Lease Questions - Ask Here

marys235 · March 2003

Hi Car_Man, I am thinking of leasing a 2003 Toyota Highlander Ltd 4WD this month. Do you have residual and money factor info on this car? I am looking at a 36 month lease with 15,000 mile per year. Thanks..

marys235 · March 2003

Also, Car_Man, I live in Oklahoma if it makes any difference on the Highlander lease I asked about.

marys235 · March 2003

Okay, one more question Car_Man, I'd also like the residual and money factor on a 2003 RX300 AWD, on a 36 month, 15,000 mile lease.

eswanborg · March 2003

Car_man - just wondering if you have the March info on a 3yr, 15k lease for a Honda Pilot in Southern California. Thanks!

multiplechoice · March 2003

Hi Car_man, I would like lease program info. 36mo. 15K/yr on the Sequoia Limited. I'm in Southern California. Thanks for all the helpful info.

numeromano · March 2003

Car_man thanks for the help. Of course, different numbers than my dealer was giving. By the way, you mentioned conquest cash. I am coming off a Jeep Grand Cherokee lease - is there a cash incentive from Lincoln for that?

Thanks. A great service!

CarMan@Edmunds · March 2003

OK, gperr, I have found out the details of Acura's new lease program for you. If you were to lease a 2003 Acura TL-S without Navigation through American Honda Finance Corp. this month for 2 years with 12,000 miles per, their base lease money factor and residual value should be .00135 and 63%, respectively. Their numbers for otherwise identical 30 and 36 month leases should both be .00135 and 59%.

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CarMan@Edmunds · March 2003

Rosen31, you can find the answer to your question in my previous post. AHFC's 15,000 miles per year residual value would be 2% lower than the one that I posted.

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CarMan@Edmunds · March 2003

Numeromano, here is the answer to the second part of your question. If you were to lease a 2003 Acura MDX Touring with Navigation 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 .00220 and 57%, respectively.

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CarMan@Edmunds · March 2003

I sure have, hosimian. Here is the information that you are looking for. If you were to lease a 2003 Volkswagen GTI 1.8T through VW Credit this month for 4 years with 12,000 miles per, their base lease money factor and residual value should be .00175 and 51%, respectively.

As far as the Matrix goes, I do not know Toyota's exact base lease money factor for your area. Their special money factors for the areas that I have seen are between .00150 and .00172, but this support cuts off at 39 month terms in some regions. TFS' 4 year 12,000 miles per residual value for a 2003 Matrix 2WD should currently be 48% and for the 4WD should be 50% in all areas.

Last but not least, if you were to lease a 2003 Mazda 6i without ULEV through Mazda's captive finance company this month for 4 years with 12,000 miles per, their base lease money factor and residual value should be .00131 and 42%. Their numbers for an otherwise identical lease of a 2003 6s should be .00200 and 43%, respectively.

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CarMan@Edmunds · March 2003

You're welcome, SilverCrown. Most banks express their lease interest rates in the form of money factors. However, Ford Motor Credit and General Motors Acceptance Corp. publish actual lease interest rates instead. These rates can be converted into approximate money factors for the purpose of calculating sample lease payments by dividing them by 2400.

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CarMan@Edmunds · March 2003

Ahhh another Mazda 6 question. Here is the info that you're looking for, SilverCrown. If you were to lease a 2003 Mazda 6s through Mazda's captive finance company this month for 39 months (for some reason they use 39 month leases instead of 36 month) with 15,000 miles per year, their base lease money factor and residual value should be .00179 and 46%, respectively. The 12,000 miles per residual value for this term would increase to 48%.

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CarMan@Edmunds · March 2003

Hey Clpurnell. Before I answer your question I just want to mention that Ford's lease rates occasionally vary slightly depending upon what part of the country one is in. I will provide you with information on what I believe is the most commonly available program. Also, Ford Motor Credit expresses its lease interest rates in percentage form rather than money factor form. Please see post #5835 for a slightly more detailed explanation. Now for the numbers. If you were to lease a 2003 Ford Expedition XLT 4x2 through Ford Motor Credit this month for 3 years with 15,000 miles per, their base lease rate and residual value should be 6.25% and 49%, respectively.

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CarMan@Edmunds · March 2003

Oh well, Steve, what's done is done. Congratulate her on her new car. Sorry that I couldn't be more helpful on the Mini question. I am actively looking for a way to get this information. I am glad that you have found my advice so helpful in the past. Make sure to come back when you need specific advice on leasing the X-Type. Jaguar has been providing a very attractive lease program on it. Talk to you later.

