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Prices Paid: Buying & Leasing Experiences Infiniti QX56 Lease Questions
200 messages, Last post on Nov 17, 2009 at 2:49 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: Car_man (Jul 25, 2008 1:49 am) Hopefully those numbers will hold up for a while so I can trim some $$ off the list. |
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Replying to: johnnypart (Jul 25, 2008 12:34 pm) Once you have a selling price that you are comfortable with, have the dealer use Infiniti Financial Services' buy rate lease money factors of .00001 for 24 months, .00077 for 36 months, or .00098 for 39 months to calculate your monthly payment. I see that the dealer that you are currently working with quoted you a lease with a large down payment. It is in your best interest to go with a zero down lease, even if it means that your monthly payment will be a little higher. Consumers who lake large capitalized cost reductions on leased vehicles risk losing part or all of them if their car or truck is totaled in an accident or stolen and never recovered. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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I live in PA/NJ (outside Philly) and I'm trying to lease a 2008 QX56 with DVD and Tech package ($59,310 MSRP), 15k miles/year. For 36 months the best quote I've been able to get is about $795/month with about $1000 due at signing or $735/month with about $3500 due at signing. For business purposes I need to keep the monthly payment below $740/month. Before the rates went up in July, I had quotes of $735/month with $1000 due at signing. Do these new quotes REALLY reflect the new leasing rates or am I getting scammed??? Do these above deals seem good or am I able to push further (was hoping for no more than $2500 due at signing)??? I've been told the leasing rates are only going to get worse for September because car makers are trying to get away from leases. Is this true or just a salesman's scam? Lastly, I thought I heard the 2009's are coming out shortly (September), is that true? Would I be better waiting for an '09 (or even dealing on an '08 once the '09's arrive)? Thanks guys, I appreciate any info you can supply. By the way, this forum is AWESOME, thanks for your help!
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Replying to: calogero1 (Aug 08, 2008 11:15 am) Consider this. The MF and residuals are pretty good for a 24 month lease - Tier 0/1 I got 60% and .00004 - payments would be about 640 plus tax and personal property (Missouri) with a selling price of 51K which I know they can do much better. If the residuals drop on this thing even with the great money factor and a bigger discount if I wait the payments will actually rise significantly. So does it make sense to wait until the end of the month or September since I have a cushion of time. I'm assuming the residual values will continue to drop. Is this a correct assumption? |
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I am not sure where some of you are getting your figures. Perhaps I am incorrect in my math, but I think I have the formula down. I have queried and received the latest (August 2008) money factors and residuals on 24 and 36 months lease. 24 month residual - 60% and MF of .00001. 36 month residual of 50% and MF of .00077. On a 24 month lease at a cap cost of $50K (is this possible? Edmunds shows a TMV in my area of $51,751), I am coming up with a TOTAL payment (including a 7.75% sales tax figure) of $898.78. On a 36 month lease with the same $50K cap cost, the payment is $810.49. Both residuals contemplate 15K annual miles on the lease. I am in Las Vegas, but would travel to SoCal to pick up my QX56.
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Replying to: ab_vegas (Aug 19, 2008 7:57 pm) If you multiply the CAP cost by the residual percentage (a common mistake), then you will understate the residual and overstate the payment. regards, kyfdx |
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My calcs for 24 month lease No money down - also 51000 is approximate, actually can go lower to 49 or 50 as dealer has about 20 on the lot and have a friend who personally knows owner and said he wants them gone even at a loss. Will see when I finally decide by the end of the month. Hopefully the residuals and int rate will not change. Only hesitating because my wife has a MAJOR problem with the size. I think its big but the deal is almost too good to pass up. Thought the same about my deal when I leased my XC90 V8 two years ago at a ridiculously low 349 per month for two years without taxes. Same lease today is in the mid to high 800 range. QX56 has more features and is much quieter. Yeah its big, towers over Tahoes and even Escalades, mileage is pretty dismal but the lease picks this year are pretty slim - no real incentives and the interest rates are pretty high for the competition - Lexus is nearly 4 pts on a GX with a payment in the high 7's to low 8's with less equipment. Residuals on others are VERY LOW (Volvo is about 40%, Lexus is 52%) Looked at Audi, Cayenne and others. This is a pretty decent deal all the way around. Calcs: Usage = Cap cost - Residual / months 51000 - (59210*.60) / 24 = 644.75 Interest: (51000+(59210*.60)) * .00001 (MF) = .86526 Total not including taxes = Usage + Interest or 644.75 + .86526 = $645.62 |
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Just got a call from dealer in Vegas. First off, kyfdx, you were right. I wasn't calculating the residual right and came up with a much lower payment. Thanks for the clarification! Secondly, the dealer is very proud of his pricing. Said he is moving cars with no problem, and let him know where he can find cars at $51,769 (Edmunds TMV) because he will buy them and re-sell them. His payment for a 2 year lease is $947 per month, which equates to a cap cost of $56,456. So, the search continues! |
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Ok guys/gals, what I am learning is that the Edmunds TMV data is applicable ONLY to purchases, and takes into consideration the $5K in support from Infiniti. I have now resorted to a dealership in Arizona, and they quoting capitalized cost only $2K below MSRP, which is nowhere near the almost $8K that Edmunds TMZ is illustrating. The guy seems like a really straight shooter too. Perhaps the markets I am checking in are just not flexible? As imaginable, this really jacks up the payment. Has anybody here actually got an aggressive cap cost anywhere near the Edmunds guideline? Thanks. |
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Here is the latest in the saga with my local dealer. They are telling me that the MF of .00077 I have calculated (on a monthly basis) of $65.64 is WRONG. I told them my MAX cap cost is $55K, which on my math, gets me to a payment of $809.68 on an MSRP of $59,310. He told me that in order to get to that payment, on my cap cost of $55K, I would need a cap cost reduction of $1,843. I told them that in essence, that makes the MSRP $56,843. He said, "no, that's not right". Umm, ok.... ?!?! What gives? Am I wrong on my monthly money factor? Here was my final offer to them on a zero cap cost reduction, 15,000 miles per year lease. MSRP: $59,310 Cap Cost: $55,000 Residual (51% per the dealer): $30,248 Cap - Residual = $24,752 36 month payment before money factor and tax: $687.55 Money factor: $65.64 Lease payment before Nevada Sales Tax: 753.19 Nevada Sales Tax (7.75%): $56.49 Total lease payment at 36 months: $809.68 HELP! Can someone please verify my math and let me know if I went wrong somewhere? Thanks! |
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