Lease Questions - Ask Here

CarMan@Edmunds · April 2003

No prob, clpurnell. I am glad that I was able to help you out.

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CarMan@Edmunds · April 2003

Hi lponz7. I haven't seen American Honda Finance Corp.'s April lease program for the 2004 TSX yet. It really doesn't matter though because I believe that the April program is only scheduled to run through the 30th. I would be more than happy to give you an idea of what AHFC's May numbers are like if you check back with me mid next week. Having said all of this, the money factor that you were quoted definitely sounds high to me. It probably should be closer to .00200 or .00205 for the term that you are interested in.

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nbm · April 2003

Car-man,
Does this sound like a good deal...MSRP 34,800. Sale price 27,948. 48 month 12k 47% RV. The dealer has not given me the MF. But you gave it to me awhile back at 6.5 or .0027. I calculate the payment at 361.12. Is that right?

Thanks,
Nanci

multiplechoice · April 2003

Hi Rwright. If you get to your BMW dealer, you can lock-in the current lease rates for 60 days. That should give you enough time to hammer out a deal. You might even be able to lock-in the rate with an application to BMW financial services with an on-line credit application (call and find out).

bama60 · April 2003

Car_Man,
I am interested in purchasing or leasing either a new Audi A4 or BMW 325i. For the lease, can you tell me what the current Audi money factor and residual are for the A4 3.0 Quattro and non-Quattro? I am interested in a 36 month lease with 12k miles per year.

Thanks!

chile96 · April 2003

Hey Carman, I was ready to negotiate a lease for an X5 using numbers that yuo had given someone else when I realized that MB is discounting the ML 320/350 cheap enough to make them interesting. However, now I have to bother you b/c I cannot find anywhere the residual % nor the MF that MB uses for the SUV's and don't want to get the run-around from the dealers. What I'm interested in:
2003 ML 320
MSRP $43025
TMV(assuming sale amt) $39117
would like 36-42 mos & 12K or 15K/yr (don't know if MB has 39 or 42 mo leasing)

Also, does MB do the refundable multi security deposit like BMW does to reduce the MF?

Thanks so much for your assistance

mk37 · April 2003

Carman,

I appreciate your help with this situation. We are coming to the end of our lease on the 2000 Toyota Sienna XLE. It has 56000 miles (20K over) so we will not turn it in.

We wanted your help in figuring our negative equity. Our residual is 16,880, 350 disposition, 90 admin and 7% sales tax for a total payoff of 18,563. Edmunds avg trade-in TMV is about 14,100. Dealer retail is 17,700. SE Toyota is not budging on any of these figures.

One Honda dealer told us that if we trade it and he buys it from us at 14,100 we are only upside down by the difference between the 16,880 and the dealer trade. 16,880-14100=2780. Can he ( and other dealers) truly take this vehicle and we end up not having to pay GA sales tax, and other admin type of charges? Or is just hidden somewhere else as a way to make numbers work and he wants us to think we are getting more for our trade from him?

Thanks in advance for your assistance

siteexpert · April 2003

My parents are about to lease a new '04 S80. They are not the best negotiators so I am trying to get them ballpark numbers (e.g., give them a 0-down target monthly payment to keep it simple) so they get a fair deal.

For the purchase price, I recommended getting at most $300 over invoice (just used the quote I got from carsdirect.com web-site). So this puts the MSRP at 49,330, Invoice at $46,515, and target "purchase" price at $46,815.

However, I can't find any information about the Volvo '04 models. Anyone know the best lease rates and residuals currently available so I can determine the monthly payment?

Thanks
-s

CarMan@Edmunds · May 2003

Hi everyone. As you may already know, almost every single manufacturers' April incentives and lease programs either expired yesterday or are scheduled to expire in the very near future. As you can imagine, I have not had an opportunity to take a look at any of the new May programs yet. I suspect that I will be able to check out many of them over the next several days. I would appreciate it if those of you who have specific questions about vehicles' current lease programs either hold off on asking them until mid next week or post a reminder for me then. Thanks and talk to you soon.

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chile96 · May 2003

While we are waiting for the manufacturers to make available the leasing numbers, I have a question. Since people generally lease only while a car is under warranty, what happens now w/ these Certified programs such as MB & BMW. It seems the thing to do would be to lease a 1 or 2 yr old car w/ low or appropriate mileage and that way you avoid the big depreciation hit of the first year that you would pay for in the lease. Specifically, I'm thinking if it's logical, which it seems to be, to lease a 2002 ML 320 that is certified by MB

Am I way off in my thinking or is this actually a decent idea?

