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Lease Questions - Ask Here

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  • dicky243dicky243 Member Posts: 2
    I am interested in leasing a 2004 Acura Tl with Navi with 15,000 miles per year. The money factor that I was quoted was .0028 for 42 months from my dealer through AHFC. Assuming I have teir 1 credit, what can be done to get a lower money factor?
  • bmwmaybebmwmaybe Member Posts: 14
    Thanks, Carman. I will post a reminder in a few days.
  • lalakrsfanlalakrsfan Member Posts: 44
    Sorry Car Man, one more question. The MF and residiual you quoted for the '03 FX35 AWD. Does the same apply to the 2WD model?

    Thanks again for all your help!
  • paddyinvegaspaddyinvegas Member Posts: 8
    "You're the man, Car_man..."

    Please 'bookmark' my question and I would love to see a sample lease payment from you once BMW
    releases its December lease details...

    I will get back to you in a few days...

    Paddy
  • gsj1gsj1 Member Posts: 12
    It looks like you have the latest Infiniti numbers. Could you please check:

    2004 G35 36 month 15k
    2004 G35 39 month 15k
    2004 G35X 36 month 15k
    2004 G35X 39 month 15k

    Thanks in advance. This has to be one of the top two or three most useful threads on Edmunds.
  • jmdeangjmdeang Member Posts: 10
    Car_Man,

    I noticed you posted a 3.95%/2400 lease money factor for the Cadillac CTS. Is it the same for the SRX ?

    Thanks
  • cindola1cindola1 Member Posts: 14
    Thanks Car_man. The MSRP is $39,463 and the selling price is #35,300. The dealer told me that for me, US Bank & Chase bank are actually lower rates than thru Lexus/Toyota Financial, since my credit score is so high, if that makes any sense!
  • scantyscanty Member Posts: 164
    Which looks like the better lease deal, a 2004 Nissan 350Z Enthusiast or a 2004 Infiniti G35 Coupe? I really want the upcoming GT-R, but read that it's not due out until 2007. I'd be looking at 36 (or 39) months, 12,000 miles per year. Also, would they structure a lease deal for under 12,000 miles per, as this would be a second car(unlikely to see more than 7500 miles per). Thank you for your help!
  • wantapassatnowwantapassatnow Member Posts: 100
    Hi again Car_man ... I am having second-thoughts about buying a Hyundai Sonata LX and am still looking for a nice sedan that I can lease at a good price. Heard anything about lease deals for the 2004 Chevy Malibu LT? Thanks!
  • Kirstie_HKirstie_H Administrator Posts: 11,242
    A magazine reporter is hoping to interview folks who negotiated to buy a vehicle at the end of its lease. Please respond with your daytime contact information to jfallon@edmunds.com by Monday, December 15.
    Thanks,
    Jeannine Fallon
    PR Director
    Edmunds.com

    MODERATOR /ADMINISTRATOR
    Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name.
    2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
    Review your vehicle

  • kyfdxkyfdx Moderator Posts: 265,535
    Usually, the best lease deals are on cars with high residuals... Honda Accords usually have very attractive leases, and you get a very good car as a bonus.

    regards,
    kyfdx

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • davis328davis328 Member Posts: 2
    I'm planning to lease an RX 330 (AWD, Premium Plus w/ Nav) this month, please post the current money factor and residual from Lexus for December.

