Lease Questions - Ask Here

njcarshopper · August 2003

Can you tell me the approximate lease monthly payment along with other lease info for Honda Pilot EX / L with running boards and crossbar accessories. Dealer is quoting $505 / month for 3 yr lease and 12k per year on 2003 pilot Residual value is claimed to be 18,588. Monthly payment seems awfully high. I did not ask him for the 2004 pilot but dont think it can be too far from 2003 price.

Also seeing that people are getting good deals on Pilots in OHIO. Is there a way to get a lease through an Ohio dealer but return the vehicle to NJ dealer at lease end.

CarMan@Edmunds · August 2003

Hi njcarshopper. In order for me to calculate a sample lease payment on the vehicle that you are interested in, I need a little more information from you first like its full MSRP and selling price. Also, I have not seen Honda's lease program for 2004 models yet, but I would be happy to tell you approximately what it should cost to lease this '03 Pilot once I have the additional information that I need. Talk to you soon.

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njcarshopper · August 2003

MSRP: $30,980 plus $625 for running boards plus $195 for Crossbars. For total selling price $31,800

thx

CarMan@Edmunds · August 2003

Thanks for the additional information, njcarshopper. In addition to the full MSRP of this truck, I also need its actual selling price, including any discount, to calculate its monthly lease payment. Remember that the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. The market for this particular model is still relatively hot, so for the purpose of this exercise I will assume a $500 discount off of full MSRP. If you are in an area that has a lot of competition for your business, you may very well be able to beat this price. You should check out the Honda Pilot Prices Paid discussion over on the What Did You Pay section of the Smart Shoppers Message Board to get an idea of what the market is like for this truck right now. According to my calculations, if you were to lease a 2003 Honda Pilot EX-L with an MSRP of $31,800 and a capitalized cost of $31,300 through American Honda Finance Corp. this month for 3 years with 12,000 miles per, its zero down, pre-tax monthly lease payment should be right around $446.

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bowke28 · August 2003

im a nissan dealer, and the money factor DOES change from 36 to 39 months (dont ask me why...lol). nissan wants their leases at 39 months most of the time.

wbenedict...your base payment on a $31300 maxima SL for 36 months with $0 due at signing is about $464.59. this is at 12k miles/yr, and not including taxes/license fees. what state are you in? if you go 39 months, you can usually drop about $20-$25 per month. every $1000 at signing from you will lower the payment about $30 a month on 36 months, and about $28 a month on 39 months.

CarMan@Edmunds · August 2003

Hi bowke28. I have a copy of Nissan Motor Acceptance Corp.'s current lease program right in front of me and its base lease money factor for the 2004 Nissan Maxima is exactly the same for 24, 36, and 39 month lease terms. It is true that NMAC does provide slightly different money factors for 36 and 39 month terms on several models, just not this one this month. The reason why is would cost less to lease this car for 39 months than it would to lease it for 36 months is because its depreciation is spread out over a longer lease term.

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jas413 · August 2003

Hi Car man. As expected, I am involved in ongoing negotiations with two local Jaguar dealers.After lengthy discussions with the sales and finance people, the finance mgr. ultimately acknowledged that the.00011 money factor was available. He, however, insists that the rate is only available if he buys down the lease rate from Jaguar. Is this true Car man or is that just typical dealer gibberish? Negotiations stalled when we could not agree on a cap cost. What would you suggest as a cap cost target on the 2.5 X type with automatic and an MSRP of $35,000 and invoice os $32,100. Also last night I saw a national Jag t.v. add for a 36 month lease at $279 per month with $1999 down. Of course I couldn't read the fine print at the bottom. Have you heard anything about recent adjustments to the Jag lease program? I'm wondering if they have extended the $2,000 dealer cash to automatics which previosly was only avilable on manuals.Thanks again for your assistance.

pgill · August 2003

Car Man -

Can you please help with a Saab lease I am considering? I need money factor and residual value for 9-5 Aero and Arc for 36 month, 15k miles per year lease. While you are at it, can you also provide the same for 9-3 Arc and Vector?

