro, BMW 325ci and 330ci, and Mercedes C320, i dont know what car to choose, so i am going for the one with the lowest lease rate (hopefully its a better investment) i live in southern CA for a 36 month and 15k/miles a year, thanks a lot for your help!!
  • awdladyawdlady Member Posts: 4
    Hi carman,

    I was wondering if you could tell me the money factor on a base 2002 Acura MDX for 36 or 39 months in NY, 15K miles a year. Thanks for the assistance.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi everyone. As you may have been able to tell, I have been away on vacation. I am back and am ready and willing to answer any sort of questions that you may have. I think that the easiest way to handle all of these questions is for those of you who are still searching for an answer to re-post your questions in this discussion. Once you have done so, I will answer then as soon as possible. Thanks for your patience.

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  • brantmaximbrantmaxim Member Posts: 7
    I visited a hyundai dealership this weekend and was offered a tempting $11,600 for a Elantra GLS. What was shocking about the deal was the Chicago tax/total tax applied to the deal? The sales manager told me that there is an extra tax (total of three taxes) applied to the lease because I live in Chicago. This shot the lease price way up! He said that this tax only applied to Chicago leasees. Anyone come across this? Although the price was good, I walked because this sounded outrageous.
  • bradlake1bradlake1 Member Posts: 48
    Hi Carman:

    (Reposting)

    Thanks for all the advice you offer on this forum, it is greatly appreciated. Can you give some general advice about the Lease rates of Volvo vehicles (historically)? My wife and I are contemplating leasing the Volvo XC90 this winter. I have heard residual values are average to below-average for Volvos. It would be great if you could offer your opinion about what residuals might be expected for Volvo's new SUV. I live in Atlanta. Thanks Again!!

    --------------------------------------------------------------------------------
  • footiefootie Member Posts: 636
    Brantmaxim -

    Based on what I saw in a link to a Chicago Sun-Times article, unfortunately Illinois has some of the most discouraging taxation in the country on automobile leases.

    Automobile leases run as high as 50% of the volume on new cars in other states, and is only 20% in your state and even less in Chicago.

    First the state taxes the entire value of car being leased, which means you pay about as much sales tax on the car as if it were being bought.

    Then Chicago adds a 6% use tax on the lease on top of that.

    A big ouch!
  • brantmaximbrantmaxim Member Posts: 7
    That's really discouraging for leasing. With those taxes, it brings the monthly payment to near what one would pay if they financed the car. Defeats the benefit of leasing!

    Do these taxes (illinois and chicago use tax) also apply to cash or financed purchases or do they only apply to leasing?
  • pilotownerpilotowner Member Posts: 51
    Hi CarMan..

    Do you have residuals and MF data yet for the 2003 Accord? I am considering an EX sedan 4 cyl automatic, 15K miles a year..

    Thanks and I hope you had a great vacation!!
  • brantmaximbrantmaxim Member Posts: 7
    That's really discouraging for leasing. With those taxes, it brings the monthly payment to near what one would pay if they financed the car. Defeats the benefit of leasing!

    Do these taxes (illinois and chicago use tax) also apply to cash or financed purchases or do they only apply to leasing?
  • gfelkergfelker Member Posts: 26
    MF, residual, etc for September for Audi A4 1.8 with quattro/automatic, in Southeast, north carolina--
    thanks, and welcome back
    Mike
  • vino1vino1 Member Posts: 8
    Dear CarMan,

    I understand BMW lets you make up to 9 security deposits-can you advise how much each one reduces the money factor rate? Also can you provide the
    $ factors for the 2003 3 & 5 series BMW 36 month leases? Thank you in advance!!
  • jefepro2jefepro2 Member Posts: 16
    Could you please post the 2003 Toyota Tundra SR5 V8 for 12k miles and 36-39 months. I live in Missouri. Thanks

    Jeff
  • footiefootie Member Posts: 636
    Brantmaxim -

    I found out what I did by using a Google search on "taxes on automobile leases in Chicago". That produced a link: http://www.suntimes.com/classified/autos/faqs/buy_or_lease.html

    which had the info I used in my response to you.


    Since I am in the Boston area, I can't speak to the details in Chicago in a personal way. I remembered from some earlier posts that Chicago wasn't a very good place to lease cars.


    Good luck

  • mtnmikemtnmike Member Posts: 100
    Carman,

    Just to let you know I did a two year lease on my 2003 SuperCrew cab F-150. For a 2 year RCL (low mileage 24,000) the residual is 57% and 8% money factor. Believe it or not they quoted me 51% residual at 10.5% money factor for a 3 year RCL (low mileage 36,000) lease. The dealer's explanation is they are pushing 2 year leases. They also are giving $1,000 cash back on RCL renewals.

