Hey guys, I just pulled up my credit report, it does show the lease on there but when I went to see the "rank" it stated "TO EARLY TO RATE" This was from Equifax, the lease started in 10/99. I don't know why they can't rate it. This should imporve my credit score once it's rated right? Or is already included in my score? My score is 550 and I would like to at least bring it to the mid 600's
Hi, I'm a reporter at the L.A. Daily News and am looking for Southern California car buyers to talk to for an article on financing. I want to hear your stories asap about deciding between buying new, buying used or leasing. I'm at 818.713.3634, or email your number to cosmicpen777@hotmail.com and I'll call. I'm wrapping up the story today, so call or write asap, no later than Thursday, November 14, 2002.
Thanks, Barbara Correa, Los Angeles Daily News
MODERATOR /ADMINISTRATOR Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name. 2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h) Review your vehicle
One thing I know for sure (cause it's happened to me) is that it takes a couple of months before a 'rank' is reflected on your credit report. The reason for this is that the credit agency has to wait until they receive all the documents (information) of the 'status' of the payments.
I remember being told that it takes every 3 months to update credit reports. I don't know if it's changed recently, but you can call Equifax and find out.
Car_man, I just need a few more lease numbers before I make my decision. I need the money factor and residual % for 3yr/15,000 miles for the following vehicles. Thanks again.
2003 Audi A4 3.0 with quattro 2003 Infinity G35 Sedan
Here is a repost of my earlier in the week post...
Can you please provide IFS' residual and MF for November for G35 Sedan (leather). 24, 36, 39 & 42 months 12k miles/year also what % difference in residual for 15k miles/year
Does anyone have any experience in selling a leased vehicle in order to terminate their lease early? Obviously GMAC and other finance companies are out to give us the shaft. Rather than be stuck for the full term of my lease or pay the hefty "early lease termination penalties", I'd like to sell my leased vehicle outright and pocket any difference, rather than taking it in the shorts as a dealer trade in.
I've obtained my payoff from the leasing dealership in Denver (GMAC apparently doesn't retain this info!) and assuming I can sell the vehicle for a bit more than the payoff amount, I could use the balance left over as a downpayment on a different vehicle.
I assume that once I locate a buyer, we would need to go to the leasing dealership together to payoff the vehicle at the quoted payoff amount, at which time the title would then be transferred to the buyer, correct?
I've researched used pricing here on Edmunds as well as Kelly and others, but I honestly don't think I'll get anywhere close to what the site quotes say it's worth.
How accurate are the figures provided by Edmunds and other sites for resale values, and where can we obtain the WHOLESALE values that most dealers tend to use, rather than the "Trade In" figures that are given. No dealer has ever offered me anything close to what Edmunds "Trade value" is...
Moelexx, if you and your mother were jointly named on your current lease and you have not missed or had any late payments on it then this will definitely reflect positively on your credit rating. I suppose that you could make it a point to mention this fact to the F&I person what you are working with when they have you fill out a credit application. They obviously want you to get approved so that they can book your deal and will likely know all of the techniques that will increase your chances of being approved for a lease through BMW Financial Services.
Thanks for the info, once again of course. Your not going to believe this, but I just called the dealer where I leased my lexus through to talk about returning it next month, and they are out of business!! I was told to just call the bank and they will send someone to inspect and pick it up. Which is actually convienant for me since I don't have to travel. My question is, I put down a $500 security deposit when I leased... am I shafted out of my security deposit now that the dealership went under?
Hey again moelexx. I just looked into BMW's standard financing program and thought that you might be interested in how they look at credit scores. Consumers who have credit scores that are above 700 qualify for their best or "Elite" tier rates. Consumers who have credit ratings of 699 to 650 qualify for BMW FS' "Standard" Tier rates. And consumer who have credit ratings of 649 and below qualify for their worst, or "Progressive" Tier rates. I am not sure how their lease program works, but it is not tiered like their finance program is. Most likely either you will qualify to lease through them or you won't, but there will not be any adjustment of rates based upon your score. Unfortunately, a credit rating of 550 is fairly low, so I do not know for certain if they will approve you for a lease on your own.
