Lease Questions - Ask Here

CarMan@Edmunds · December 2003

Hello lsg123. I would be more than happy to help you out. Here is the informaiton that you are looking for. If you were to lease a 2004 Acura TL without navigation through American Honda Finance Corp. this month for 39 months with 15,000 miles per year, its base lease money factor and residual value should be .00215 and 57%, respectively. If you were to lease a 2004 Nissan Maxima SL through Nissan Motor Acceptance Corp. this month for 39 months with 15,000 miles per year, its base lease money factor and residual value should be .00170 and 54%, respectively.

I see in your post that you live in New York. This must be why you are asking about balloon notes. Many banks have stopped leasing vehicles to consumers who live there because of the vicarious liability laws that exist in your state. Instead of leases, many of these banks offer consumers balloon notes. There is nothing wrong with balloon notes. In fact, they are actually fairly similar to lease contracts in that they provide consumers with low monthly payments and an option to purchase their vehicle at the end of their term. The main differences between balloon notes and leases are that with balloon notes the consumer's name is on the vehicle's title rather than the banks and in how their monthly payments are calculated.

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CarMan@Edmunds · December 2003

You're very welcome, tstarks33.

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CarMan@Edmunds · December 2003

No problem, djdez. That is an excellent question. As you may have read in one of my earlier posts, different states calculate tax on leases differently than others. Unfortunately, I do not know the exact tax implications of moving from New Jersey to Philadelphia. However, I may be able to point you in the right direction. Take a look at the following Web sites and see if they have the info that you are looking for: Pennsylvania Driver and Vehicle Services and Pennsylvania Department of Revenue. Sorry that I could not be of more help.

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CarMan@Edmunds · December 2003

You're welcome, glebel. I believe that New Hampshire is in GM's Northeast region. In that case, you would be able to use the 3.5% lease rate and the higher residual value. Furthermore, right now GM is providing $500 bonus cash on the '04 GMC Envoy in its Northeast region. This cash may be used to negotiate a lower capitalized cost on this truck.

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CarMan@Edmunds · December 2003

Happy New Year to you as well, smd5. I haven't heard any rumors about what Jaguar's January incentives will be like yet. I suspect that its January program will be fairly similar to its current one, other than perhaps the addition of some additional lease cash or reduced lease money factors to help offset any drop in residual values, but we won't know for certain until the program is officially announced. Its current incentives are scheduled to run through January 2nd, that means that it won't send out their new information to dealers until late that day or early on the 3rd. However, I would not be surprised if Jag continued its December program through Monday January 5th. Many other brands have already done so. Please feel free to check back with me late next week and I should be able to give you an idea of what the new program is like.

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CarMan@Edmunds · December 2003

No problem, Chris. I am sorry to say that I have not seen the lease program for the 2004 Explorer in your area. Ford Motor Credit's 36 and 39 month lease rates for Ford brand models are usually the same, so that is not the issue here. I suggest that you comparison shop with a few other Ford dealers in your area (there should be a number of them), asking each one you speak with what Ford's lease rare is for this term. If they all jive, chances are that they are telling you the truth. Sorry that I could not provide you with any more specific information.

As far as how long you should lease this vehicle for goes, I am personally a big fan of 39 month leases. They are only 3 months longer than 36 month leases, but almost always provide lower monthly payments. One down side to leasing for 39 months comes when a consumer lives in a state in which they would have an expensive registration renewal at 36 months. In that event, they would have to pay the entire registration fee for a vehicle that they would only drive for three more months. The only other down side to leasing for 39 months would come when one leased a vehicle that only has a 36 month warranty. If that was the case, they would be driving a vehicle for 3 months without any warranty coverage and would have to pay for any necessary repairs out of their own pocket or possibly face a lease-end penalty for excess wear and tear.

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lsg123 · December 2003

Thank you Car_Man,

Your help is really great to all us !!!

crashtestdingo · December 2003

On Dec 30, 2003 at 7:31am, Car_man, the HOST, wrote:

>[SNIP] If they all jive [SNIP]

Ha Ha! "Stewardess, I speak jive." I imagine you meant "jibe."