Thank you.

Peter

jratcliffe · August 2003

I found the lease terms on a dealer site, but it looks company-sponsored (probably can't post the url here, but everybody's fav search engine should get you there). Deal is on the 2.5 with a manual:

Lease a 2003 X-Type 2.5 Manual for
$279* per month for 36 months.

$1,999 Drive-Off*

MSRP $30,170
5 Speed Manual Transmission. Non-Metallic Paint. 2.5L V6.
Connolly Leather interior. Bird's Eye Maple wood veneer.
Free scheduled maintenance. All wheel drive.
4 year/50,000 mile warranty. 24/7 roadside assistance.

(An Automatic Transmission is available as an additional option.)

* Not all buyers will qualify. Excludes tax, title and registration fees.10,000 miles per year. Lessee responsible for excess wear/tear and mileage at $.20/mile over 30,000 miles. $1,999 Drive-Off. Take delivery from XXXXX Jaguar stock. Offer expires on September 30, 2003 and is subject to Jaguar Credit approval. Not all customers will qualify for the lowest APR rate. For further details on any XXXXX Jaguar lease or offer call 1-800-xxx-xxxx.

CarMan@Edmunds · August 2003

Hey jas413. Not only is Jaguar Credit's 3 year base lease money factor for the 2003 X-Type 2.5 .00011, but it does not cost dealers anything to provide you with this rate, other than the lost opportunity to mark up Jaguar's base program to make additional profit on your deal. I don't know exactly what the market is like for this car in your area right now, but there certainly seems to be an ample supply of X-Types around. I would think that you would be able to get one for around $500 over invoice if you do a little comparison shopping. You should probably head on over to the Edmunds.com Town Hall Sedans Message Board or the new What Did You Pay section of the Smart Shoppers Message Board for more feedback on this car's pricing. I haven't heard anything new about Jaguar's current incentives, but I have seen the ad that you are referring to and would not be surprised if it made some sort of unscheduled mid-program enhancement.

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maxwella · August 2003

Hello...can you provide me with the residual/money factor for the Jetta GL 2.0 (manual), only options sunroof and Monsoon sound, for 2003 and 2004 model years? 12K miles/year.

Much appreciated--thanks!

Kelly

CarMan@Edmunds · August 2003

Greetings Peter. I would be more than happy to help you out. According to the latest informaiton that I have seen, if you were to lease a 2003 Saab 9-5 Aero 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 .00005 and 47%, respectively. In addition to this lease support, Saab is providing $2,000 lease cash on this model that may be used to negotiate a lower capitalized cost. As far as the 2003 Saab 9-5 Arc Sedan goes, if you were to lease one through SFSC for 3 years with 15k miles per, its numbers should currently be .00030 and 43% with $4,000 lease cash. The numbers for an otherwise identical 2003 9-3 Arc Sedan should be .00050 and 51% with $2,000 lease cash. The numbers for an otherwise identical lease of a 2003 9-3 Vector Sedan should be .00106 and 50%with $2,000 lease cash.

I hope that this information helps you in your negotiations. If you have any other questions, please don't hesitate to ask.

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CarMan@Edmunds · August 2003

Hello Kelly. In order for me to give you an idea of what this car's current lease program is like, I need you to tell me how long you plan on leasing it for and the exact model that you are interested in, i.e. a 2003 VW Jetta GL 2.0L Sedan, a 2003 VW Jetta GLS 2.0L Wagon, etc... Once I have this additional info I should be able to help you out. Talk to you soon.

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maxwella · August 2003

I'm sorry about the incomplete info...let me try again

I'm interested in a three-year lease, 12K miles/yr, of a 2003 VW Jetta GL sedan (2.0L, 4 cyl.), manual, with monsoon sound and sunroof.

Thank you for your patience!

Kelly

maxwella · August 2003

Carman, I must clarify...it's actually the Jetta GLS. The sunroof is standard.