Hey lazura. I would be happy to help you out. If you were to lease a 2003 Audi A4 3.0 Sedan with quattro through Audi Financial Services this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00200 and 56%, respectively.
If you were to lease a 2003 Infiniti G35 Sedan with Leather (let me know if you want the cloth model instead) through Infiniti Financial Services this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00240 and 57%, respectively.
Let me know if you need any other information, like the acquisition fees, or info on any other models, etc...
Hey Gregg, thanks for checking back with me. Here is the info that you have been looking for. If you were to lease a 2003 Infiniti G35 Sedan with Leather through Infiniti Financial Services this month for any of the terms that you mentioned, their base lease money factor should be .00240. The 12,000 miles per year residual values for this car are 68% for 24 mo., 58% for 36 mo., 57% for 39 mo., & 52% for 42 mo. terms.
Thanks for the info, once again of course. Your not going to believe this, but I just called the dealer where I leased my lexus through to talk about returning it next month, and they are out of business!! I was told to just call the bank and they will send someone to inspect and pick it up. Which is actually convienant for me since I don't have to travel. My question is, I put down a $500 security deposit when I leased... am I shafted out of my security deposit now that the dealership went under?
Car_Man, For financial reasons, I'm having to scale down my car desires from BMW and Audi to Honda and Mazda. Can you provide me with the money factor and residuals for the following vehicles for 3 year/15,000 miles per year. Thanks again.
Hi Car_Man - glad I discovered this forum! Great info!
I am looking at three cars, one of which you quoted recently and two I have not seen listed yet (all 3yr/12k, and probably none subsidized)
2003 M3 Coupe (in October you said .00255 and 64% I believe?)
2003 CLK 320 (not previously listed)
2003 Infiniti G35 Coupe (this one must have been listed earlier, maybe I missed it?)
Also - general question - if the dealer quotes me a higher rate, does it generally work to just tell them you know the buy rate? The BMW guy gave me a sob story just going from 285 to 275, but from October it sounds like this still isn't his best rate?
It's me again... but this time no Kia as of now. I will be leaning towards a lease so I'm looking at other options...
I've been doing some serious research and my wife an I have interest in the Highlander.
Again, I live in Elizabeth, NJ and the model is the Highlander (SR5) V6 w/4WD (AWD). I got a quote of $28,450. Supposely $700 over invoice. I'm looking at 12k for 36 and 48 months (still haven't decided).
Thanks.
Oh... if you know of any good lease deals on similar vehicles, I'd appreciate your help as well.
Hey carman, quick question. I wanted to know my chances of being approved for a 3 year lease/12k per, for an A4 under the Audi College Grad program they mention on their website. My vitals:
23 years old only been at job for 4 months 660 credit score
I can afford the car, but didn't know if my age/credit score would require me to have a co-signer or something along those lines. Thanks in advance!
Car-Man Could you provide the current residual and money factors for a Jeep Grand Cherokee Laredo leased for 39 months at 12K year? A recent dealer add quotes a new 2003 that lists for $29,440 for $265 per mo. with 2003 due at signing. Knowing the above factors, I could figure out the cap cost and figure if this is a fair deal. Thanks.
