Lease Questions - Ask Here

CarMan@Edmunds · December 2002

Thanks for the additional information, Footie. OK, if you were to lease a 2003 Lexus RX 300 AWD without Navigation through Lexus Financial Services prior to January 2nd for 4 years with 15,000 miles per, their base lease money factor and residual value should be .00195 and 49%, respectively. The numbers for an otherwise identical 39 month lease of this truck should be .00190 and 56%, respectively. As you can see, the difference in money factors is not that great for 48 months, but it really jumps for 60 month terms.

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skobola · December 2002

I am looking to lease BMW 325i after my 2002 got totaled. What is the current money factor for the 36-month lease with 10,000 miles/year? And, just in case, what would be the MF and residual for 48-minth lease (10k/yr)? Thanks.

CarMan@Edmunds · December 2002

Hi skobola. Sorry to hear about your car getting totaled. I would be more than happy to help you out. If you were to lease a 2003 BMW 325i through BMW Financial Services this month for 3 years with 10,000 miles per, their base lease money factor and residual value should currently be .00215 and 63%, respectively. Their numbers for an otherwise identical 4 year lease of this car should be .00280 and 51%, respectively.

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meemo87 · December 2002

Car_Man, Looking for money factor and residual on a 48 month lease, 15,000 miles per year on a Sport V8 and Limited V8 4Runner. MSRP's are 36534 and 39616 respectively. Also, will a bank negotiate payoff on a 60 month lease that has 17 months left?

gene1980 · December 2002

Hi Car_Man,

I'm looking at a Lexus GX470 and wonder if you can give me the money factor and residual for Virginia. The MSRP is 51600 and the cap cost will be 51000. I'm looking at a 39 or 48 month lease with 12K per year.

CarMan@Edmunds · December 2002

Hi meemo87. Toyota is not currently providing any sort of lease support on the 2003 4Runner. So if you were to lease one through Toyota Financial Services this month, you would have to use their standard money factors. Right now, I believe that their base standard factor for all terms is right around .00250. I believe that their 4 year, 15,000 miles per residual value for a 2003 Toyota 4Runner Sport 4WD should be around 54% and for the Limited 4WD should be around 50%.

As far as your current lease goes, its going to be difficult to get out of your contract over a year prior to your scheduled termination date without having to pay anything. The best way to get out of your deal would be to purchase your leased car or truck and trade it in or sell it on your own. In order to find out exactly how much money it will cost you to purchase your leased vehicle, you need to contact the bank that you are leasing through. When you do so, keep in mind that banks are often willing to negotiate their purchase prices on leased vehicles. You may have to move a few rungs up the corporate ladder in order to find anyone who has the authority to work with you. Unfortunately though, the fact that you are still legally obligated to make 17 more payments to your bank doesn't help your bargaining position any.

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CarMan@Edmunds · December 2002

Hello gene1980. I would be more than happy to help you out. If you were to lease a 2003 Lexus GX470 without Navigation and without the Rear Entertainment System through Lexus Financial Services this month for 39 months with 12,000 miles per, their base lease money factor and residual value should be .00230 and 58%, respectively. Their 4 year money factor should be exactly the same, but the residual value would drop to 51%.

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tidmorec · December 2002

I live in Maryland and I've read on Edmunds site that on a lease I should only be paying the tax on the amount that I depreciate the car but when I go to the dealers they are trying to charge tax on the entire negotiated price. Which is right and if the edmunds site is correct how do I prove it to the dealer.

Thanks

Chris

chrism124 · December 2002

Car_man, can you provided me with the m.f. rate & residual for a 03 BMW 530i based on 3 years/ 12k miles.

Thanks,
Chris M

tidmorec · December 2002

Car_Man, can I get the money factor and residual for a saab 9-5 linear silver automatic with neither of the packages and 3yr/15k miles. Also what would be a good negotiated price. I live in Maryland.