CarMan@Edmunds · December 2003

Hi Ken. It doesn't look as though this lease is being run through Nissan Motor Acceptance Corp. According to the latest information that I have seen, NMAC's current base lease money factor and residual value for a 39 month, 15,000 miles per year lease of a 2004 Nissan Murano SL AWD should be .00223 and 52%, respectively. According to my calculations, if you were to lease this model (MSRP: $35,390 / Capitalized Cost: $33,148) through NMAC this month for 39 months with 15,000 miles per, your zero down, pre-tax monthly lease payment should be $493. As you can see, the lease program that you were quoted is very attractive. If you like the vehicle, I don't see any reason not to go for it.

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CarMan@Edmunds · December 2003

No problem, lsg123.

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CarMan@Edmunds · December 2003

Ha, thanks for catching my typo, crashtestdingo. "V" and "B" are right next to each other on the keyboard

. The first Airplane was one funny movie. I haven't seen it in ages though.

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CarMan@Edmunds · December 2003

Hi jmdaniel. Audi Financial Services' base lease money factor on this model is definitely .00145 for leases up to 39 months in length. Texas has always had strange laws about leasing. For some reason tax is much higher on leased vehicles there than it is in many other parts of the country. As a result, balloon notes have always been fairly popular in your state. In fact, before the recent vicarious liability issues in New York, and a couple of other states, Texas was one of the few states that balloon notes were fairly popular in. I usually do not keep tabs on the details of balloon note programs because they are not nearly as popular as leases (making the info more difficult to find and less needed). However, I have actually seen Audi Financial Services' Premier Purchase program recently. Its base interest rate for a 48 month balloon note of a 2004 Audi A4 1.8T Sedan with quattro is currently 3.45% for consumers who qualify for its top credit tier. The corresponding 15,000 miles per year residual value for this car should be 48%. Make sure to find out exactly what sort of interest rate the dealership that you are working with is using to calculate your monthly payment. This is especially important, given the fact that they have already tried to mark up this car's base lease money factor on you.

Looking at the numbers that you posted, I also noticed that the MSRP and capitalized cost that you provided are exactly the same. If this is the case, you are not receiving any sort of discount on this car. Remember that the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Make sure to research the going price for this car by looking up its Edmunds.com True Market Value and by stopping by the What Did You Pay section of the Smart Shoppers Message Board and negotiate a more reasonable deal.

Thanks for the drink offer. I have to warn you though that I will probably have more than one beer

.

Have a happy and safe New Years and please let me know if you have any other questions.

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jmdaniel · December 2003

You gave me some great info to dig into. I have been using the lease calculator at LeaseGuide.com, which is also pretty helpful. The g-friend has the car on a 24 hour drive right now, and says she isn't afraid to walk away from the deal, so we'll see what we can do.

Have a great New Year's, and the beer offer isn't limited to one, mainly because I sure won't be!

Jeff

adpcs · December 2003

Carman, thanks again for all of your help! I just picked up the RX330 last night, and without your help, I think they would have tried to screw me. I had negotiated the price down to what I wanted, but then they gave me the monthly payment on $630. I said no way, it should be around $550. I asked him the residual and the money factor that he was using, and he was quoting me .0029 on the MF. I said I know that it is .0019, and I don't want to pay anymore. He came down to .0022 in about 1 minute, and asked if that was ok. I said no, .0019 is the most I will pay. The next day after running my credit, he gave me the .0019. Had I not known the current specials, I probably would have paid it and moved on, so thanks again!!

bmwmaybe · December 2003

I just could not justify the extra 9K for the 525 with a lot less HP and fewer features. I need to hold off until I can spring for the 530. Soooo - I decided on the TL. Sat in it, drove it, loved it. Course I had to pick a color combo with Navi I had to have that was pretty much unavailable. I know, first mistake, don't get too attached to a color. Anyway, the supply of TL's with Navi is pretty limited to begin with. I finally found a dealer who had already ordered an anthracite TL with camel interior with Navi with auto for January production and late Jan delivery. I paid $1,000 under MSRP. Now I just need to figure out the January lease rates. Carman, I guess I should check back with you..when?...second week of January?