Car-Man My mother is currently leasing (ends 3/2003) a 2000 Taurus SE with payments of about $335 for 36 months with 15K miles a year (which I think is a rip-off). The car currently has less than 30K miles on it, and it should be at about 40K miles and is in good condition. The residual is about $8400. Last week my she received a call from the dealership that the car could be turned in early w/o any penalties if she got another Ford. I made a few calls to get comparative pricing on a 2003 Taurus SES and SEL and an Explorer XLS Sport 4X4. The SES was $302.00 and 323.00; SEL $420; and Explorer $425 and 413.00. All with no money down, just sign and drive. I'm not happy with the service she has been receiving from any of the Ford dealerships and have suggested going back to the Altima and maybe buying it or an Accord (leasing: $320, same terms, $700 at signing). My question is do you think that the car COULD be worth the trouble as far as looking into using the car as a trade-in since its so far under mileage or does the historically low resale value of Fords just delete any hope of turning this money pit upside down? And, what do you think of the quotes on the 2003s? I think they're a little high, but only because we're in the Detroit area, and A-plan (employee pricing) is generally the advertised price.
Thanks
P.S. In MI, they are giving customer $1500 returning leasee cash and 1000 lease cash for the Taurus; $1500 returning leasee cash and $1000 lease cash-Explorer; I think that might have been used to pay off the current lease for the payments over $400.
You're welcome, moelexx. Didn't go back there for service much, huh? It's surprising to see a Lexus dealership go out of business. Lexus dealers usually do pretty well for themselves. That was either one poorly managed point or part of a larger group of dealerships that was not doing well. You should be able to turn your car in at any Lexus dealership, so you really don't have anything to worry about. Give the bank that you are leasing it through a call to find out exactly what you need to do. Your vehicle's security deposit went directly to the bank and has nothing to do with the dealership, so don't worry about getting it back. You should not have any problems getting the full $500 back, as long as you do not have any excess wear and tear or excess mileage on your car.
Hi again, lazura. I have not seen the lease program for the new 2003 Mazda 6 yet, but I would be more than happy to give you the numbers for the Honda Accord that you are interested in. If you were to lease a 2003 Honda Accord EX V6 through American Honda Finance Corp. this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00230 and 61%, respectively.
Welcome aboard, innerloop. I too am a huge fan of coupes. My last two cars have been coupes. Here is the November lease data for the cars that you are interested in. If you were to lease a 2003 BMW M3 Coupe through BMW Financial Services this month for 3 years with 12,000 miles per, their base lease money factor and residual value should be .00255 and 62%, respectively.
I have not seen Mercedes-Benz Credit Corp.'s lease program in a while. I believe that they just continued their October lease program through the end of November, but I am not positive. If this is the case and you were to lease a 2003 Mercedes-Benz CLK 320 Coupe through MBCC this month for 3 years with 12,000 miles per, their base lease money factor and residual value should be .00285 and 67%, respectively.
Last but not least we have the 2003 Infiniti G35 Coupe. I have liked the way that this car looks ever since I saw it's prototype at the auto show earlier this year. If you 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 .00240 and 61%, respectively.
If I was in your situation, and the dealer that I was working with was trying to mark up a vehicle's base lease money factor I definitely would tell them that I knew that they were padding my deal. The only way to get them to calculate your monthly payment using the base money factor may be just to call them out and tell them that you know what they are doing, politely of course.
Hey bigelm. Let's take a look at the lease program for your target vehicle. Toyota has not provided any sort of lease support on the Highlander ever since it was introduced. So if you were to lease one through Toyota Financial Services right now, you should have to use their base standard lease money factor of .00250 for any length lease. The 3 and 4 year 12,000 miles per TFS residual values for the 2003 Highlander SR5 V6 w/4WD should currently be 62% and 55%.
As far as similar trucks that have more lease support available on them go, GM, Ford, and DaimlerChrysler all have similar sized SUVs that have lower lease money factors and lease cash available on them. Unfortunately, the effect of this support is somewhat lessened by the fact that these trucks' residual values are lower than the Highlanders'. The Nissan Pathfinder also has a relatively attractive lease program available on it right now.
Hi tmontana. As long as you have not had any past credit problems and your income is sufficient, I would say that there definitely is a very good chance that they will approve you to lease an A4 through Audi's Recent College Grad program. Still, it is difficult for me to say for certain whether or not you will be approved. The F&I person at the dealership that you are working with should be able to give you a very good idea of your chances.
