Lease Questions - Ask Here

rwright · July 2003

Sorry Car_Man.....

The lease numbers for the BMW and Honda are needed for 36 months with both 10K and 12K miles per year.

Thanks!

2003accordv6mt · July 2003

Hello Carman... I was quoted the following for a 2003 g35 sedan with premium and sport msrp of 33,890, sale price of 31,620 << 36mon at 56% Residual payments are 432+tax= $465.00 with Drive of 1860>>
<<39mon at 55% Residual payments are 413+tax= $445.00 with drive of 1789>> could you please give me the MF for the G35 Sedans at the moment so i could figure out if these prices are fair?
thanks.

mxpro738 · July 2003

Car_man:

Once you receive BMW's July #'s, I'd be interested in the 36mo./15Kmi. lease, any special financing rate (e.g. 1.9%/60mo.) and any customer/dealer rebates for: 330i, 530i, 540i.

Can you help?

Thank you, in advance.

jeffmust2 · July 2003

Perfect, Car Man!

Thanks and I'll let the board know if non-Lexus rates are still superior this month.

Jeff

radar10 · July 2003

Hey Car_man,

Ref: message 7134

I really need your help...Plan on making a deal tomorrow on a 2003 BMW 325 convertible (there are very few left). My dealer says he can use the $2500 cash back this month thru BMWFS with MF .0026 and 57% residual for 12K/36 month. What do you have for latest MF, residual and dealer incentives? Dealer also states that they get charged by BMW beyond Edmunds listed invoice as follows; $525 acq fee (this gets rolled into the monthly pymts), $165 training and $385 Maco (advertising). Can you confirm these charges? In summary; the deal is at $42,925 MSRP, $38,895 Sell price. If I put up a $2500 cap cost reduction down payment...my final monthly pymt with tax comes out to $520 a month. I was hoping to get to $500, but this is the best they said they could do. Would like your comments and review of this deal. I would really appreciate a quick response if possible.

Thanks so much...David T

roxreps · July 2003

Carman,

Had some time to kill yesterday and made a mistake and took a ride in an FX35. So much for staying on the straight & narrow. Interesting vehicle. Please supply the resid./MF numbers for the FX35 for July; 36/39 mo. 15K/yr.

Could be interesting if the numbers are as attractive as the vehicle...

Indeed...Thanks Carman!
JB

CarMan@Edmunds · July 2003

I just saw your second post, rwright. Thanks for the additional information. If you were to lease a 2004 BMW 325Ci through BMW Financial Services for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00205 and 60%, respectively. The 10,000 miles per year residual value for this model would be 1% higher.

If you were to lease a 2003 Honda Accord Coupe EX without Navigation (either 4-cyl. or V6) through American Honda Finance Corp. this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00210 and 58%, respectively.

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CarMan@Edmunds · July 2003

Still interested in the Honda Pilot huh, hartt

. Here is its latest and greatest lease program. If you were to lease a 2003 Honda Pilot EX-L through American Honda Finance Corp. this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00210 and 58%, respectively. The numbers for an otherwise identical lease of a 2003 Honda Pilot EX with RES should be exactly the same.

According to what I've heard, the 2004 Honda Pilot should arrive at dealers in August. It should be basically the same vehicle. The only changes that I have heard about are very minor. Two colors, Havasu Blue and Evergreen Pearl have been discontinued and will be replaced with Nighthawk Black Pearl (with both Gray and Saddle interiors) and Midnight Blue Pearl. Honda supposedly is planning on introducing a few new Pilot accessories for '04, including door visors, new fender flares, chrome side steps, and an exhaust finisher.

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CarMan@Edmunds · July 2003

Hello 2003accordv6mt. I would be more than happy to give you an idea of what Infiniti's current lease program for this car should be like. However, its June lease program ran through yesterday, July 7th. I have not seen its new July numbers yet. Please feel free to check back with me towards the end of the week and I will let you know what I have been able to find out about the new program.

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CarMan@Edmunds · July 2003

You sure are covering all of your bases by looking into the lease, special financing, and cash programs, mxpro738. Good idea. OK, here is the info that you're looking for. If you were to lease a 2003 BMW 330i through BMW FS this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00120 and 53%, respectively. BMW is not currently providing any sort of dealer cash on this model, but it is offering 2.9% special financing for up to 60 months on it.