Now I just gotta wait....

williee · December 2003

Mr. Carman,

My wife has an 2002 Acura CL which the lease ends in December 2004 and I am considering leasing the Acura TL (in Houston, Tx). Would it be better to lease the Acura TL in September/October 2004 which will leave 2 to 3 months left of payments or should I wait to December 2004 to lease the new vehicle. This is her 3rd Acura/Honda through AHFC and I am pretty sure that I can get a dealer to pay the last (2) or (3) payments? What is your opinion? Thanks, EW

ppassafiume · December 2003

What should be the money facotor on a 2004 Acura TL (no navigation) for 48 months. Also what would the residual be.

CarMan@Edmunds · December 2003

You're welcome, Jeff. Good luck in your quest for a new car. Have a great New Year's Eve.

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CarMan@Edmunds · December 2003

I am glad that I was able to help you out, adpcs. Congratulations on your new ride and thank you for taking the time to come back and let us know how everything turned out. Enjoy!

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CarMan@Edmunds · December 2003

I think that you made a very wise choice, bmwmaybe. The Acura TL is an excellent car for the money. It is definitely in the running for my next new car. Please feel free to check back with me around the second week of January and I will be more than happy to give you an idea of what this car's current lease program is like. Talk to you then.

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CarMan@Edmunds · December 2003

Greetings on this last day of 2003, williee. I definitely think that it is to your advantage to wait until December to lease your new car. Unless your vehicle's manufacturer is running some sort of early lease termination program, and I have never seen Acura offer one, the dealer that you are working with is most likely going to have to pay your final two or three payments for you to get you out of your CL lease early. I am sure that they will be willing to do so, but having them do this will cut into their profits and will probably have a negative impact upon your ability to negotiate the lowest possible price on the next vehicle that you lease.

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CarMan@Edmunds · December 2003

Hi ppassafiume. I would be more than happy to give you an idea of what Acura's lease program is like on this car right now. Keep in mind though that it is scheduled to publish a new lease program for the month of January within the next couple of days. If you were to lease a 2004 Acura TL without navigation through the current program, American Honda Finance Corp.'s 4 year, 15,000 miles per base lease money factor and residual value should be .00205 and 51%, respectively.

Have a happy and safe New Year's Eve

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mike3000 · December 2003

Car Man,

I want to lease a 2004 BMW 530 with 20K miles per year for 36 months. I know the residual for 15K miles is supposed to be 62%. Can you tell me what it should be for 20K? Also, does the dealer have some control over the residual like they do with the money factor? Thanks.

siteexpert · December 2003

Hi Mr. Car Man,

I appreciate any help you can give me with lease programs on the following:

All 12K miles/yr, 36 month leases. I am interested in the base money factor (best available), residuals, and any other incentives that may apply (I can calculate payments).

Infiniti G35x
BMW 330xi
BMW 330cic (convertible)
Volvo S60R
Acura TL w/ Nav
Audi A4 3.0 Quattro Sedan
Audi A4 3.0 Quattro Convertible
Mazda RX-8 Manual

Also, does BMW still have the multiple deposit program that discounts the rate (and do any other manufacturers offer a similar program)?

Thanks in advance and have a happy new year.
Scott

ps. Have you considered posting a web-page that lists all manufacturer programs and the details?

vwvw1 · December 2003

Hello Carman - Happy New Year!
I tend to buy cars every 2 years. I have personally never leased because of the high miles that I drive yearly (approx 25k). If I drove 12k a year, I would be leasing. I really enjoy a new car every 2 years. The "owning" factor does not bother me.