Hello mgobluejoe. In order for you to find out whether or not it is worth your time to purchase your Mom's Taurus at the end of its term and try to make a profit off of trading it in or selling it on your own, you need to find out exactly what it will cost to buy it. Call the bank that she is leasing it through, probably Ford Motor Credit, and ask them for the purchase price. Keep in mind that they actually may be willing to work with you and lower this price, but if this price is already low enough that you could make a profit off of it it is unlikely that they will do anything more for you. Once you have the purchase option price, assess what you can realistically expect to get for this car as a trade or by selling it on your own in today's market. It is difficult for me to say for certain whether this would be worth your while, however if I had to make an educated guess I would say that you hit the nail on the head when you stated "the historically low resale value of Fords just delete any hope of turning this money pit upside down?" I would probably just walk away if I was in your situation.
As far as what her next vehicle should be, I think that both the new Honda Accord and the new Nissan Altima are much much better vehicles than any of the Ford models that you mentioned. Of course, you lose out on the owner loyalty cash by not getting another Ford, but I would definitely go with the Accord or the Altima if I was in her shoes.
I was recently quoted $400 per month plus tax for a Honda Pilot EX-L (leather but no nav. or DVD)for 48 months and 12K per year. Total inception fees: First Month payment of $424 ($400 plus tax) and $255 (DMV and dealer fees). No other money down. Lease is through Honda Finance. Can you tell me if this is a good deal? It appears to be under MSRP but I am not positive.
I'm looking for the money factor and residual for the MB E500 with sport package (if that makes a difference). I've got one coming in the next week or two and I think the factor numbers I am getting from the dealer look high.
hey car man, sorry for bugging you with a lot of questions.....but when i leased my car, i leased it in the same county i live in, we found the right car for my friend, but the dealership is in a different county with a higher sales tax rate, does it matter where you lease your car from? is the tax the same??? i live in OC where it sales tax is 7.75 and we found the car in LA where the tax is 8.25....thanks for all your help
Hey all, just stumbled upon this site, a little confusing, but I think I got the hang of it.
Anyway, I'm looking to lease a new car for the first time in my life. I've been looking at the 03 Maxima SE, pretty much fully loaded around 28k MSRP, along with the 03 IS300, around 31k MSRP.
What could I possibly hope for as my lowest possible monthly payment. I'm looking to put 1500$ down, 36-39 months, 12k a year.
If I'm doing something wrong by posting this here, I apologize in advance. Thanks for any help, it is appreciated.
I apologise if this topic has been discussed already...but 4800+ posts are sometimes hard to filter through.
I'm trying to decide whether to lease or buy my next car (a convertible, lexus SC430 or maybe the bmw M3). I've never leased a car before, but i'm a physician and my partners keep telling me that i can deduct a significant part of the lease costs since about 50% of my miles will be going between various offices and hospitals.
I tried reading through all the information about automobile deductions on www.irs.gov. Trust me when I say that four years of medical school and seven years of training were easier than understanding current IRS regulations.
Anyone have any experience with this? Is there a significant advantage to leasing over buying, or can i use either as a deduction? I appreciate any input anyone can provide.
(Again, I apologise if this has already been discussed)
The lease is for a Grand Cherokee Laredo 4WD. The base price is $28,015, $640 Convenience Group; $85 mats; $75 Cover-Cargo Compartment; $625 destination charge with a $500 Convenience Group discount for a total MSRP of $28,940. The $2003 due at signing includes first payment,acquisition & bank fee and security deposit. Sales tax, reg & title extra. Hope this helps.
