Lease Questions - Ask Here

benzshopper · March 2001

I AM NEGOCHATING A 48 MO. LEASE ON A ML 430 THINGS WERE GOING GOOD TILL I HAD THE LEASING AGENT FAX COPY OF CONTRACT. THE MONTHLY PAYMENT AND THE MONEY FACTOR IS EXACTLY THE SAME AS QUOTED OVER THE PHONE BUT THE CAP COST IS $1000 MORE THAN QUOTED AND EXCESS MILAGE OVER 12000 PER YEAR IS .25. WHAT IS THE GOING RATE FOR EXCESS MILAGE ON A NEW ML 430 LEASE?

km99cobra · March 2001

Thanks for your reply Car_man. I realize that as months go by residuals and interest rates will fluctuate, and that residuals in particular will decrease with time. What I'm talking about is the CL-S going from 59% to 53% from Feb to March -less than one month since I talked to them! And it is really unbelievable that Acura (AHFC) is keeping the money factor at 0.00355. Isn't that a high APR (>8.5%) based on what has been happening in the money markets over the past couple of months? It seems like they are trying to slow sales down. Makes me worry that I'd be wasting my time waiting to see what they'll do on a TL-S when they come out.

bretfraz · March 2001

KM99 - I wouldn't say a high MF would slow down sales. Acura vehicles a red-hot right now and folks are paying full sticker for some of their cars. Why not charge full market interest rates? People are paying them and not thinking twice. Same with residuals. Why should Acura USA run the risk of overinflated residuals coming back to burn them financially at auction time? They've learned their lesson with the 3.5RL.

Same situation pretty much over at Lexus, BMW, MB, etc. It's all about supply and demand. And making money, of course.

cjb10350 · March 2001

I am thinking of leasing a 2001 Acura 3.2 TL and in order to keep the payments below $400, I am thinking of taking a 42 month lease. I saw in another message not to lease for greater than 39 months. Why is that? Also, any thoughts about waiting for the 2002's? The residual will be a lot higher, but then again so will the price.

sotagear · March 2001

I'm getting ready to lease a new Toyota Highlander. Toyota Finance has a "1 pay lease" option where you can pay the total 36 month lease in advance. You get a better money factor than a monthly lease (.0024) & pay a lot less for the whole lease than if you paid it on a monthly basis.

I already set up the lease particulars with the dealer & I'm getting a good deal on the car ($500 over invoice) & the best they can do on the money factors, no security deposits, etc.
So either way I go, it will be OK, but I like the idea of not having monthly payments & getting a better deal on the whole lease.

I'm going in within days to take care of this. If anyone has opinions about any possible down sides to this type of lease, please clue me in.

nighter50 · March 2001

can you post what the money factor is for the monthly lease (not the 1 pay lease) and the residual percentage for the 36 month lease (also, is it 15K or 12K a year?) I am more interested in the Sequoia but this info would be helpful.

Sounds like a great deal for you - $500 over invoice on a lease for a new, new car - whoo hoo!

Thanks in advance for the info.

curtnheidi · March 2001

You are in a tough situation - but I know a site that may help you out.

It's www.swapalease.com. I have used the service and it is wonderful. You may be able to transfer your lease, but it may take some negotiating on your part to make it happen. I don't know how your finance institution works with lease transfers, but most banks are willing to allow transfers for a small fee. BTW, I don't work for them so this is purely a vote from experience.

Also, you could advertise in your local paper for a lease transfer as well.

Good Luck,
Curt

sotagear · March 2001

Nighter50, here's the lease info you requested.
The 36 month lease package I'm being offered for the Toyota Highlander is this:
Money Factor - .0033
Residual% - 59.6
That's based on a 12k/year lease.
The fleet manager showed me their sheet with money factors & the lowest number on there was .0034 if you had exc credit. They knocked off another .0001 for being an "Encore" customer (repeat Toyota credit customer with exc credit).
I have a feeling they probably could move a bit more on it, but he gave me the rap that this was the best that Toyota Financial does on current leases. He claims that they have tightened up on leases a bit this last year.
Hope this helps.
BTW - I did a bit of re-calculating & it looks like if I put a few grand down on the monthly lease plan, I can get it to be lower in the overall cost of the lease than the "1 pay" lease. I might go ahead and do monthly afterall, even though it's a higher rate factor than the 1 pay.

nighter50 · March 2001

thanks for the info!