BMW has terminated its lease and special financing support on all 2003 5-Series models. So if you were to lease one, you would have to use its dealer cash to reduce its capitalized cost and then use BMW FS' standard lease program, or lease it through some other bank. Right now, BMW is providing $4,000 dealer cash on the 2003 530i and $4,500 on the 2003 540i. BMW FS' standard 3 year 15,000 miles per lease money factors and residual values for these models are .00220 and 51% for the 2003 530i and .00220 and 48% for the 2003 540i.

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CarMan@Edmunds · July 2003

No problem, Jeff. I'm looking forward to hearing what you find out.

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CarMan@Edmunds · July 2003

I'm here, David T. I'm not surprised that there aren't many 2003 model year 3-Series convertibles left. The '04's have been out for a while now. The dealer that you are working with is right in that BMW is currently providing $2,500 dealer cash on the '03 325Ci convertible right now. Also, this cash may indeed be used to reduce this car's capitalized cost for BMW FS leases. However, they misled you a little bit in terms of BMW FS' base standard lease money factor. While this car's 3 year, 12,000 miles per residual value is 57%, its base money factor for that term is only .00220. It sounds to me as though your dealer is trying to mark up BMW FS' base factor to add some hidden profit to your deal. The $525 lease acquisition fee is legit. As far as all of the other fees go, I personally would not worry about them. Instead concentrate on the total price that you are being charged. If the price, including all of the charges, is in line with, or less than what you could expect to get this car from another dealer for it doesn't really matter how they break it out.

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rwright · July 2003

Thanks Car_Man!!

I'm surprised with the low residuals on the 2004 325Ci. I think in May or June they were around 63-64%, weren't they? BMWFS realized those values were a little high?

Thanks again!

mzinzi · July 2003

Hi CarMan!

Ok...so my wife has zeroed in on the Saab 9-3, so now I need some info:

2003 Saab 9-3 Arc and Vector models
12k and 15k miles
36 and 39 months

If you could get me MF and Residuals for the 2 models with those criteria that woould be great!

I live in Connecticut in case you need that also.

Thanks CarMan, you're the best!

aja10 · July 2003

Hi Car_man, I was wondering if you had a chance to read my post from 7/2, message # 7132 regarding the A4 lease. If you have a chance to answer my question I would greatly appreciate it.

Thanks in advance.

hartt · July 2003

I have an individual interested in assuming the lease on my VW Jetta. Now that I have received the paper work from VW Credit, I have noticed that it states that the original buyer/lessee must remain on the contract and will be held responsible for payments and insurance coverage should the transferee default in an way.
That worries me. Has anyone out there encountered a situation like this or know if VW Credit can hold me responsible even if they approve someone else to take over the lease?
Your thoughts are appreciated.

Thanks.
"T"

kyfdx · July 2003

I would never allow a lease assumption with those stipulations from the finance company. And, that won't be negotiable with VW Credit. I'd get the payoff amount and sell it outright. They can and will hold you responsible, so unless you are transferring to a family member that you trust, don't do it.

regards,
kyfdx

stratixman · July 2003

Hey Carman, like Mzinzi, who posted earlier, I am lookinfg at the Saab 9-3's too. In my case I am interested in the MF factors and residuals for both the 9-3 Linear and the 9-3 Arc models, 12k per year on the miles and a 36 month lease. Saab Finance is still promoting a lease deal for the Linear, but doesn't advertise a deal on the Arc. What can you find out? Also, what do you think of the current Saab 48 month promo lease on the 9-5 Linear? I know Saab has a huge inventory of 9-5's to move.

Thanks

jratcliffe · July 2003

They can and will hold you contingently liable. As Honda (which has the same stipulation) explained it to me, you aren't actually transferring the lease, just adding another lessee to the lease. Not only can they come after you if the transferee doesn't pay, the lease will stay on your credit report as an open obligation until the end of the lease term. I concur with kyfdx - not something to do unless you really trust the person assuming the lease.

roxreps · July 2003

Let's look at the other side. I have been assuming leases for the past eight years. I'm gainfully employed, own my own business, and have been the recipient of a few great deals in that time frame (Altima, Maxima, Saab). The Maxima and Altima were personal friends of mine. The Saab was someone who was looking to get out of their lease (moving to Europe). Got it out of my local newspaper. I've never had a problem, and I've never given anyone a reason to frown upon lease assumption (maybe not the poster boy for lease assumption, but close). You can go onto Swapalease's web site (www.swapalease.com). They have something of which you're talking about which might answer your questions/fears about lease assumption. Something about an addendum clause to the assumptions. I'm not familiar with it, but you should check it out.