Sorry--it's for my sister, so I'm not entirely familiar with the car...

Many thanks!

pgill · August 2003

CarMan@Edmunds · August 2003

No problem, Kelly. Thanks for the additional information. If you were to lease a 2003 Volkswagen Jetta GLS 2.0L Sedan through VW Credit this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00165 and 53%, respectively.

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CarMan@Edmunds · August 2003

You're welcome, pgill. I'm glad that I was able to help you out.

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bowke28 · August 2003

nissan just introduced a money factor on the 2003 pathfinder: .00041! anyone seen one lower? if so, what vehicle?

viron · August 2003

Car_Man,

Could you report and run the numbers on the following lease:

2003 X5 4.4
MSRP: 60545
Cap Cost: 55320
36 Months, 15000 miles

Thanks

maxwella · August 2003

viper0074 · August 2003

Hi guys,

Anyone know when the Unleash a Jaguar program started? The money factor seems ridiculously low. I leased a TL Type S in late July with a money factor of 0.00092 and I thought that was low!

Car_man, would you know what the Jaguar X-Type money factor was before the Unleash program started?

Thanks,

Peter

CarMan@Edmunds · August 2003

Hi viron. According to the latest information that I have seen, if you were to lease a 2003 BMW X5 4.4i through BMW Financial Services this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00100 and 55%, respectively. Using these numbers, I come up with a zero down, pre-tax monthly lease payment of right around $652 on a 2003 X5 with an MSRP of $60,545 and a capitalized cost of $55,320.

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CarMan@Edmunds · August 2003

You're very welcome, maxwella.

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CarMan@Edmunds · August 2003

Hi Peter. Jaguar introduced an incentives program on July 1st that was scheduled to run through September 30th. Its exact lease money factors for its cars vary depending upon the trim level of the vehicle and the length of the lease.

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shortee2 · August 2003

At the end of a lease if you want to purchase the car, you pay only the residual value? Is this correct or am I mistaken?

landru2 · August 2003

Plus applicable taxes. Technically, the residual is used to determine the monthly payment. Depending on the lease company, you may have to pay a Purchase Option Price which could vary from the residual.

CarMan@Edmunds · August 2003

Hi shortee2. You are correct. Residual values are used to determine how much vehicles will depreciate over the length of a lease. The depreciation that your car or truck experiences during your lease term is divided by the number of months you are leasing for and becomes part of your lease payment. The remaining value of your vehicle is what it will cost to purchase at the end of your lease term. It basically amounts to your vehicle's full MSRP + the MSRPs of any options that can be residualized times your vehicle's residual value percentage. Some banks are willing to negotiate lease-end purchase prices from time to time, providing consumers with a lower purchase price for their leased vehicle that was originally calculated, but this is not usually the case.

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shortee2 · August 2003

So, you pay the residual value plus taxes and fees (if applicable). Is it better to continue using the leasing company for the buyout or do an separate bank or something else. Does anyone know what is the going rates on a car loan these days with a bank?
Background: I have had a terrible experience with this lease but I love my car. The whole deal has been terrifying for me-the leasing company, dealership, salesman, service dept. everything. I even wrote to Nissan and they did nothing but have the dealership manager call me to basically add more insult to injury. I have been lied to and screwed. It is a 5 year lease on an X-terra in May of 2001. They basically stole my trade in and still gave me the agreement I didn't want. They NEVER and I express NEVER called this deal/contract a lease. NOT ONCE! It was a special purchase program-whatever! I had read up on leases and stated that I didn't not want one because I drive alot for work. However, I have made the mistake and am now trying to find my options. Thanks to all for the help.

CarMan@Edmunds · August 2003

Shortee2, many banks do indeed provide their lessees with the option to finance their vehicles' purchase option price. Whether or not you should do so will depend upon what sort of interest rate you are offered and if you have enjoyed being a customer of the bank. If you are offered an attractive rate, there's no reason not to finance through the bank that you have been leasing from. If not, you are free to shop around for a better rate and finance the purchase of your leased vehicle through any bank that you choose.

