Last post on Aug 06, 2010 at 2:34 AM
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Land Rover LR3, Car Leasing, SUV
#528 of 569 Re: LR3 Lease [postermike]
Aug 20, 2008 (2:16 am)
Hello postermike. According to the latest information that I have seen, 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 10,500 miles per year are .00213 and 64%, respectively. Using these numbers, an MSRP of $57,950, and a selling price of $46,475, I estimate that this truck's zero down, pre-tax monthly payment should be around $570.
Prices Paid: Buying & Leasing Experiences Forum
#529 of 569 Re: LR3 Lease [Car_man]
Aug 26, 2008 (8:50 pm)
I am in California and wanted to lease a fully loaded 2008 LR3HSE (3 years, 15K miles per year). I got written competitive bids from five local dealers through checkbook.org (a non-profit car buying service that several friends had used with excellent results); none of the dealers were using Land Rover Capital. When I called the dealers and checkbook.org to inquire, I was told that LRC had ridiculously low residuals and incredibly high money factors, so all the dealers had switched to US Bank. Then the bottom fell out of the lease market, with several manufacturers saying they would simply not lease any cars. While the lowest bidder discounted the car over $4K below invoice, the residuals with US Bank went down in a matter of days from 42% to 35% for a 39-month lease, with a money factor of .00192. Still no one was using LRC for the leases. Do you have any information that would shed some light on this? It was all very strange. Thanks for your input.
#530 of 569 Re: LR3 Lease [marcz]
Sep 01, 2008 (10:57 am)
marcz, sorry to hear about your problem. I'm planning an LR3 lease also and I'll be contacting checkbook this week or next. I used them on my last two purchases with great results. I'm sure if you contact them and tell them your problem, they will revise your information.
What were the better lease rates they quoted you on the LR3. I'm trying to decide between a lease and purchase but leaning towards lease. I know you can get good deals on 2008 purchases. Not so sure about the leases.
#531 of 569 Re: LR3 Lease [moejojojo]
Sep 02, 2008 (9:24 pm)
Checkbook got quotes from 7 dealers, all of whom were using US Bank, not Land Rover Capital. All of the dealers quoted identical residuals for a 3-year, 15K mile HSE lease (42%) and identical money factors (.00236); all had a $795 acquisition fee but no security deposit. The best cap cost was $4K below invoice. I had to lease for business reasons, but even the dealer was pushing a purchase as a much better deal. Be sure to ask about shorter and longer term leases, as well as the SE vs. HSE; I think the numbers would be different, and you can never tell which combination will produce the lowest payment. Also, if you can do 10K or 12K miles that will also make a difference. Good luck.
#532 of 569 Lease is up, what now?
Dec 23, 2008 (10:03 am)
So I have an LR3 coming to the end of a 2 year lease. I love this car and in the MA current weather it has come into its own. But what next? Should I buy it at the end of the lease? If so, how much negotiation power do I have? or can I negotiate a reduced lease rate for another 2 years? or is it worth just leasing a new one?
Currently I got 630 all taxes included for an HS with wood, running boards and other bits and pieces. 10.5k a year which is fine for me.
We have very good credit scores...but the whole car environment has changed. What should one do?
#533 of 569 Re: Lease is up, what now? [britman4]
Dec 24, 2008 (2:59 am)
Hi britman4. In order to determine whether you should purchase your vehicle 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 it states your car or truck's purchase option price on your lease contract, you should place a call to the bank 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".
Having said all of this, the market for used vehicles, particularly trucks, has absolutely imploded over the past several months. If I had to make an educated guess, I would say that your LR3's end-of-term purchase option price is likely much higher than this truck's actual value on the open market at this time. If so, you will be better off just walking away from it at lease-end.
You might be able to re-lease this truck, but given the lack of support on used vehicle leases chances are that you would be able to get a better deal on a lease of a brand new Mercedes or Lexus.
Prices Paid: Buying & Leasing Experiences Forum
#534 of 569 Lease LR3 in 2009?
Dec 25, 2008 (6:46 pm)
I've been hearing Land Rover will start an aggressive lease program for the LR3 in january -- have you heard anything about this? Current lease deals are not so good!
#535 of 569 2009 MY LR3
Jan 06, 2009 (11:15 am)
Understand LR will release 2010 MY LR3's in May of 2009 which will mean many dealers won't even be ordering the 2009 models. Can this be verified ? Also wondering what big changes are in store for 2010 MY to prompt this move by Land Rover...
#536 of 569 Re: 2009 MY LR3 [gillz]
Jan 06, 2009 (12:28 pm)
The 2010 MY LR3 will be the 2009 Discovery that is now on sale in the United Kingdom. You can see pictures and details by going to the LR site and entering the United Kingdom area instead of the U.S.
The most significant changes are to the body with body colored fender flares & Bumpers and the door handles that are now the matte silver color, like the current Range Rover Sport. Minor styling cues are also noticable, but not dramatic. They are also changing the interior colors from Alpaca and Black to a choice of Almond, Tundra, & Ebony. The Almond and Ebony are just like the 2008 Alpaca & Black. The Tundra is a gray.
Strangely enough, the current 2008 MY vehicles that are sitting at the port and were built after October, 2008 are using the 2008 MY body (black fender flares/bumbers) but the 2010 interior colors.
There are TONS of 2008 LR3s sitting at the ports so LR will be dealing extensively on these until the 2010 models arrive in May, 2009. Currently there are some deals on New (not demo) LR3 HSE w/ Luxury - MSRP $57,950, sales price - $40,100.
#537 of 569 Re: 2009 MY LR3 [postermike]
Jan 06, 2009 (6:15 pm)
Which dealership is offering the HSE LR3 for $40,100?