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Lease Questions - Ask Here

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  • parsons3parsons3 Member Posts: 5
    Car Man My lease on my 99 jeep Cherokee 26j w/ cruise control sport is ending in three weeks. I've got about 89,000 miles and when I turn it in it'll probably have 92,000 - give or take. I prepaid 84,000 miles. I've changed the oil every 3-4000 miles the differentials 3 or 4 times. master brake cylinder went at 42,000 and was replaced. just had my front rotors turned w/ new pads otherwise, there have been no problems. purchase price at end of lease is 9350.00, payments have totalled about 13,000 what do you think is it a good idea to buy or should I walk. IF I walk, should I purchase or lease the next vehicle. I'll probably end up doing the same type of miles, and will be looking at a '01 jeep Cherokee
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi parsons3. I suggest that you place a telephone call to the bank that you are leasing your Jeep through (Chrysler Financial perhaps). There is a good chance that they will allow you to negotiate the lease-end purchase price of your truck. If they are willing to come down significantly on the price to the point where you think that you are getting a great deal and you like driving your it, then go for it. Otherwise, I would probably just turn the truck in at lease-end if I was in your situation.

    As far as whether you should lease or purchase your next vehicle goes, the answer is that it depends. If you are interested in a car or truck that has a great lease program available on it, then it may be to your advantage to lease. If you let me know which vehicles are on your list of possible replacements for your Jeep, I would be glad to let you know what I think of their current lease programs.

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  • parsons3parsons3 Member Posts: 5
    car man I called Chrysler financial and they said they would not negotiate the lease price. perhaps I should ask to speak to the manager versus my assigned customer rep? anyways, I'ld like a 4x4 as my next vehicle and am strongly considerring the jeep Cherokee sport. do you know of any other "American made" ie ford, chevy etc. they would be a good lease and can stand up to the miles. Also, with me prepaying the miles last time, my payments were 525/mnth - I'ld like to get it at least 200 bucks cheaper. any ideas?
  • expedition2expedition2 Member Posts: 34
    When you give residuals on this board, are you quoting the best that you can find? My understanding was that every bank has a different residual value, that's why it pays to shop around. Is that correct? I can't find any info on the web at all about residuals, what have you found on the Yukon SLT? Deal is done, just re-educating myself! Thanks!
  • matto2001matto2001 Member Posts: 6
    In early April 2000, we traded in a 1999 Honda CR-V, which was approximately 13 months into a 36 month lease. The car we traded for (1999 Ford Taurus) cost much less than the CR-V, and we did this to lower the monthly payments. We owed approx. 19,000 on the lease at the time and were given 16,500 in trade. The price of the Taurus was 11,884.00. On the title application (state of Missouri) they showed the purchase price of the Taurus as 15,884.00, with a trade-in on the Honda CR-V of 20,500.00, resulting in a "difference" of -4641.00. We were happy with this, because it saved us from paying sales tax. The problem I have now is that it will soon be time to renew plates on the Taurus, and I need to show proof of personal property tax payment in 2000. I did not pay property tax on the lease car, American Honda finance did. I did not receive a bill from them on the pers. prop. tax, I assume it was paid for in the lease payoff. My question is this? Is a trade-in of a lease allowed legally to be deducted from the purchase price of a non-lease car like was done above? I did not point out the fact the the "trade" vehicle was leased at the license place last year for fear of paying full sales tax on the Taurus. I fear this may come back to haunt me this year because I don't have a property tax receipt and need a "waiver" stating I didn't owe property tax. The license place will see the "waiver" stating that the CR-V was a leased vehicle and I don't know what to tell them if they raise questions about it.
  • jwilson1jwilson1 Member Posts: 956
    I ended up traveling after you gave me the numbers on an Acura 3.5 RL last month, Car_Man, and couldn't do anything except fidget. I'm assuming the money you listed was not extended to this month. Is there a new program? If so, what are the numbers on that?

    I've read that the new '02, radically revised model is planned for the end of March. If there is no money at the moment, can I expect Honda to provide clearance incentives on the '01?

    As always, info and experienced guesses will be appreciated.