If you are truly fearful, find someone you know, and check them out thoroughly (I mean credit, job status, the whole nine yards, I would do the same). Hope this helps.

JB

kyfdx · July 2003

Its not the lease assumption that is the problem. Its certain finance companies that hold the original lessee responsible. Most do not, but VW Credit is one that does. My above comments only apply to those finance companies that do that. Certain lease assumptions can be very advantageous to the assumer. In fact, they have nothing to worry about. Its only the original lessee that can have a problem.

regards,
kyfdx

shayna · July 2003

Can you please provide the current residuals and MF for BMW 325i for 3 years at 12K per year and 10K per year. Are there any incentives on this model? I will be leasing in New York. Thanks.

roxreps · July 2003

I agree, it's not the lease assumption that's the problem, but if you're fearful of the potential problems the assumption represents, the assumption process becomes the problem. If you still need/want to unload the car there are measures you can take to minimize or eliminate potential disasters assumption presents (especially when then finance co. holds the original leasee responsible). Do your homework, and keep your eyes open. Thousands of people are taking part in this process on a daily basis with both parties benefiting.

JB

landru2 · July 2003

I would never have someone assume a lease that I was still resonsible for. Period. Even a gold-credit relative can incur an unexpected financial burden. It's not worth the risk, IMHO.

jratcliffe · July 2003

Didn't want to give the impression that lease assumption is a bad idea, quite the contrary. It depends quite a bit on the lender, though. Frankly, I think a lot of the barriers are explicitly because the lender (esp. if it's a captive finance company) doesn't WANT to make assumption too easy; they're probably hoping that, instead of assuming a lease, the assignee will get a new car of his/her own.

hartt · July 2003

I have the car posted on swapalease.com and just found out that they have a program where they will assume responsibility for the lease for a small fee. In my case, they want $300 and they will take on the responsibility of the lease if the party defaults. Obviously, there are limitations. They will only cover the amount equal to the remaining payments and will only cover $2000 for excess wear and tire and $2000 for excess mileage. I think to put my mind at ease, the $300 would be worth it.

kyfdx · July 2003

Thats $300 for $4000 worth of insurance. You'd have to make your own judgement on the value of that. For myself, I still wouldn't let anyone assume my lease, unless I was removed from all potential liability. I would sell the car, before I would do that.
That said, I do like the idea of assuming someone else's lease. I think you really have to watch swapalease closely, to jump on the good deals first.

regards,
kyfdx

chile96 · July 2003

Well until porsche NA convinces porsche in germany to allow some leasing incentives for all those Boxsters sitting on lots over here, I guess I'm stuck. So what are the current residuals and MF's for 36 & 42 mo lease @ 10 & 12 K per year. Do you have any idea of the acquisition fee so they don't "inflate" that for their benefit.

thanks again
fo

bimmaboy23 · July 2003

hi car_man,

wanted to know the mf and residual on a 330i with performance package??

looking at 12,000 mi/year lease for 3 years..got $800 over invoice from one dealer, willing to put multiple security deposits (up to 5) though i've heard it is better to pay tax + tags + first payment up front instead..how much should i expect to pay monthly? I live in VA..thanks

roxreps · July 2003

Yes. the man did his homework, and found a solution to the problem. He's covered his [non-permissible content removed], and someone else will also benefit. Everyone's happy. Case closed.