Thanks so much for your help!
fo

colie74 · May 2003

I wasn't sure where to post this, but I don't have a lease question, but a loan question. Can you find out what interest rate Nissan is offering right now? Or is there somewhere I can get it. I am to impatient to wait to hear from the dealer, we are working via email, but I wanted the rate to calculate my own numbers.

This would be 48 or 60 months. Thanks, Nicole

dpriwin · May 2003

Carman:
I have been researching lease payments quoted by different sources. The car in question is a 2003 MB CLK 500. MBUSA's web site quotes an approximate monthly payment of $910 (36 mos/12K/0 dn). A lease company in my state quotes a range of $758 -$838 for the CLK 500. Are there advantages/disadvantages from leasing from companies other than the manufacturer?
Thanks for the help

namja007 · May 2003

Hello Car_man,

Getting back to you. I was hoping you could give me the lease numbers for may. for 36 months and 12,000 and 15,000 miles. Can you give me the money factor and residuals. Thank you. And my second question is that I was told that when you order the car that you are locked into the rates for 2 months after the expiration. So dealer told me if you lock in for example .00225 and 62 percent residual that ended for 4/30/03 that if you even ordered on 4/07/03 that the rates will be locked in till 6/30/03. Is this true also. Hope to hear from you soon. Thanks.

CarMan@Edmunds · May 2003

That is a very interesting question, chile96. Unfortunately, leases of certified used vehicles are actually often as expensive as or more expensive than leases of equivalent brand new models. The reason for this is the lack of support that manufacturers provide on used vehicle leases programs in comparison to new vehicle programs. Even though used vehicles will not have to take the huge first year depreciation hit that new vehicles have, the lease support in the form of low lease money factors, artificially inflated residual values, or lease cash are usually more than enough to make up for this increased rate of depreciation. Remember even though manufacturers do make a little money and help maintain healthy residual values when one of their dealers sell an official certified used vehicle, the majority of their money is made when they sell new vehicles to dealers. So that is were they put most of their resources. Having said all of this, some manufacturers do provide support on certain certified used vehicle leases. European luxury manufacturers seem to be one of the biggest providers of supported used vehicle leases. So there may be some attractive deals on CPO Mercedes-Benz M-Classes out there right now. I don't personally follow manufacturers' used vehicle lease programs, so I can't give you any specific info on leasing a used ML320 right now. It may be worth looking into leasing one to see what it would cost, but don't be surprised if it is relatively close in cost to leasing a brand new one.

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CarMan@Edmunds · May 2003

Hi Nicole. Welcome back. I would be more than happy to fill you in on the details of Nissan's current special financing program. Its exact special financing rates vary from model to model. Which model are you interested in? Once I have this additional information I will be able to help you out.

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CarMan@Edmunds · May 2003

Hello dpriwin. Many people lease new vehicles through banks that are not affiliated with manufacturers. In fact, on vehicles that do not receive any special support from their manufacturers, like the CLK 500 right now, it is actually often to one's advantage to lease through a non-captive finance company. As long as you are able to beat the lease payment that is being quoted to you for Mercedes-Benz Credit Corporation, I don't see any reason not to lease through a different bank.

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jpatrick4 · May 2003

Hi Car_man,
Looking for the following info. 2003 Malibu LS with rear spolier and sunroof. GMAC SmartBuy in NY Zip Code 14072. 36 months (I believe it's just 35 payments) 12,000 miles per year. Need Lease Factors and Residual for this model. Also any rebates with the GMAC SmartBuy?
Thanks, Patrick

e024486 · May 2003

Car_Man what a great resource.

I'm in the market for a 2003 Toyota Avalon XL.
Purch. Price 25,000
Lease - 36 months
12K miles per year.

What will my residual value be? =
What can I expect for my money factor? =

I'm turning my 2000 Avalon in with 25K miles / excellent condition w/ a residual value of 15,300. Any suggestions on negotiating a great deal on my new one?

Thx so much!

lanzz · May 2003

Car Man,

Can you please provide me with money factor and residuals for a 2003 Infiniti M45 for 30/36/42 month, 12k and 15k mile leases? Also, do you know if there is any dealer incentive money out there for this model?

Thanks,

Ed

mota1 · May 2003

hey carman,

just a reminder from my other post. I'm looking for the residual and money factor for the 2004 Acura TSX with navigation (MSRP 28,990) from ahfc (?).

Also if you have the 2003 honda accord ex-v6 with navigation handy...I'll take the residual and money factor of that car as well...

I appreciate the help

dpriwin · May 2003

Carman:

Thanks for your prompt reply regarding the above question. Would you have reservations about leasing from a firm that is not a bank? The firm I have investigated specializes in cars like the one I am looking for (MB CLK 500).
Thanks again for your help.