Thanks

okapi · January 2003

MB Dealer quotes the following lease rates for 39 Months:
15,000 Mi/Yr - Resid = 59%, MF = 0.00250
12,000 Mi/Yr - Resid = 61%, MF = 0.00250

Is this consistent with info you have access to?

drlonline · January 2003

Car_man,

Happy New Year to you. Can you give me an indication of expected money factor and residual for a 2.5T FWD XC90, 48 months, with 12K miles per year? I realize values could change by the time the car becomes available (currently projected for April/May time frame). I live in Southern California. Thanks.

troyy2k · January 2003

What are the latest residuals and money factors for the Infiniti G35 Coupe, for a leases of 36, 39, 42, and 48 months' duration?

gperr · January 2003

Car_Man,
Can you also provide Res & MF for G35 Sedan (leather).
36, 39, 42 months, 12K miles/year.

Thanks
Gregg

CarMan@Edmunds · January 2003

Hi Chris. Tax laws vary from state to state. Some states only charge tax on the portion of the vehicle that one is using during their lease, while others charge tax on the entire vehicle. You may be able to find out your state's exact policy on this matter by contacting your local Department of Motor Vehicles, or by checking out one of the following Web sites: Maryland Motor Vehicle Administration or Web Site for the Comptroller of Maryland.

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CarMan@Edmunds · January 2003

Hi Chris. I will do you one better, I will look into my crystal ball and predict what BMW's January lease program for this car will be like. If you were to lease a 2003 BMW 530i through BMW Financial Services for 3 years with 12,000 miles per after January 3rd, 2003, their base lease money factor and residual value should be an attractive .00150 and 62%, respectively.

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CarMan@Edmunds · January 2003

Hi tidmorec. Saab's most recent lease program is scheduled to expire today and I have not seen their new January lease program yet. I suspect that I will have had an opportunity to take a look at their January numbers by early next week. Please feel free to check back with me then by posting a quick reminder and I would be more than happy to let you know if I have been able to find anything about their new program out. Talk to you soon.

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CarMan@Edmunds · January 2003

Okapi, I believe that Mercedes-Benz Credit Corp. will be publishing a new lease program for January as well. Like I mentioned to the previous poster, please post a quick reminder to me in this discussion early next week and I will let you know what I have been able to find out about MBCC's January numbers. As far as the numbers that you were quoted go, they do look like what Mercedes was offering on the 2003 C-Class in December, so it certainly appears as though the dealer that you are working with is being straightforward with you.

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icdchess · January 2003

Hi Car-Man...
Happy New Year...
Still searching for that perfect AWD.
What is the current money factor and residual for 2003 CR-V for 15,000 miles and 36 months (New York). If the 2003 is not out yet, then the 2002. Also do you expect any change for January and are they also offering any good interest rates for purchasing?
Thanks as always!
Steve

CarMan@Edmunds · January 2003

Happy New Year to you as well, drlonline! Volvo certainly has a supply problem with the XC 90. They already didn't have nearly enough trucks for all of the consumers that they have on their waiting lists and then they lost 358 XC 90s that were destined for the U.S. when that ship sunk in the Channel! You are right, it is difficult to say what Volvo's lease program will be like on this truck when you are actually able to take delivery of one in a couple of months. But for now, I will provide you with information on their most recently published program to give you a general idea of what you can expect. If you were to lease a 2003 Volvo XC 90 through Volvo Finance for 4 years with 12,000 miles per prior to January 3rd, their base lease money factor and residual value should be .00365 and 55%, respectively.

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CarMan@Edmunds · January 2003

Hey troyy2k. Nice choice in cars if I haven't said so before (I probably have

). I love the looks of the G350 Coupe. If you were to lease a 2003 Infiniti G35 Coupe with leather through Infiniti Financial Services prior to January 6th their base lease money factor should be .00230 for all length leases. Their 12,000 miles per year residual values for this car are as follows, 57% for 36 month, 56% for 39 month, 51% for 42 month, and 48% for 48 month terms.

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CarMan@Edmunds · January 2003

Hey Gregg. Through January 6th, IFS' base lease money factor for the 2003 G35 Sedan should be exactly the same as the one that I posted for the G35 Coupe. The 2003 Infiniti G35 Sedan with leather has 12,000 miles per year residual values as follows, 57% for 36 month, 56% for 39 month, and 52% for 42 month terms. Check back with me a few days after the current program ends if you would like an idea of what their next program for this car should be like.