JB

radar10 · July 2003

Car_man, Thanks for the overview on the 325Cic. My dealer is having problem locating the vehicle. Would like to have the 2003 525I as a back up. Can you provide incentives (if any), MF and residual for 12K/36 lease thru BMWFS?
Thanks Again...David T

roxreps · July 2003

I don't agree. I would think the leasing co. would encourage assumptions. Why? because they're happy if anyone is paying the lease payments. Let's say this guy lost his job and can't pay his lease payments. If assumptions were difficult to obtain, the leasing co. won't get the rest of the payments, AND THEY'RE STUCK WITH THE GUY'S CAR TO BOOT! Leasing co's don't want the car at the end of the lease, they want the leasee to buy it out right and see ya later. Leasing for the manufacturers has incurred heavy loses over the years . If you return the car after 3,4 yrs., the car isn't worth the residual (in some cases it's not even close), so the manufacturer has to take this piece o' crap back and try to sell it at auction. Most likely they wind up taking a nice loss while some dealer out of NYC takes it off their hands cheap. i can't believe that the leasing companies would make it more difficult to assume a lease.

The good part about leasing? if you don't mind someone else depreciating the car of your dreams, and getting it pretty cheap after just three years, you shouldn't have a problem...

JB

jvv · July 2003

Car_man:

Earlier this week you gave the following info for an Audi Allroad 36 month/15K lease:

If you were to lease a 2003 Audi allroad through Audi Financial Services this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be an attractive .00025 and 54%, respectively

Can you confirm these number for California? The money factor you listed is very attractive for this vehicle!

Finally, if my Audi dealer claims other numbers, what is the best way to 'prove' these numbers - they come from Audi USA Financial Services, correct?

Thanks very much!!!

John VV

gmanusmc · July 2003

CarMan...do you have any info yet on MF and residual on 2004 Corvette? 36 Month, 12K and 15K per year.

Thanks again in advance!!

Bill G

rwright · July 2003

Car_Man:

Thanks again for the Honda and BMW lease numbers! It turns out one of my parents cars is off lease soon and they were thinking of leasing an Acura TL or CL. Can you get the residual and money factor for a 2003 Acura TL (without Nav) and a 2003 Acura CL (without Nav) for 36 months with 12K per year and also for 39 months with 12k per year (manufacturer special??)

CarMan@Edmunds · July 2003

Hey JB. Here's the info that you're looking for. If you were to lease a 2003 Infiniti FX 35 2WD through Infiniti Financial Services this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00120 and 51%, respectively. The numbers for an otherwise identical 39 month lease of this vehicle should be .00121 and 50%. If you were to lease the AWD version of this vehicle the 36 month numbers should be .00157 / 53% and .00156 / 52%.

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CarMan@Edmunds · July 2003

No problem, rwright.

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CarMan@Edmunds · July 2003

Greetings mzinzi. Here's the information that you need. If you were to lease a 2003 Saab 9-3 Arc Sedan through Saab Financial Services Corp. this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00050 and 51%, respectively. The numbers for an otherwise identical lease of a 2003 Saab 9-3 Vector Sedan should be .00106 and 50%. The 12,000 miles per year residual values for these cars should be 1% higher. In addition to these special lease money factors, Saab is providing $2,000 lease cash on the both of these models. This cash may be used to negotiate more attractive capitalized costs.

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CarMan@Edmunds · July 2003

Hello aja10. If you were to lease a 2003 Audi A4 1.8T Sedan with quattro through Audi Financial Services in your home state this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00050 and 57%, respectively. This car's 10,000 miles per year residual value should be 1% higher. The salesperson who told you that this car's lease program was going to get worse in July either did not know what they were talking about or was trying to intentionally mislead you to sell you a vehicle right then.

Audi has already published factors for its 2004 models, but in most cases they are much higher than the current factors on '03 models.

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CarMan@Edmunds · July 2003

Hi stratixman. If you were to lease a 2003 Saab 9-3 Linear Sedan through Saab Financial Services Corp. this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00047 and 52%, respectively. The numbers for an otherwise identical lease of a 2003 Saab 9-3 Arc Sedan should be .00050 and 52%. Saab is also providing $1,000 lease cash on the 2003 9-3 Linear Sedan and $2,000 on the Arc.

Saab is throwing mounds of cash at its cars right now, especially the 9-5. The 9-5 is a great car for the money. If you like it and can negotiate an attractive deal, I don't see any reason not to go for it.

