Lease Questions - Ask Here

infinitimn · March 2004

Finally getting down to placing the order for the new car and am considering the 530ia and the 330Ci convertible. CarMan, do you have the March residuals and MF for these vehicles yet?

CarMan@Edmunds · March 2004

You're welcome, John. As I mentioned earlier, General Motors Acceptance Corp.'s base 3 year lease rate for this car is currently 3.95%. Its 3 year, 12,000 miles per residual value for the 2004 Cadillac CTS is 50%. You can convert the aforementioned lease rate in to an approximate lease money factor for the purposes of calculating a lease payment by dividing it by 2400. The $1,400 lease cash that I mentioned should essentially be treated as though it was normal customer cash and you were purchasing this car for cash. Negotiate the best possible selling price that you can for the CTS that you want, making sure to stipulate that all available cash incentives will be deducted from that price. Then once you have agreed to a selling price, the $1,400 should be deducted from it. General Motors is running a "Sign & Drive" lease promotion on the majority of its vehicles right now. This program waives vehicles' first month's payments and security deposits so you will not have to pay these things if you lease this car this month. I am sorry to say that I am not aware of any place on-line that provides information on vehicles' lease rates and residual values to the general public, but if you have any other questions please feel free to ask me.

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CarMan@Edmunds · March 2004

Yes, tgp1810, the lease program for the 2004 Chevrolet Malibu that we talked about earlier for is scheduled to run through March 31st.

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CarMan@Edmunds · March 2004

Hi sf24. Some people religiously pay cash for their vehicles. Others feel as though it does not make any sense to lay out all sorts of cash for a depreciating asset. Whether or not it is better to pay cash for a vehicle or to finance or lease it all depend upon the incentives programs that are available on it. If an automaker is providing low enough interest rates or lease money factors on a particular vehicle it can indeed make financial sense to finance or lease it and to invest the money that you would have spent had you paid cash. Also, financing vehicles can indeed help one to build a solid credit score, provided they make their payments on time. So as you can see there can be advantages to financing over paying cash. The best way to purchase a vehicle all depends upon one's situation and the incentives programs that are available on it at the time of purchase.

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CarMan@Edmunds · March 2004

Hi jefe. I have not seen Toyota's March lease program yet. Please feel free to check back with me next week and I should have had an opportunity to take a look at the lease program for the model that you are interested in.

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CarMan@Edmunds · March 2004

Hi infinitimn. I have seen the new lease program for the models that you are interested in. However, in order for me to give you an idea of what their money factor and residual values should be like, I need you to tell me how long you plan on leasing them for and how many miles per year you need to be able to drive.

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siteexpert · March 2004

I am interested in the latest money factors and residuals for a 12K/ 36 month lease for the following:

BMW 330xi
Volvo S60R
Volvo C70
Infiniti G35x

On the volvo's, is there any lease cash (e.g., like the 4500 that was available last month on the s60r).

Thanks.

CarMan@Edmunds · March 2004

Hi again siteexpert. Here is the information that you are looking for. If you were to lease a 2004 BMW 330xi through BMW Financial Services this monthf for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00100 and 60%, respectively. The numbers for an otherwise identical lease of a 2004 Volvo S60R through Volvo Finance, its numbers should be .00016 and 54%. Volvo is not providing any sort of lease support on the 2004 C70 this month. So if you were to lease one through Volvo Finance, you will have to use its whatever its standard lease money factor is right now. Its standard factors vary by region, but it should be right around .00340 at this time. Its 3 year, 12,000 miles per residual value for the 2004 C70 are currently 52% for the '04 C70 Convertible LT and 53% for the C70 Convertible HT. Last but not least, if you were to lease a 2004 Infiniti G35x through Infiniti Financial Services this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00180 and 60%, respectively.

Volvo continued the lease cash that it was providing for leases of 2004 S60 R models through independent banks through the end of March.

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vyacha1 · March 2004

Hello Car_man! Can you update money factor and residual information on those 2 vehicles for 42 and 48 month with 10K miles a year?
Thank you again.

sf24 · March 2004

Thanks to Shoshlow and CarManHost for your insightful advice - I will take it all into consideration. Currently leaning towards paying cash after weighing the pro's and cons.