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CarMan@Edmunds · March 2003

Wow, there sure are sure has been a lot of lease questions lately

. Please have patience with me, I am answering your questions in order as quickly as possible. Thanks.

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CarMan@Edmunds · March 2003

OK, ribbonking, let's take a look at the vehicles that you are interested in. All of the following numbers are for 3 year 15,000 miles per leases through manufacturers' captive finance companies. The March numbers for the 2003 Acura TL without Navigation should be .00135 and 57%. The numbers for the 2003 Infiniti I35 should be .00191 and 46% with $1,000 dealer lease cash. The numbers for the 2003 Infiniti G35 Sedan should be .00184 and 54%. The numbers for the 2003 Lexus ES300 should be .00150 and 54%. The numbers for the 2003 Lexus GS300 should be .00220 and 56%. The numbers for the 2003 Honda Accord EX V6 Leather without Navigation should be whatever their standard lease money factor is (I believe around .00230) and 57%. Last but not least, the numbers for the 2003 Nissan Maxima GLE should be .00185 and 50% with $500 lease cash.

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CarMan@Edmunds · March 2003

Hi marys235. I believe that Toyota is providing special lease money factors on the 2003 Highlander in your region. Although I do not know the exact number for your area, in other regions where Toyota is providing lease support on this model, their base lease money factor is .00170. There is a very good chance that their factor is very similar in your area. Toyota Financial Services' residual values for this model should be the same nationwide. Right now, its 3 year 15,000 miles per residual for the 2003 Toyota Highlander Limited 4WD is 56%.

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CarMan@Edmunds · March 2003

Ah Ha, another one. That will teach me to answer questions without reading ahead. Marys235, if you were to lease a 2003 Lexus RX 300 AWD without Navigation through Lexus Financial Services this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00131 and 54%, respectively.

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CarMan@Edmunds · March 2003

Hi eswanborg. I have seen Honda's March lease program. Here is the info that you're looking for. If you were to lease a 2003 Honda Pilot through American Honda Finance Corp. this month for 3 years with 15,000 miles per, their base lease money factor would be whatever AHFC's standard factor is right now, I believe .00230, and 61% for the EX without Navigation or Rear Entertainment System, 59% for the EX-L, and 61% for the LX.

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CarMan@Edmunds · March 2003

Hey multiplechoice. Toyota is not providing any sort of lease money factor support on the 2003 Sequoia right now. So if you were to lease one through Toyota Financial Services this month, you would have to use their standard lease money factor of .00230 and their 3 year 15,000 miles per residual value of 52% for the Sequoia Limited 2WD.

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CarMan@Edmunds · March 2003

Oops a few slipped through the cracks, sorry about that. Tgp1810, you are definitely better off putting as little money down on leased vehicles as possible. One reason for this is that if your vehicle is totaled in an accident or stolen and never recovered your insurance company pays off the bank that you are leasing through and any down payment that you have made essentially disappears. Another reason is that down payments on leased vehicles do nothing to establish equity in them. Whether you were to make a $10,000 down payment on the vehicle that your are leasing or absolutely no down payment, your lease-end purchase price would be exactly the same. In answer to your specific question, I would use the money that you have saved to help with your leased vehicle's monthly payments rather than use it as a down payment.

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CarMan@Edmunds · March 2003

Hi mookie14. There is no real way to avoid excess mileage fees. You could always purchase your leased truck at the end of your term and try to sell it on your own in hopes that the amount of money that you lose is less than what your excess mileage penalty would have been. However, this is a risky proposition and given how inflated domestic captive finance companies' residual values for trucks were when you leased this model a few years ago, I highly doubt that this is a viable solution to your problem. Ford Motor Credit, or whatever bank you are leasing your truck through is going to want all of the money that you owe them for excess mileage. Perhaps you can work some sort of payment plan out with them.

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CarMan@Edmunds · March 2003

You're welcome, numeromano. In many parts of the country Ford is offering $1,000 conquest cash on the 2003 Lincoln Aviator. This money would be available to you as a current Jeep Grand Cherokee lessee. Ask your dealer about this program. If it is available in your area, I don't see any reason why they would hide it from you.