    Thanks!
  • infinitimninfinitimn Member Posts: 146
    Hi Carman. I am getting ready to start looking for a 2004 BMW 530. Do you have the December lease factors available yet? Thanks in advance for your help.
  • stever12stever12 Member Posts: 11
    When leasing a vehicles, are you expected to have all scheduled maintenance performed at the dealership? Or can I perform oil changes myself or go to an independant garage for service? Also, does one get charged for the wear on tires? Thanks.
  • topgun7topgun7 Member Posts: 412
    Hello Car-man, sorry to bother you again. What is the residual and money factor for 04 Solara SE and SE V6 for 3 year/15K Mi per year? I am in California. thanks.
  • landru2landru2 Member Posts: 638
    The leases that I am familiar with do not require that maintenance be done at a dealership. They do require that the maintenance be done. This is for warranty purposes and is the same whether you lease or buy. If you do oil changes yourself you should keep a record and receipts in case you run into a problem later. You will be charged for tire wear if it is beyond the lease company's guidelines when you turn it in. For example, Ford Credit charges once tread depth gets below 3/32.
  • johngalt2johngalt2 Member Posts: 1
    I am trying to learn more about leasing. What is Gap insurance, does it cost extra (planning on buying Audi), if so how much is it usually, what's the advantage of having it? If you are buying regular car insurance why would you need Gap insurance?

    Also, if leasing a car in Massachusetts, do you pay sales tax on the whole price or just the cap cost minus residual value?
  • nupeskeenupeskee Member Posts: 14
    Carman

    I know its a little soon but is the any lease information available on the upcoming Caddy CTS-V? I'm interested in 36,39, and 48 month lease terms with 15,000 miles a year. Thanks.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dicky243. The lease money factor that you were quoted has definitely been marked up. As a consumer, you need to negotiate this car's lease money factor, just like you are negotiating its selling price. American Honda Finance Corp.'s base lease money factor for this model should be between .00215 and .00205 right now. Tell the dealer that you are working with that you want them to calculate your lease payment using AHFC's base lease money factor and if they don't you will go lease from a different dealer or buy a different type of car.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, bmwmaybe. Talk to you then.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Don't worry about it, lalakrsfan. I'm always glad to help. The money factors for the 2003 FX35 2WD are actually lower than they are for the AWD model. Its residual values are different as well. If you were to lease a 2003 FX35 2WD through IFS this month for 36 months with 15,000 miles per year, its base lease money factor and residual value should be .00158 and 51%, respectively. The numbers for an otherwise identical 39 month lease should be .00158 and 50%.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey paddyinvegas. Sorry that I didn't mention this earlier, but in order for me to calculate a lease payment on the car that you are interested in, I need you to provide me with its full MSRP, in addition to its selling price. Once I have these numbers I will be able to help you out. Talk to you soon.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello gsj1. Here's the info that you're looking for. If you were to lease a 2004 Infiniti G35 Sedan through Infiniti Financial Services this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00180 and 59%, respectively. The numbers for an otherwise identical 39 month lease should be .00180 and 58%. The base lease money factors are exactly the same for the 2004 G35 AWD, but the residual values are 1% lower.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jmdeang. You are correct. When General Motors cut its lease rate on the CTS to 3.95%, it also lowered its rate on the SRX to 3.95%.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, cindola1. Let's play with some numbers and see what we come up with in terms of a payment. According to my calculations, if you were to lease a 2004 Lexus RX 330 2WD without the navigation or rear entertainment systems (MSRP: $39,463 / selling price: $35,300) through Lexus Financial Services this month for 3 years with 15,000 miles per, your zero down, pre-tax monthly lease payment should be right around $486 or so. So you're basically looking at a payment of just under $500 per month.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    To be honest with you, scanty, Nissan is not providing any sort of lease support on either of these cars. Having said this, its lease program on the 2004 Infiniti G35 Coupe looks to be a little better than its program on the 2004 350Z Coupe Enthusiast. Here are the latest numbers for you. If you were to lease a 2004 Infiniti G35 Coupe through Infiniti Financial Services this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00220 and 61%, respectively. This compares with Nissan Motor Acceptance Corp.'s base factor and residual of .00240 and 59% for a 3 year 12k lease of a 2004 Nissan 350Z Coupe Enthusiast.