Hi zachary2. Let me begin by saying that you are entitled to know exactly how much money this dealership is charging you for the Pilot that you are interested in leasing. Dealers are eventually required by law to disclose this information, so make sure to find this number out. Without doing so it is difficult to say what sort of deal you are getting. For now I will calculate a sample lease payment for you, to give you an idea of approximately how much it should cost to lease this car. Let's say that you were to lease a 2003 Honda Pilot EX-L without Navigation (MSRP: $30,980 / Cap Cost: $30,980) through American Honda Finance Corp. this month for 4 years with 12,000 miles per, according to my calculations this truck should have a zero down, pre-tax monthly lease payment of right around $385. It looks to me as though you have a little room left to negotiate on this deal, but unfortunately the demand for Pilots still outweighs the available supply, so dealers have been able to sell them for quite a bit of money.
Hey jxlxr. As one might expect, Mercedes-Benz Credit Corp. is not currently providing any sort of lease support on the redesigned E-Class. So if you were to lease one through Mercedes-Benz Credit Corp. right now, you would have to use their standard lease money factors. In order for me to give you an idea of what the factor and residual value for this car should be, I am going to need you to tell me how long you are planning on leasing it for and how many miles per year you need. Once I have these additional pieces of information I should be able to help you out. Talk to you soon.
Interesting question, ogbuffguy. I do know that consumers must pay their home state's sales tax on new vehicles, even if they purchase their vehicle in a state that does not have any sales tax. I suspect that counties work the same way, but I do not know for certain. You may want to check with your local Department of Motor Vehicles to see if they have a definitive answer. If you do, let us know what you find out.
Welcome aboard, mmuller976. Leasing can be confusing at first, but you have come to the right place for an explanation. Before leasing anything, I suggest that you learn how the process works. Here is a link to a post that I made on how to calculate monthly lease payments a while ago: Car_man "The Return of "How to Calculate Monthly Lease Payments"" Jun 28, 2001 6:15pm. Reading that message will be very helpful. Also, you should check out the following articles that are available here at Edmunds.com: Leasing Basics - Edmunds' Do-It-Yourself Guide to Leasing, The "Residual Value" of Leasing, and Leasing Glossary. Reading these short articles will give you a much better understanding of how leasing works. Once you have done so, check back with me for an idea of what the lease money factors and residual values of the vehicles that you are interested in should be like. Armed with this information, you can calculate exactly how much money it should cost you to lease the models that you are interested in. Happy reading and talk to you soon.
Hey Steve. There are many places to find out your credit rating on the Internet. The following article provides information on how to find out your credit score and links to the Web sites that enable you to do so: Credit Tips - Getting The Best Deal On Your Car Loan.
Car Man, thanks for the links, they proved to be very educational. I've been looking at these two cars, can you give me the residual and lease factor, so I can figure out what I'd be paying?
I've noticed on a Chevy commercial of a lease on a Trailblazer LS for $364/month for 36 months with about $1200 due at signing. Of course applicable fees and tax is not included. I'm thinking it's probably the base model, which you can't tell from the commercial.
Is this what is called a subsidized lease? Anything funny about this or any gimmicks I should be aware of before I make a call to the dealer?
My wife's '98 Ford Expedition lease is expiring in May of 2003. She is currently 3K over the mileage allowance and will probably be 10k over when we turn it in. We are planning on buying an '03 Expedition (want to own our cars from now on.) My question is, would it be better to turn the car in now and buy new, thus avoiding more mileage penalties and upkeep, or just wait until next May and pay cash for penalties, excessive wear, ect? Does Ford currently offer any incentive to returning customers? We have our lease through Union Bank, and they have some ridiculous residual amount for the car, so buying out at the lease end and then selling is probably not an option. I appreciate your input.