    My two year low mileage RCL on my 2001 F-150 SuperCrew was 61% residual at 9.5%. So things about evened out from that one to this one. Anyway I went with the two year which was my plans anyway.

    Mike V
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi bradlake1. Thanks for reposting your message. Volvo's new SUV looks like a great vehicle. I personally have a feeling that it will be very well received by the market. Consumers' opinions' have a very significant effect upon how strong a vehicle's residual values are. Although they are nothing to write home about, Volvo's residual values traditionally are not terrible either. At this point of the model year, most of their 3 year 15,000 miles per supported residual values are in the low to mid 50% range, which isn't bad. If I had to guess, I would say that the XC90's residual values will be fairly strong when it is initially introduced, at least in the high 50's or low 60's for a 3 year 15K lease. I don't think that you have to worry about this truck's resids, but only time will tell for certain what they really will be.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi pilotowner. From the looks of your user i.d., you certainly are a Honda fan. There's nothing wrong with that, they make great vehicles. And the 2003 Accord looks as though it will be another winner for them. Unfortunately, their August lease program just expired late yesterday and I have not had an opportunity to take a look at their September numbers yet. The last time that I saw their lease program, they had not published numbers for the 2003 Accord, but they probably will in their September program. If you check back with me late this week, I should have the information that you are looking for.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Mike. Audi's August lease program is scheduled to run through the end of today (September 4th). I suspect that you would like to know their subsequent program, which will be good for the rest of September. They probably will introduce those numbers either today or tomorrow. I will look for them for you and see what I can dig up. Please check back with me either tomorrow or Friday for an answer to your question.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello vino1. You are correct that BMW Financial Services allows consumers to make up to 9 additional security deposits in order to buy down the lease money factor that is used to calculate their monthly lease payments. The last that I heard, each additional deposit reduces BMW FS' normal lease money factor by 0.00010. As far as the specific lease numbers for 3-Series and 5-Series models go, I am going to need you to provide me with a little more information. First, let me know the specific models that you are looking at, i.e. 325i or 330xi. Then I am going to need you to tell me how many miles per year you wish to be able to drive without being charged an excess mileage penalty. Most BMW leases are with 12,000 miles per year, but they do allow consumers to lease with 15,000 or 10,000 miles per year as well. Also, I have not seen BMW's September lease program yet. I suspect that I will have had an opportunity to take a look at it by late this week. Please feel free to check back with me then with this additional information and I will try to help you out. Talk to you then.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Jeff. I have not seen Toyota's September lease program yet. Please check back with me early next week and I should have the information that you are looking for. Talk to you soon.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey Mike. Thanks for coming back to let us know how everything turned out with you lease. Enjoy your new truck.

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  • vino1vino1 Member Posts: 8
    Dear CarMan,

    Thanks for the early response. When you have the available info on the $ factors for 2003 BMW 15,000 miles per yr. 36 month lease.You might as well throw in the residuals also please. Cars I'm looking at are 325i,330i,330cic, and 530. Again thank you in advance, as you do a great service to all the car shoppers on this board!
    Caio,
    Vino1
  • lef4tylef4ty Member Posts: 3
    Carman,

    Looking for September residuals and money factors for the G35 sedan. 36/12, 39/12, 36/15, and 39/15. Also, is there a way to secure a lease rate before going into the dealer and being forced to use their money factor?
  • mlathammlatham Member Posts: 1
    Carman,

    I am seeing advertisements for large discounts on the 2002 VW Eurovan in Colorado. Could you please provide me with residuals and money factors for a 36 mo. 12k mi. lease? Are the discounts advertised dealer/mfr. cash that can be combined with their lease program?

    Thank you in advance.
  • joeg12joeg12 Member Posts: 5
    Hey Car-Man welcome back.

    I was quoted a MF of .00295 on a 02 Mercedes S500 (39 months, 59% residual). Seems high. Do you have any information?