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normalo · July 2003

car-man

My lease will be over August 10th but until that date it seems that the 2004 models in the vehicles that I am interested in will not be out yet. Correct me if my following assumption is wrong:
If the interest rates remain the same and I can somehow manage to wait unitl let's say November when the 2004 models are out, would it be wiser to wait for the 2004 models since the residuals will be higher. Moreover the Mercedez E320 and the Infinity G35 does not seem to have any incentives to clear their 2003 models. What do you think?

CarMan@Edmunds · July 2003

Hi shayna. 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 be .00150 and 59%, respectively. If you were to lease this car with only 10,000 miles per year then you need to add 1% to the aforementioned residual value. BMW is not currently offering any cash incentives on this particular model, but they are providing 2.9% special financing for up to 60 months on it.

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CarMan@Edmunds · July 2003

Yep chile96. I recently was able to take a look at Porsche's new July lease program and they are not providing any sort of lease support on the Boxster. If you were to lease a 2003 Porsche Boxster without Tiptronic through Porsche Credit this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00250 and 53%, respectively. The numbers for an otherwise identical 48 month (I have not seen the 42 month program) lease of this car should be .00240 and 47%. If you were to lease with only 10,000 miles per year, its residual values would be 1% higher. Porsche Credit's current base lease acquisition fee is $595 in every state except for NY, RI, and ME where it was recently increased to $995.

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CarMan@Edmunds · July 2003

Hello bimmaboy23. $800 over invoice is a pretty good deal for this car. I would be more than happy to calculate a sample lease payment on one for you, but it would be helpful if you could provide me with its full MSRP and selling price first. If you don't have these numbers, I can estimate them, but it's best to use the actuals when they are available. As far as this car's lease program goes, if you were to lease any 2003 BMW 330i, regardless of its packages, 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 55%, respectively.

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CarMan@Edmunds · July 2003

You're welcome, David T. BMW is actually no longer providing any sort of lease or special financing support on '03 5-Series models. It has replaced these programs with dealer cash. Specifically, it is providing $3,500 dealer cash on the 2003 BMW 525i right now. You may use this cash to negotiate a more attractive selling price and then lease it through BMW FS or some other financial institution. If you do lease it through BMW FS for 3 years with 12,000 miles per, you would have to use its standard lease money factor and residual value of .00220 and 56%, respectively.

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cbridgha · July 2003

Hi,

Do you know what the basic numbers are for July?
I am being quoted .64 residual and .00265 money factor for 36 mo 12000 lease. The money factor is way off from the june numbers you quoted
(.65 .00220)

Thanks - Chuck

bimmaboy23 · July 2003

Hi Car_man,

Had gotten a dealer to agree on a reasonable buying price ($800 over invoice), and I want to calculate some monthly figures...here are the specs:

3 years
12 and 15k mi/year (just to see the diff)
Retail Price = $40,445
Invoice Price = $37,030
Buying Price = $37,830

Willing to put 5 MSDs @ $500 each = $2500
But I heard it is better to pay tax + tags + first payment instead..I live in VA by the way

Which of these is a better payment method?

How much would my monthly payments come out to be? Thanks again Car_man.

red927 · July 2003

Car_man:

Do the current GM rebates apply when leasing a vehicle? I am interested in getting this information before I visit a dealership.
Thanks.

Phil

multiplechoice · July 2003

Hi Car_man, I'm looking at the '04 Sienna. Can you provide the MF and residuals for the XLE and Limited (both all-wheel drive models)? I'm thinking of either 36 or 48 months, 15K/yr. I recall from other posts that the Limited model had a lower residual value compared to the XLE. Thanks for the info., I'm in southern calif.

smh12 · July 2003

Carman,

I am looking at a 36 month/12k mile lease on a 2003 530ia with a MSRP of $48,745 inc. destination chg. (steptronic,pp,sp,xenon,elec sunshade). Purchase price 3k under invoice = $42,025.

Dealer compared BMW lease and CHASE and came up with the following numbers with CHASE:

54% residual, .00253MF, Bank Fee $995, Base pymt $639.27 plus $49.54 tax = $688.81 with excess miles at .15 (told me .20 with BMW) Total drive off's of $1013.81 = 325.lic & 688.81 first pymt.

Do these numbers look legit? They said BMW bank fee would be $725 and CHASE $995. I figure they are padding both those numbers.

Thanks for your help.

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