Sounds like either way you go, you will do fine. I would go with the monthly but I don't have the cash to go the "1 pay" route! Even if I did I might think twice especially if the overall cost is the same because you never know when you might need that extra cash!

Thans again and good luck! Let us know how it turns out.

CarMan@Edmunds · March 2001

Hi Joe. Yes, in order to arrive at your car's capitalized cost you need to subtract any down payment that you make from the price that the dealership is charging you for it.

The "total due at lease signing" is not the same as your "down payment" for this car. Consumers are frequently required to pay items such as the vehicle's first month's payment, registration, security deposit, and an acquisition fee when they take delivery of their vehicles. Just because you have to cut a check for $2,000 to lease the car that you want, does not mean that it all is going to be used as a down payment.

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bblaha · March 2001

I'm trying to figure out why lease calculations are done the way they are. That is, why, to calculate a monthly payment, do leases go throught the effort of calculating "monthly depreciation" and "monthly lease rate" separately?

It seems to me it would be much easier to simply stick with standard financial payment calculations using a non zero future value (the residual).

Is there maybe a historical reason for doing them the way they are? Marketing? Legal reasons? Done to further confuse consumers?

Mathematically, they are basically the same (within a few dollars). I guess I don't see the need for generating a new set of essentially redundant terms (money factor vs interest rate, residual vs future value, capitalized amount vs loan amount, etc).

I was wondering if maybe you might have any insight...

CarMan@Edmunds · March 2001

That is a very good question, bblaha. I have often wondered myself why leases are calculated in the complex manner that they are. I haven't been able to find out an answer to that question other than that's the way that it is. At least we all now have a medium to communicate with each other about how to calculate leases, so it is no longer a mystery to everyone but only to those who don't do enough research.

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lakota · March 2001

Our lease is currently owned through Chase. They've sent a letter stating that at the end of the lease we can purchase the car or we can turn it in. If we turn it in, we must turn over the car and within 3-4 weeks they will send us a bill for all damages/wear/tear, etc.

I called to question this and the rep said there was no one at the dealership who could assess the damages, so we couldn't be given a bill then. I asked how we could determine whether we should buy the car or turn it in. She said it's your best guess based on the condition.

I said that if we give up the car, then Chase can bill us whatever they want and we have no recourse. She said that we should trust them and that it never happens.

I'm a little nervous. We'd rather not buy the car, but I don't the like the sudden $10k bill b/c joe the chase transport driver trashed the transmission. I know that's extreme, but that's the point.

Is this how it always is? What steps should I take to protect myself?

expedition2 · March 2001

This doesn't apply to me, as I already leased the vehicle that I wanted but in reading all these posts, I like to learn as much as I can about leasing. When I read the residuals for the Toyota Sequoia, 69%, and for example the Yukon,52%, when the payments are calculated the Sequoia comes out way more than the Yukon. I have seen quoted in the newspaper for 60 whopping months $569+ tax, with $2500 down on the Sequoia. Which is an outragous cost in my opinion.
Even if you pay full MSRP on the Sequoia, with residuals like that you should be able to steal one, correct? Or at least beat the Yukon deal but its not even close. Why is that? It sounds like looking for the highest residual isn't always the way to go? Just checking, thanks!!

nighter50 · March 2001

I am not sure if the 69% residual is correct. I think you got that from Car_Man's post that said "To the best of my knowledge, I think that the 3 and 4 year residuals for a 2001 Sequoia should be around 69% and 61% respectively for leases with 15,000 miles per year." I have been trying to find someone that has leased a Sequoia to see the actual numbers for a real-life lease. One person responded with numbers for a Highlander with 59.6% residual on 36 months with 12k per. I would think the residual on a Sequoia maybe the same or greater but probably not 69%. This person also posted that the money factor on his quote was .0033 (would have been .0034 but got a discount because he was previous Toyota owner-this is close to Car-Mans guess of .0036). If the residual value of Sequoia is around 60% for 36 month lease and mf is .0034 (good credit), I agree with you even at msrp the Sequoia would appear affordable (at least to me). I haven't seen the ad of which you referred but it makes me think the numbers I have been playing with are wrong. Does anyone out there know?

expedition2 · March 2001

The ad wasn't a national offer, it was just a local dealer. They have since stopped putting their quotes for that vehicle in the paper. But I have to wonder where they are getting these outrageous figures. I agree even at 60% it would still be a good deal. But I don't see a lot of people out there driving them, so it must be too good to be true. If I could lease a $45,000 car for next to nothing, I'd be there!! They are hiding something somewhere.

michaellno · March 2001

I'm not sure "next to nothing" would be completely accurate. lets see if the numbers make sense:

45000 cap cost
60% residual (residual then becomes $27000)
36 month lease

(45000 - 27000)/36 = $500/mo (not counting interest)

Now, for Ford Expedition (numbers pulled out of air, no flames please)

38000 cap cost (I've seen EB Expo's for less in paper here in Denver)
50% residual (again, this is probably close to within 1 or 2% either way)
36 month lease
(38000 - 19000)/36 = 528/mo (again, no interest calculated)

Not that much of a screaming deal all of a sudden.

