- #484 of 566
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Help for LR3 Lease??
by robinakirk
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Dec 08, 2007 (4:01 pm)
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First time poster, I want to lease a 2007 LR3SE with Cold Climate, Headlights, bluetooth and Sirius, for 24 months and 12k per year.
I have been quoted $4,000 out of pocket, and $640 inclusive of (NJ) taxes per month.
Is this a good deal?
Which may be a better dealer in the Philadelphia area, as they had quite an attitude?
Thanks, because I would like to get back into a Land Rover, having once owned a (trouble free!) Disco and an older (troublesome) RR.
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- #485 of 566
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Re: Help for LR3 Lease?? [robinakirk]
by chrislr3
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Dec 08, 2007 (7:03 pm)
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Replying to: robinakirk (Dec 08, 2007 4:01 pm)
I don't know if the dollars and cents for your quote are good or not, but I searched all of the dealers in the Phila area. The only ones I found with out an attitude are the guys in Land Rover West Chester PA. I leased an 07 LR3 HSE and am very happy so far. Feel free to email me off line for my sales persons name. good luck. meilibri localnet.com
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- #486 of 566
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Balloon Program vs Lease Program
by vsaxena
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Dec 11, 2007 (6:31 pm)
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I am intrigued by the large depreciation deduction which you can take on vehicles on the class of LR3 if you are a small business owner. However, I prefer not to keep vehicles outside their warranty period and like leases since you do not have any residual value risk.
LRCapital seems to offer a balloon payment program. Is this structured exactly like a lease in terms of residuals and the interest rates? I presume this will allow me to depreciate the vehicle as if we own it and not just the lease payments.
Is this program available in all states?
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- #487 of 566
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LR3 End of Lease Residual Negotiation
by jjf030
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Dec 24, 2007 (7:39 pm)
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My 06 LR3 HSE lease matures in 4 months with Land Rover Capital and I am considering purchasing the vehicle, but my residual is almost $39K and the current market value is considerably less than that. I only have 16K miles on the truck and it has had very few problems.
Does anyone know if LR Capital will negotiate residual values? The truck is only worth about $33K at the most. I have heard some leasing companies will negotiate residuals. Is this something the dealer would have control over?
Thanks for any info.
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- #488 of 566
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Re: LR3 End of Lease Residual Negotiation [jjf030]
by ssp1
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Dec 25, 2007 (11:13 am)
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Replying to: jjf030 (Dec 24, 2007 7:39 pm)
I have this same question as jjf030. I have a 2006 LR3 SE with all the stuff including navigation etc. My lease matures in about 4 months as well but I have 30K miles on it. Very interested in buying it because i have had no problems. I am guessing that if i look at blue blook retail for 30K miles on an LR3 (that was the lease mileage cap), then that will give me a good idea at lease maturity as to where the sale price should be - and i am thinking that sould iclude a certified warranty or similar (meaning if i use the retail value in blue book as a proxy, that higher price should account for dealer costs to get the vehicle in certified sale condition)
If someone with good knowledge can respond here that would be great.
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- #489 of 566
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Re: LR3 End of Lease Residual Negotiation [ssp1]
by ssp1
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Dec 25, 2007 (11:15 am)
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Replying to: ssp1 (Dec 25, 2007 11:13 am)
And the follow up question is whom do you deal with on this? the dealer that i leased it from? any dealer? LR Capital? Should i take it to my dealer and see what they can do and if they are not making a deal try another dealer or talk direct with LR Capital?
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- #490 of 566
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Re: Carman this is what I found [ysauto]
by Car_man HOST
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Jan 03, 2008 (2:26 am)
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Replying to: ysauto (Nov 30, 2007 7:52 am)
Hi ysauto. I believe that Land Rover's lease program is exactly the same today as it was when you mentioned this advertised payment. The advertisement never mentioned this truck's selling price. This is an 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 the price of the LR3 that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of the vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what this vehicle's selling price is.
Car_man
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- #491 of 566
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Re: Help for LR3 Lease?? [robinakirk]
by Car_man HOST
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Jan 03, 2008 (2:36 am)
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Replying to: robinakirk (Dec 08, 2007 4:01 pm)
Welcome robinakirk. $4,000 is too much money to pay at lease signing. I always advise consumers not to make capitalized cost reductions on leased vehicles. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. You would be better off only paying your truck's first month's payment and Land Rover's $595 acquisition fee at lease signing.
I would be happy to give you a detailed analysis of this deal, but you never mentioned this truck's selling price or MSRP. These are important numbers 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 what this vehicle's selling price is 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. Let me know what these numbers are and I'll tell you what I think.
Car_man
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- #492 of 566
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Re: LR3 End of Lease Residual Negotiation [jjf030]
by Car_man HOST
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Jan 03, 2008 (2:44 am)
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Replying to: jjf030 (Dec 24, 2007 7:39 pm)
Hi jjf030. Your dealer probably does not have the ability to negotiate your truck's purchase option price. Its end of term price is between you and Land Rover Capital. Give them a call and try negotiating with them. If your initial contact at your bank is not willing to lower your vehicle's price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they won't, but you don't have anything to lose by asking.
Car_man
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- #493 of 566
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Re: LR3 End of Lease Residual Negotiation [ssp1]
by Car_man HOST
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Jan 03, 2008 (2:51 am)
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Replying to: ssp1 (Dec 25, 2007 11:15 am)
Hi ssp1. In order to determine whether you should purchase your LR3 at the end of your lease, you need to compare its purchase price to its value on the open market at this time. Even though its purchase option price is stated on your lease contract, you should place a call directly to Land Rover Capital (there's no need to involve any dealer) that you are leasing it through just to make sure that you have the correct figure. When you do so, it never hurts to try to haggle with them. Some banks will negotiate the lease-end purchase prices of vehicles. If your initial contact at your bank is not willing to lower your vehicle's purchase price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they will not, but you don't have anything to lose by asking.
As I said earlier, once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values".
If your truck's purchase price is less than or in line with its current real world value then you may want to consider buying it. If not, just walk away and lease or purchase a new vehicle.
Car_man
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