Hi Dinghui. Let me begin by saying that if there is some sort of strange "residue" on the Civic that you are thinking about leasing you may want to pass on it . I am just kidding of course, I believe that you meant to say that you are interested in finding out the "residual" value of this car. I would be more than happy to help you out. If you were to lease a 2003 Honda Civic Sedan LX through American Honda Finance Corp. this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00230 and 57%, respectively. Let me know if you meant that you are interested in leasing the Coupe because it will have different residual values. Just in case you are not completely set on leasing, I though that I would mention to you that Honda just introduced a special financing program on 2003 Civics. This new program provides 1.9% special financing for up to 36 months and 3.9% for 37 to 60 months. Please let me know if you have any other questions.
Thanks for the additional information, ronald15. If you were to lease a 2003 Jeep Grand Cherokee Laredo 4WD through Chrysler Financial this month for 39 months with 12,000 miles per year, I believe that their base lease money factor and residual value should be .00091 and 47%, respectively. As far as the $2,003 that is due at lease signing goes, this probably breaks down to your first month's lease payment of $265, an acquisition fee of $550, a security deposit of $275, and a down payment of a little more than $900. If I was in your situation, I would eliminate the down payment and just pay the first month's payment, acquisition fee, and security deposit at signing. Of course, this would make your monthly payment increase slightly, but I am a big proponent of leasing without any money down.
Hello chrish11. Here is the information that you are looking for. If you were to lease a 2003 Audi A6 3.0 Avant with quattro through Audi Financial Services this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00100 and 53%, respectively.
No problem, zachary2. I used a lease money factor and residual value of .00210 and a residual value of 56% to calculate the sample lease payment that I gave you.
I don't know exactly what you mean about a dealer fee of $155, but if it is something like a doc fee or a processing fee then I suggest that you look at your deal as a whole and decide if you want to pay it. What I mean is that the out-the-door price, or the total amount of money that they are going to have to pay to drive off in the vehicle that they are interested in, is the most important number for consumers when they are shopping for a new vehicle. It does not really matter how the dealer that you are working with arrives at the out-the-door price, as long as you are happy with it. If you feel as though this particular dealership's total price is to high when you take this fee into account, shop around for a couple of other out-the-door prices and see if you can get a better total deal. Or if they say that they can't waive this fee, you can ask them to lower the price of the truck that you are getting by an equivalent amount.
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Thanks, Barbara Correa, Los Angeles Daily News
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I remember being told that it takes every 3 months to update credit reports. I don't know if it's changed recently, but you can call Equifax and find out.
I just need a few more lease numbers before I make my decision. I need the money factor and residual % for 3yr/15,000 miles for the following vehicles. Thanks again.
2003 Audi A4 3.0 with quattro
2003 Infinity G35 Sedan
Here is a repost of my earlier in the week post...
Can you please provide IFS' residual and MF for November for G35 Sedan (leather).
24, 36, 39 & 42 months
12k miles/year
also what % difference in residual for 15k miles/year
Gregg
I've obtained my payoff from the leasing dealership in Denver (GMAC apparently doesn't retain this info!) and assuming I can sell the vehicle for a bit more than the payoff amount, I could use the balance left over as a downpayment on a different vehicle.
I assume that once I locate a buyer, we would need to go to the leasing dealership together to payoff the vehicle at the quoted payoff amount, at which time the title would then be transferred to the buyer, correct?
I've researched used pricing here on Edmunds as well as Kelly and others, but I honestly don't think I'll get anywhere close to what the site quotes say it's worth.
How accurate are the figures provided by Edmunds and other sites for resale values, and where can we obtain the WHOLESALE values that most dealers tend to use, rather than the "Trade In" figures that are given. No dealer has ever offered me anything close to what Edmunds "Trade value" is...
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If you were to lease a 2003 Infiniti G35 Sedan with Leather (let me know if you want the cloth model instead) through Infiniti Financial Services this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00240 and 57%, respectively.
Let me know if you need any other information, like the acquisition fees, or info on any other models, etc...
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For financial reasons, I'm having to scale down my car desires from BMW and Audi to Honda and Mazda. Can you provide me with the money factor and residuals for the following vehicles for 3 year/15,000 miles per year. Thanks again.