Thanks!

infinitimn · March 2004

Sorry to have left out the important information Car_man. I will be leasing either a 530iA or a 330Ci convertible for 3 years and 10,000 miles per year.

mmmc · March 2004

Hi Car_Man:

Can you tell me what the BMW 325ci lease residuals and MF for this month?

also, a credit question (if you can help on this), if I have a great credit score but not much of a history (no loans, no mortgage, etc.), do you know the likely MF I would get?

Thanks for your help.

-Michelle

jumper4 · March 2004

Dear Car Man,

Could you post the March rates for a 36 month, 10,000/year mileage lease for the following cars:
BMW 325xi
Audi A4 1.8 with quattro
Audi A4 3.0 with quattro
Volvo S60 with AWD

Thank you for your continued help.

delrick · March 2004

Which models, any make, have the highest residuals for 36 months, 12k/year?

justin8 · March 2004

Carman -
Could you please post the money factor and residual numbers for a '04 Grand Prix a 36 month lease and 12000 miles/year.

Thank you.

sjmurray3 · March 2004

Hi, new to this board, but here it goes: looking to lease a 2004 BMW 325Cic using 15000 miles, probably a 42 mos term to keep monthly payment down and have been getting quotes from dealers with MFs between .00145 & .00165. How am I doing? Cars I'm looking at MSRP between $43,970 - $45,445. Dealers are telling me residuals on this would be 54% with 42MOS 15K Miles. How am I doing? Would like to make a deal soon.

CarMan@Edmunds · March 2004

Hi vyacha1. If you were to lease a 2004 Infiniti FX35 AWD through Infiniti Financial Services this month for 42 months with 10,000 miles per year, its base lease money factor and residual value should be .00184 and 51%, respectively. The numbers for an otherwise identical 48 month lease should be .00184 and 47%. I have not had an opportunity to take a look at Lexus' March lease program yet, but I suspect that I will be sometime in the middle of next week. Please feel free to check back with me then and I will be more than happy to let you know what I have been able to find out. Talk to you then.

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CarMan@Edmunds · March 2004

No problem, sf24. If you have any other questions, please don't hesitate to ask.

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CarMan@Edmunds · March 2004

Don't worry about it, infinitimn. Community members forget to tell me that info all the time. OK, if you were to lease a 2004 BMW 530i through BMW Financial Services this month for 3 years with 10,000 miles per, its base lease money factor and residual value should be .00225 and 65%, respectively. The numbers for an otherwise identical lease of a 2004 BMW 330Ci convertible should be .00100 and 61%.

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CarMan@Edmunds · March 2004

Good morning, Michelle. I would be more than happy to give you an idea of what BMW's lease program is like for the car that you are interested in. However, in order for me to do so, I need you to tell me how long you want to lease it for and how many miles per year you want to be able to drive it.

It is difficult for me to say whether BMW Financial Services would approve you to lease the vehicle that you are interested in. As long as your credit score is good, they will likely approve you if you have some credit history. If you have absolutely none, there is a chance that they will not.

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infinitimn · March 2004

Thanks for the help, Car_man.

ricochet600 · March 2004

Hi Car_Man,

Are NJ and NY dealerships required to collect sales/use tax on purchases or leases for a NY resident at the TIME of signing/delivery of vehicle?

Regarding GAP insurance, is it mandatory and automatically included when leasing a car in NJ or NY? If so, does the law apply when a NY resident leases a car at a NJ dealership, or vise versa?

Thanks.

sharkala · March 2004

Hi Carman-
Can I get lease information for an RX330,MSRP $41,838 and an Audi A6, MSRP $43,648. I would like to lease it for 36m, 15K a year. Can you give me the approx. monthly payment as well? The vehicle will be registered in Phila, PA. Thank you.

3owner · March 2004

Need HELP/ADVICE!!

I had my lease end inspection today, fortunately the vehicle passed with flying colours. However the KM's are over, as I expected.
This is where I have the problem!