    Take care.
    Joe W>
  • jdleanojdleano Member Posts: 3
    hello
    do you know if there are any special catches with multiple security deposits or if they are full refundable at the end of lease less turn in fee?
  • jdleanojdleano Member Posts: 3
    hello do you know the lease factor and residual value for the s60 2.4t 39mo lease 12k miles per year. thanks in advance
  • mookie12mookie12 Member Posts: 5
    I'm looking into a lease for a Mercedes CLK 430 for 39 mos/15K per year. The MSRP (which is what I will be paying for the car in this case) is $53,180. Living in the "lease-friendly" state of NJ, what does your info tell you about Mercedes Benz Financing and their lease rates/residuals at the current time? Thanks Car Man.
  • mp19fanmp19fan Member Posts: 102
    Hi, the lease of my '98 JGC will expire after next month (return date May 5), and I would like to know if there is anything I should be aware of? They've contacted me about another vehicle, but I don't think I'll be getting into another Jeep vehicle. They've contacted me to set up an appointment for inspection. What should I be prepared for?

    It's well under in miles (29,000 mi., approx. 4,000 under), but has a tiny tear/nick on the drivers door arm rest. It's seems to have developed because I tend to rest my elbow on the exact spot every time. Is this considered normal wear and tear?

    As I still have the remaining factory 3 yr/36k mile warranty, is it a good idea to have them go over the vehicle to make sure nothing's abnormal? I just don't want any surprises during or after the inspection. Thanks for your help. --Jimmy
  • winstatwinstat Member Posts: 16
    Just got back from the dealership and needless to say I was not prepared for what occurred. Here it goes... The dealership is taking the truck back as is with the hail damage and bumper dent with no billing coming later on whatsoever. I grilled them about the fact that I don't believe you guys will do that, you will auction it off and whatever you don't get, Mazda will send me a bill for it in a couple months (damages etc etc). They said that would be the case with some banks, they listed a couple for me, but with Mazda Credit, or for that matter Ford, Chrysler, Honda, etc etc... they will go ahead and absorb the loss to put me in a new truck lease. So after getting my credit checked, (I can buy anything on the lot without problem) I walked around and eventually settled for a 2001 B3000 Ext Cab 4x2 3.0L V6 Power Pkg Dual Sport. I decided on a 24-month lease 24,000 miles at a final monthly price of 281 and get back my security deposit from the '98 lease. I'd rather have the B4000 4.0L V6 but my lease payment would be 100 more mainly because I had nothing to put down at the time. After long long long debate over what to do I decided to go with the 2001 B3000 and be happy I'm out of the blue with the damage on my '98 and still save a couple dollars a month on a truck payment. Plus with a 24-month lease and my low mileage habits of driving, I should be in better position to trade in this truck to either buy a full size pickup or lease another B4000 and get the payment close to where I've had it, 280-290 range. So, I've got a decent truck, I'm out from under the hail damaged truck I had, albeit she ran great for me and had low miles, I don't have to pay much money up front at the moment which helps too. Overall I'm still in a state of shock over the fact I was all for buying the truck until I was thrown a curve by the dealer accepting the truck as is and I've signed away any ties to the truck so no bills for the '98 whatsoever.

    I am curious if anyone has run into this kinda deal and come away scott free of damage and leasing a new vehicle. I sure as hell didn't expect what happened today and didn't expect to have a brand new truck sitting in the driveway right now and saying goodbye to old reliable '98.

    Let me know if you've encountered this type of deal before guys.

    Later,
    Chad
  • sahjettasahjetta Member Posts: 2
    I would like to lease a 2001 Jetta GLS. Any advice? Best prices?
  • cjb10350cjb10350 Member Posts: 6
    I am just coming off an Accord lease at the end of April and I was thinking of getting an Acura 3.2TL, which I hear is a great car. My local dealer whom I spoke with briefly today (it was very busy in the show room) said he can give me a great price on the 2001: $26,499 but he mentioned that the residual came down quite a bit to 58%. Is this some dealer scam? Should I wait for the 2002's to come out?
  • rroyce10rroyce10 Member Posts: 9,332
    ......I never would wish anybody ..any future problem.

    But, with working with Mazda Credit for 11 yrs ( among a bunch more ).... I have never heard of any lease company say.." Hey, don't worry about it...We will just suck it up...