2003 Mazda 6 s Sedan
2003 Honda EX Sedan V-6
I am looking at three cars, one of which you quoted recently and two I have not seen listed yet (all 3yr/12k, and probably none subsidized)
2003 M3 Coupe (in October you said .00255 and 64% I believe?)
2003 CLK 320 (not previously listed)
2003 Infiniti G35 Coupe (this one must have been listed earlier, maybe I missed it?)
Also - general question - if the dealer quotes me a higher rate, does it generally work to just tell them you know the buy rate? The BMW guy gave me a sob story just going from 285 to 275, but from October it sounds like this still isn't his best rate?
Thanks for this thread.
It's me again... but this time no Kia as of now. I will be leaning towards a lease so I'm looking at other options...
I've been doing some serious research and my wife an I have interest in the Highlander.
Again, I live in Elizabeth, NJ and the model is the Highlander (SR5) V6 w/4WD (AWD). I got a quote of $28,450. Supposely $700 over invoice.
I'm looking at 12k for 36 and 48 months (still haven't decided).
Thanks.
Oh... if you know of any good lease deals on similar vehicles, I'd appreciate your help as well.
23 years old
only been at job for 4 months
660 credit score
I can afford the car, but didn't know if my age/credit score would require me to have a co-signer or something along those lines. Thanks in advance!
Could you provide the current residual and money factors for a Jeep Grand Cherokee Laredo leased for 39 months at 12K year? A recent dealer add quotes a new 2003 that lists for $29,440 for $265 per mo. with 2003 due at signing. Knowing the above factors, I could figure out the cap cost and figure if this is a fair deal. Thanks.
My mother is currently leasing (ends 3/2003) a 2000 Taurus SE with payments of about $335 for 36 months with 15K miles a year (which I think is a rip-off). The car currently has less than 30K miles on it, and it should be at about 40K miles and is in good condition. The residual is about $8400. Last week my she received a call from the dealership that the car could be turned in early w/o any penalties if she got another Ford. I made a few calls to get comparative pricing on a 2003 Taurus SES and SEL and an Explorer XLS Sport 4X4. The SES was $302.00 and 323.00; SEL $420; and Explorer $425 and 413.00. All with no money down, just sign and drive. I'm not happy with the service she has been receiving from any of the Ford dealerships and have suggested going back to the Altima and maybe buying it or an Accord (leasing: $320, same terms, $700 at signing). My question is do you think that the car COULD be worth the trouble as far as looking into using the car as a trade-in since its so far under mileage or does the historically low resale value of Fords just delete any hope of turning this money pit upside down? And, what do you think of the quotes on the 2003s? I think they're a little high, but only because we're in the Detroit area, and A-plan (employee pricing) is generally the advertised price.
Thanks
P.S. In MI, they are giving customer $1500 returning leasee cash and 1000 lease cash for the Taurus; $1500 returning leasee cash and $1000 lease cash-Explorer; I think that might have been used to pay off the current lease for the payments over $400.
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I have not seen Mercedes-Benz Credit Corp.'s lease program in a while. I believe that they just continued their October lease program through the end of November, but I am not positive. If this is the case and you were to lease a 2003 Mercedes-Benz CLK 320 Coupe through MBCC this month for 3 years with 12,000 miles per, their base lease money factor and residual value should be .00285 and 67%, respectively.
Last but not least we have the 2003 Infiniti G35 Coupe. I have liked the way that this car looks ever since I saw it's prototype at the auto show earlier this year. If you 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 .00240 and 61%, respectively.
If I was in your situation, and the dealer that I was working with was trying to mark up a vehicle's base lease money factor I definitely would tell them that I knew that they were padding my deal. The only way to get them to calculate your monthly payment using the base money factor may be just to call them out and tell them that you know what they are doing, politely of course.