When I signed the paperwork for the lease, the KM's were listed as 55, however the amount was really 3,000 (it was a Demo). The dealer initialed off on the agreement that it was an error and there was 3,000 KM's. When the assessor gave me the evaluation he listed that I was 6,000 over in KM's (I had 66,000 on the dial, my agreement says I could have 63,000) The leasing companies records did not show the adjustment and there telling me I owe the 6,000 KM's even though my agreement says different, they only care about the agreement that was sent to them. WHAT DO I DO????????? Am I screwed as the Dealer did not change the agreement that was sent to the Leasing company? Or is the Dealer responsible for the 3,000 KM's, and will cut me a cheque?

jefe · March 2004

Have you seen Toyota's Lease numbers yet Carman? If so 4-Runner Sport 4x4 V8 15,000 Miles 36 months in Missouri.

Thanks

mmmc · March 2004

Car_Man:

Oops... here are the details. planning to lease for 36 months and 12,000 miles.

Thanks for your help.

berea1 · March 2004

Car man - There is a recent Lexus ad for the ES330 with the following terms: "only $ 1495 total due,
48 month lease special, leather interior, moonroof, heated seats, 6-disc CD changer, power rear sunshade. $ 374 per month with the following
restrictions 12k miles/year, 20 cents per mile over.

I am assuming that the MSRP is $ 34744 from what the dealer at the Cleveland area show said, as it matched one on the showroom floor.

From that, can you identify the sales price, and the interest factor and the residual amount?

Thank you in advance for your time!

firstr · March 2004

Carman, I am about to pull the trigger on a new S60R and wanted your opinion on the deal. Terms are 12,000/54 months. MSRP is 45,515. Residual is 42% or 19,116.30. MF is .00156. Cap Cost is 37,745.19. Payment is 461.87 including TTL. I appreciate any advice you can share. Thanks in advance for your time.

ekev · March 2004

On the BMW website, they describe a March lease special on the BMW 325i.

Based on $31,000 MSRP, 24 months, 12,000 miles per year, $2500 down and $23,000 (or something close) residual value, $289 per month

Seems like a good deal to me, but my current lease doesn't end until June. Can you tell me if BMW typically has lease specials like this each month or is the March deal unusual?

Thanks,

kyfdx · March 2004

$2500 down on a 24 month lease... that brings your actual payment up to almost $400/mo with nothing down. That isn't too bad for a $31K car.
But, that is a virtually stripped model. Base plus automatic, moonroof, metallic paint and thats about it. If you are happy with a car like that, thats fine.. but, it will probably also be hard to find on a dealer's lot.

As far as your other question, it is hard to tell the future, but good lease deals seem to peak in March and April.

regards,
kyfdx

307web · March 2004

$0 down and $400 per month with 24K miles and a short 2 year term sounds great.
But I agree, you will probably not ever find one on a lot equipped as specified in the lease deal.
I wonder how much more it would be "typically equipped" (Leather, Premium Package, Xenons, HK stereo etc.) along with the included options of automatic, metallic paint and moonroof?

badulla · March 2004

I have always purchased my vehicles but looking at testing out a lease.

So we are looking at leasing a new SUV and was hoping I could get some info on residual and mf. Live in MA and looking for a 36 or possibly 48 month lease with 15k miles/year.

Vehicles considering -- MSRP price and estimated sale price after negotiate and trade.

Lexus RX330 -- $42000 : $33000
VW Toureg -- $38000 : $30000
Acura MDX -- $37000 : $28000
Honda Pilot -- $32000 : $25000

Thank you very much!

Dan

hartt · March 2004

Hi Car_man. I was given a purchase quote of $31744 on an MSRP of $34744. What do you think? I am looking to to lease for 3years with 15K a year. Last month's numbers were .00160 and 57%. Have the numbers changed for March? According to my calculations, I come up with a monthly payment including tax of $438.99. Are my figures close?
Thanks for your help.

Tim

bmac · March 2004

Car_Man,
Do you have any information on the Acura TL March Lease programs including MF and residual for 12k and 15k miles at 36, 39, and 42 months? I have heard the new program runs through the end of April. Thanks for your help.

stever12 · March 2004

Hi Car_Man, I was wondering what terms (residual, interest rate, etc.) are available for a Chevy Colorado. 12k miles/yr, 36 mth and 48 mth. Is this vehicle available with their Sign and Drive program?