    I have dealt with Toyota, Honda, Mercedes, Ford, Infiniti, Acura, GMAC, Volvo , etc.....And I can only tell you of my own experiences...I have never seen it...Just make sure, that You have talked to all 'the powers that be' at " Mazda Credit " .....Before you sign 'any' papers on a new vehicle

    I wish you have a great experience.......I hope you don't get a bill for $3 - $4,000 -- I have owned my own stores for too long..this just doesn't happen....I do wish you well -- and I hope, I'm very wrong.

    Good luck,

    Terry.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Parsons3, you should be able to lease a new domestic SUV for less than $525 per month. However, if you are looking for a similar vehicle and number of miles to what you leased last time, I have a feeling that you will have difficulty lowering your monthly lease payments by $200. Leasing in general, and specifically light trucks, has become more expensive in recent months. This is mainly because the majority of the banks out there that offer consumers leases have lowered their residual values on most vehicles. Most of them did this because they were taking huge financial losses on vehicles that they leased which weren't worth anything near what they had anticipated they would be several years ago.

    The three domestic trucks that you will be able to get the lowest monthly lease payments on at this point are probably the 2001 Jeep Cherokee, Chevrolet Blazer, and Ford Explorer. DaimlerChrysler currently has $3,750 lease cash available on the 2001 Jeep Cherokee. General Motors currently has as much as $4,500 lease cash and lease rates as low as 1.65% available on the 2001 Blazer. And Ford Motor Company currently has as much as $2,000 lease cash and lease rates as low as 0.5% on the 2001 Explorer in certain areas. So as you can see the Traditional Big 3 Automakers are certainly providing a lot of support on these trucks. The problem is that their residual values are so low at this point that their lease payments are still relatively high. If you would like any more specific information on a particular vehicle's incentives, please let me know.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi expedition2. Congratulations on your new Yukon. As you can imagine, there are lots of banks out there that offer leases on new vehicles. It would be very difficult for me to personally keep tabs on this myriad of lease programs. As a result, I only keep an eye on the lease programs that are being run by manufacturers' captive finance companies. Given the level of support that many manufacturers provide on their products, it often turns out that captive finance companies are able to offer the most attractive leases on most cars and trucks. That's not to say that it there isn't a bank out there that may have a better deal on a certain vehicle than a captive finance company at any given time, just that it is certainly the exception rather than the rule. This is especially true now that a lot of independent banks have either significantly cut bank on their auto leasing or have completely dropped out of the market.

    As far as the residual values for a new Yukon go, they will vary depending upon how long you want to lease this truck for any how many miles per year you want to be able to drive without excess mileage charges. If you can provide me with those two pieces of information, I would be glad to let you know what GMAC's residuals are like for one right now.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Joe W, yes Acura's January/February lease program expired at the end of last month. I have not seen their new lease program yet, but I suspect that I will have a good idea of what it is like by the end of the week. Please feel free to check back with me then.

    It is difficult to say for certain if or when Acura will introduce any cash support on the 2001 RL. Given the fact that they recently had $5,000 dealer cash on the 2000 model and the fact that the 2002 RL will be significantly different than the current model, I suspect that they will probably introduce some sort of cash on this car in the upcoming months, but it is difficult to predict this with 100% accuracy.

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  • scott225scott225 Member Posts: 8
    Car_man-

    Hi. We're looking at a 2001 Miata Base/Manual, and were wondering what the residual and money factor would be on a 39/39000 lease through Mazda Credit. The MSRP is $21,660.

    Thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Jdleano, yes multiple security deposits on leases are fully refunded to consumers at the end of their lease term. Of course, the amount that is given back will be less any lease-end disposition fee, any charges for excess wear and tear, and any charges for excess mileage. Many people have realized significant savings on their leased vehicles by putting down multiple security deposits. The exact amount of savings that you realize will depend upon the vehicle that you are leasing, the number of deposits that you make, the length of your lease, and the bank that you are leasing through.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Jdleano, Volvo did have a supported lease program available nationally on the 2001 S60 during January and February. This program was scheduled to expire on February 28th and I have not heard anything about their March program yet. Please feel free to check back with me later on in the week and I would be happy to fill you in on what I have been able to find out about the current S60 lease program. Talk to you then...