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As far as similar trucks that have more lease support available on them go, GM, Ford, and DaimlerChrysler all have similar sized SUVs that have lower lease money factors and lease cash available on them. Unfortunately, the effect of this support is somewhat lessened by the fact that these trucks' residual values are lower than the Highlanders'. The Nissan Pathfinder also has a relatively attractive lease program available on it right now.
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As far as what her next vehicle should be, I think that both the new Honda Accord and the new Nissan Altima are much much better vehicles than any of the Ford models that you mentioned. Of course, you lose out on the owner loyalty cash by not getting another Ford, but I would definitely go with the Accord or the Altima if I was in her shoes.
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I was recently quoted $400 per month plus tax for a Honda Pilot EX-L (leather but no nav. or DVD)for 48 months and 12K per year. Total inception fees: First Month payment of $424 ($400 plus tax) and $255 (DMV and dealer fees). No other money down. Lease is through Honda Finance. Can you tell me if this is a good deal? It appears to be under MSRP but I am not positive.
Thanks in advance.
I'll let you know whatever else comes up ;-)
Anyway, I'm looking to lease a new car for the first time in my life. I've been looking at the 03 Maxima SE, pretty much fully loaded around 28k MSRP, along with the 03 IS300, around 31k MSRP.
What could I possibly hope for as my lowest possible monthly payment. I'm looking to put 1500$ down, 36-39 months, 12k a year.
If I'm doing something wrong by posting this here, I apologize in advance. Thanks for any help, it is appreciated.
Thanks,
Steve
I'm trying to decide whether to lease or buy my next car (a convertible, lexus SC430 or maybe the bmw M3). I've never leased a car before, but i'm a physician and my partners keep telling me that i can deduct a significant part of the lease costs since about 50% of my miles will be going between various offices and hospitals.
I tried reading through all the information about automobile deductions on www.irs.gov. Trust me when I say that four years of medical school and seven years of training were easier than understanding current IRS regulations.
Anyone have any experience with this? Is there a significant advantage to leasing over buying, or can i use either as a deduction? I appreciate any input anyone can provide.
(Again, I apologise if this has already been discussed)
It would be much appreciated if you could tell me the residue and money factor for 2003 Civic LX Auto with 15000 miles/year and 36 months lease.
Thanks again,
Dinghui
The lease is for a Grand Cherokee Laredo 4WD. The base price is $28,015, $640 Convenience Group; $85 mats; $75 Cover-Cargo Compartment; $625 destination charge with a $500 Convenience Group discount for a total MSRP of $28,940. The $2003 due at signing includes first payment,acquisition & bank fee and security deposit. Sales tax, reg & title extra. Hope this helps.
Would you please provide the money factor and residual for a 2003 Audi A6 Avant, 36 month/15k miles per year in Pennsylvania? Thanks.
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Also, is there any room to negotiate the dealer fees of about $155?
Thanks a lot
I've noticed on a Chevy commercial of a lease on a Trailblazer LS for $364/month for 36 months with about $1200 due at signing. Of course applicable fees and tax is not included. I'm thinking it's probably the base model, which you can't tell from the commercial.
Is this what is called a subsidized lease? Anything funny about this or any gimmicks I should be aware of before I make a call to the dealer?
Thanks again.
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I don't know exactly what you mean about a dealer fee of $155, but if it is something like a doc fee or a processing fee then I suggest that you look at your deal as a whole and decide if you want to pay it. What I mean is that the out-the-door price, or the total amount of money that they are going to have to pay to drive off in the vehicle that they are interested in, is the most important number for consumers when they are shopping for a new vehicle. It does not really matter how the dealer that you are working with arrives at the out-the-door price, as long as you are happy with it. If you feel as though this particular dealership's total price is to high when you take this fee into account, shop around for a couple of other out-the-door prices and see if you can get a better total deal. Or if they say that they can't waive this fee, you can ask them to lower the price of the truck that you are getting by an equivalent amount.
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