Thanks for all the great info.

cjs2002 · March 2004

I've decided that I like the TL over the G, and I was hoping you could give me a heads up as to payments on a lease for a base TL with out the Nav. I forgot to look at the MSRP but thats part of my second question, I been reading the posts can anyone tell me how they faired on negotiating just a TL w/o nav price so I can have something to shot for. on the TL price board someone told me they paid 31.5 out the door. is this good what would the lease price be for this negotiated price. My uncle is signing for it and if there was something higher than perfect credit he would have it... his credit history is flawless so I don/t know if that changes things. I'm interested in the payments for a 36 and 48 month lease with 12 and 15K miles a year... thank you

tgp1810 · March 2004

Car_man thanks for your help. I have one last question... does the Sign & Drive program include the 04 Malibu? Also could you tell me if this looks ok:

MSRP: 25495
Cap Cost: 20686 (GMS - incentive - emp cash)
with 47% residual and 3.5% mf
307/month (36 months) including 6% sales tax.

stein · March 2004

Car Man,

My wife and I saw an AWD Chrysler Pacifica today. The sticker price was $34,090. Paying invoice, after the $3000 rebate the sales price should be about $28,900. The dealer gave me an "approximate" estimate of $2000 due at closing and $369 a month. The money at closing would cover taxes, MV fees, etc.

Based upon the prices and the 39 month/12,000 mile per year Chrysler program, does the amount seem correct or do you think the dealer is padding it?

Thanks for your help.

qt1us · March 2004

Car_Man,
Please help! I am leasing my first convertible and I need to know if I got a good deal. 2004 325cic w/ prem, cold, sprt pkg upgrd h/k system, automatic. cap cost- 46000. mf = .00165, residual 59% 15k mi, at 36 month w 1500 down. monthly payment of $702. Also quoted an acq fee of $725 which was added as part of the net cap cost. That sounds high. Also, isn't that like charging interest on the tip? Also, can I get the dealer to budge on the mf or residual? My credit is excellent

CarMan@Edmunds · March 2004

Greetings jumper4. Here is the information that you are looking for. If you were to lease a 2004 BMW 325xi through BMW Financial Services this month for 3 years with 10,000 miles per, its base lease money factor and residual value should be .00125 and 63%, respectively. If you were do an otherwise identical lease of a 2004 Audi A4 1.8T Sedan with quattro through Audi Financial Services right now, its numbers should be an incredibly low .00020 and 57%, respectively. The numbers for an otherwise identical lease of a 2004 Audi A4 3.0L Sedan with quattro should currently be .00020 and 56%. Last but not least, if you were to lease a 2004 Volvo S60 AWD through Volvo Finance this month for 3 years with 12,000 miles per year, its base lease money factor and residual value should be .00022 and 55%, respectively. I have not seen if Volvo Finance leases vehicles with only 10,000 miles per year, but if it does, its residual value for this car with that mileage would probably be 1% higher.

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CarMan@Edmunds · March 2004

Hello justin8. I would be more than happy to give you an idea of what the lease program should be like on the Pontiac Grand Prix right now. Let me begin by saying that General Motors Acceptance Corp. publishes lease rates for the vehicles that it leases rather than lease money factors. You can convert its lease rates into approximate money factors by dividing them by 2400. If you were to lease a 2004 Pontiac Grand Prix through GMAC this month for 3 years with 12,000 miles per, its base lease rate and residual value should be 3.5% and 50%, respectively. In addition to the lease rate support that it is providing on this car, General Motors is also providing lease cash on it that will help you to negotiate a more attractive capitalized cost. It currently is providing $1,500 lease cash for 2 and 3 year leases and $2,500 for 4 year leases of the '04 Grand Prix. Furthermore, GM is providing $750 bonus cash on the 2004 Grand Prix that may be combined with all of its other incentives, including its lease program. This brings its total lease cash on this car to $2,250 for 2 - 3 year leases and $3,250 for 4 year leases.