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CarMan@Edmunds · January 2003

You snuck a message in there in the midst of my flurry of posts, Steve

. Unfortunately, I have not seen Honda's January lease program yet. I suspect that their January numbers for most vehicles will be slightly different than their December numbers were. As far as this truck's finance rates go, Honda has been offering 3.49% special financing for up to 60 months on all of its 2003 models. That program is scheduled to expire today though. Please check back with me with a quick reminder early next week and I should be able to give you an idea of what their new lease and finance programs are like. Talk to you soon.

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deejay16 · January 2003

Car_man,
I was wondering if you could give me your opinion on my recent lease.
I was driving a 2000 Jeep Grand Cherokee and my lease was up in May/03. I received an email advertisement from a local Jeep dealer promoting 2003 JGCs with alarm, upgraded stereo and cargo cover for $19,988. According to Edmunds that is almost $5000 below invoice!
Well, to make a long story short, the dealer leased me the new Jeep for $260/month, for 39 months/39,000 miles, no money down and cut me a check for $900 to buy out my old lease.
How can they afford to do this, did I miss something??
Thanks.

ncjudge · January 2003

Car_man,
I wrote a while back about the Mazda lease program on the 6. Hopefully, the lease numbers are out now. Can you give me the money factor and residuals for the 6s, 15K per year, for 24, 36, and 42 months?

Thanks.

CarMan@Edmunds · January 2003

Hey deejay16. You certainly did get an outstanding deal, congratulations! Jeep has a ton of incentives out there right now. As far as lease incentives on the 2003 Jeep Grand Cherokee go, their December program featured $2,500 lease cash, $1,000 lease loyalty cash, and a dealer volume bonus program that provided up to another $1,000 per unit. When all of those incentives are added up we get to $4,500, which is a lot of cash! So it certainly seems as though it is possible for dealers to sell this truck at the price that you saw, but I am sure that they would normally like to make more profit than they did on the unit that they sold you. Enjoy your new ride.

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CarMan@Edmunds · January 2003

Hi again ncjudge. I should have an opportunity to take a look at Mazda's new lease program at some point this afternoon. I will post what I have been able to find out for you in this discussion either tonight or tomorrow morning. Talk to you soon.

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chrish11 · January 2003

Hi Car Man,

Would you please advise the MF & residual for 3 yr/ 15k mi/year in Pennsylvania for an Audi A6 Avant and a Saab 9-5 wagon in Linear/Arc/Aero?

Thanks!

dal71 · January 2003

Hi Car Man,

I am about to pick up an Audi A4 3.0 quattro sedan. Can you please give me the m.f. for 36 and 48 month leases? The residuals for 10,000 and 12,000 miles at both 36 and 48 months? This is in NY, if that matters

Also, a more general question about leases. Do most dealers work with lease rates provided by the manufacturer, or do they often work through third party banks? If it turns out that my dealer offers me worse terms than what you find, can he truthfully claim that he is unable to access the Audi rates because he does his borrowing elsewhere?

As a note, the dealer offered:

36 mo 48 mo
10k: .00210, 62.7% .00220, 56.4%

12k: .00210, 61.7% .00220, 55.3%

Thanks for the info!

gperr · January 2003

Car_man,

Hi again. I am in need of the following info- the first for me- and then for some friends.

I finally bit the bullet and sold my 2001 VW Jetta GLS VR6 and am picking up my new G35 Sedan on Saturday, so....

Residual and MF for 2003 Infiniti G35 Sedan (leather), 36, 39 and 42 months, 12K/year.

And for the friends I am helping:

2003 Nissan Maxima GLE, 36 months 12K/year
2003 Acura TL (non-nav/non-S type). 36, 39, 42, 48 months 12K/year.

All in NJ.

Thanks again Car_man- I do not know how I would buy cars- or help my friends get their cars without you.

Gregg

innerloop · January 2003

Hi CarMan - I saw on a website that BMW had a favorable program that expired 12/31 (330Ci, 36 mo, 60% 0.00135).

Has that been extended, or if not, what is the current offer on 36 month, 15,000 mile/year, 330Ci leases?

Thanks.

