- #4280 of 4716
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Re: Changing money factors and residuals [sam_k]
by jps1010
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Jun 02, 2009 (10:28 am)
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Replying to: sam_k (Jun 02, 2009 9:29 am)
I can only speak from my experience and Competition was the best out of the four dealers I spoke with. One of those four was also Legacy. After contacting them via the internet they called me numerous times to come down. I eventually went and after waiting in the showroom for quite some time the salesman returns with the wrong car for me to test drive. Since I was pressed for time and it was getting late I ended up leaving only to be contacted by them the following morning. I explained to the internet sales coordinator I have been working with my experience. She apologized and gave me to the mgr. He gets on the phone and right before I give him my credit card I wanted to reinterate the deal. It turns out the coordinator I was dealing with forgot to mention the deal was including the payment of my current lease. He says he will see what he can do and never calls me back.
I am a little surprised that the person you were given quoted you such a high price and was not very helpful. One would think if you are referred by the owner you would have had a much better experience. I don't blame you for going elsewhere. That's exactly what I did when I went to Competition.
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- #4281 of 4716
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Re: Changing money factors and residuals [jps1010]
by sam_k
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Jun 02, 2009 (1:21 pm)
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Replying to: jps1010 (Jun 02, 2009 10:28 am)
It seems like most of the dealerships that you contact through edmunds.com and other websites don't want to deal through email which is really annoying. You would think that they would understand that the reason you're using internet referrals is because you don't have the time to be driving from dealership to dealership to get price quotes or time to be speaking on the phone with every dealership. It's a lot more accurate to give specifics via email (i.e. I want a car with these options in these colors) than over the phone. It's very easy for a sales person to make a mistake when they take notes. When I first started shopping around, I made the mistake of going to Infiniti of Manhasset to do my test drive and I specifically told the salesman that I wouldn't be signing any deal that day because I hadn't decided if I was getting the G37 and I still had to test drive an Acura TL. He ignored what I told him and still tried to pull those high pressure sales tactics on me. I kept trying to thank him and leave and he kept trying to come back with better numbers. It really got me annoyed. The deal he was putting on the table wasn't even that good compared to the other quotes I got over the phone. On top of that, the cars he had in stock that he was pushing me to buy didn't have all the options I wanted.
I agree with you that my experience should have been much better considering I was referred by the owner of Competition Infiniti. Maybe my experience wasn't good because I dealt with the sales manager as opposed to a sales person. I only stopped dealing with Competition because I felt like they wouldn't come close to the deal I was offered at Legacy since they were so much higher and didn't have a car in stock with the options I wanted and colors I liked.
I dealt with the internet sales manager at Legacy and she gave me prices quotes right over the phone. I liked that she was very straightforward. I just spoke to her about a problem with their referral website and she said she's willing to deal with customers via email as well.
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- #4282 of 4716
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Re: And the game begins.... [brewbock]
by richardnva
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Jun 03, 2009 (8:57 am)
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Replying to: brewbock (Jun 01, 2009 4:05 pm)
From what I understand, the minimum lease terms change monthly per the direction of Infiniti. The dealership can charge more based on their own discretion and your credit score. For May the money factor on a G37x with 12,000 miles per year was 0.00123 (which equates to about 2.95%). One of the offers I received was a rate of 0.0017 (about 4%). When I asked the dealer about the difference, he simply stated that he needed to make some money off of deal because I negotiated such a low sales price for the car. So Infiniti sets the minimum (best) rates, and the dealers and your credit score influence the final rate. I was able to get 0.00123 and a 57% residual on my final purchase after shopping around to several different dealers.
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- #4283 of 4716
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Re: And the game begins.... [richardnva]
by brewbock
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Jun 04, 2009 (6:30 am)
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Replying to: richardnva (Jun 03, 2009 8:57 am)
Well, so far I've gotten 2 different money factors and residuals from 2 different dealers. They are .00266 and 60%, and .00235 and 57%, respectively. I'm waiting for responses from other dealerships.
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- #4284 of 4716
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Re: And the game begins.... [brewbock]
by sam_k
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Jun 04, 2009 (6:43 am)
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Replying to: brewbock (Jun 04, 2009 6:30 am)
The one with the higher residual must be from a bank, not IFS. Did you ask if they're both from IFS? Keep in mind that banks are must stricter about the condition of the car at the end of the lease than IFS. IFS just recently introduced a disposition fee at the end of the lease. They used to not have one and that was one of the benefits of leasing through IFS but now that's no longer the case.
The good thing about leasing through a bank is that the dealer can apply the $2000 marketing cash to the deal since they're actually selling the car to the bank who's leasing it to you. When you lease through IFS, you can't get the $2000 marketing cash, only the $1000 loyalty credit.
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- #4285 of 4716
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Re: And the game begins.... [sam_k]
by kingpcgeek
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Jun 04, 2009 (7:33 am)
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Replying to: sam_k (Jun 04, 2009 6:43 am)
I think the one with the lower residual would be from a bank. Banks tend to set their residuals a little more realistically then the manufacturer. Thats the main reason the captive leasing in almost all cases is the better deal.
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- #4286 of 4716
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Re: And the game begins.... [kingpcgeek]
by sam_k
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Jun 04, 2009 (8:02 am)
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Replying to: kingpcgeek (Jun 04, 2009 7:33 am)
If you're looking at a base or journey model G37 , then maybe I could see the residual being 60% from IFS but if it's a G37x then the residual of 57% sounds about right. I prefer to lease from the captive leasing companies like IFS because they're not super strict with the condition of the car at the end of the lease and also because they didn't used to have a disposition fee. Now that IFS has a disposition fee, in the future I might have to re-evaluate my preference because being able to apply the $2000 marketing cash when you lease from a bank might make a bank lease a better deal. The only problem is that every dealership will have it's own deals with banks so one dealer might give the best price but another dealer might have better leasing terms with a bank.
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- #4287 of 4716
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Re: And the game begins.... [sam_k]
by kingpcgeek
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Jun 04, 2009 (8:19 am)
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Replying to: sam_k (Jun 04, 2009 8:02 am)
Remember too that IFS forgives $500 in damage and excess mileage if you lease another Infiniti when you return your car.
You can get your own lease financing as well, that way you don' t have to worry that the dealer is not working in your best interest when arranging the financing just to get a larger back end.
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- #4288 of 4716
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Re: And the game begins.... [kingpcgeek]
by sam_k
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Jun 04, 2009 (11:47 am)
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Replying to: kingpcgeek (Jun 04, 2009 8:19 am)
Yes I know about the $500 damage waiver from IFS and I needed it when I turned in my leased Infiniti M45 Sport and leased the G37xS sedan. The lease return inspector charged me $140 per wheel for curb rash on all 4 wheels. 2 of them were bad but the other 2 weren't. I was really surprised they hit me for that stuff. The strange thing was they didn't charge me for a deep scrape on the corner of my rear bumper. That really surprised me.
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- #4289 of 4716
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Re: And the game begins.... [sam_k]
by kingpcgeek
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Jun 04, 2009 (1:16 pm)
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Replying to: sam_k (Jun 04, 2009 11:47 am)
I think everyone, including me, that has posted the results of their turn-in inspection has been dinged for scratched wheels. It must be something that they tell the inspectors to key on.
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