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mookie12. I haven't seen an update to the Mercedes-Benz Credit Corp. lease program since January 3rd. The last that I heard, their 36 month lease money factor for all vehicles was .00399 for individuals with good credit. It is possible that they have issued new money factors and residual values since then. I am looking into whether they have or not and should have a good idea if they have by the end of the week. This car's 36 month 15,000 miles per year residual value is a solid 69% last I heard. Tat is very strong, but I am not in the least surprised given the fact that in my opinion this is one of the best and most attractive cars on the road.

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  • watrojmwatrojm Member Posts: 1
    Car Man, do you have the current figures for depreciation factors and money factors for a 36mo lease on a 2001 Montana entended (MSRP $27,750)?? Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi scott225. You're in luck. Mazda's current lease program is not scheduled to expire until April 2nd. As a result I can provide you with a good idea of what their latest lease money factors and residual values are like. If you decide to lease a new 2001 Miata Base with manual transmission through Mazda American Credit for 39 months with 12,000 miles per year you should be charged a lease money factor of .00225 and a residual value of 50%.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I sure do watrojm, and I would be glad to help you out. If you lease a 2001 Pontiac Montana Extended Wheel Base through General Motors Acceptance Corp. prior to April 2nd for 36 months with 15,000 miles per year, the lease rate should be around 4.5% and the residual value should be 48%.

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  • winstatwinstat Member Posts: 16
    My stepfather and I have discussed this over and over, he's not at all worried cause we have paperwork showing where the leasing agent signed her name stating the dealership incurs any loss on the vehicle if any, basically takes the truck as is and we've signed our rights to that truck away and if they come back with a bill, we will be taking legal action against Mazda and the dealership, my stepfather let the lady that signed her name on the paper know this and she has said if any bills come, which they won't, then to call her and she'll take care of it. Now, aside from my stepfather (cosigner on '98 lease) I grilled the crap outta her cause I let her know that I am aware of the process and everyone I've talked with and dealt with has been billed or bills for any damage on the vehicle. She went outside and looked at the truck and said, this truck is the best looking truck I've had returned to me considering your age group (20-25). I've had people turn in vehicles with 100,000 miles and the insides trashed all to hell and Mazda does bill them, but you have a clean, well maintained, low mileage vehicle here and in no way will Mazda bill you for anything, we (dealership) will take care of it and incur any loss on the vehicle, you won't. She itemized the hail damage at 150.00 and the bumper at 200.00, then took the remaining two lease payments minus the security deposit and totaled 600 some they incur. Now, myself and stepfather discussed this even more last night and he brought up a very good point. If they come back with 3500 in damages, why should we care?? We have a signed piece of paper stating damages at those prices I listed first and its signed by a Mazda Re. and I no longer have possession of the vehicle so who's to say I caused the additional 2900 dollars in damage from the 600 some printed on paper and signed by a Mazda *ignore*??? Hmmmm, and now I'm being billed for it, I have a signed piece of paper stating the damage on the truck when I signed over the truck to the dealership to be 600 some dollars, not 3500...I don't see how we (myself and stepdad) can be billed for that since we've signed away the truck with damage stated on a piece of paper and signed by a Mazda Rep. to be 600 some and that amount is being incurred by the dealership and no one else.

    I know personally myself, I feel uneasy over all this and if it comes to be that we get a bill in a month or two for 3500, I will finish out this lease and then walk away from Mazda and the dealership for good after this 2 year lease is up. Before that, I know for a fact that stepdad will take legal recourse over this against the appropriate people if we do get billed. I feel sorry for the lady that signed that paper, she told us she's done this for hundreds of customers and they've turned in worse vehicles than myself. Terry, if you're right, then things are going to get mighty interesting for some folks.

    I'll check back with you when I have more to report.

    Chad
  • rroyce10rroyce10 Member Posts: 9,332
    Sincerely....I hope all goes well, And..If the Mazda rep has signed off on all the appropriate papers....Then, things will go well....Beleive me, I hope you and your stepfather have alot of very happy miles......

    Terry.
  • winstatwinstat Member Posts: 16
    What am I missing that I don't already have now? We have a signed statement as I explained before and I guess I don't know what else I can do. Since you've been through this a lot more than I what else can I do as a consumer?