I currently own a 03' 540. I am now looking to buy a 04 Audi S4 or BMW M3/X5. Hopefully by 04 springtime. I will be selling the 540. I'll have about $10k-$15k to put down on my next car.

Would it be beneficial for me to get a 2 yr lease with 25k for miles, $4k-$6k down with payments under $600 .....or...... plop down the $14k, finance 60 months at 3.9% (my CU).

Thank you for your advice.

explorerx4 · December 2003

Hopefully, while i'm asking you a question, i'll try to provide something useful too.
when leasing a car, there may be some things that can wear out, unless it's a really short lease.
my example is leasing a car with included maintenance for 3yrs/36k miles. brakes needed to be replaced at 30k. just got the 'wear square'. although i take great care of the tires, i'm kind of sweating those out now. a couple k over on miles, disposition fee and new tires add up to some real money, if you don't buy.
after all that, now to my question.
do you have any info on leasing MINIs, or select program?
wife has gone from black v8 sho, to grey saab wagon, now wants MINI.
there was a song that went 'just when you think you have it all figured out, the seasons are already changing'.

doc22steve · January 2004

Hey Car_Man,
Happy New Years!! I'm coming upon a situation where I will need a new car for 2 years only. I have plenty of experience with leasing and know that the best deals are usually 36-39 months. What do you think would be my best bet for a 24mo time period?? Is leasing a used vehicle for 2 years a good option??

My other question is if you knew specifically how to calculate a balloon note. I'm in NY and realize that many are no longer leasing...

Thanks

earcom · January 2004

Hello Car_man and Happy New Year,

A local dealer in Utah has agreed to sell a Toyota 4Runner for five hundred dollars over invoice and thanks to your help with the residual and money factor Ive been able to calculate an attractive lease payment.

But before I take the final step I was wondering if you might provide a bit of additional help. Toyota is advertising as part of their Toyotathon, Great Low Lease Rates also available, contact your local Toyota Dealer for details on the 4Runner. Do you know what that statement is in reference to? Is there a sweet-spot on a Toyota 4Runner lease right now?

Thanks again.

carkid21 · January 2004

I'm looking to get into a 36 month lease, and I'm wondering if anyone here also is leasing wither a 325 or a 330 w/auto,leather,sunroof,premuim package and I would like to know what any of ya'll monthly payments would be on the lease. I'm also looking into the G35 sedan or coupe with leather and premium package, and I have a rust estimate of ranging from 300-440 a month for both the coupe and sedan (note, not looking for the AWD G either) I was hoping that the 3 series could be compreably equipped for around the same price. please help I plan to do this in january of 04 thankx I live in streetsboro ohio. I've narrowed it down to either the BMW,G,or the MB C230 sedan. all of which would be on a lease, but I don't know how to get the correct values (residuals and what not...) please help

CarMan@Edmunds · January 2004

Hi Mike. Individual dealerships usually do not have any authority to alter banks' published residual values like they can with lease money factors. The highest mileage allowance that BMW Financial Services publishes residual values for is 15,000 miles per year. If you wish to lease a vehicle through BMW FS with more miles than that, you will have to purchase additional miles on a per mile basis. If you are positive that you will need additional miles, it definitely is to your advantage to purchase them at lease signing rather than at lease-end because most banks provide consumers with lower prices at the beginning of leases.

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CarMan@Edmunds · January 2004

Hi Scott. Holy toledo, you certainly are interested in a long list of cars. Here are the 3 year, 12,000 miles per year base lease money factors and residual values for these models if they were leased through their captive finance companies using December's program, which lasts through the first few days of January in most instances: 2004 Infiniti G35x - .00180 / 53%, 2004 BMW 330xi - .00215 / 59%, 2004 BMW 330cic -.00215 / 59%, 2004 Volvo S60R - .00177 / 56%, 2004 Acura TL w/ Nav - expired and have not seen new January program yet, 2004 Audi A4 3.0 Quattro Sedan - .00125 / 57%, 2004 Audi A4 3.0 Quattro Convertible - .00185 / 56%. I never seen any sort of lease program for the 2004 Mazda RX8 since it was introduced, but Mazda must be leasing this car through its captive finance company because I just heard that it introduced $1,500 lease cash on it that can be used to negotiate a more attractive capitalized cost.

