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Car_man
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I need some additional informaiton from you to calculate an approximate lease payment for you on this model. In order for me to come up with the payment, I need you to tell me the exact full MSRP including destination and the selling price of the vehicle that you want. Talk to you soon.
Car_man
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03 AWD MSRP $38845 sales price $36000
04 AWD MSRP $39295 sales price $39000
Also interested in Acura TL same terms MSRP $33195
sales price $30400....Thanks again & Happy Holidays....
I've seen a number of messages here that note a Lexus "December to Remember" promotion, with 36 month lease money rates as low as .00180. However, my local Lexus dealer (Raleigh, NC) is quoting .00270 on a 2004 RX330 FWD 12K/yr, and claims not to be aware of any Lexus promotions. I suppose it doesn't help that he's the only Lexus dealer for a hundred miles or more.
Can you give me some magic words that might get him to acknowledge the lower rates (other than telling him I'll drive up to New York in December to get the car)?
Thanks,
--Steve
Car_man
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Car_man
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Honda is running an attractive lease program on the 2004 Accord right now. It has a special lease money factor of .00150 for up to 36 months on this car, which is equivalent to an interest rate of right around 3.6%. I am familiar with the advertised lease payment that you mentioned. Even though the ad states that you can lease a 2004 Accord LX Sedan for $239 per month, I highly doubt that you will be able to lease this car for less than $250 per month. I say this for several reasons. The first is that the advertised payment does not include tax. The second reason is that the advertised payment assumes that the lessee is putting $1,250 down. Making down payments on leased vehicles really isn't a good idea. If you were to lease this car without putting any money down, the payment would increase. Lastly, this lease is based upon only 12,000 miles per year. If you need to be able to drive it 15,000 miles per, or even 20,000 miles per your payment will be higher.
If you find that the lease payment on an Accord is more than you want to spend, you can always lease or finance a Honda Civic. Honda is providing very low lease money factors and 2.9% financing for up to 5 years on the '04 Civic this month.
Car_man
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As far as the Acura TL goes, if you were to lease a 2004 Acura TL without navigation with an MSRP of $33,195 and a selling price of $30,400 through American Honda Finance Corp. this month for 39 months (I haven't seen any 42 month info for this car) with 12,000 miles per year, its zero down, pre-tax monthly lease payment should be right around $416 or so.
Car_man
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A followup question on the Explorer 2WD XLT - I'm in the Los Angeles area and my local dealer is quoting me an 8% base lease rate and a 44% residual on the truck. Those numbers don't seem right to me - can your verify if the numbers sound right for my region? He also mentioned a $3000 rebate (the Edmunds page shows a $3000 and a $1000 rebate) and $500 in returning lease cash. I just want to be sure I am getting the correct numbers before I go check with some other dealers.
Thanks again.
Thanks for the feedback on the Honda Finance fee of $550 rather than $800. I was able to utilize your feedback to arrive at an amicable resolution.
Long time no chat--best wishes for the holidays and Happy New Year.
Can you relate the best lease deals for a Lexus LS430 and an Mercedes S430 - I can do the math on the cap costs, etc. to get to a lease payment if I know the money factors and residuals. 36 month and 48 month would be fine.
I'm looking at Discovery 03 and 04; both the S and SE base models. I'm looking for 15,000 a year and zero down if possible.
What kind of payments can I expect @ 36 and/or 42 months - or wherever there is a sweet spot.
Assuming writeup costs of 30,000K (S) and 34,000K (SE) Also what are the residuals?
I know there trying to push the 03; but are the savings even that significant?
Thanks again
Could you give me the following info for the following vehicles for a 36 month 12K mile lease in San Jose, CA.
2004 Toyota Tacoma PreRunner 4x2 Double-Cab (MSRP with options - 22,246)
2004 Nissan Frontier XE-V6 4x2 Standard Bed Crew Cab (MSRP with options - $21,190 - 1500 rebate)
1. Money Factor
2. Residual %age
3. What should my net cap cost be with 0 down
Thanks
Car_man
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Car_man
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As far as the S-Class goes, if you were to lease a 2004 Mercedes-Benz S430V through Mercedes-Benz Credit Corp. this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00225 and 54%, respectively. The numbers for an otherwise identical 4 year lease should be .00245 and 46%.
Car_man
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As far as the 2004 models go, the '04 Discovery S has 3 year, 15,000 miles per numbers of .00051 and 46% and 42 month numbers of .00051 and 44%. The numbers for otherwise identical leases of the '04 Disco SE should be .00333 / 47%and .00333 / 45%.