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CarMan@Edmunds · March 2004

Welcome aboard, sjmurray3. It definitely looks as though the dealers that you have been working with are trying to mark up BMW Financial Services' base lease money factor a little to add additional profit to your deal. BMW FS' current base lease money factor for the 2004 325Ci convertible is .00125 for leases of up to 42 months in length. I can not say that I am surprised that they are trying to mark up this car's money factor on you. BMW dealers mark up factors all the time. Just make sure to insist that they use BMW FS' base factor when you negotiate with them. I believe that BMW FS' residual value for a 42 month 15,000 miles per year lease of this car is currently 54%, just like you were told it is.

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CarMan@Edmunds · March 2004

You're very welcome, infinitimn.

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CarMan@Edmunds · March 2004

I am sorry to say that I am not all that familiar with most states' tax laws. You may be able to find out an answer to your question by visiting one of the following Web sites though: New York Local Sales Tax Rate Information or New York State Department of Motor Vehicles.

As far as Gap insurance goes, I do not believe that it is mandatory for lessees in either New York or New Jersey to have it. Many banks automatically include it in their leases though.

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CarMan@Edmunds · March 2004

Hi sharkala. I do not believe that Lexus is providing any sort of lease support on the 2004 RX 330 right now. If this is the case and you were to lease one through Lexus Financial Services this month, you would have to use its standard lease program. The last time that I checked, LFS' base standard lease money factor was .00200 for any length lease. This vehicle's residual value will depend upon how you want it equipped. If you want to know its resid, please let me know whether you want 2WD or 4WD, whether you want the navigation system, etc...

Audi's lease program for the 2004 A6 varies by trim level as well. In order for me to give you an idea of what this car's current lease program is like, I need you to tell me exactly which model you want, i.e. a 2004 Audi A6 3.0L Sedan with quattro, a 2004 Audi A6 2.7T Sedan with quattro, etc. Once I have this additional info I should be able to help you out.

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CarMan@Edmunds · March 2004

I am sorry to hear about the problems that you are having with the company that you are leasing this car from, 3owner. I suggest that you go back to the dealership that you got your car from and speak to your salesperson or the sales manager ASAP. Perhaps they will be able to explain your situation to the bank that you are leasing this car through.

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CarMan@Edmunds · March 2004

Unfortunately, jefe, I still have not seen if Toyota has published a new lease program yet. I should be able to get an idea of what its March lease program is like by mid-week. Please feel free to check back with me then. Thanks.

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CarMan@Edmunds · March 2004

Thanks for the additional information, Michelle. If you were to lease a 2004 BMW 325Ci through BMW Financial Services this month for 3 years with 12,000 miles per, its base lease money factor and residual value should be .00125 and 59%, respectively.

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CarMan@Edmunds · March 2004

Hi berea1. I haven't seen the advertised lease payment that you mentioned in your post, but I bet that we can find out all of the relevant information for you. If you were to lease a 2004 Lexus ES 330 without navigation through Lexus Financial Services this month for 4 years with 12,000 miles per, its base lease money factor and residual value should be .00170 and 50%, respectively. Take these numbers, combined with the MSRP that you provided in your post and plug them into the formula that I described in the following post, Car_man "The Return of "How to Calculate Monthly Lease Payments"" Jun 28, 2001 6:15pm , and you should be able to figure out exactly what this car's selling price is. Having said this, now that you know what this car's money factor and residual value should be like, it doesn't really matter what the selling price is in the advertised lease that you described because you can negotiate the lowest possible selling price for this car all on your own and then just use this lease program to figure out what your monthly lease payment should be. You can find out approximately what you should have to pay for this car right now by looking up its Edmunds.com True Market Value in the Edmunds.com New Vehicle Pricing section of this site and also see what other community members have paid for this car recently by checking out the penpower "Lexus ES 300/ES 330: Prices Paid & Buying Experience" Oct 9, 2003 12:42am discussion that appears here in the Town Hall.

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lexlease · March 2004

A few questions from a first time lessee. I plan to lease 2004 ES330 in Texas. MSRP $35354. Selling price target is $31364. 1) For 36 mo, 12k mi. 15 cents/mi., could you let me know the March Texas Lexus money factor and residual value? 2) Car is for personal use. Can you suggest a resource for how sales tax is handled in Texas? I've learned a lot from your answers, but need a little more. Thanks.

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