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shortee2 · August 2003

Would it be better to get a payoff amount before the end of the lease or wait until the end? Is there any other options that I may have in the future? I will be way over the miles, so is my only option to buy?

rwright · August 2003

Car_Man:

I finally decided on the 2004 BMW 325Ci - I've been tracking the rates for a while. Unfortunately, none of the dealers in the area had the car spec'd the way I wanted it, so I had to order a vehicle. It is supposed to arrive at the dealership in early October. My salesman says I should fill out the BMW FS credit app so that we have our pick of rates between today's date and delivery date. Do you know if this is possible? Will we get to use the lowest rate from the date the credit application is sent to BMWFS to the delivery date (BMW FS Credit applications expire in 60 days)?

Can you also give me the lease info. for the 2004 325Ci for a 36 month lease for both 10K and 12K miles per year. Also, please let me know how long the current BMW lease program is scheduled to run.

Thanks again for all the help!

fredmcmurray · August 2003

car_man - While you have the BMW info out, could you tell me MF and residual for a 530i for 36 months and 36K as well as 48 months and 48K? Thanks.

liannell · August 2003

Hi Car_man,
You recently posted the following for a 2003 Audi A4 3.0L Sedan (not quattro, just front wheel drive)for 36 months and 15k miles/yr:
MF = .00005
Residual = 50%

Their 2004 models have just come out. Is it the same lease deal for a 2004 A4 3.0L Sedan, or are there different MF/Residuals? Thanks!!

stevieb4 · August 2003

Hello car_man,

Could you please give the residuals and money factors for the '03 Honda Odyssey EX cloth, 48 month, 12k and 15k miles?

Has Honda recently added incentives for leasing '03 models?

Thanks in advance for your help.

#noname · August 2003

Hey Car_man. I'm working on a 530i deal right now. Can you tell me what the current bmwfs numbers are for 36, 48 mo with 15K/yr ?

Thanks

tblazer503 · August 2003

i don't understand this from the smart shopper forum....

how can that 7 series bmw lease sound about right?

review: it was 35k mile/42mo lease. 2975dp, 800acq fee, 828/mo, 850 sec dep, res 40,133 msrp of 61695.

That comes out to total payments of 37751. Thats over $1.00 per mile. That is 16189 in taxes/interest.

Can you please explain? it has me puzzled. thanks.

hooops · August 2003

Hi Carman,

Can you please provide me with the residual and money factors for a VW Jetta GL and GLS as well as Passat GL for a 36 month / 15K mile lease. I live in the New York City metro area.

Thanks

jeffv2 · August 2003

Car_man, incredible work with this forum. Keep up the good work.

I am about to close on a 2004 G35 Sedan, and I've negotiated a price of $550.67/month for a 39 month lease with 15K miles. The MSRP of the car is $36,800, and I've negotiated cap cost down to $35,100 (or thereabouts...I left the exact figure at my office).

The car is being shipped from Texas to Michigan, and I got the dealer to waive the $650 shipping fee. This happened *after* he quoted me the $550.67/month payment number.

Due at inception: only $550.67, the first month's payment. No acquisition or security fees. No new plate/transfer fees.

Does this sound like a solid deal for an '04 G35?

liannell · August 2003

Car_man, one more BMW question. Do you know what the acquisition fee should be for a new 325i in NC? According the BMW website, their Special Lease Offer has an $800 acq fee for NY residents, but none for residents of other states. I'm in NC, but I was just quoted a $750 acq fee!