In order for me to calculate sample lease payments on these vehicles for you, I need you to provide me with their full MSRPs and selling prices. I can however, provide you with the details of Land Rover's current advertised lease on the Discovery. Right now it is promoting a the 2004 Discovery S at $399 per month for 39 months with $2,696 down and 10,000 miles per year. This deal is based upon a truck with an MSRP of $34,995 and a capitalized cost of $31,394. When one breaks down this deal, it is based upon a selling price of only $905 below full MSRP. Given the market for this model and the fact that there is a $3,000 gap between its MSRP and dealer invoice price, I suspect that you would not have any difficulty negotiating a better deal than the one in this advertisement.
Car_man
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If you were to lease a 2004 Nissan Frontier XE 4x2 Crew Cab through Nissan Motor Acceptance Corp. this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00220 and 54%, respectively.
In order to find out what your capitalized cost should be for these pickups, you should visit the "Toyota Tacoma: Prices Paid & Buying Experience" and the "Nissan Frontier: Prices Paid & Buying Experience" discussions that appear on the What Did You Pay section of the Smart Shoppers Message Board. You also can look up the Edmunds.com True Market Values for these models by visiting the New Car Prices, Reviews & Info section of this site.
Car_man
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P.S. The Consumer Cash on the 2004 Nissan Frontier can not be used to lower this truck's price if you lease it through NMAC.
What are the money factors & residuals for the Armada SE & LE and Touareg V8 for Dec for 36 months and 15,000 miles/year?
Also could you tell me the closing fees for the Armada, Touareg and the Cayenne S?
thanks
It would be great to have a source where the current MF and Residual %ages are posted for all vehicles for all regions. Does such a resource exist on the net?
I am interested in leasing an 04 FX35. The MSRP is $40,995. Could you please tell me what the money factor/residuals are, and could you please calculate a sample 39 month 15,000 miles per year lease payment.
Thank you so much.
1) What’s the most common lease term? 36 months?
2) I assume sales tax is paid with each lease payment, not upfront. Correct?
3) I assume I pay registration, title, and license upfront. These are usually not included in the lease. Correct?
4) Are there any fees associated with getting a lease, say an acquisition fee? If so, about how much should I expect to pay? And do I pay these upfront or are they rolled into the lease payments?
5) I assume I pay a down payment. What’s a typical down payment percentage?
6) I have heard there might be a security deposit. Is that so? About how much is the security deposit?
7) I have heard there might be a disposition fee at the end of the lease. Is that so? About how much is it? Do people really pay this fee or do they get it waived?
8) I assume there’s an excess mileage charge at the end of the lease if I go over the mileage cap. I’ve heard it’s 15 cents a mile. Is that correct? Do people really pay this or do they get it waived?
I am interested in leasing a 2004 Toyota 4Runner SR5 4WD in Utah. Can you provide the money factor and the residual for 10K miles, 36 and 48 month periods? Can I assume that the residual for 12K miles is 2% lower than the 10K lease?
Sorry for the redundancy since an earlier Dec 16, post provided some of this information but I’d also like to know the residual for 48 months (10Kmiles ) and the 63%(12Kmiles) residual seems to be an unusually high. Thank you.
My wife is also curious about the residual and money factor for a Saab 9-3 Linear 10K miles, 36 and 48 month periods if one were to use the $3,000 cash as cap reduction rather than using Saab’s special lease offer. Again, from an earlier post, can I assume .00161 and 58%(10K miles)? What about 10K and 48 months?
Thanks for providing this invaluable information to all of us,
Erich
could you give me the money factor and residual for a 2004 honda odyssey EX with leather minivan? also, are they offering 48 month leases? (i would never lease for 4 years but my friend wants to.) i haven't negotiated a lease in a while, so am i forgetting to get any information in order to calculate a payment? i already have the invoice price.
thanks and happy holidays!
1) What’s the most common lease term? 36 months?
Yup, just about. Most recommend that you don't lease for any longer than a car's warranty, so you're not hit for major repairs on a car you don't own.
2) I assume sales tax is paid with each lease payment, not upfront. Correct?
Depends on the state. This is correct for where I live, your mileage may vary.
3) I assume I pay registration, title, and license upfront. These are usually not included in the lease. Correct?
Often, these are rolled into the lease cost, just as they would be if you financed the vehicle.
