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Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here 
23872 messages, Last post on Sep 20, 2005 at 8:08 AM
You are in the Smart Shopper-Archives Forum. Your Hosts are kirstie_h & tidester
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Replying to: Car_man (Apr 17, 2005 5:16 am) 
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Ok I have a decent idea on how this leasing stuff beaks down. Here is my next question... Let's say I buy the 2005 Acura TL. We negotiated the price, the rate (money factor,) the term, and I am pleased with the payment etc. Now I have a trade that I am $5,000 upside down on. I assume I take the residual plus any payments owed and add them together and then subtract the "appraised" value from that correct? If I am 5K in the hole how much per thousand will my payment be effected? Does this vary? I need to know how my "new" paymnet will turn out.
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Replying to: captchaos145 (May 01, 2005 6:40 pm)
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Replying to: kyfdx (May 01, 2005 6:47 pm) Dennis |
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Replying to: tguest (May 01, 2005 3:03 pm)  I was just pointing out that with your good score you would get the same rate from any Toyota dealer - so one that claims that they can get you a better rate is probably blowing smoke. If the lease contract has errors, the dealer will have to correct it to get their money. It is possible the dealer will pony up the missing money, but normally they call you up and ask you to come in a sign a corrected contract. I had a thought, since you residual is too low and your payment seems to low could it be your contract is for a longer lease "by mistake" ? I will go back and look at your post with the numbers and see if that makes sense. Too low a residual and too low a payment would be what you would expect if they wrote a 48 or 60 months lease. Does you contact say "followed by 35 additional payments of $xxx.xx due on the xxst day of the month" ? Dennis |
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Replying to: tguest (May 01, 2005 3:03 pm) You checked and the residual shows $15710. If you check that is 54.463511873808285664759923730283% of the MSRP you show. I don't ever recall seeing a "fractional residual" before. So one of the numbers is wrong. I am going to guess they meant to type in $17,595 or something there - which would be 61% of the MSRP you show. Dennis |
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Hey Car-Man, Does Infiniti have residual//money factor figures available for 42/48 months on the FX35 RWD? This would be for the Touring Package, MSRP is $38,440. I think I can get it for $35,482 plus Texas sales tax of 6.25%. I know 36/39 months are best, but if there was any way for me to get into one of these by going just a bit longer, I might consider it. What do you think? Thanks in advance, Chigirl |
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You're welcome, tguest. I just went back and took a look at your original post. Something is not right with the story that you were given. The number of miles per year that you are allowed to drive your leased vehicle has absolutely nothing to do with its MSRP. The only thing that your mileage allowance will impact is your vehicle's residual value, aka lease-end purchase price. I suspect that you mean that the dealership had to adjust your van's selling price, which still shouldn't have happened but makes sense if they were trying to add additional profit to your deal. The good news is that the lease money factor that was used to calculate your monthly payment on this van is right in line with Toyota Financial Services' published lease program for your area. It is difficult for me to completely analyze this deal without knowing this van's full MSRP and selling price. The selling prices of leased vehicles are always negotiable. In an area where there is a lot of competition for your business, like Connecticut, you should have been able to negotiate a larger discount than this. The lower your vehicle's selling price is, the lower its lease payment will be. Car_man Host Smart Shopper Forum |
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Hi dawner. You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a sample lease payment on the car that you are interested in for you if you let me know what these numbers are For now, I can tell you that through May 2nd, Volkswagen Credit's base lease money factor and residual value for a 4 year, 15,000 miles per lease of a 2005.5 Jetta 2.5L should be .00110 and 46%, respectively. This is a national lease program and it is available in New Hampshire. Car_man Host Smart Shopper Forum
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I'm glad to hear that you find this discussion so informative, captchaos145. Most banks will not allow consumers to finance or lease significantly more than the full MSRP of the vehicle that they are getting. Since, it is unlikely that you will be able to negotiate a $5,000 discount on the Acura TL that you want, there is a good chance that you can not bury all of your negative equity in your new lease. The exact amount that you can roll into your TL lease will depend upon the discount that you are able to negotiate. Whatever can't be rolled into your lease will have to be paid out of your own pocket. If you let me know the full MSRP, selling price, how long you want to lease for, and how many miles per year you need to be able to drive, I can calculate an approximate lease payment on the TL that you want for you. Car_man Host Smart Shopper Forum |
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