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cars, all of them, are computed here in the various posts...What they include what they don't,
etc.
If you are comfortable, if this Passat is the one that you want, if you have been treated well...These are the important issues; not what some one else thinks or claims to have paid for a similar vehicle...
leather and luxury package, monsoon system and homelink. Car price is $24858 plus TT&L comes to a total of $26620. Does it looks like a good deal?
Long and short, she's in a 48 month lease, ~$500 payment, with (here's the worst part) $5000 down!! Of course, she did not ask for any help from me or anyone else who could have advised her against this.
She is, of course, having major buyer's remorse. I'm basically of the opinion that the purpose of a lease is to reduce down payment or monthly payment, neither of which seemed to occur in this case (dealer did classic: how much do you have down? How much do you want your payment to be? Viola, here's your $500 payment, and I'll gladly take your $5k).
My question: since she just did this on the end of the day on Saturday, is there any way she can go back in on Monday morning and re-finance? In order to do this, will she lose anything (other than some face)?
The customer in this case is a lawyer, believe it or not.
Or are you suggesting she renegotiate her entire deal? That could get a little sticky, especially if she has already taken delivery.
I think she realizes that putting $5k down on a lease is, um, stupid. I guess she wants to keep the payment under $500, but of course in doing so would end up paying ~$33k for this car and have *NOTHING* to show for it in four years, which is insane. I mean, what will a loaded Passat wagon be worth in five years w/maybe 10k miles a year? Probably a lot more than $125 a month times 48.
There must be a lot of people who do this (obsess over what the 'payment' will be, so they lease and lose thousands of dollars in the process to 'save' $100-150 a month they'd probably never miss otherwise). Naturally, rather than just look at a car she that would actually have $500 payments (like a less loaded Passat wagon), she gets the fully loaded model.
I did tell my friend that the likely saviour here is time, since she just did the deal on Saturday, her check probably isn't cashed, and the papers probably aren't filed with the bank(s).
agreement? Did she know how much the car that she
wanted cost?
48Months X $500 = $24,000 + $5000 Down = $29,000
with a residual that has to be 47% or so, I do not
keep the new rate sheets here at home.
It is against the law to write a *non-disclosed*
lease in California...Paperwork does not show Cap
Cost...
Are you sure this is 48Months???
She bought it at Autobarn, Evanston, IL. I think she was going back today to try to re-do the deal. She drove the car home on Saturday night and didn't use it all weekend, so hopefully she can work something out (like getting out of the lease and getting a loan).
Maybe I'm 'missing something' as to why some people like leases so much, but I certainly don't see the point in spending ~$29k to borrow a Passat for four years. That car should still be worth like $15k in four years.
you are ready to drive it home is the important one...
I am paying taxes, title, and all other fees up front, so the cap cost consists only of the price of the vehicle. The dealer's computer print out shows a cap cost of 23,776 which I believe is 302 too high. QUESTION 1 of 2: Am I correct?
I calculate the cap cost to be 23,474 as follows: 20,863 (Base Model) + 1,369 (LUX) + 550 (Dest) + 25 Port Prep + 92 (Floorplan Int) + 275 (Regional Add Fee) + 300 (Negotiated Profit).
Inmessage 1478 you offered to fax a copy of an invoice so that we couls see how these fees breakdown, please contact me by e-mail for my fax number.
I am also being quoted a residual of 55% on an MSRP of 25,380 which is 455 higher than Edmunds' MSRP of 24,925. Question 2 of 2: Why the 455 discrepancy?
Two weeks ago, I negotiated the same lease deal on a fully loaded 2002 loaded GLS 1.8 Auto and Port, Floorplan and Advert came to a total of 392. (25 + 92 + 275 = 392). How can the total of these charges now be 694? I believe the dealer is baking in extra profit.
I'd truly appreciate your help. Thank you.
your profile...mine is...
as you learn them...
The average paid was $989 over invoice (note: used edmunds invoice which does not include port fees, etc. The $989, however, DOES include all the fees.) The prices ranged from $31 over invoice to $2075 over invoice. Cars with an auto tranny averaged $782 over invoice, while manuals averaged $1243 over. Maybe manuals are more scarce. 70% of the cars had the luxury package, 60% had monsoon, 45% had the leather, 45% were manuals, 25% had Homelink, and 15% had the cold package.
Just a few stats to brighten your day. ;-)
For starters, I want to thank you for the information you provide. I am getting close to finally purchasing a Passat - perhaps in February. Has VW extended the attractive financing terms? Thanks
need to send me an email...
I bought a Passat sedan 1.8 GLS automatic with a Monsoon sound system and homelink (cloth seats) for $500 over invoice on Jan 30. Invoice price included destination charge and the port fees and a $200 documentation fee. Total price was $22732
($22,032 invoice + $500 profit + $200 documentation fee).