    Most banks do allow consumers to lease vehicles with mileage allowances of less than 12,000 miles per year. In fact, many European manufacturers, like BMW and Audi, base all of their advertised lease payments on 10,000 miles per year. Having said this, I am not sure if NMAC or IFS lease vehicles with only 10k. I have never seen them publish any residual values for 10,000 mile leases, like I have for many other banks. In order to find out for certain, you really need to speak with a salesperson or F&I guy at the dealership that you plan on buying from. In fact, given the lack of support on these cars I would not be surprised if they were able to beat the aforementioned lease terms by running your deal through some other bank.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey wantapassatnow. Neither the Hyundai Sonata nor the Chevrolet Malibu have very good lease programs available on them. In fact, the residual values are so low on the Sonata that Hyundai often does not even bother publishing a lease program for it. Interestingly enough, this is the first month in a looooong time that they actually have a special lease program available on the Sonata. Hyundai has published special lease money factors as low as .00004, which is equivalent to an interest rate of around 0.096%, in an effort to offset these poor resids.

    Chevrolet is providing support on the Malibu to help provide attractive payments on this car that normally has fairly low residual values as well. It has a special lease rate of 3.5%, artificially inflated residual values (through the 3 year 15k resid of 44% is still fairly low even with the support), and the lease cash that I mentioned to you in an earlier post.

    Let me know if you are interested in the specifics of either of these cars' programs or if you would like me to work up some lease payments for you.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Seasons Greetings, davis328. Lexus is currently running its "December to Remember" promotion this month. This is good news for those of you who are in the market for one because it is providing special lease and finance rates on all of its models. This month its special lease money factor for all 2004 RX 330 models is .00190 for 36 to 48 month lease terms. In order for me to give you an idea of what this vehicle's residual values should be like, I need you to tell me how long you plan on leasing it for and how many miles per year you need to be able to drive it. Once I have this additional info I will be able to help you out. Talk to you soon.

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  • cindola1cindola1 Member Posts: 14
    Thanks carman, I picked up my car yesterday, and now I'm wondering if I should have pushed for or just gotten a better deal??? Here's what the ending result was, with financing thru Lexus/Toyota Lease - 36 months, 15k miles/yr:

    MSRP $39,463
    Cost (Gross Cap Cost they have) $35,233.98, plus a $600 Acquisition Fee = $35,833.98

    $2,000 down payment - broken down into:
    Cap Cost Reduction $1115.49
    First month payment $513.48
    Title/Reg/Lic Fee $274
    Tax on Cap Cost Reduction $92.03
    CA Tire Fee $5

    I'm in So CA, tax rate is 8.25%. My payments are $513.48 ($474.35 + sales tax $39.13). MF they said is .00200
    Residual Value $21,704.65

    So, does it look like I got a good deal, or should it have been better??
  • tmn39tmn39 Member Posts: 9
    Car Man would you please post the December numbers for the S4 with 39 months, 10k miles in Florida, if you could also work up a before tax payment also for a 49650 cap with 2500 deposit. Thanks in advance. Tim
  • davis328davis328 Member Posts: 2
    Thanks Carman, I'm happy to hear about the RX 330 'December to Remember' money factor of .00190. I'm planning a 36 month, 12k miles/year lease on an RX 330 with AWD, Premium Plus, and Nav. The MSRP is ~$44k. What residual should I expect from Lexus?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi infinitimn. I have finally had a chance to take a look at BMW's December lease program and would be more than happy to give you an idea of what the numbers should be like for the 2004 530i. However, in order for me to do so, I need you to tell me how long you plan on leasing it for and how many miles per year you need to be able to drive it. Once I have this additional info I will be able to help you out. Talk to you soon.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello stever12. I have never seen a bank that requires its lessees to have all of their scheduled maintenance performed at dealerships' service departments. Consumers are almost always free to have their oil changed at any place they would like, including doing it themselves. As far as tire wear goes, you will indeed be charged a penalty for excess wear and tear if there is too little tread remaining on your car or truck's tires at the end of your lease. Just how much tread your tires need to have to avoid having to pay a penalty will depend upon the bank that you are leasing through. Each lending institution has its own excess wear and tear guidelines. You need to contact them directly to find out exactly what they are.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem at all, topgun7. I do not believe that Toyota is providing any sort of lease support on the 2004 Solara in your area this month. So if you were to lease one through Toyota Financial Services at this time, you would have to use its standard lease program. Unfortunately, I have not seen if it has changed its standard program for them month of December. I should be able to find out if it has be mid-week. Please feel free to check back with me then and I will be more than happy to fill you in on what I have been able to find out. Talk to you then.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Johngalt2, if the vehicle that you are leasing is totaled in an accident or stolen and never recovered during your lease, your insurance company pays the bank that you are leasing it through the current market value of your car or truck. Gap insurance covers the gap between what your insurance company is willing to pay and what you owe on your vehicle so that you do not have to pay it out of your own pocket. Many banks, like American Honda Finance Corp., automatically include gap coverage in their leases. Other banks charge extra for it. If the bank that you are leasing through does not automatically include it, you need to decide how risk averse you are. If you are willing to take the chance that your vehicle will not be totaled during your lease then you don't need it. On the other hand if you feel that a few extra dollars per month added to your lease payment is worth the peace of mind that gap insurance will provide you with then you should probably get it.

