Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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If she has already negotiated the price of the car, then you should be able to calculate her lease payment before you go make the deal. If the dealer's price comes out higher, a little friendly negotiation and letting them know that you know what the MFs and residuals are can usually get you pretty close. I wouldn't walk out on the exact car I want over $10/month.
regards,
kyfdx
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I've realized there's another wrinkle. She doesn't have much of a credit history (she's only had credit card payments, no student loan, mortgage or car loan), so she must not qualify for the best terms, which are what Car_man informs us of. That's another reason she should apply online with BMW FSNA for a quote.
You know, the salesman forgot to check her credit before giving her the best lease terms that were in effect at the time she ordered the car. He's lucky the terms have since been sweetened.
regards,
kyfdx
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My question is regarding acquisition fee. It's $700 and that seems high. How do I know if it's marked up?
Is the current lease incentive still at $1000 on the new Malibu. I tried looking back for it but I was unsuccessful. Also, is the residual for 3 years and 36000 miles 47%?
Thanks.
In my message #9508, I mentioned that I was also looking at the 4WD Special Edition model (not the Laredo). In your response, message #9517, you posted,
"If you were to lease a 2004 Jeep Grand Cherokee Laredo 4WD through Chrysler Financial for 39 months with 15,000 miles per, its base lease money factor and residual value should be .00135 and 42%, respectively. The numbers for an otherwise identical 42 month lease should be .00178 and 40%."
I just wanted to know if these numbers were indeed for a Laredo, or if they were for a Special Edition model.
If not, could you please let me know the numbers for the 4WD Special Edition model (15k miles/year, for 39 and 42 months)?
Much thanks.
>Your sister should have plenty of time to finalize the deal on her car. In fact, as
>long as she has the insurance all set up, she could go in on the last day of the
>month an hour before closing and I am sure that people would be tripping over
>themselves trying to fit one more deal into the month.
Well, she called the dealership yesterday afternoon, and they said the earliest she could take delivery, if she made an appointment yesterday, would've been Wednesday! But she applied online and locked in BMW FSNA's current rates.
>Your sister will be eligible for whatever lease program is running when she
>physically takes delivery of here car and will not be forced to use the
>program that BMW was running when she ordered it a few months ago.
On Feb 26, 2004 at 8:15pm, I wrote:
>I guess the only way to find out for sure is to ask them to give her
>this month's lease terms, huh.
I told her to ask the salesman about that on the phone, and he said she could get the current terms. But...
On Feb 27, 2004 at 9:55am, I wrote:
>I've realized there's another wrinkle. She doesn't have much of a credit history
>(she's only had credit card payments, no student loan, mortgage or car loan),
>so she must not qualify for the best terms, which are what Car_man informs us
>of. That's another reason she should apply online with BMW FSNA for a quote.
After she went through the online application process, all she got in reply from BMW FSNA was a notice that she was approved for the lease she requested (nothing down, 36 months, 10K miles annually), pending verification by the dealership of the information she entered online. They didn't tell her if she qualified for the lowest money factor! So the salesman is in the driver's seat. He can offer her a MF that's lower than what he gave her in December, but higher than what BMW FSNA has approved.
I'm in the process of reviewing offers from an e-mail I sent out to dealers in the area. I have gotten my first offer back, in which they stated the bank fee was $1150. In all my experience, I've seen bank fees range from ~$450 to $550. That is ridiculous, and obviously they are trying to pad the deal that way.
I'm thinking of not even responding to dealers that insult my intelligence like that. Moreover, it brings into question that person's sense of ethics, and whether that type of person may try to slip something into the contract last minute. But then I think, then again, isn't it all part of the game of negotiation? What are your thoughts, Car_Man?
Also, I would like to know how much the actual bank fee is, if you don't mind.
And to those of you who read/frequent this discussion...what do you guys think?
My acquisition/bank fee was $700 and yours should be no higher I would think.
I had no problems or complaints whatsoever with the whole process. They didn't try to pull any tricks, last minute changes, pressure me, nothing. It was a real pleasurable experience.
In message #9587, I assumed that DaimlerChrysler Financial's acquisition/bank fee would be the same regardless of model. Just in case it isn't, it's for the Jeep Grand Cherokee I've been asking about.
Thanks.
Ipoddin, thanks for the info.
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It is difficult to say what will happen to this model's lease program in the future. Many dealers do not have many X3s in inventory or even have a waiting list for this vehicle, but once supply catches up with demand in a few months there is a good chance that BMW will indeed have to lower its money factors on this model even further.
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I guess we car shoppers have you up bright and early:). You've been extremely patient and helpful with all of our questions, and I really appreciate it. I've since found out that the Special Edition is a variant of the Laredo model. I've been doing some last minute negotiating, but have been under some time constraints since the $5250 total Cash Allowance is set to expire today.
If you have any info on whether all the cash allowances ($3500/$750/$1000) have been extended, and what the new MF/residual would be for 15K miles/year and 39 months in the NY metro area after March 1st, that would be great.
I have a unique situation here, in that this lease is for my sister, who is in Virginia now, and moving permanently there in June. Since my sister wouldn't qualify for tier-1 credit, I plan on having my sister sign as the original lessee, and having my mom sign as the 3rd party guarantor.
1. I plan on insuring this car here until June, and then having my sister change her license to Virginia, then register and insure it in Virginia. Since this is a leased car, would there be any issues with DaimlerChrysler Financial, or with paying Virginia tax all over again?