I will agree, if the residuals on the Sequoia are higher that 60%, the pmt goes down. But, if you can negotiate a lower cap cost on the Expo (same residual pct), then the pmt goes down too.

your mileage may vary.

karlamn · March 2001

I know that this is a lease board, but it seems like there might be some expertise on pricing here... am looking at a 2001 SE 4x4 w/leather and sunroof. The dealer is showing me a $500 market advertisement sort of fee that is right on the invoice, and I don't know how "negotiable" that this fee is. Also, he is trying to work in $500 of profit (not acknowledging the hold back) on top of the invoice amount. He has left the door open for me to indicate what I am looking for, and told me that they get additional allocations based upon every PA that they sell right now, so I want to come back with an aggressive price counter offer. I am in Mpls, MN, and am hoping to get information about deals locally or regionally, but any info would help!

Thanks!

Karla

CarMan@Edmunds · March 2001

Expedition2, vehicles with high residual values do frequently make good ones to lease. However, when the vehicle in question, like the Sequoia, has absolutely no lease money factor support available on it and it sells for full MSRP (or more) then even high residual values can not provide attractive monthly payments in many instances.

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nighter50 · March 2001

I see in your profile that you have a Yukon SLT and your post stated that your car was leased. I would be very interested in knowing what kind of lease deal you got. If I dont go with a Sequoia I will probably get a Yukon (seems that the prices just keep getting lower). If you dont feel comfortable leaving info in a post feel free to email me at nighter50@hotmail.com. Thanks.

paulsgt · March 2001

Hi,
I have leased cars since 1987 but don't really understand how they calculate them. I've always negotiated on payment. This time, I don't want to do that. I want to understand what makes up these numbers. This has probably been posted here before but I'm too lazy to read back through all the posts (at least I admit it!) Here is how I (think) they are calculated;

o - Capital cost = (MSRP - discount - rebates - downpayment)
o - Multiply captial cost by residual % to get residual value (or buyout at end of lease).
o - Subtract residual value from capital cost and get what I will call "lease base" (the amount you actually pay for during the term of the lease.
o - Multiply the money factor x 2400 resulting in an "Interest rate".
o - Amortize the lease base by the Interest rate and the term giving a monthly payment
o - Add tax as necessary (in MN it's 6.5% on each payment).

Please tell me where my errors are in this (if it makes any sense).

THANKS!

Paul in MN

bblaha · March 2001

No, thats not entirely correct. You may want to read the article here at Edmunds that gives Lease advice; they do a breakdown on Lease calculations.

For some reason, I can't post a link (it "exceeds" 100 characters). Go to Edmunds home page, http://www.edmunds.com , click on the yellow "Advice" button over on the left side, then select the "Leasing Information and Advice" link.

expedition2 · March 2001

I know it looks good when you do it but I've been shopping and to me $500+tax is an excellent deal for leasing these days. It's all changed. But I don't think the calculation works out, I know for a fact that to lease an Expedition Eddie Bauer, 42,000 retail, your payment is $620 with $1,000 down. Now that does include the 9% tax where I live but its still way higher than the $528 without money down that you calculated. And usually the newspapers print the best possible deal to get you in the door, so a Sequoia advertised at $569 with $2,500 down, remember it was for a 60 month lease also, doesn't touch your calculation of $500 with nothing down. I think the residuals are lower than presented. If you look on Edmunds national lease program offers, you will see the residuals for the Eddie Bauer, they are in the 40's. So I guess what I'm getting at is that for me to lease a Yukon with a cap cost of 36,000 and a lower residual than the Sequoia, I'm getting a better deal but mathematically its not making sense with Sequoia's residuals. If its such a spectacular new SUV, and the payments were around $500 I think everyone would be driving them, in comparison to the outrageous lease prices on the other SUV's.

vkj · March 2001

michaellno · March 2001

Remember, my calculations didn't include any interest (money factor) or sales tax, and I was guessing on the residual percentages on the EB Expo. I was trying to point out that a higher priced vehicle with a high residual may have the a similar monthly pmt as a lower priced vehicle with a lower residual, all other things being equal.