CarMan@Edmunds · May 2003

Hi Patrick. Vehicles obtained through General Motors' SmartBuy program are actually financed using a balloon note and are not leased. I personally only keep tabs on conventional retail financing programs and lease programs because those two means, along with cash purchases, are by far the most common ways that consumers purchase new vehicles. So unfortunately I do not know the details of GM's SmartBuy program for the model that you are interested in. I may end up breaking down and trying to find out info on manufacturers' balloon note programs in the future though if these vicarious liability laws keep forcing banks away from leasing and towards balloon notes as they seem to be doing already. Sorry that I could not be of more help.

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CarMan@Edmunds · May 2003

Greetings e024486. According to the most recent information that I have seen, if you were to lease a 2003 Toyota Avalon through Toyota Financial Services Corp. this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00240 and 49%, respectively. These numbers assume that you qualify for TFS' top credit tier and are not in Toyota's Southeast region, where the distributor has set up its own finance company. Toyota's incentives vary by region, but it usually does not provide much in the way of incentives on the Avalon. The best way for you to get a good deal on this car would be to comparison shop at a couple of different dealerships, keeping in mind that the prices of leased vehicles are negotiable, just as if you were paying cash for them. Get a few out-the-door price quotes for this car that include all of the random little fees that dealerships may try to tack onto your deal and go with the dealership that has the best price, provided that you are comfortable with them.

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CarMan@Edmunds · May 2003

Hi Ed. I haven't seen Infiniti's May lease program yet. Sorry that I could not be of more help.

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CarMan@Edmunds · May 2003

Hi mota1. I haven't seen Acura's May lease program yet, either. Please feel free to check back with me in a few days with a quick reminder and I will let you know if I have been able to find out.

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CarMan@Edmunds · May 2003

You're welcome, dpriwin. I don't think that I personally would lease through a company that wasn't a bank, but I don't see anything wrong with doing so provided that the deal that you get from them is better than what is currently available through Mercedes-Benz Credit Corp. and the non-captive finance companies that are out there AND you are go over your contract carefully to make sure that there are no hidden charges.

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jpatrick4 · May 2003

Car_Man,
To me it seems the only difference between a GMAC Lease and NY SmartBuy is that in a Lease they own the car, and SmartBuy you own the car. They quoted me a RV of 49% and 3.5% or MF of 0.00146, for 12k miles per yerar of 36 moths. Could you give me the Lease rates anyways? That way I have a good starting point.
Thanks for your time.
Patrick

e024486 · May 2003

Thx for the insight on the RV & money factor. It looks like a lot has changed in regards to the RV over the past 3 yrs, I thought it might be as higher as it was then.

Again, thx for the assistance you provide us in this forum.

icdchess · May 2003

Hi Car_man
Have a friend looking at a new Infiniti G35 Sedan. Lives in New York. Do you yet have May mf and residuals for 39 months? Thanks!!
Steve

usmj1 · May 2003

CarMan -

How does this look? 04 Max SL, MSRP 34,150, Cap Cost 30,329, Residual 18,441, money factor .00183, 39 months, 45K, 424/mo, 700 down includes 1st payment, and includes tax(6%), reg., acquisition, documentation. Monthly payment= 333 depreciation and 91 interest.
Thanks for your help.

stickguy · May 2003

Good timing. I was just about to ask for th esame thing: lease factors on a G35, 36 month. Only caveat is I am loking at the 6 speed manual, in case the numbers are different. In the Philadelphia area.

bama60 · May 2003

Car_Man,
I am interested in leasing either a new Audi A4 or BMW 325i. I have test driven the A4 and I am going to test drive the 325i tomorrow. For the lease, can you tell me what the current Audi money factor and residual are for the A4 3.0 Quattro and non-Quattro? I am interested in a 36 month lease with 12k miles per year. Also, has the BMW lease numbers changed? In previous posts, you listed it as 62% and .0015.

Thanks!

jpierce26 · May 2003

Hey Car_Man,

I have a similar question as #6421. I am about to close the deal on a new 325XI with options the dealer will sell it to me for $36,550. (MSRP 38,695) I was wondering if you could help me with the Residual Value and the Money Factor.

I will be meeting with the guy tomorrow on the final lease numbers. What numbers should I be looking for?

JP

rhodes3 · May 2003

Like several posts here recently, I'm curious about the May money factors for BMWFS customers. Back in March you indicated that it was .0015 on a 3 yr. 525 lease but several posts on here sound like that lowered for April. Any idea what the May program #s are? I've already ordered the car and given deposit but haven't finalized any paperwork.