    Chad
  • winstatwinstat Member Posts: 16
  • winstatwinstat Member Posts: 16
    What legal recourse do they have to bill me for 3500 or so after I have a signed statement that the damage when the truck is signed away is 600 some dollars?? I don't have possession of the truck after its been signed away and damage estimated and on paper. Plus, the dealership is paying off that damage, not me or anyone else. I'm free and clear of that truck. What way would Mazda be able to legally say I'm responsible for a 3500 bill with the documentation I have now??

    Chad
  • mookie12mookie12 Member Posts: 5
    Car Man-

    Thanks for the info. I look forward to hearing about any updates that you might find regarding any changes to the money factor or residual.
  • muzhikmuzhik Member Posts: 18
    Car man,

    I am looking at these two vehicles and trying to compare their lease worthiness: Mercedes-Benz ML320 and BMW X5 3.0. Is there any way you could give me current MB and BMW money factors and residuals for those two vehicles on a 36/15K?

    I would really appreciate it.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Muzhik, I would be happy to share the latest information that I have seen for these two vehicles with you. If you decide to lease a 2001 X5 3.0L through BMW Financial Services prior to March 6th their 3 year 15,000 miles per lease money factor and residual value should be .00340 and 65% respectively. To the best of my knowledge, they have not announced the program that will replace this one yet.

    If you decide to lease a 2001 Mercedes-Benz ML320 through Mercedes-Benz Credit Corp. right now, the last I have heard their 3 year 15,000 miles per lease money factor and residual value should be .00399 and 64% respectively. Mercedes does not set specific end dates for their lease or finance programs. They introduced this particular lease program on January 3rd, so I suspect that they will come out with a new one at some point in the not so distant future.

    Car_Man
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  • muzhikmuzhik Member Posts: 18
    Thank you, Car Man!
  • winstatwinstat Member Posts: 16
    I sit here looking over the Vehicle Condition Report and at the top it says Mazda American Credit, has my account number where I sent lease payments for the last 32 months, then the dealership inspection section that shows total damage of 350.00. Next column shows Excess Mileage Calculation, part A. Mileage During Term= 23,765 part B. Miles Allowed= 36,012 part C. Excess Miles= 0 part D. Charge per Excess Mile= 0 part E. Excess Mileage Charge= 0.

    Next section has Total for any Excess Wear and Tear and Use and/or Collision Damage as reported in Part I= $350.00 Estimated Tax on Excess Charges= 22.75 Disposal Fee= 0 Other Amounts Due= Payments Owed 2x286.28= 572.56 Total Charges= 945.31 Rental Cc. Sep= 300.00 Net Amount Due Now= 645.31 Is Payment Attached? Check mark for "Yes" Box and the Explanation next to it states "(Dealership name) will pay" and the most important part 11. Net Amount Due Customer= 0. At the bottom it has two signatures, customer and Dealer/Mazda Representative.

    This form tells me I owe nothing for that truck and I can't be billed for anything cause I owe nothing and the dealer is paying for what damage there is. Whatever happens to it from when I signed away the truck to present is not of my doing since I no longer possess the vehicle.

    Is there any possible way Mazda can bill me for anything now that I hold in my possession this piece of paper? And they have a copy of it as well too.

    All I can say is if I don't get any bills in the next 24 months for that truck, they will continue to get my business. But, if I do get billed, the honeymoon is over and they've lost my business and after I get done with contacting everyone willing to listen, their customer base will be on hiatus.

    I'll report if anything occurs.

    Chad
  • muzhikmuzhik Member Posts: 18
    Car man,

    Since you've been so quick to respond, I'll once again usurp your valuable time and attention. Would you happen to know what fees are involved in the lease costs for BMWFS and MBCC? Bank Origination fee, title fee? What about the luxury tax?
  • robbygrobbyg Member Posts: 61
    Carman - now that the new '02 Explorers are shipping, do you have info on 3 and 4 year leases on the 4Door XLT 4x2's? Thanks.
  • madams2madams2 Member Posts: 8
    I am leasing a 97 Mitsu Spyder. The lease runs out in October. I am going to be over my miles buy 5000-10000. The buy out price on the car is ~12000 according to the lease. The book value is around ~15000. I wanted to avoid paying for the extra miles so I thought I would sell it during the summer when it might be easier to sell a convertible. I was wondering if I could go to a dealer ship and trade it in with a couple months left on the lease and just walk away from it? I don't care about making money on it or I would try to sell it. I am trying to avoid paying any penalties at the end. Any advice would be appreciated.
  • rroyce10rroyce10 Member Posts: 9,332
    .....Gee whiz, I'm not trying to upset anyone, If the Maxda Rep has signed off....Things should go smoothly.