As car_man pointed out, Toyota has no help on money for Sequoias, due to their popularity. What I don't know if that is true for Fords and the Expedition. A difference in the money factor would also change the equation.

I'm leasing an Expedition now (XLT version, '99 model year) for $473 + tax ($496 total per month). I started the lease with approx. $1700. Now, 2 1/2 years ago, the residuals were probably artificially inflated on Fords, so I suspect that I won't be able to get quite as good a deal now (my lease is up in November).

I would also think that you could negotiate the cost of the EB Expo down from that $42K figure. Here in Denver, I've seen ads for them for around $35-$37K, which should reduce the pmt drastically. Not likely for the Toyota dealer to budge on price for the Sequoia. Don't know about Chevrolet and GMC on the Tahoe and Yukon, though.

My understanding is that to get the lowest lease payment, you want to find:

1) a low cap cost (for the vehicle you want)
2) a high residual percentage
3) a low money factor

Good luck and let us know how it turns out.

expedition2 · March 2001

I didn't realize you weren't putting the interest(money factor) in those figures. That wasn't the cap cost on the eddie bauer, I can't remember it now but I did get the $1500 rebate and I want to say it was around $35,000. Anyway, when I leased the Expedition in 97 the residual was 71%!! Isn't that hysterical! Now I wish I would have gone with the totally loaded one back then! My payment then was $462 for 2 years. Now the XLT is like over $550 with money down for 3 years.
Leasing really has changed. Anyway to make a long story short, I already leased my Yukon SLT a month ago. I was just trying to really educate myself on leasing. That's why I still can't figure out those figures on the Sequoia, the money factor/interest rate must be 15%!! It would have to be even at MSRP! Thanks for your input! How lucky for you on your tax figure, my rate is 9%!

michaellno · March 2001

How do you like your Yukon compared to the Expo?

Wow! I knew that Ford artificially inflated the residuals, but 71%? My residual (3 year lease) is around $17K -- I think the cap cost was around $35K -- so right around 50%.

Wife loves the Expo and wants to stay with a large SUV. But, she refuses to pay more than $500/mo. Guess we'll be buying our Expo when the lease ends -- I'm hoping the payments will drop below $400.

mmcbride1 · March 2001

Do you have any residuals and MF's for the following 2 cars at 3 years/12k per:

Audi A4 1.8T Quattro 5 speed
Subaru Impreza WRX

These are my two finalists. I just need to see where the numbers work out.

CarMan@Edmunds · March 2001

Paul, a while ago I posted a detailed explanation of how to calculate monthly lease payments in this forum. I think that you will find it very helpful and informative. Please use the following link to go to this particular post: Car_man "The Formula For Calculating Monthly Lease Payments" Jan 14, 2001 4:32pm. If you still have questions on leasing after you read this message, please don't hesitate to ask.

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CarMan@Edmunds · March 2001

Hi vkj. I would be glad to help you out. Nice choice in cars by the way. The interior of the A6 is gorgeous. Furthermore, in my opinion if you are going to get an A6 the 2.7T is definitely the way to go. OK, now the answer to your question. If you choose to lease a 2001 Audi A6 2.7T through their captive finance company prior to the end of the month, you will be able to use a lease money factors of .00245 for all terms through 39 months and a factor of .00265 for 48 month terms. The 15,000 miles per year residual values for this car are 65% for 24 month, 60% for 30 month, 56% for 36 month, 55% for 39 month, and 49% for 48 month terms.

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CarMan@Edmunds · March 2001

Mmcbride1, I have the lease information that you are searching for on the Audi A4. However, I don't think that Subaru has released a lease program for their 2002 models yet, which if I am not mistaken is the first year of production for the Impreza WRX. If you lease a 2001 Audi A4 1.8T quattro through Audi's captive finance company prior to the end of the month, their 2 and 3 year lease money factors would both be .00240. The corresponding 12,000 miles per year residual values for this car are 67% & 58% respectively.