    Different states charge sales tax on leased vehicles differently than others do. Basically, there are three ways to calculate tax on leases. In the first, the state taxes the payment and down payment. Most states charge taxes on leases this way, including I believe Florida, Georgia, Missouri, Connecticut, California, and more. In the second method of calculation states tax the entire selling price of the car. This is how lease taxes are arrived at in Illinois, Texas, and Ohio. Lastly, some states tax the depreciation amount only. This is how New Jersey calculates tax on leased vehicles. Unfortunately, I am not personally familiar with how taxes on leased vehicles are calculated in Mass. You may be able to find out by checking one of the following links: Massachusetts Registry of Motor Vehicles or Massachusetts Department of Revenue.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi nupeskee. I have not seen the lease program for the Cadillac CTS-V yet. Sorry that I could not be of more help.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on your new car, cindola1. I think that you did just fine. The lease money factor that they charged you is slightly higher than Lexus Financial Services' base lease money factor, but I believe that this is because you had your security deposit waived, not because your dealer was adding any hidden profit to your deal. Enjoy your cool new ride :).

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I would be more than happy to help you out, Tim. If you were to lease a 2004 Audi S4 (amazing car by the way) through Audi Financial Services this month for 39 months with 10,000 miles per, its base lease money factor and residual value should be .00185 and 52%, respectively. In order for me to calculate a sample lease payment on this car for you, I need you to provide me with its full MSRP and selling price. Once I have this additional info I will be able to help you out.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, davis328. Lexus Financial Services' current 3 year 12,000 miles per residual value for the 2004 RX 330 AWD with navigation, but without the rear entertainment system should be around 56%.

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  • lewh2lewh2 Member Posts: 7
    You mention that you have seen the December BMW numbers. Please provide the MF and residual values for the BMW 525, 36 month lease, and 15,000 miles per year.
    Thanks
  • paddyinvegaspaddyinvegas Member Posts: 8
    Thanks Car_man,

    If I build the car on the BMW site it shows...
    MSRP: $41620
    Down p'ment: $2500
    Monthly: $597

    The deal my dealer quoted was...
    MSRP: $41620
    Selling price: $40620
    Down p'ment: $2500
    Monthly: (believe it or not) $650
    The down p'ment included tax & the 1st months
    p'ment

    The residual was 52%. I don't know the MF.
    It was a 3 year lease w/12k a year.