A very low pressure dealership so doing the deal was very pleasant. I did have a trade-in, which complicated the deal, yet the purchase price was not an issue, just the trade-in value.
I would not recommend the Monsoon sound system for the money, yet I didn't have the option.
Total $24,003 on a list of $25,805. Doc fee of $279, tax, tags not included. The dealership here in NC had to order from factory. I'm told that VW has a new inventory program that allows the cars ordered to be tracked. Approx. wait is 2-3 mos.
How long in your experience does it take after order? Thoughts on new tracking system?
Thanks.
I do not know if this is a great deal but I do think it is pretty good deal for the car. I love it.
Can anyone "in the know" give me their thoughts on this deal?
Also, I financed it through VW credit 5.5% for 60 months.
Car_man
Host
Smart Shoppers / FWI Message Boards
"I don't know why it says that there is not any special financing available on the 2002 Volkswagen Passat this month on Edmunds, because there is. If you finance a 2002 Passat through Volkswagen Credit during the month of February, you can use special interest rates of 2.9% for 24 month, 4.5% for 36 month, 4.9% for 48 month, or 5.5% for 60 month terms. Unfortunately, I don't live anywhere near California and am not all that familiar with the dealerships in your area nor do I recall seeing any posts extolling the virtues of any dealerships there. I think that your best bet would be to pay a visit to the Sedans Message Board. There you will be able to interact with many other community members who either own or are shopping for the same car that you are interested in. Perhaps one of them will be able to steer you towards a good dealership in your area."
Car_man
Host
Smart Shoppers / FWI Message Boards
possibilty of *A*...It will depend upon the
approver and how the whole report looks...
There is nothing specific in these Rate Sheets
that specify a 720, etc. And some have in the past...
*A* = 5.5% for 60. and *B* is 6.0%
48/4.9% vs 48/5.4%...
you are, or not...No better factors or residuals...
Thanks for the suggestion on the Passat forum - I took it and found a dealer advertising on their site the following:
2002 Passat GLS
Auto, Monsoon, Homelink
MSRP - $23830
Their price - $21799
Or using ballon financing (used instead of a lease in Texas - you own and the last payment is the residual - turn it in or pay it off
0 down and $299 month for 48 months
This looks really good to me - thoughts?
Adam
that is not available here in California...
Truth told...It only matters if it works for you...If you have any other questions; we can talk in the AM: 888.556.3849, if you like...
Just remember that I am on Pacific Standard Time!
As we get into talking price with the sales guy we show him the printout from Edmunds.com showing the invoice price, MSRP, and TMV. The invoice on the printout is $23,436. He takes this to the sales manager and comes back with the invoice crossed out instead showing "his invoice price" of 23,7xx. He then proceeds to offer me the car for his invoice price plus $800.
Is this BS or what? Has anyone else encountered this tactic before?
Naturally, I politely walk away.
Your problem begins here at Edmund's; not at the
Dealership....
Edmund's has refused, and continues to refuse to post accurate pricing for Volkswagen. For an organization dedicated to helping consumers, this
stubbornness has caused consumers, like yourself,
a less than satisfactory sales experience...
The variations in the numbers are as follows:
Port Prep = $25.00
FloorPlan Interest Reserve = $92.00
Total = $117.00
These two fees are charged to every Dealer, for every car, in every state, Coast to Coast.
Advertising Fees which can range from $0 - $150 &
are discussed in fine print somewhere at the bottom of a page here. Sad, also is the fact that TMV
cannot Really take into account Current Market Conditions with any actual authority, because that can change in a day...Case in point...VW is
Sold-Out of 4MO Wagons...I would bet, and I have
not gone there to look that you will find a TMV
that rests somewhere between *their Invoice* & MSRP...Good Luck!
Passat Invoice is $23,553...you will immediately
notice the $117.00 difference...add maybe $150.00
for an Advertising Fee, and you get $23,7xx.00.
I am sorry that what should have been a fun & Fair
purchase experience was denied you because of bad
information from a source that you trust...
TMV = $30,851.00...A $2074.00 Discount on a car
that you cannot even order...Not to mention the
Invoice is $30,406.00!!! 2002 GLX 4MOTION VARIANT
$445.00 over Invoice...That will work???
Actual Fax copies available upon request...
from shore leave...Maybe this problem will be fixed...
edmunds.com invoice in my area.
What do you think of the price?
I know 83,000 miles is a lot, so does anybody know how many miles I can expect to run up before the whole car just gives up on me?
How well does the AutoStick thing work?
How fast does this car depreciate?
Thanks to anybody with more information. . .
Any thoughts or help would be greatly appreciated.
Thanks