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mmcbride1 · March 2001

Thanks. Will you let me know when you hear about the 2002 Subies?

mmcbride1 · March 2001

On a 3 yr, 12k per lease on the WRX, he said they have a MF of .0043 and a residual of 53%. That makes it a $500/mo. lease on a $25k car (of course they're selling for sticker right now)! My 4Runner stickered for $34k and my lease was only $465 per month. Looks like it's Audi for me...

max63 · March 2001

finding money factor and residual for New MB C class (240) 36/48 month and 12,000 and 15,000 miles per year. Also, do you know when the 2002 models will be coming out. Thanks!

svman · March 2001

Since GM's new 2002 SUV's, Envoy, Bravada, and Trail Blazer, are just coming out and don't have a history, what's a good guide for their residual for a 3 yr. lease? Would you look at similar SUV's, like the Explorer/Mountaineer? My 98 Mountaineer is at 62% of cap cost for 3 years. Or don't you think GM will be as generous for their new vehicles?

expedition2 · March 2001

They are both great vehicles. I get tired of cars easily so I decided since I already had an Expedition it was time for a change. The Yukon had a couple extra options that I liked. The ride is also a lot smoother. But all in all they are both nice. I refused to pay more than $500 also, I don't know why I did but I guess I was in one of those "you only live once" moods!! Also, its not for the rest of my life, just 3 years!!
A friend of mine was just up on her 3 year lease thru National city on an Expy, they ended up selling her the car $8,000 less than the residual!! I know they were going out of the leasing business, but its always worth a try to get the number down. Good luck!!

prichman · March 2001

Has anyone leased one of these cars with luxury Package and leather w/ 15 k a year in mileage..

flaca · March 2001

I leased mine for 39 months and 12k miles. Per year. The difference between 12 & 15 is around $8-10 a month. What questions do you have?
my lease is $312.00 a month. I have the 2.0L 4 cyl Auto with Leather, Luxury Package, Monsoon, 6 cD changer in back and extended warranty. I gave $997. at inception includes: 1 payment, acquisition fee and T & L. No security deposit.

prichman · March 2001

Flaca....thanks..I really like the look of the Jetta and was wondering how well it performs on the road....its been quite a while since Ive had a real car...Ive been SUVing it for about 5 years now...

joelis · March 2001

Car Man - what do current residuals and interest rates look like on the following two situations (one is a new car lease and the other being a used car lease), and also please give me your estimate on monthly payments for each:

2001 Corvette Coupe - MSRP $43,000 Purchase $42,000

1999 Corvette Coupe (low miles) - Purchase $36,000

Your opinion would be appreciated. Thanks

rroyce10 · March 2001

.......Food for thought.... ----- Leasing is a great way to drive new vehicle's in a short time....But, leasing a -used- is not very helpful...the residuals are way low...and the rate's are much higher ......not to sound smart, but in the business we call that "ego driver's" .....You know, a guy that leases a 2 year old BMW,etc and tell's everyone it's new...

But anyway, I'm sure if you shop around here or any other site...You might find leasing a new-- is more advantages to you.....

Maybe this help's...

Terry.

flaca · March 2001

I love the feel of the Jetta. I have the 2.0L and it works well for me. If you want more power then go with 18.T. But it uses Premium gas and with OPEC restricting oil supply, I perfer to use regualar gas. Test drive both - see which want you like better. I was sick and tired of SUV's. I can't stand my huband's Montero Sport. I drove it for over a month and it really is cumbersome. My husband who has driven a SUV since 1985 also loves the feel of the Jetta. And it doesn't feel low to the ground - so you don't feel succumbed by those mean, large SUV's!! Try it - you'll like it! Good Luck with your choice.

kevino5 · March 2001

Carman or anybody? Can you advise on the money factor and residual for a 2001 Volvo V70 wagon(new) with 2.4 non-turbo engine and auto. Also if an individual decided to buy the car at lease end, what are some things to look for in the lease contract/terms in the beginning, so that this might not be so painful(expensive) at the end. Lastly, is the captive finance company the way to go or are there advantages to a private leasing co. Thanks a bunch- Kevin in FLA

joelis · March 2001

Agreed. Just double checked with my lease buddy. The numbers are crazy. You would end up paying more for a 99 than you would for a brand new 01.

I can EASILY get a regular 5 year loan for a better payment than any used car lease. I don't even know why they have them available.

Plastic19 · March 2001

Hey Car_Man:

I am trying to lease a 325i with heated seats, moonroof, myrtel wood, and in dash CD. MSRP is 29,885. The dealer says that they are not able to discount the car much but he can manipulate the taxes somehow to give me a lower monthly payment than the other dealer I got a quote from. I live in Lake County Illinois. The dealer is also in Lake County. I think our tax rate is 7%.