2. My sister is currently in Virginia now, and is not able to come up to NY to sign as the lessee. Can she sign the lease contract via fax? Have you heard of anything like this?
3. If the lease terms and Cash allowance amounts are set to indeed expire or change for the worse after today, I have to be ready to sign tonight. My insurance broker closes at 6PM. I understand that you must have insurance to take delivery of the car, and that I must give the VIN# of the car to insure it. I have several dealerships that may have potential offers, but they may try to change some terms on me once I walk in the dealership. I may have to visit more than one, and if I end up at a dealership after my insurance broker is closed, how can I insure the car so that I secure the cash allowance/rates? I've heard of people walking in an hour before the dealership closes, and signing deals on leases. Aren't their insurance agents usually closed by then?
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Since your sister will be the main lessee for this vehicle, DaimlerChrysler may require the insurance on it to be in her name, or at least to have her listed as one of the drivers on the policy. The exact rules on this subject may vary from bank to bank, so you should check directly with Chrysler Financial to see what its exact policy is on this subject. You may also end up having to pay additional tax on this truck once it is brought to Virginia. Tax rules vary from state to state, so I generally try not to comment on taxes in this discussion. However, if I recall correctly, I believe that Virginia charges what is known as personal property tax on vehicles. This tax may not apply to leases because the lessee technically does not own their leased vehicle, but if it does, your sister would be required to pay an annual tax on the value of this truck to the state of Virginia. I do not know if your sister needs to be physically present to lease a vehicle through Chrysler Financial. If this is allowed she probably will have to physically mail a signed copy of the lease to the dealership rather than faxing it in.
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I know you said to check with you later in the week for March lease programs, but thought there might be a chance you got some early news. Do you have any new information on the March programs for the Acura TL, auto with and without Navigation and/or the G35x (AWD) Sedan without navigation for a 36 month @ 15,000 miles a year? If not, i will check back again, but any info you have is greatly appreciated. Thanks again for taking the time to help us all out.
Since your sister is going to be moving to Virginia, can't you get temporary non-resident transport license "plates" for the Jeep and avoid paying sales taxes in New York altogether?
Tonight I signed a retail order form, however, I didn't sign the Lease Contract. Is the retail order form still binding?
I ask because I suspect that tomorrow when I go in to sign the Lease Contract and pick up the car, they may suggest that I have to pay the sales tax on the car separately.
There are several key parts of the retail order form:
Under the section stating, "If a Lease, the following apply:" Monthly payment amount, term, mileage/year are all filled out.
There is one line that was left blank - 'Cash due at delivery'.
Then in the section stating, "If a purchase, the following apply:" the only two things that are filled out are Total Deposit - $1358, and Balance on Delivery - $0.
The lines left blank are Total taxable amount, and State Sales tax, as well as the registration/title fee.
I usually never leave any part of a contract blank, but this time I don't know what I was thinking.
Now my question is, tomorrow can they claim that the State Sales tax and registration/title fee is not included, and must be paid separately and in addition to the my Deposit?
Also, since in the "If a Lease, the following apply" section, the Cash Due at Delivery line was left blank, doesn't that void the retail order form?
If this retail order form ISN'T binding, then is my deposit refundable?
If anyone else knows, please feel free to respond.
Thanks.
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My lease end inspection is this Friday. I was wondering if anyone has any tips on making the car presentable, speaking to the inspector, etc.
Should it be spick and span, or slighlty dirty to help cover any minor scratches?
I feel that the car overall is in very good condition. 2 concerns I have are the windshield (Had a chip and had it sealed a couple of years ago), and the tires (I feel they are marginal ... like depending on where they are measured it could fail ... but most of the tread is still above the minimum)
Any tips/advice would be appreciated.
Thanks!
Also, how does the dealer apply the lease cash? to security deposit and first payment? or off the purchase price? Is there a place online to get the numbers you have quoted to show the dealer this is what GM currently has in place for this car? Thanks.
John.
Are those figures still available? If not, could you post the new incentives for this month when you have a chance to look at them. Thanks.
regards,
kyfdx
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i've delayed buying a car for a year due to career difficulties, but have been reading these boards and you guys seem very knowledgable.
Thanks!
Can I have the latest (March) lease numbers for a 2004 Toyota 4Runner 4x4 Sport Edition V8. I am looking at 36 months at 15,000 a year and I am located in Missouri.
I know you probably haven't seen them yet, just want to get in queue
Thanks
#1. Do you really have ample cash to pay for the car in full. Will this big purchase still leave me with an ample cushion for emergencies. i.e. if you're emptying out your entire savings account,paying cash may not be the best idea.
#2. Do you plan to buy a home, start a business or engage in any enterprise in the near future that might require you to take on a bigger loan? If so, showing lenders you can manage your credit is a good idea, especially if you've had a spotty past.
#3. The interest rate deal you get on the car will also factor in - this affects how you invest your money. If you can get say a low 1.9% interest rate - it may be better putting your money in your investments. E.g. fully fund your retirement IRAs, your mutual fund portfolio etc.. I get 2.6% in a moneymarket fund (very hard to find though) and it sure makes sense to keep the money in the bank.
#4. if you own or plan to start a business, it is possible to take a deduction on your auto; leasing and paying that interest will be the better option.