    The reason why I showed concern before, is only from my own experience...I had a Lease Manager that worked for me once ( She came very highly recommended)....and a situation arose that she pulled a GOOD customer out of a "lease end" situation..and put him in a new vehicle.
    The vehicle he brought back, did have some extensive damage and miles....Well, being the 'great' salesperson she was......she made sure the customer felt at ease, and with no worries.....
    The customer drives off......The old lease vehicle sit's in the back lot for 5 wks (about sop with most lease co's ).....Mazda finally picks it up....off to the auction it goes, and the vehicle does about $2,000 less than book.
    "MY" customer gets the bill 9 weeks later....and I don't have a customer anymore....this a person , like all my customers that come First...and the 4th vehicle he has bought or leased from me --- I tried to intercede, I even paid half of his bill ( remember, this is not my vehicle ..it's Mazda's )...but.. at that time....it was way to late...he traded the vehicle a week after it all happened...(and he spent thousands..?)...to just go to another store and or brand....Do I blame him...? Hell no..! ......So I did I lose one customer, No, I bet I lost 10...at least.....

    Do I have this great lease Mgr with me any more.....Hell no..!.....Did she loose all inbound commisions and salaries...You betcha..!
    As most people, I work very hard in my business.....I don't need or want a person to be around me ..let alone work for me that will ..or can jeopardise a great customer relationship.

    So, that's why I always recommend to my customers and people I do business with ....always, check the information out with person that is the decsion maker..In this case Mazda Credit....and this is no reflexation on them....I have had -0- problems with them....So, if all is right with the lease company.....then all is right with the world..! ----- Enjoy it, your paper work seems to be in order..and I'm sorry about being so long winded about it...but, you can see why it's a major point with me......

    Terry.
  • gomarksgomarks Member Posts: 1
    Car man,

    I recently leased a loaded 2-tone 1998 GMC 1500 Suburban SLT (leather/front buckets/heated and power seats/towing/cd/cassette) for $430/38 months. The agreed purchase price is $25,400 and the residual is $15,300. Not that I can do anything, but I wanted to get your thoughts on whether I got a decent deal and what the implied interest rate is. The lease payment includes NJ sales tax and 1000 miles/month. The car had 29,300 miles.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, muzhik. As far as these banks' fees go, BMW Financial Services currently charges consumers an acquisition fee of $525 at the beginning of their lease. I believe that they also have a lease-end disposition fee of $350 that they sometimes charge. Mercedes-Benz Credit Corp. has an acquisition fee of $595, but I do not believe that they have any sort of disposition charge.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi robbyg. Yes, Ford has already come out with a lease program on the 2002 Explorer. In fact, they actually even have supported lease rates on it at this point. In certain parts of the country, Ford has new low lease rates of 1.75% for 24 mo. and 3.75% for 36 month leases. Ford Motor Credit does not typically have supported lease rates for 4 year leases, so if you opt to lease this truck for that long I believe that you will have to use their standard lease program. I haven't seen their standard rates lately, but I believe that they are still around 10% or a little under. The Ford Motor Credit residual values for the 2002 Explorer 4-Door XLT 4x2 leased with 15,000 miles per year are currently 55% for 24 month, 47% for 36 month, and 41% for 48 month lease terms.

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  • robbygrobbyg Member Posts: 61
    Thanks for the info Carman! I'm surprised that the 3 year residual is so low since the 2002 is completely new for this model year. As I recall the 3 year residual on the 2001 model is around 45% also.

    Is the residual on a 3 year lease at 12k miles/year much better?
  • rroyce10rroyce10 Member Posts: 9,332
    .....Well perhaps this will help.....if you turn the vehicle in early, you will owe..the last two payments..or whatever payments that would be do...and depending on the Lease co..perhaps a disposition fee...plus the miles.