4) Are there any fees associated with getting a lease, say an acquisition fee? If so, about how much should I expect to pay? And do I pay these upfront or are they rolled into the lease payments?
There usually is an acquisition fee, the amount varies from lessor to lessor. Again, usually rolled into the lease balance.
5) I assume I pay a down payment. What’s a typical down payment percentage?
You should put as little as possible down. All a downpayment does is prepay the lease charges, it doesn't reduce the total amount you'll pay (as it would with a loan), you still pay the same amount of interest over the lift of the lease. Also, if the car is stolen or wrecked, you'll lose the downpayment. If you want to put money upfront, some lessors let you make multiple security deposits, which will reduce the "money factor," which determines how much interest you'll pay on the loan.
6) I have heard there might be a security deposit. Is that so? About how much is the security deposit?
See #5 - again, it varies from lessor to lessor.
7) I have heard there might be a disposition fee at the end of the lease. Is that so? About how much is it? Do people really pay this fee or do they get it waived?
The amount (and existence) of a disposition fee varies from lessor to lessor. Don't think you can get it waived, but you could try to negotiate to reduce the upfront cost of the car by the amount of the disp. fee.
8) I assume there’s an excess mileage charge at the end of the lease if I go over the mileage cap. I’ve heard it’s 15 cents a mile. Is that correct? Do people really pay this or do they get it waived?
There is always an excess mileage charge - how much per mile varies from lessor to lessor and car to car (an extra 10k miles on a Mercedes is a larger $ reduction in value than the same number of extra miles on a Hyundai). That being said, $0.15 is pretty typical, you might see $0.18 for some cars.
Well, the deal is done and the car is in the garage. I picked it up yesterday. Thank you very much for your help. Being able to quote the dealer the numbers you gave me saved me $1,197.22 over the life of the lease compared to the numbers they first gave me.
We still had some discussion at the signing ceremony, as they apparently roll some life insurance into the lease to protect themselves, without disclosing it. So if you do not know how to calcuate a lease, they'll get you for about $13 per month.
Let me tell you and the readers about my deal overall. I bought (leased) my first new car, an S4, 3 years ago. I researched it on the internet, decided on the options I wanted and faxed a request for quote to the 6 Audi dealers in my state. I got 2 replies and ended up buying the car from a dealer 100 miles away for $2,300 under sticker, which I think is good for an Audi. Since I was very specific on what I wanted, it had to be ordered from the factory, which took about 3 months.
With the lease about to expire, I wanted a new S4, as I had been happy with the previous one. Since I don't like this negotiating business, I asked the dealer I had used before, if he would sell me an S4 for $2,300 under sticker again. He agreed and the car was ordered.
Since it again would take about 3 months to get the car from the factory, we could not negotiate the lease terms when the car was ordered, except I of course expected to get the Audi Financial rates without markup - which I got in the end with your help.
Oh - and the car is awesome. The old Turbo 6 was very powerful but very civilized. It was almost boring to drive, because there were always at least 3 gears that could be reasonably used, so you didn't have to work for the performance. The new V8 is even more powerful and the new gearbox is more precise. It has a much more racy sound (like nothing I have driven before) and I think the car is significantly stiffer sprung, which I like. The new Recaro seats hug you a lot better than those in the old one. So I think I will be very happy in this car for the next 4 years.
Thanks again Car Man!
And Car_man, I'd like your opinion of the lease deal my sister got on an '04 BMW 325xi. I posted the details in Smart Shopper > What did you pay? > BMW 3-Series crashtestdingo "BMW 3-Series: Prices Paid & Buying Experience" Dec 20, 2003 5:30pm
Also, since she had to order the car, what happens if BMW's lease numbers (money factor, etc.) are different when the car arrives?
As far as the Touareg goes, if you were to lease a 2004 Volkswagen Touareg V8 through VW Credit this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00170 and 53%, respectively. When negotiating a lease on this model, keep in mind that Volkswagen is currently providing $500 dealer lease cash on it for deals run through VW Credit. You can use this information to negotiate a lower selling price than you normally would have gotten.
Last but not least we have the Porsche Cayenne S. While it is a nice vehicle, I personally could not justify getting one over a Touareg, given how similar they are and how much more expensive the Porsche is. If you were to lease a 2004 Porsche Cayenne S through Porsche Credit Corp. this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00250 and 54%, respectively.