Thanks in advance for any help you can offer.

lponz7 · May 2003

I'm being told at a local dealership May numbers are .00205 (big jump from April if true) and 61% RV for 12K miles and 62% for 10K miler per year. I'm about $500 apart with the dealer on my purchase, which is a shame because the April rates would have more than made up for that difference. Like the above posts, would love to hear if I'm getting the straight poop.

BTW, I have to have the car special ordered from Munich to get options I want--including NAV, which are apparently in short supply. They say 6 to 8 weeks from when I order.

bama60 · May 2003

Wow. I hope the MF hasn't jumped to .00205. That would be about $30 more per month with nothing to show for it.

gperr · May 2003

Car_man,

Can you please provide the Residual and MF for 36 and 39 months, 12K miles and also if there is any lease cash available on the following 3 small SUVs.

Ford Escape V6 4WD XLT Popular
Nissan Murano SL
Toyota Highlander AWD V6

Thanks, Gregg

multiplechoice · May 2003

bama60, the rates for the 325(non convert.) for May is .00150 you should doublecheck with your dealer.

john888 · May 2003

Anyone know the money factor this month for X5? .0015? or ?

Anyone with any good lease deals in NYC area lately?

How much should I expect to pay above invoice for 2003 X5 3.0i this month?

Thanks for any input.

neil55 · May 2003

Hello Car_man and all,
I will move this summer from PA to FL.
Am thinking of getting a 325 or 330.Ideally , I would get it in the Florida area but wanted to know from you all if prices and lease associated fees are higher in Florida.(specifically the orlando area)
most cars in the PA area have cold weather packages etc.(stuff I will not be using !)

thanks...neil

CarMan@Edmunds · May 2003

Hey Patrick. I personally have nothing against balloon notes, other than the fact that they are not as popular as leases and I don't keep tabs on their details. The only complaint that I have heard about balloon notes recently is that in some states consumers have to pay more tax on them than they would have to pay on an identical leased vehicle. As far as the details of GM's current lease program go, if you were to lease a 2003 Chevrolet Malibu through General Motors Acceptance Corp. this month for 3 years with 12,000 miles per, its base lease rate and residual value should currently be 3.5% and 48%, respectively. So as you can see the numbers that you were quoted for the SmartBuy look very reasonable.

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CarMan@Edmunds · May 2003

You're very welcome, e024486. You're right, many manufacturers' residual values are not nearly as high as they were several years ago.

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CarMan@Edmunds · May 2003

Hey Steve. I actually have not seen Infiniti's May lease program yet. I will look around and see if I can dig up any numbers for you.

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CarMan@Edmunds · May 2003

Hello usmj1. Let me begin by saying that the lease money factor that you were quoted for this car is right on the money. This is a good sign because it means that the dealer that you are working with is not trying to add any hidden profit to your deal. The selling price that you were quoted for this car looks good as well. Let's calculate a sample lease payment on one and see what we come up with. According to my calculations, if you were to lease a 2004 Nissan Maxima SL (MSRP: $34,150 / Capitalized Cost: $30,329) through Nissan Motor Acceptance Corp. this month for 39 months with 15,000 miles per year, your zero down, pre-tax monthly lease payment should be right around $394. It is difficult for me to say what your payment should be, including tax, but if the one that you mentioned in your post does, it looks reasonable to me.

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CarMan@Edmunds · May 2003

Hi bama60. I would be more than happy to give you an idea of what Audi's May lease program should look like. However, Audi was not scheduled to publish its May numbers until today. As you can imagine, I have not seen them yet. I should be able to find out the specifics of the new program within the next day or two. Please check back with me with a quick reminder and I will help you out.

I have seen BMW's May numbers though. If you were to lease a 2003 BMW 325i through BMW Financial Services this month for 3 years with 12,000 miles per, its base lease money factor and residual value should now be .00150 and 61%, respectively.

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CarMan@Edmunds · May 2003

Hi JP. I would be more than happy to help you out, but first I need you to tell me how long you are leasing this car for and how many miles per year your lease will include. I will be able to provide you with the info that you are looking for once I have this information. Talk to you soon.

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CarMan@Edmunds · May 2003

Wow, lots of BMW questions. Here is the latest info for you, rhodes3. If you were to lease a 2003 BMW 525i through BMW Financial Services this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00120 and 62%, respectively.

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jpierce26 · May 2003

I am looking at a 36 month lease and 15,000 miles per year. I am in the Rhode Island.

JP

CarMan@Edmunds · May 2003

Hi lponz7. The dealership that you are working with is clearly trying to mark up BMW FS' base lease money factor of .00150. BMW's lease factors for this particular model are identical to what they were last month.

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usmj1 · May 2003

Carman,

424/month includes tax. Sounds good. Pick up the car Friday. Thanks for your time and help - greatly improved the comfort level.

usmj1

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