    If you want to sell it....and (you haven't left enough info..condition, miles, color, trans, stereo, tires.. GS GS-T etc, )..This is probably what you might expect......you might be able to get..$13,000 - $14,000 ish depending on your area as soon as that first "real" spring day hit's ( Mitsu's are a little cold right now, so this "may" be a better way for you to go, they are running through the auctions at that $9,000 to $12,000 figure )...So, get your exact pay-off....and try to sell it in the next couple of months...best time for a convertible -- especially with your miles ---- and if that works, go on to bigger and better things....

    I hope this helps....

    Terry.
  • expedition2expedition2 Member Posts: 34
    I probably didn't do as much research as I could have but in comparison to other dealers and to the price it would have been at GMAC, I thought I was getting a good deal. Please give me good news!(I guess I have that sick feeling you get after getting a new car!!) MSRP 40,500 CAP cost (includes Acq. fee) 36195. I don't know the money factor, just that it works out to be 6.7%. $1,000 down, payments are $528 (pre-tax) for 39 months/12000 miles. 2001 Yukon SLT.
  • parsons3parsons3 Member Posts: 5
    car man: thank you for your response. You're right, leasing a Jeep Cherokee with the same high mileage (45,000 per year) is crazy high - over $100 more per mnth. not only is the pre pay miles more than two years ago (.12 vs .08) but also the residual is cut in half - to about 4500 vs the 9500. not what I expected. So I am thinking should I buy my next vehicle vs leasing one? Also, should I revisit purchasing this one? Granted, I'll be buying a car with 100000 miles for ten g's, but if I buy new, in two years I'll have a two year old car with 100000 miles, and I'll still owe three more years of payments. Finally, what's the best I can do if I decide to lease a new jeep Cherokee sport- I'll add any options ( cruise, auto) to the invoice price and work cashback from there to determine lease payments. thanx
  • winstatwinstat Member Posts: 16
    You didn't cause any mass hysteria here at all. I just wanna be as informed as possible and you've been through 11 years of this sort of thing and tried to explain everything that was done on my end to better help you evaluate if I missed something.

    Trust me, everyone in this household learned quite alot this past weekend and not a minute went by without discussion over the whole process. Your response earlier sparked more discussion, but that's good...at least we're not walking around without voicing concerns or suggestions about the process or details within it. I feel real good that I asked over and over to have the process explained and made sure I heard the same thing over and over again instead 3 or 4 different stories ya know.

    I probably speak for alot of folks on here in that I value your opinion and wisdom on certain details in the leasing process and for that I thank you. I am enjoying the truck very much, but I know the next 24 months will be the last with a Ranger/B-Series pickup as I'm gonna be moving up to the full-size truck, probably Ford's F-150 as soon as this lease is up.

    Once again thanks for everything and I'll report here if anything changes.

    Chad
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Yes, even the 2002 Explorer's residual values have taken a huge hit. I think that this is due in part to the lowering of truck residual values in general in the industry and in part because of the whole Firestone fiasco. If you decrease your annual mileage to 12,000 miles per year, these residual values will increase by 2%.

    Car_Man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Expedition2, I can certainly understand being apprehensive about spending such a significant amount of money. Leasing or purchasing an automobile is likely the second most expensive thing that you will purchase in your life, next to your home. You can put your mind at ease, because I think that you got a pretty good deal on your Yukon. This is certainly a lower monthly payment than you would have gotten had you leased it through GMAC. Enjoy your new vehicle!

    Car_Man
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  • madams2madams2 Member Posts: 8
    Terry

    I was hoping to trade in into a different dealler since there isn't much that I am interested in at Mitsu. The car itself is in great condition. The car is loaded except for anti-lock brakes. It is also a GT. Like I said, I don't want to make money on it, I just don't want to pay for the miles. I just don't feel right giving up the car and giving them money at the same time. I guess when the summer comes around I will look into selling it and getting out even.

    Thanks
  • expedition2expedition2 Member Posts: 34
    I totally read to far into things, but are you saying I could have done better or just that I beat the GMAC deal? There aren't many choices of leasing companies anymore at these dealers now that PNC and National City stopped leasing. I figured if I would have bought the vehicle, I would have had to put $10,000 out of my pocket to get the same monthly payment and then pray that the car would be worth $21,000 at the end of 3 years, because that's what I would have in it. The way the car market has been going, I don't think it will be worth that much. Thanks!
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