CarMan@Edmunds · January 2003

OK I'm back, ncjudge, and with the information that you are looking for too. Mazda's captive finance company only publishes lease numbers for 24, 39, and 48 month terms, so those are the numbers that I will provide you with. If you were to lease a 2003 Mazda MZ6i through Mazda American Credit for 24 months with 15,000 miles per year, their base lease money factor and residual value should be .00147 and 52%, respectively. Their numbers for an otherwise identical 39 month lease should be .00185 and 44%. Their numbers for an otherwise identical 48 month lease should be .00201 and 40%.

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CarMan@Edmunds · January 2003

Hi chrish11. Audi's December lease program does not expire until today and Saab's new program just came out. I have not had an opportunity to look at both of them yet, but suspect that I will by Wednesday or Thursday. Please drop me a quick reminder then and I would be more than happy to help you out. Talk to you soon.

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CarMan@Edmunds · January 2003

Hi dal71. As I just mentioned to the previous poster, Audi's December lease program runs through today. As one might imagine, I have not had an opportunity to take a look at it yet. I would be more than happy to fill you in on its details if you check back with me in a couple of days.

As far as which lease program dealers use goes, dealerships generally steer consumers towards the best available lease program. If some third party has a better program than their captive finance company in a given month, that is usually the way that they will go. Audi Financial Services' lease programs are usually fairly attractive and dealers frequently use them. All Audi dealers would be allowed to lease cars through AFS' program.

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CarMan@Edmunds · January 2003

Hey again Gregg. I am glad that you find my advice so helpful. The lease programs for all of the brands that you mentioned, Nissan, Infiniti, and Acura, just expired. I have not had an opportunity to take a look at their new ones yet, but should be able to by late this week, definitely before you pick up your new G35 on Saturday. Please drop me a note as a reminder in a day or two and I will provide you with what I have been able to find out. Talk to you soon.

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CarMan@Edmunds · January 2003

Hi innerloop. BMW did have a very attractive lease program available on the 330 in December. Their January lease money factors on the 2003 330Ci are still pretty good, but they increased to .00150 for 3 year terms. The corresponding BMW FS residual value for this car if you were to lease it with 15,000 miles per year should be 60%.

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icdchess · January 2003

Hi Car_Man...
Just checking back to see if Honda put out any speacial lease or finance rates for January? I was looking for a CR-V EX 15,000 miles for 36 months. Also, if you don't mind the same scenario for a Toyota Highlander 4WD 4 cyl or 6 cyl. Thanks a bunch!
Steve

jagzbimmer · January 2003

Hello again, Car_Man.

Well, it looks as if the dealer might have snuck one past me. Take a look at this deal:

39 month lease
$2991 TOP (of which $2500 is multiple security deposits (equating to a .00095 money factor)
$37,520 cap cost
MSRP: $38,320
62% residual value ($23,758.40)

Monthly Payment = $455.62

According to my calculations, my final payment, including NJ tax (6%), should be $435.74.

The difference of $20 over the 39 months comes to $780. This seems close to what my remaining lease payments are (which they agreed to 'pay' for me).

Am I missing something, or is this what you get as well?

I'd appreciate the advice, but I don't know how much I can do now that I have already made the deal, ordered the car, and gave a $1000 non-refundable deposit (b/c I only order an AUTO with no other options).

I just hope I am still getting a good deal overall (type of car, mo. pmt, etc.). I just don't like the idea of 'paying' the dealer back for something they agreed to pay for. Also, I feel kind of dumb b/c I missed this (esp. after ALL the research I did and what I know about leases).

Thanks.

multiplechoice · January 2003

Hi Car_Man, I would like the MF's and residuals for the Odyssey 36mo, 12&15k/yr. I'm in southern California. Thanks for all your invaluable info!!!

minaldo · January 2003

Hi, the lease is up and I'm turning a Ford Winstar and a Nissan Maxima in next month. What's going on with these calls I've received from Ford Credit and Nissan Credit. These financing companies are telling me they need to inspect the vehicle, not the dealership. Yet, the dealerships are saying I can return the car to them? Any info would be greatly appreciated.

massappeal106 · January 2003

Car Man:

Thanks for all your wonderful help!

Please furnish me with the leave info for:

'03 Audi 1.8 quatro with premium package for 36 and 39 months.

'03 VW Pissat GLS 1.8 with leather and monsoon for 36 and 39 months.

Thanks a lot!

ncjudge · January 2003

Car_man,
Thanks for your quick work and for the service you provide.