BMW is still running a multiple security deposit program, but unfortunately this program is not as attractive as it once was. I am not sure if the other banks that I mentioned earlier have similar programs. You will need to ask the dealerships that you are working with to find out for certain.

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CarMan@Edmunds · January 2004

Hello vwvw1. Leasing may not be as bad an idea for you as it initially appears. Even though the highest mileage allowance that most banks publish residual values for is 15,000 miles per year, most will allow their lessees to purchase additional miles at lease signing. Interestingly enough, it often turns out that purchasing additional miles is a relatively good deal when compared with the actual depreciation that many vehicles experience. When you are in the market for your new car (I'm drooling over your possible choices - S4 / M3 BTW

), compare how much money it would cost you to lease them for 2 years with the difference between its selling price and what you realistically expect to be able to sell them or trade them in for two years from then. If there isn't much of a difference, or if leasing would cost you less, then you may want to go that route. You really should not make a large down payment when leasing though. I say this for two main reasons. The first is that if your leased vehicle 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 through and your down payment essentially disappears. Also, down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So let's say that you like your leased vehicle so much that you want to buy it at the end of your term. Its lease-end purchase price would be exactly the same, regardless of whether you had put $5,000 down or had made absolutely no down payment. If you really want to reduce your monthly payments and have the money to make a down payment, you should look into making additional security deposits. Some banks, BMW specifically, allow consumers to put down multiple deposits, with each additional one lowering the lease money factor by a certain amount.

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CarMan@Edmunds · January 2004

Hi there explorerx4. Minis are neat little cars. They're probably a little too small for my taste, but some people love them. They seem to be selling well enough that BMW has not had to provide any sort of lease support on them. So, if you were to lease one through its captive finance company you would have to use its standard lease program. I should be able to find out the specifics of its current lease program for you if you let me know how long you want to lease one for and how many miles per year you want to be able to drive it. I believe that BMW is scheduled to publish a new lease program for Mini this weekend. It might take me a little while to find out what the new program is like. Please post a quick reminder for me late next week and I will let you know what I have been able to find out. Talk to you soon.

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carkid21 · January 2004

I'm looking into lesing a new 03 or 04 G35 sedan (maybe coupe) for 36 months, 15K miles a year. I actually drive less than 13K but feal safer with 15K to work with. anyways I wanted to know the residuals and what not for these cars. I live in streetsboro (portage) ohio and have a dealer about 20 mins away. my father started negotiating a price on a sedan with leather, and premium package. (they don't have one in stock but they've offered a sedan with the nav in it instead) he's worked up a price of rouphly 31K I don't know if this is good or not, but I thought it was. I wanted to know what the lease payments would be, they've haven't gotten around to running them yet please help;

rbr · January 2004

Car_man

Greetings once again. I wwas wondering if you could give me the residuals and money factors on the following (to replace my wife's current 2000 Land Cruiser:

2004 Acura MDX Touring with NAV
15K/year.

2004 Toyota Land Cruiser with NAV, side airbags and 18" wheels.

I think the Toyota dealer is quoting the right money factor (.00220), but I think the Acura dealer is marking up the MDX money factor when they are quoting .00245.

BTW, we are located in the Minneapolis/St. Paul area. Even if you dont know the January numbers yet specifically, I'd appreciate the standard program money factors.

Thanks as always, and happy new year to you.

Rich

alx1 · January 2004

Hi Car_man. What are the residual values and money factors for a 3 year, 15,000 mile per year lease for the cars mentioned in the title. Thanks for your help!