Thanks!

njcarshopper · August 2003

CARMAN... Went to lease calculator web site on edmunds but comes in high for monthly payment. Can you check these numbers

MSRP: 35955
Selling price: 32100
Residual: 18425
Tax: 6 %
Term: 3 years / 12K per year
Downpayment: $0

Also Dealer wants $1589 out of pocket cost to get car. I assume for Title, Registration, 1st payment and Doc fees. this seems high as well. What do you think???

tmn39 · August 2003

Hi Carman, could I trouble you for the current Audi Finance lease MF and Residual on the 2004 S4 for the following 10k 39 and 10k 42 in Florida. Thanks in advance.

jryan2003 · August 2003

I am looking at a 2004 a4 1.8 quattro with a sticker of 32,715. First lease price quoted to me used the 32,000(no negotiation). Money Factor .00155. 55% residual. 39 month 15k a year. $446.64 w/o tax. Edmunds states on the 2004 that TMV is the msrp(don't know if that is because there is no data). Anyone have any experience buying(leasing) the 2004 A4. What kind of deal did you work? how close to invoice were you able to get? Any info would be appreciated.

mxpro738 · August 2003

Car_man:

After many questions during the last couple of months, many answers (from you!), and many thanks... I have one last question:

Last month you quoted me 0.0012/53% for a 300i/36 mo./15K mi.

Has that changed for August? If it has, is it unusual to ask the dealer to adjust the specifics of the deal accordingly? (My car will arrive in the next few days.)

Thanks & regards.

Regards,
Mark

jratcliffe · August 2003

What payment are you being quoted?

djdez · August 2003

Hey Car_Man ...

Still fiddling around with the M45 deal -- that was GREAT information you gave me a week ago, but I'm getting the runaround from dealers. For a car that they couldn't seem to move, NOW they want to move them for MORE than those deals they advertised. ALL the dealers I have been to where SHOCKED when I brought up the 'closing certificates' and they were wondering WHERE I got that information! Then, of course they told me they USED all their certificates for this month - as if I'd know if they were telling the truth !! Also, some changed the money factors on me, and NONE of them seemed to have that 'elusive' $399 a month model, OR deal, nor would they even come close, YET, they advertised it !! You quoted me a money factor of .00049, but they said if you waive the security deposit, it becomes .00064, so I guess that makes sense. Plus, they didn't want to pass on the $1500 additional that you talked about. So basically, all they are relying on is the low money factor. SO much for getting a DEAL on this car !!

I had another question as well - what is the TRUE holdback on Infiniti's ?? I thought it was 3%, the guy yelled at me and told me it was only 1 1/2%, yet this site says it's 1% of base MSRP PLUS 2% of base INVOICE ... which is really very close to just being 3% of base MSRP anyway. So, what's the real deal ??

Also, while we're at it .. they still had some I35's laying around. What would the money factor and residual be for 36 or 39 months, with 12000 miles per year ???

It just amazed me that they all suddenly didn't want ANYONE to know about these closing certificates .. and do you know if those run monthly, and if they REALLY used them all up this month, will they have more next month ??

Thanks again Car_man ... hopefully in the next few months, I'll be driving SOMETHING new !

meemo87 · August 2003

Carman

Can you give me MF and Residual on a 2003 4Runner Limited. 39 month lease, 15,000 miles per year?

Thanks for the help.

clpurnell · August 2003

djdez

Try grubbs infiniti in Dallas, Texas. They are usually very upfront and are shipping cars free nationwide.

X-terra Lease

Find out your payoff for the lease go to the bank get a regular loan for that amount and pay off the car. That way you get completely rid of the lease and still have the car and don't have to worry about mileage or anything.

PS - always read everything you sign. I don't care if it takes 3 hours it could save you bundles.

njcarshopper · August 2003

Dealer quoted me $525 monthly payment with no $ down and $1589 out of pocket cost (Admin fee, 1st payment etc.) I asked for $450 payment but said he could not do it. He told me dealer cost (invoice) was 32100. This is why I was trying to figure out from CARMAN what payment would be based off invoice price. Probably could have gotten him lower from 525... he said he would work with me. I set up an appointment for test drive but when I called ahead he was not even there. Guy pissed me off so I may not go back there.

njcarshopper · August 2003

CARMAN .. Can you give me residual and money factor for 04 honda pilot ex-l with running boards

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