David

jburnette · January 2003

I have been leasing a 1998 Honda Accord LX. I am interested in buying the car, as the lease is up in May. The lease was for 5 years, 90,000 miles, and I will have right under the 90,000 mile limit when the lease is over. The leasing company is wanting $9500 for the car. I was wondering what would be a good price to begin the bargaining, as I do not want to pay that price. And, any other buying tips would be greatly appreciated. Thanks.

CarMan@Edmunds · January 2003

Hi again Steve. I have seen portions of the lease programs for both vehicles that you are interested in. Let's start with the 2003 Honda CR-V. Honda has not provided any sort of lease support on this truck since it was redesigned. So if you were to lease one through American Honda Finance Corp. you would have to use their standard lease money factors. I have not seen if AHFC has changed their standard factors for the month of January, but there is a good chance that they have not. If that is the case, then their 3 year base standard factor should be 0.00230. I have seen their latest residual values and the 3 year 15,000 miles per residual for a 2003 CR-V EX should be 60%.

You are in luck as far as the Toyota Highlander goes. Toyota has decided to continue the special lease money factors that they were offering on this truck in December. In your neck of the woods, NY I believe, you should be able to lease a 2003 Highlander through Toyota Financial Services with a base special money factor of .00174 for up to 39 months. I unfortunately have not seen their new 2003 residual values, but suspect that I will have an opportunity to look at them within the next week or so if you would like to check back with me.

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CarMan@Edmunds · January 2003

Hey jagzbimmer. Let's take a look at the deal that you posted the details for. According to my calculations, if you were to lease a 2003 BMW 330xi (MSRP: $38,320 / Cap: $37,520) through BMW Financial Services this month for 36 months with 12,000 miles per year without any money down, your pre-tax monthly lease payment should be right around $474. By making the 5 additional security deposits this month, you would be able to lower BMW FS' money factor on this car from .00150 to I believe .0001, resulting in a revised lease payment of around $388.

Unfortunately, there is probably not a whole lot that you can do if you are unhappy about the deal that you have received. Of course, you could always try to get out of it and see if your dealership would be willing to work with you. You never know if they will unless you give it a shot. Or perhaps you can sit down with your salesperson and discuss how they arrived at your payment with them.

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CarMan@Edmunds · January 2003

Hi multiplechoice. As I mentioned two posts ago, I am not sure if American Honda Finance Corp. has changed their standard lease program for the month of January. If they have not, and you were to lease a 2003 Honda Odyssey through them for 3 years, their base factor should be .00230. I have seen their new residual values though. Right now, AHFC's 3 year 15,000 miles per residual for a 2003 Odyssey LX or EX should be 63%, the resid for a 2003 Odyssey EX w/DVD or EX-L should be 61%, and for any 2003 Odyssey with Navigation should be 60%.

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jxlxr · January 2003

I'll be leasing 2 cars in the 30-60 days and am focusing on the Murano SL AWD and the Accord EX V6. I'm in PA and am looking @ 39 and 48mo terms. I know that recent numbers should have been just released. Can you provide those? How long will the current programs last?

As a side note. What are you seeing as the strong residual cars currently. I see big fights going on over at the Mazda board with the 6 battling the Accord. From a leasing standpoint right now, although that could change, there is no comparison, the Accord wins. It's becoming harder to become emotional with cars when you are leasing due to the large disparity in residuals. Unless of course you don't care how much you pay.

CarMan@Edmunds · January 2003

Hi minaldo. Many banks inspect their lessees' vehicles prior to having them return them to their local dealership. This is usually done through some sort of independent inspection company that you will need to schedule an appointment with. I have had them come to my office during lunch in the past and do their quick inspection. Once it is complete, they will provide you with a copy that you will give to the person who accepts your vehicle when you physically turn it in at a dealership.

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CarMan@Edmunds · January 2003

You're welcome, massappeal106. I am glad that you find this section of the Town Hall so helpful. Volkswagen and Audi's December lease programs just expired yesterday and I have not had an opportunity to look at their new programs yet. Please feel free to check back with me in a few days with a quick reminder and I almost certainly have the information that you are looking for. Talk to you soon.

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CarMan@Edmunds · January 2003

No problem, David. I hope that you enjoy your new Mazda 6.

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