Basically it works out like this. The first dealer said he could do 489/month, 2,800 due at signing, with a cap cost of 29,385. I believe the money factor to be .0031 and the residual at 60%. The second one said he could do 476/month, 2800 due at signing. I'm not sure what the cap cost, money factor, or residual are. Both are for 3 years 15,000 miles per year.

The second one is better right???

CarMan@Edmunds · March 2001

Thanks for the information, mmcbride1. I agree that the Audi is probably the better deal at this point. Audi is providing quite a bit of lease support on many models this month, and I suspect that this will continue for several months to come.

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CarMan@Edmunds · March 2001

Hi Max. I should be able to help you out. The money factors for Mercedes-Benz models are usually the same brand-wide, but C-Class factors are slightly different than the those that are available on other Mercedes models this month. If you decide to lease a 2001 Mercedes-Benz C240 through Mercedes-Benz Credit Corp. right now the lease money factors would be .00379 for both 36 and 48 month terms. At this point, this car's 15,000 miles per year residual values should be a solid 70% for 36 months and 62% for 48 months. The 12,000 miles per year residual values would be 2% higher than the ones that I just mentioned.

Nice choice in vehicles, by the way. I think that Mercedes did an outstanding job with this car's redesign. They tremendously improved the new C's ride quality and responsiveness over the old model's. They also did a great job with the changes to the exterior. I think that this is one of the best looking cars out there in its price range, it almost looks like a little S-Class

. If you go with the C240 though, I suggest that you opt for the manual transmission for a little more pickup.

It is difficult to say for certain when the 2002 C-Class will hit showrooms. As far as the basic design of the car is concerned, there won't be any major changes for the 2002 model year. Given the fact that this car was recently redesigned, I anticipate that the current model's life span will stretch until at least the 2005 model year.

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CarMan@Edmunds · March 2001

Svman, General Motors has actually published residual values for its new SUVs. If you decide to lease a 2002 Chevrolet Trailblazer, GMC Envoy, or Oldsmobile Bravada through General Motors Acceptance Corp. prior to April 2nd, the 3 year 15,000 miles per supported residual value would be only 54%. Unfortunately, as you can see this residual is much lower than the one that you got on your 1998 Mercury Mountaineer. I think that this has a lot to do with the realignment that most banks have made to their residual values in recent months. After many banks took significant losses from residual value exposure, they reduced their residuals on many models. The reductions most seriously altered SUV's. Many consumers whose leases have recently expired have experienced quite a shock when looking to lease a new truck.

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CarMan@Edmunds · March 2001

Joelis, Terry is absolutely right. In my opinion, used vehicle leases are usually worse deals than new vehicle leases. I think that the main reason for this is that at this point, most manufacturers are not providing nearly as much support on used vehicle leases as they are on equivalent new vehicles. Furthermore, cars and trucks that do not have any supported leases on the new vehicle side still often have lower standard interest rates than those that are available on used vehicles. In fact, it often turns out that consumers whose leases are expiring can lease an equivalent brand new vehicle for the same amount of money or even less than they would be able to re-lease their current car. That obviously doesn't make much sense, but it illistrates what bad deals used vehicle leases can sometimes be without any support. Certain manufacturers do provide support on specific models from time to time though. I know that I have seen special lease rates for Certified Pre-Owned BMWs and Audis that are leased throught their manufacturers' captive finance companies. Still, this is certainly the exception rather than the norm.

If you lease a 2001 Corvette through GMAC right now, you will have to use their standard lease rates. The last that I heard, this was right around 8.99% for consumers with good credit. The 3 year 12,000 miles per residual value for a 2001 Corvette Coupe (non-Z06) should be around 63%. Using these numbers, if you lease this car (MSRP: $43,000 & Cap Cost:$42,000) for 3 years with 12,000 miles per through GMAC you would have a pre-tax monthly lease payment of $673 per month.

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CarMan@Edmunds · March 2001

Kevin, I certainly think that it is to your advantage to lease a 2001 Volvo V70 through Volvo Car Finance right now. By doing so for 36 to 48 months, you can take advantage of their special lease money factor of .00276. This is equivalent to an interest rate of just over 6.6%, which is likely lower than you would be able to get by leasing through a third party. Furthermore, Volvo Finance's residual values for this model are decent as well. If you could be a little more specific about the length of the lease that you are interested in and the number of miles that you plan to drive per year, I would be happy to let you know what the residual values for this model should be.

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