Alex

thepoz · January 2004

I have a 1998 6-speed C2S that I have leased twice for a period of three years each. The car has 18" wheels, motor sound package, upgraded stereo system, leather seats and more. Only 23,000 miles and in perfect condition. Arena metallic. The residual value is $37,900. Two dealers said the car is worth $34,000-$35,000 wholesale, probably in the low $40,000s retail once it is "reconditioned." I hate to part with this car as it has been a babied and has no problems. Any opinions about purchasing the car at the residual price? Is it "fair." Thanks

designman · January 2004

Thepoz, Ive been hard shopping Porsches since the summer, particularly a 993 such as yours and Boxsters. Im passionate about them although no expert. However, I have become very familiar with prices and what I can tell you without doubt is that you are holding a hot commodity in a 98 911, and a HOT, HOT, HOT commodity in an S body. No other production car comes close in resale. They are selling privately well above retail. Retail is around $42.5 and yours, if in excellent condition, can fetch anywhere from $46-$55 depending on your location and willingness to hold out. So, in answering your question, if you love the car and have the means, youd be absolutely crazy if you didnt buy it. Is $37.9 a fair price? Hardly, for you its a steal.

designman · January 2004

If you dont believe me, Ill gladly take off your hands for $40K in spite of having just bought a Boxster S. ;-)

mimiata · January 2004

Sorry if this appears in too many places, but I'm having trouble posting on the Smart Shopper Board. (my problem)

I have been quoted a walk out the door purchase price for a Toyota Camry XLE here in Florida with the HV package $22,269.

I can lease the same auto for zero down, no money changing hands, for 48 months at 15,000 miles per year for $369.00 per month.

What do you think?

thepoz · January 2004

I appreciated your input. I have all but decided to purhcase the car thanks, in part, to your comments.

CarMan@Edmunds · January 2004

Hi doc22steve. One would think that leasing used vehicles might be a very good deal because one could avoid the large initial depreciation hit that new vehicles experience. However, in reality it turns out that used vehicle leases are often not very attractive when compared to leases of similar new vehicles. This is because most manufacturers provide much more support on new vehicle leases than they do on used vehicle leases. By providing attractive lease payment on new vehicles, automakers are able to sell more vehicles, keep their factories humming, and make their shareholders happy. Supporting used vehicle leases does very little for automakers, other than possibly help them unload a glut of off-lease new vehicles and perhaps boost their new vehicle residual values slightly. Anyhow, the bottom line is that new vehicle leases are usually more attractive than used vehicle leases. There are certain exceptions to this statement, like when BMW provides lease support on certain CPO vehicles, but this is definitely the exception rather than the rule. I personally think that you will likely be better off leasing a new vehicle for 2 years than a used one in most instances. It is difficult for me to say exactly which new vehicle has the most attractive 2 year lease program at this time. This will vary from model to model, and even from month to month. Most manufacturers' new January lease programs will be introduced early next week and I haven't even seen them yet. In general, you will find that the brands that provide the most attractive 3 year lease programs usually provide a decent amount of support on 2 year deals as well. Many captive finance companies do still lease vehicles to consumers in New York. If you let me know what model or models you are considering, I would be more than happy to let you know if their captive finance companies do business with consumers in your area.

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CarMan@Edmunds · January 2004

Happy New Year to you as well, earcom. It certainly sounds as though you have been able to negotiate a very attractive selling price on the 4Runner that you are interested in. Good job. I believe that the Toyotathon ad that you are referring to was talking about retail financing rates, rather than special lease rates. I am not sure which one of Toyota's regions Utah is in off of the top of my head, but it may be its Denver region. If this is the case, then Toyota is offering 2.9% special financing for up to 5 years through January 5th in your area. This rate is for consumers who finance this truck though and is not available on leases.