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marys235 · March 2003

for the information on the Highlander and RX300 leases. If I can get the cap cost down to invoice on the RX300, which seems reasonable since they have the new 330 coming out in a few weeks, seems like the RX300 is really an attractive deal.

icdchess · March 2003

Friend of mine loves my CR-V EX Automatic (which you were instrumental in helping me with) and I called a local dealer here in New York. They quoted:
36 months:
Money Factor = .00240
Residual = 61%

48 months:
Money Factor = .00220
Residual = 55%

Does this jive with what Honda is supposed to be offering in March or is the dealer making some extra profit here?
Steve

eswanborg · March 2003

Car_man - as always - THANK YOU for the info. Just want to clarify something. Is the 61% residual for the EX-L and the 59% for the EX-L WITH RES or NAV? I wasn't sure what you meant there.

Thanks again.

hosimian · March 2003

For the info on the GTI, Matrix, and Mazda 6. Looks like we're all keeping you very busy! I'm amazed you can keep up with all these requests. Great Job!

I'm a little surprised that the Mazda 6 residuals are so low (42-43%), I guess that one is eliminated.

Another question: I just leased a 2003 Honda Civic Si, and I believe that the residual for 48 months and 12k miles per year is 52%, and the Money factor .00078. Do you know if these numbers are good for all the Civics (particularly the EX sedan)?

Also, are you aware of any marketing support for the 2003 Civic Si for March? I read a lot of rumors on the Civic/Si forums here about the car selling for well below invoice, but the best I could do in the Pittsburgh, PA area was invoice price. If there is any marketing support, and I can find a deal, we may end up getting another Si for our second car. We've been very happy with our Si so far. It seems to be very well made, and it's a pleasure to drive.

Well, thanks again, and sorry for bombarding you with even more questions.

cstabile · March 2003

Car Man,

I was just scanning the various posts and could not help but notice that the 3 year residual on the MDX (57%) is so much higher than the 3 year residual on the Aviator (47%). That would easily make a substantial difference in the monthly lease payment. Is the MDX being pumped up by Acura/Honda or are those residuals the norm?

cstabile · March 2003

Are the March program details available yet for VW? If so, can you please provide the March numbers for 36 and 39 month residuals, money factor, and marketing support (if still available) for a 2003 Passat GLX w/ Auto. I live in northern Virginia if that matters.

Thanks in advance.

gperr · March 2003

Car_man,

Can you please provide me the Residual and MF for Honda Pilot EX-L with DVD for 36 months and 12K miles and the EX-L without DVD or Nav for same terms. Thanks

Gregg

.ps- I saw the earlier posts but they did not exactly match the info my friend needed. Thanks again.

clpurnell · March 2003

The Acura MDX has the best resale value of any car/truck made today. There was a link to the article posted in the MDX Forum. A 2001 MDX still retails for over 30k compared to a MSRP of around 36k A 2001 Navigator with a MSRP of ~50k Can be found for about 25-28k So I would say both numbers are pretty acurate.

ribbonking · March 2003

I truly appreciate your assistance and all of the work you do on this board. Its a tremendous service to for all who visit here.

Ribbonking

cstabile · March 2003

I have to echo Ribbonking's comments. Honestly, I don't know how you do it Car_Man. There are so many posts every day and they keep coming and coming. Keep it up, please. You are helping so many of us out there.

ribbonking · March 2003

Car_Man

If I may be so bold, please provide data on two more vehicles in southern California. First is the Saab 9-5 Aero and second is Volvo S80T. As you can see, I'm struggling to find the right vehicle with the right deal.

Thanks.

CarMan@Edmunds · March 2003

You're welcome. Good luck in your negotiations. I have a feeling that you will be able to get a very attractive deal with the new RX arriving soon.

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CarMan@Edmunds · March 2003

Hey Steve. I haven't seen American Honda Finance Corp.'s standard lease money factors in a while, but the last time that I did, they were .00230 and .00210 for the terms that you mentioned. It is possible that they have increased recently, but I tend to doubt it given the fact that AHFC did not increase their standard money factors for Acura. This dealer may be trying to pad the base standard factors in an effort to add a little more profit to this deal. I am not certain about this though, so your friend might want to get quotes from a couple other dealers in your area. Quite frankly, it would be a good idea to get a few other price quotes anyhow.

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CarMan@Edmunds · March 2003

You're welcome, eswanborg. The Pilot EX without leather has a residual value of 61% for this term, the EX with leather has a residual of 59%, the EX with leather and the rear entertainment system also has a residual value of 59%, and the EX with leather and navigation has a residual value of 58%.