If by closing fees you mean the lease acquisition fees for these models, they are as follows: $595 for Porsche Credit, $575 for VW credit, and $550 for NMAC. The acq. fees will be higher if you live in a state that has vicarious liability laws, like New York.
Car_man
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As far as the lease versus purchase debate goes, each type of transaction has its advantages. It is difficult to generalize about which one is better because lease programs vary from model to model and even from month to month on the same model. Leasing often makes sense on vehicles that have great lease programs available on them.
Car_man
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Car_man
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1) I would say that 36 months to 39 months is definitely the most common lease term. If you lease for any shorter than that your vehicle will have a fairly expensive monthly payment because you are spreading out the large initial depreciation hit over a small number of months. If you lease for any longer than that you are making a very long commitment to a vehicle. A lot can happen over the course of four or five years and you might need to change vehicles. If you have leased for that long you may find yourself upside down and unable to get out of your deal without spending a ton of money. Plus many vehicles still have only 3 year bumper-to-bumper warranty coverage. If you lease for longer than that and your car or truck has a problem, you will have to pay out of your own pocket to have it fixed or possibly face a lease-end penalty for excess wear and tear.
2) Different states use different methods for calculating tax on leased vehicles. There are three basic ways to calculate tax on leased vehicles. The first is to tax the payment and the down payment. Most states use this method, including FL, GA, MO, CT, CA. The second method is to tax the entire selling price of the vehicle. I believe that this is how tax is calculated on leased vehicles in IL, TX, and OH. The third method is to only tax the depreciation amount. This is how NJ calculates taxes on leases.
3) You should be able to drive off of the lot, only having paid your vehicle's first month's payment, a security deposit, and an acquisition fee. Most states and banks allow consumers to roll all of the other fees into their lease of they wish to. Having said this you always have the option to pay the fees at lease signing.
4) All banks that lease vehicles to consumers charge acquisition fees. These fees are the same for all of the vehicles that a bank leases and are usually in the range of $500 to $600. Some banks will allow consumers to add the acquisition fee to their vehicle's capitalized cost, but by doing so you have to pay interest on it.
5) While it is a good idea to put money down when financing a new vehicle, it definitely is not a good idea to put any money down when leasing. Consumers are allowed to lease vehicles without making any down payment. I always advice anyone who I speak with in these forums not to put any money down when leasing for two main reasons. The first is that if the vehicle that you are leasing is totaled in an accident or stolen and never recovered during your lease term, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So it would cost you exactly the same amount of money to buy your leased vehicle at the end of your term if you had made a $10,000 down payment, or had put absolutely no money down.
6) Most banks charge security deposits on leased vehicles, unless they are a captive finance company that is running a special security deposit waiver promotion a model or models. This security deposit is usually equal to your vehicle's monthly lease payment rounded up to the nearest $25 or $50 increment and is due at lease signing.
7) Many banks do charge what is known as a disposition fee or a lease termination fee at the end of leases. This charge usually ranges from $300 - $400. If you purchase your vehicle at lease-0end or if you lease another model through the same bank, this fee is often waived.
8) When one leases a vehicle, they have to select a mileage allowance. Leases typically allow for either 10,000, 12,000, or 15,000 miles per year. If you are leasing a vehicle and exceed your mileage allowance, you will have to pay a lease-end penalty of $.XX per mile. The exact cost per mile will vary from bank to bank and usually is not waived unless one purchased their leased vehicle at the end of their lease.
Wow that certainly was a number of questions, but I am glad that you asked them because everyone can benefit from reading the answers that I just posted. Please let me know if you have any other questions.
Car_man
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Thanks for the quick response regarding the residual and money factor. The MSRP of the 2004 FX35AWD is $40,995. I believe I will be able to negotiate the price down to $39,000. An approximate payment would be appreciated.
Thanks again for everything.
1. Altima (2004) 3.5SE in NY, money factor and
residual.
2. Maxima (2004) 3.5SL in NY, money factor and
residual.
Thank you for the info.
Alex
Car_man
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Now let's take a look at the Saab that your wife is interested in. If you were to lease a 2004 Saab 9-3 Linear through Saab Financial Services Corp. this month for 3 years with 10,000 miles per, its base lease money factor and residual value should be .00107 and 57%, respectively. The numbers for an otherwise identical 4 year lease should be .00180 and 48%. You can not use Saab's $3,000 dealer cash in conjunction with this lease program, but Saab is providing $1,000 lease cash that may be.
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