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CarMan@Edmunds · January 2004

Welcome to the Lease Questions - Ask Here discussion, carkid21. If you've got questions about leasing then you've come to the right place. I would be more than happy to calculate a few sample lease payments for you on the vehicles that you are interested in. However, in order for me to do so, I need a little more information from you first. Take a look in the Edmunds.com New Vehicle Price Guide and find the full MSRPs and selling prices (Edmunds.com True Market Value would serve as a good guide) for the exact models that you are interested in. Once you have these numbers, post them here for me, along with the length of the lease that you are interested in and the number of miles per year that you need to be able to drive (usually 10,000, 12,000, or 15,000 miles per year). Most manufacturers are introducing new lease programs for January 2004 early next week. It will take me a little while to get an idea of what the new programs are like, so if you post this information for me in this discussion late next week I should be able to help you out. Talk to you then.

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CarMan@Edmunds · January 2004

Hi Rich. Unfortunately the December lease programs for both of the vehicles that you mentioned either just expired or are scheduled to expire on Monday. As you might imagine, I have not had an opportunity to take a look at their new January programs yet. I suspect that I will have a feel for what they are like by late next week. Please feel free to post a quick reminder for me in this discussion 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@Edmunds · January 2004

Hey Alex. I have not seen BMW's new January lease program yet. Please post a quick reminder for me late next week and I should be able to help you out.

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CarMan@Edmunds · January 2004

Hi thepoz. This is a great question for the discussion titled: Real-World Trade-In Values. One of our most helpful and knowledgeable community members, Terry, hangs out there and is often kind enough to give other community members his opinion on what their used vehicles are worth. You may also want to look up your Porsche in the Edmunds.com Used Vehicle Price Guide to get an idea of what this car is worth right now.

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CarMan@Edmunds · January 2004

Hello mimiata. Toyota's December incentives are scheduled to run through January 5th in most parts of the country. As a result, I have not had an opportunity to take a look at its new lease program yet. I would be more than happy to give you my opinion on how much it should cost to lease this car in January once I have a feel for what its new lease program is like. Please feel free to check back with me towards the end of next week and I will do what I can to help you out. Talk to you then.

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ltmarks · January 2004

Please help!!!
I have been researching cars on Edmunds for over a month now. I finally narrowed the field between two cars. I did some moderate negotiation today. Can someone please take a look at these and tell me if they are fair. Thank you.

1. BMW 325xi:
-with cold weather package and moonroof
-manual transmission
-metallic paint
MSRP: 32,770
dealer best offer: 30,991
they will give me a 42 month lease
12k miles/year
money factor .0027
residual 55%
2500 down (includes 1st month payment, destination fee, bank fee, etc)
$419 per month not including tax

Edmunds says this car's invoice is 30,040 but that people are paying 32,400 for it (TMV price)

2. Honda Accord coupe EX V6 wih Nav:
-no other options available
MSRP: 28,990
Dealer quote: 27,000
36 month lease
58% residual
1400 down (includes 1st month payment, destination fee, bank fee, etc)
money factor .0015 (they tell me this will go away tomorrow!!!)
$355 per month

Thank you for your help, if the Handa money factor rate does indeed go away tomorrow, I will need to act fast.

Also, I saw on this board BMW may have a lease deal coming up? The .0027 money factor is about 6.5% interest and I have perfect credit.

brock9 · January 2004

Is this a good deal?
X5 3.0i Lease Offer
$589*/month for 36 months

Vehicles registered outside of N.Y. (I'm in Pa.)

$589 First months payment
$2,500 Down payment
$600 Security Deposit
$3,689 Cash due at signing

*Lease financing available on 2004 BMW X5 3.0i vehicles, registered outside of NY, only at participating BMW centers on leases assigned to BMW Financial Services NA, LLC/Financial Services Vehicle Trust through March 1, 2004. Monthly lease payments of $589.00 for 36 months based on MSRP of $46,670.00 (includes automatic and Premium Package). (Total lease payments including acquisition fee is $21,204.00).
The lease agreement and excess mileage charges of $.20 per mile for miles driven in excess of 10,000 miles per year. Purchase option at lease end for $27,535.00 excludes taxes.

Any opinions would be appreciated, Thanks, Brock

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