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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
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Pinhi - I guess I'm confused how Chase's "Add'l Refundable Security Deposit" plan differs from straight cash up-front. It must be that word "refundable"....? Chase has a rather uneven reputation in the car leasing business - if you want to laugh, have a look at this site: http://srd.yahoo.com/goo/%22chase+bank%22/3/*http://www.chasebanksucks.com/ The Acura website's AHFC lease calculator outlines a MDX Touring 42-month lease, 12K miles a year, with no cash up-front at $567/month plus taxes. With $5250 cash up-front, the monthly payment is reduced to $422 plus tax - about $50 a month cheaper than the Chase deal. But no "refundable" word in the downpayment receipt. The AHFC residual after 42 months is listed as $23,968 for your Touring MDX - is that about the same as Chase's? Jeff |
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| I recently received the 90 day letter on my 1998 Altima lease. I had not thought about the return process until now. Does anyone have any experiences about turning a NMAC lease in, that they would like to share? Currently I would like to "just walk away", and purchase another brand or car. | |
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Thanks for your response. Great Chase link too! Since posting I've visited the dealership and talked with the business manager. Chase offers "multipile security deposits" ('MSD's) on their leasing program. American Honda does not. With Chase there is a 10 month security payment maximum (ie lease payment 470.00/month can leave a max. of 4700) I was originally quoted $514/mo for 42  12k/yearBy using MSD program it's $470/mo for 42 12kNot bad. Save $44.00 and preserve the loot. I'll probably go that route. Kevin |
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car man: If I trade my leased car in to a dealer and assuming I can get enough trade-in to pay the thing off (early) will I still get the trade in value, deducted for tax purposes against the delivered price of the new car the same as if I owned the car? According to my contract if I decide to buy it for residual I will have to pay state sales tax on that amount plus "acquisition fee" Will I still have to pay that fee even tho I am not buying it but trading it? Will the dealer taking it in on trade have to pay that "acquisition fee" and thus pass it on back to me in the deal? Floridian |
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Car Man - I posted a question a few weeks back and nobody has responded. Perhaps you could offer your opinion on my lease deal. The posting is #96 Thanks in advance! |
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After reading a few months worth of posts I was all excited to go grab myself a Saab 9-5 wagon with the great 0.0005 money factor. Turns out the deals ended in Sept. My local dealer has about 5 of the 2000s and I can't get into one because the promotion is over. Oh Well. If anyone knows of any new deals coming on the 9-5 please let me know. Thanks. |
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Hi Floridian, interesting question. If you are financing your current vehicle and trade it in to a dealership that then pays off your note, I believe that you will still receive the normal tax benefit of having that vehicle's value deducted from the purchase price of your new one (in states that allow this practice of course). I am not positive about this though, and tax laws do vary from state to state. Perhaps you will be able to find a more specific answer to your question by visiting the Web site for the Florida Department of Revenue. Use the following link to go to that site: State of Florida Department of Revenue. Even if a dealership purchases your off-lease vehicle, I believe that they will still have to pay any sort of disposition, lease-end fee, or purchase option fee that you would have been responsible for had you purchased this vehicle for yourself at the end of its term. Having said that, whether or not this fee gets passed on to you will probably depend upon the specific dealership that you visit. If there is enough profit baked into your deal there is probably a very good chance that they will not pass any charges on to you, but if you have a really skinny deal then they may hit you up for any additional money. Car_Man Smart Shoppers / FWI Co-Host |
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Hi Mike. Given the fact that you leased this car all the way back in May, I am sorry to say that it is difficult for me to say exactly how good a deal you got. For instance, if you leased a base 2000 VW GTI GLX last month for $500 over invoice you would probably been able to get a pre-tax 36 month, 12,000 mile per year lease payment of slightly over $300 per month without any money down. However, the monthly lease payment would be significantly higher on the same exact vehicle this month. I personally feel as though your lease payments are a little on the high side. Unfortunately, when you agreed to lease this car you signed a legally binding contract to pay the bank that you are going through a certain amount of money over a specific period of time. They are going to want all, or at lease a significant portion of the money that you are obligated to pay them even if you want out of this deal at this point. So there really is not any inexpensive way for you to get out of this lease. Car_Man Smart Shoppers / FWI Co-Host |
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| carman, what money factor (% rate) am i looking at on a 2001 vw golf gl or 2001 jetta gl? thanks ... headed to the dealer this eve so i hope you get this in time. thinking 48 month / 15k or traditional for 60 months .... any recommendations. | |
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Hi projectzx3. I'm here for you. Hopefully you haven't left for the dealership, yet. Let me begin by saying that I typically advise consumers against leasing vehicles for terms as long as 48 or 60 months for a number of reasons, the main one being that your warranty will have long since expired by the time that you have to turn in your car. As a result you will have to pay for any necessary repairs to your vehicle prior to returning it at lease end. This can become quite expensive. Another problem with leasing for such a long term is that long leases typically have higher interest rates than shorter ones do. If you choose to lease through a manufacturers' captive finance company they will frequently provide supported low interest rates for 24 or 36 month terms. Even if the vehicle that you are leasing is not supported most many manufacturers' standard rates increase as the length of your lease does. In answer to your specific question, Volkswagen Credit does not currently have any supported lease money factors available on any of its 2001 models yet. So if you choose to lease either a Jetta GL or a Golf GL through them at this time you will have to pay their standard lease money factors of .00340 for 48 months or .00355 for 60 months. These rates are slightly higher than VW Credit's standard rate of .00335 for up to 39 month terms. The 48 mo. 15,000 mi/yr residuals for the 2001 Jetta & Golf GL are both 51% and the 60 mo. 12,000 mi/yr residuals are both 42%. Car_Man Smart Shoppers / FWI Co-Host |
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