    Please reply.
    I wanted a lease on a BMW, not a 2 bedroom condo
    ($650).
  • deejay16deejay16 Member Posts: 9
    Hello again CarMan,
    My brother is in the market for a minivan, poor guy, and I have offered to help him research the two models he is interested in, with your help of course. Can you please provide the current rate and residual for the Honda Odyssey EX and Toyota Siena LXE. The lease would be 36-39 months with either 12K or 15K miles.
    Thank you much.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here is the information that you are looking for, lewh2. If you were to lease a 2004 BMW 525i through BMW Financial Services this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00235 and 62%, respectively.

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  • jratcliffejratcliffe Member Posts: 233
    In MA, sales tax is charged on the entire lease payment (i.e. capital cost and finance cost), on a monthly basis. Example: my lease payment is $316 (~$250 capital, $66 finance), and I pay 5% tax on that $316, bringing the total payment up to $331.80. Note that you'll also pay personal property tax (2.5% p.a.) on the value of the whole car.
  • bmwmaybebmwmaybe Member Posts: 14
    Hi Carman! I read above you had been able to look at the BMW financial programs for December. Can you provide the money factor and residual for:

    530i, 12,000 miles per year, 42 month lease (or 48 if info on 42 is not available)

    525i, 12,000 miles per year, 42 month lease.

    Thanks again!
  • tmn39tmn39 Member Posts: 9
    Thanks Carman

    The MSRP is 47990 and so is the sell price.
    Down payment is 2000. Again, 39 month lease with 10k miles.
    thanksTim
  • landinggearlandinggear Member Posts: 22
    In 2001 both my friend and I leased new vehicles. His was a Ford SUV and mine an MB E-320. His lease is up in April and he is getting all kinds of offers to turn in his vehicle early and get a new lease for which they will forgive up to SEVEN (7) monthly payments!

    My MB lease is not up until September. Should I expect any similar treatment or will Santa Claus together with the Tooth Fairy arrive at my house first?
  • bazoooookabazoooooka Member Posts: 14
    Car_man do you have any info on leasing a "used" car. I have a few friends who have done this with BMW's. How does one get residual and money factor info on a used car?

    Do they just go off the old assumptions (i.e. if it was a 2001 5 series; would it be based off the lease assumptions from 2002) or do the banks have updated data for older models?

    Any discussions on this topic would be of great use.

    ps..Please anyone else who has leased a pre-owned (or looked into this) please chime in.
  • wantapassatnowwantapassatnow Member Posts: 100
    Hi Car_man ... I tried to find this info on this site and elsewhere online, but again I turn to you! What happens if I need to extend my lease by, say, one month? My current lease (2004 Mitsubishi Galant DE) ends 1/3/04. I am considering new cars to lease or buy, but I need to have a contingency plan in case the specific car I want is not available in time. (One of the cars I am considering is a Mazda 3, and in order to get the configuration I want I may have to wait until after the 1st of the year.) The registration is due on my Mitsu in January, so I assume that if I were to extend the lease, I'd have to pony up the reg fees ... but that would be foolish if I were to only keep the car one month, right? Are there other fees associated with lease extension? I have already had the car inspected and only owe about $100 for wear and tear ... will I have to have it inspected again, thus risking owing more? Would it be smarter to simply extend it five or six months and wait on the new car, so that at least I have plenty of time to get the one I want? Your help on these questions and any other concern I didn't think of is greatly appreciated! I haven't yet asked Mitsu about this; I hoped to get info from you first in case they try to give me the runaround. Thanks!
  • mlpcamlpca Member Posts: 6
    Hi CarMan. I have been to Edmunds, Lexus and a few other sites. When I do the calculations online, I get a different number each time ranging from $650 to $725. My manual calculation comes to $652 (using .00190 & 56%). Here's the figures:
    2004 Lexus RX 330
    $44,200 MSRP, Plan on getting them to $42K or less, but for this post, let's assume $43,000 sales price. Better to start high.
    $2500 out of pocket total
    6% sales Tax
    36 mo, 15K miles
    Will lease before end of December.
    Can you calculate the monthly payment, please?
    Thanks for your help.
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