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End of lease LR3
by jayrod422
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Mar 03, 2008 (12:17 pm)
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Does any have any tips regarding the end of lease for a LR3?
I am due for a end of lease soon, love the car, and am turned off at the price when comparable models with the same mileage are on ebay around 3-5K cheaper than my buy out price...
Can you negotiate the buy out price and if so has anyone had any success doing so?
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- #500 of 566
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Re: End of lease LR3 [jayrod422]
by jjf030
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Mar 03, 2008 (6:44 pm)
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Replying to: jayrod422 (Mar 03, 2008 12:17 pm)
I just went through the same situation with Land Rover Capital, my lease was up on my 06 LR3 HSE and I wanted to buy the vehicle, but the residual was about $5k more than it was worth. They told me on several occasions they will NOT negotiate the residual, the dealer verified this also.
I turned the vehicle in with low miles. I leased an 08 LR3 HSE that was a service loaner and got a really good deal and big discount off the MSRP. The money factor and payment is less than my 06.
Good Luck!
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- #501 of 566
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Re: LR3 Lease [geoffflynn]
by Car_man HOST
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Mar 04, 2008 (2:41 am)
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Replying to: geoffflynn (Feb 20, 2008 6:11 pm)
Hi geoffflynn. Manufacturers' official advertised lease payments are usually decent deals. However, savvy consumers who are in areas that have a decent level of competition are usually able to beat them. If I was in the market for a new Land Rover LR3, I personally would look up its dealer invoice price right here at Edmunds.com and try to negotiate a selling price that is as close as possible to that. After I had arrived at a selling price that I was comfortable with, I would have the dealer calculate my truck's monthly payment using Land Rover's buy rate lease money factor. According to the latest information that I have seen, its buy rate for a 24 month lease of an '08 LR3 SE is an attractive .00007.
Car_man
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- #502 of 566
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Re: LR3 End of Lease Residual Negotiation [ssp1]
by Car_man HOST
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Mar 04, 2008 (2:56 am)
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Replying to: ssp1 (Feb 26, 2008 12:34 pm)
Hi ssp1. Technically the dealer doesn't own your truck, Land Rover Capital Group or whichever bank you are leasing it through does. In order to sell your truck on its lot after you turn it in, the dealer would have to buy it from the bank. They will likely be given the first shot at it before the bank takes it back and sends it to a different dealer or to auction. If you really like your truck and you want to get it certified, you may be able to get the dealer to work with you.
Car_man
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- #503 of 566
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Re: Current Lease Rates [bigjoelr3]
by Car_man HOST
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Mar 04, 2008 (2:59 am)
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Replying to: bigjoelr3 (Feb 26, 2008 3:13 pm)
Here's the information that you're looking for, bigjoelr3. Land Rover Capital Group's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Land Rover LR3 HSE with 15,000 miles per year are .00023 and 58%, respectively. The numbers for an otherwise identical lease of an '08 LR3 SE are .00007 and 58%. Land Rover is providing much better money factors on 24 month leases of these trucks than it is on 30 and 36 month leases. You're right about the residual values. You were fortunately to get a 73% resid when you leased your LR3 several years ago, boy was that out of whack. The 58% residual value that Land Rover is using for this truck now is much more realistic.
Car_man
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- #504 of 566
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Re: End of lease LR3 [jjf030]
by ctfarmboy
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Mar 25, 2008 (10:46 am)
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Replying to: jjf030 (Mar 03, 2008 6:44 pm)
jjf030
I may be doing the same lease of an HSE loaner. Can you let me know your deal? My deal is around $635/mth before taxes; 30 mths; 15,000 miles/yr; no money down.
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- #505 of 566
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Re: End of lease LR3 [ctfarmboy]
by jasonpalmer
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Mar 30, 2008 (7:00 pm)
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Replying to: ctfarmboy (Mar 25, 2008 10:46 am)
F.Y.I. I was offered $608 on a Loaded 2008 LR3 SE with Tech Pkg, Front/Rear Parking/Bi-Xenon, and Cold Weather Group - 3,000miles, Dealer Loaner for 36months/15,000 miles/yr.
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- #506 of 566
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Re: End of lease LR3 [ctfarmboy]
by jjf030
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Mar 30, 2008 (7:41 pm)
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Replying to: ctfarmboy (Mar 25, 2008 10:46 am)
My 08 LR3 HSE, has Luxury Package, Cold Weather and Sirius. MSRP was about $58,600. I paid $50,300 for the truck, then leased it for 24 mos for $735 per month, 12K miles, no money down. It was a service loaner and had 5k miles on it.
Your deal sounds pretty good, especially if it has the luxury package and all of the options. I am in Atlanta and bought mine locally here. Where are you located?
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- #507 of 566
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Re: End of lease LR3 [jjf030]
by ctfarmboy
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Mar 31, 2008 (5:16 am)
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Replying to: jjf030 (Mar 30, 2008 7:41 pm)
I'm located in Northern NJ. this thing is fully loaded HSE, sticker of $57,950. It has 8,000 miles, which means it could cost me a second round of brakes/tires - my current LR3 SE needed brakes/tires at 20k miles.
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- #508 of 566
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Re: End of lease LR3 [jjf030]
by abarry
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Apr 03, 2008 (6:45 am)
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Replying to: jjf030 (Mar 30, 2008 7:41 pm)
I am shopping for a Land Rover LR3 HSE and would like to lease. I'm in the Atlanta area as well. It sounds like you got a good deal. Where did you buy and can you offer any tips? Thx!
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