    Thanks in advance.
  • footiefootie Member Posts: 636
    joeg12 - You should be able to negotiate aggressively on the S500. MB has had a lot more trouble moving S's than they expected. For example, Herb Chambers here in Boston has 26 of the S class on their lot. There's also lots of early returns that might have better lease prices too!
    Herb also has the 2 of the new '03 E500s ( or so their inventory says )both priced lower than the 2002 S430!
    The new E carries a much stronger family resemblance to the S than the old one. Might bear a look and if you can't get a deal on a year-old already S, why not get a new E that will end up being very popular.
    Good luck
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi lef4ty. I haven't had an opportunity to take a look at Infiniti's September lease program, yet. I should have had a chance to look at it by early next week. Please feel free to check back with me then for an answer to your question. Getting pre-approved for a lease before you go into a dealership is a little different than getting pre-approved for a loan. Many many independent banks provide loans on vehicles, with very attractive interest rates. However, there are not that many independent banks out there that consumers have access to that offer pre-approved leases for consumers who are shopping for a new vehicle. The ones that do exist usually have lease programs that are significantly worse than those that are being offered by manufacturers' captive finance companies.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mlatham. Volkswagen has been offering $1,250 dealer cash on all 2002 Eurovans, excluding Camper models. I suspect that they continued this cash or something like it for the month of September. This is probably how dealerships in your area have been able to advertise such low prices on this van. Unfortunately, this cash may not be used in conjunction with VW Credit's special lease or financing programs. As far as this van's specific lease numbers go, I have not had an opportunity to take a look at VW Credit's September lease program yet. Please check back with me on Monday and I will almost certainly have answers for your specific questions about this program. Talk to you then.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks joeg12. To the best of my knowledge, Mercedes-Benz Credit's Corp.'s lease program was scheduled to expire at the end of August. Last month they were offering a base lease money factor of .00295 on the 2002 S500, just as you were quoted. Even though this is not a very low factor, it is typical of the numbers that MBCC usually provides on its cars. They do from time to time offer a slight about of lease support on certain models, but nothing to write home about. Instead of providing money factor support to help dealers sell down their remaining 2002 S-Classes, Mercedes-Benz has been providing $2,200 dealer cash on the 2002 S430 & S500. This cash may be used in conjunction with MBCC lease and finance contracts. I have not seen Mercedes-Benz's September program yet, but expect to by the beginning of next week. I suspect that it will be very similar to, if not exactly the same as their August program, but please feel free to check back with me then to find out for certain.

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  • pgullopgullo Member Posts: 5
    Hi Carman
    You provide an incredible service here and I'm sure you've helped members of this board save thousands upon thousands of dollars in their vehicle purchases. I too am here for your help. I ordered my 2002 Odyssey EX from a dealer here on Long Island, NY for MSRP. Now I need to get the financing straight. Do you have the September residual and money factor available for a 36 month lease on this van?
  • pilotownerpilotowner Member Posts: 51
    Hi Carman,

    Now that Honda has (finally) released their 2003 pricing for the Accord, do you have residual and MF information...2003 Accord EX 4 cyl automatic 15K miles per year

    Also, does the September book list the same info for the 2002 model? If so, could you provide that also..

    Thanks!
  • cennis1cennis1 Member Posts: 31
    Along similar lines, I will be looking to lease either a 3.0 6-sp or 1.8T 5-sp in the Denver area sometime in Sept, probably towards the end.

    If anyone can provide details on Audi's Sept lease terms (residuals & MFs for 36-39 mos. 12-15k miles) it would be appreciated. Also, are they different between a left-over 2002 or a 2003?

    Thanks.
  • bradlake1bradlake1 Member Posts: 48
    HI Carman:

    My wife and I are going to test drive the Saab 9-5 sportswagon (versions Aero and Arc) this weekend. We live in Atlanta. Can you share lease rates for the AERO and Arc versions? We are pondering a 36/48 month term with 15K/year mileage allowance. I am uncertain if we can expect to pay less than MSRP (Arc $39,948 and Aero $41,398). We look forward to your valuable insight!!
  • bosbearbosbear Member Posts: 9
    Carman,

    One question, I am planning to buy a 2003 navigator at 500 over invoice. But have also been told that FMCC offers a 3.5% lease rate and if you prepay a 2-year lease the money factor almost goes to zero (0.10%). My thinking is to do this and purchase after two years in which I would have eliminated having to finance any of the residual for the first two years or pay the taxes on it for two years. What do you think am I missing something? Ford stated that their leases also carry GAP insurance.

    Thanks for your insight
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thank you for the kind words, pgullo. I am glad that you enjoy visiting this section of the Town Hall so much. I have not seen Honda's September lease program yet, but suspect I will have had a chance to take a look at it by some time early next week. Please feel free to check back with me then for this van's exact lease numbers. For now, I can tell you that Honda has not provided any sort of lease support on the current Odyssey since its introduction. As a result, if you lease one through American Honda Finance Corp., you will probably have to use their standard lease money factors. I have not seen if they have revised their base standard lease money factor for the month of September yet, but last month their 3 year base standard factor was a reasonable .00230.

    Also, in your post you mentioned that you ordered your van. Keep in mind that consumers are usually only eligible for the lease program that it actually available when they physically take delivery of their vehicles. As a result, if you do not take delivery of your Odyssey during the month of September, its lease numbers may be slightly different than the ones that I provide you with next week. Some manufacturers do allow incentives programs to be carried over for a short period of time on ordered vehicles, but not in all cases. Talk to you next week.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey pilotowner. As I just mentioned to pgullo, I have not seen Honda's September lease program yet, but suspect that I will have had an opportunity to look at it by early next week. Please feel free to check back with me then. Thanks.

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