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CarMan@Edmunds · March 2003

No problem, hosimian. You people definitely are keeping me busy

. Congratulations on your new Civic Si. It's a fun little car and you seem to have been well informed about its lease program. The lease money factor would be exactly the same for all 2003 Civic Sedans, but the residual value for a 3 year 15,000 miles per lease would actually increase to 55%. As far as pricing goes, I find it hard to believe that people are purchasing 2003 Civics for well below dealer invoice. Honda does have $1,000 dealer cash on 2002 Civics and $1,250 on 2002 Civic Si models, but no cash on the '03 model yet. Dealer invoice on an '03 sounds like a very good price to me at this point.

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CarMan@Edmunds · March 2003

Hi cstabile. You're right, Honda's residual values are much much more attractive than those that are available on most traditional domestic products. Interestingly enough, Honda is not inflating its residual values at all. Honda has established a great reputation for making quality products and it has boosted their vehicles resale, and in turn residual values. This allows them to provide attractive lease payments on many products without much in the way of support. The resale values of most used domestic vehicles are not very good and in turn their residual values are not very attractive, except for GM's residual values which are reasonable because they are being artificially inflated.

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rosen31 · March 2003

Car_Man,

Thanks for the Acura TL information! Based on .00135 money factor and 57% residual (15k miles per year, 36 month lease) with $1000 as cap cost reduction and negotiated price of 27k I am calculating a lease payment of $310 per month. Does this sound correct? Also if I build the sales tax (In Illinois have to pay tax on total sale price of the car)how does AHFC figure this into the lease?

mfullmer · March 2003

CarMan, do you know/have access to the Mercedes Benz used (certified) lease programs? I'm thinking about a 1-2 year old C class.

casams · March 2003

Is there any lease info availible yet on the 04 sienna?

ngkiyan · March 2003

I have to post again on this question because I want to know first before I go in to negotiate with the dealer. I have been pre approved for loan by infiniti financial. Looking to lease a fx35. When I called the dealer , they all told me a much higher MF than what was posted on the forum.When I tell them about the MF I see on the board they say it's not accurate. Is it true or are they just trying to get more intrest out of me? Am I entitled to the rates set by Infiniti or not? Please let me know. Thanks

casams · March 2003

Can you please tell me the MF and res value on a 48 and 60 month lease for the 03 Oddy

Thanks

CarMan@Edmunds · March 2003

Hi cstabile. Yes I have seen Volkswagen's March lease program. If you were to lease a 2003 Volkswagen Passat GLX through VW Credit this month for 36 or 39 months, its base lease money factor should be .00140. The 15,000 miles per year residual values for this car should be 52% and 50%, respectively. In addition to this lease support, Volkswagen is currently providing $500 dealer cash on this model that may be used to reduce its capitalized cost.

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CarMan@Edmunds · March 2003

Hey Gregg. If you were to lease a 2003 Honda Pilot EX-L with the rear entertainment system through American Honda Finance Corp. this month for 3 years with 12,000 miles per, their base lease money factor and residual value should be around .00230 and 61%, respectively. The model without the rear entertainment system would have the exact same lease program, but models equipped with navigation would have residual values that are 1% lower.

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CarMan@Edmunds · March 2003

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

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CarMan@Edmunds · March 2003

No problem, cstabile. Thanks for the kind words.

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CarMan@Edmunds · March 2003

More huh, ribbonking

. You didn't mention how long you want to lease these cars for or how many miles per year you need, so I will assume 3 year leases with 15,000 miles per. Please correct me if you need information for leases of different lengths or mileage allowances. The first car that you mentioned is the 2003 Saab 9-5 Aero Sedan. If you were to lease one through Saab Financial Services Corp. this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00059 and 47%, respectively. In addition to this lease money factor support, Saab is providing $2,000 lease cash that may be used to negotiate a lower capitalized cost on this car.

If you were to lease a 2003 Volvo S60 T6 through Volvo Finance this month for 3 years with 15,000 miles per, their base lease money factor and residual value should be .00033 and 50%, respectively. You may find that you are able to get a better deal on this car by leasing it through a bank other than Volvo's captive finance company though because Volvo is providing $6,800 lease cash on 2003 S80 T6 models leased through any bank other than Volvo Finance.

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CarMan@Edmunds · March 2003

You're welcome, rosen31. I would be more than happy to calculate a sample lease payment on this car for you, but I am going to need you to provide me with its full MSRP and selling price first.

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