Last post on Aug 06, 2010 at 2:34 AM
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Land Rover LR3, Car Leasing, SUV
#543 of 569 Re: 2008/2009 Lease rates [roverdude]
Jan 19, 2009 (3:48 am)
Hi roverdude. To the best of my knowledge, Land Rover is not providing lease support on either the 2008 or the 2009 LR3 right now. If this is indeed the case, it means that you would have to use its standard lease money factors to lease one right now. Doing so doesn't make sense, because Land Rover's standard money factors are terrible. Its current 24 month buy rate standard factor is .00515. The standard factor for 30 and 36 month leases is a little more palatable, yet still bad .00380.
If you want to lease an SUV right now, the LR# probably isn't the right model for you.
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#544 of 569 Update- LR3 leasing
Jan 20, 2009 (3:43 pm)
As noted in a prior post, I'm looking for a new LR3, preferably an 09'. After literally calling over 20 LR dealers in CA and other Western states I've found loads of 08's, most sans NAV or Bi-xenons, and 1 2009 (the elusive freshened LR3) in the desert.
Leasing is terrible but word from most dealers is that the new Chase partnership will allow for new attractive leasing in April when the 09's start flowing. Dealers continue to quote $15K+ off MSRP on 08's but you forego the 36 month 0% if you take the discount.
#545 of 569 2008 LR3 SE Lease
Jan 20, 2009 (11:53 pm)
I am in the process of negotiating a lease on a 2008 LR3 SE with Cold Climate Package and Bi-Xenon & Front Park Distance Control. The vehicle has 8088 miles on it and was a service loaner. The MSRP is $52,150. Initially I was offered the vehicle at $36,150. I want to lease the vehicle and their offer is 12k miles for 36 months at $766.93, with $1000 down. There is a $199 doc fee and local taxes of $1580. The money factor is .00229 and the residual value is $14455.
I have since been able to get them to drop the price to $35,688 and they have now offered a 42 month lease with 12k miles at $697 per month.
I would like to get some feedback as to how good a deal this really is. I have read some earlier posts which included some pretty low numbers for what appeared to be new vehicles.
I would prefer a brand new vehicle, but I am not sure I would get the same kind of discount
#546 of 569 Re: 2008 LR3 SE Lease [Schumi]
by kyfdx@Edmunds HOST
Jan 21, 2009 (4:05 am)
It's a terrible deal... LR isn't supporting leases right now..
At that selling price, you can buy the car for $700/mo. for 60 months..
If the LR3 is the car you want, that's what I would do..
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#547 of 569 Re: 2008 LR3 SE Lease [kyfdx]
Jan 21, 2009 (11:28 am)
Thank you for the quick response kyfdx. The lease is actually not thru Land Rover, but a local Colorado bank.
My fears with purchasing the vehicle is that then I will need to get additional warranty coverage for the last couple of years. From what I have been reading in some of the posts is that there can be quite a bit of maintenance issues that crop up after the first few years. In addition, all of the service will be included in the lease, since we won't put that many miles on the vehicle.
I love the look, drive (especially off road), and space of the vehicle, but I am not sold on its long term reliability and I thought that I might try it for 3 years. Based on the ~$14k residual, I could finance that over 2 years and be at the same place at the end of 60 months.
Do you know of any better deals with leases? Should I push to get the money factor lowered? Should I get them to throw in some extras with the lease?
#548 of 569 Re: 2008 LR3 SE Lease [Schumi]
by kyfdx@Edmunds HOST
Jan 21, 2009 (11:42 am)
Your dealer probably has the best independent lease deal available on his computer.. Of course, it's almost impossible to know how much he might be marking up the rate, or if he has more room to move down in price. You can always check a website like leasecompare to see what they are offering.. to see if the dealer's bank is competitive...
I share your worry about Land Rover's long term reliability, and resale...Having the option of just turning it in is a nice insurance policy. I just couldn't swallow a $700 lease payment on a $36K car... For that amount of payment, I'd be looking elsewhere, but you probably like the car more than I do..
Sorry I can't be of more help..
#549 of 569 Southern California
Feb 16, 2009 (11:03 am)
I have been searching dealers for the best price on a 2008 LR3. I have one tell me he will take $17k off MSRP. My wife fell in love with her friends. It is a great truck to drive.
It is true there are really no 2009's and the 2010's will be out late spring?
Is a lease out of the question??
#550 of 569 Re: Southern California [murphy4]
Feb 26, 2009 (3:49 am)
Hi Murph. There is indeed a 2009 LR3. They should be at dealers now.
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#551 of 569 LR3 Lease Ending - Need Advice
Mar 13, 2009 (12:51 am)
In May 2006, I leased a 2005 LR3 SE that already had 1600 miles on it at the following terms: 36 month, 15,000 miles/year at $728.44/month (7.5% tax included) with $943 out of pocket (Including the first month payment and paper work. There was no need for security deposit but I will have to pay a disposition fee when I return the car at the end of the lease.)
I was told by the dealer that the MSRP of truck at that time was $50,770 and that their selling price was $40,770. The options on this truck included GPS, cold weather package, and the lighting group. The dealership also told me that there were a couple thousand dollars worth of additional dealer-installed options that they were not counting in the pricing such as wood grain dash, trailer hitch...I also had a trailer braking system installed afterwards.
A few days ago, I got a call from Bank US that since my lease is ending in two months, I could either return the truck at the end of May or buy it from them for $23,465 plus any taxes, fees and "other charges". On the other hand, they told me that they would also entertain an offer from me on the purchasing price.
I would like to seek your advice on: (1) Are there any reasons that I should walk away from this truck at the end of the lease, e.g., some known reliability issues on 2005 LR3, high maintainence costs, etc? (2) If I should go about making an offer, what is a good starting dollar number in your opinion? (3) If I should decide to return the truck, should I do anything in getting the truck ready before returning it to avoid additional charges from the bank?
BTW, I have about 41000 miles on the truck at this time and its conditions are OK in general. I have already bought another truck (a 2008 GMC Sierra 1500) late last year but could use the LR3 as a spare vehicle.
#552 of 569 Re: LR3 Lease Ending - Need Advice [s.k.]
Mar 13, 2009 (4:46 am)
To be honest with you, $23,000 is kind of high for a 2005 with 41,000 miles on it. I just traded in my 2007 LR3 HSE with 20,000 miles on it. I bought a 2008 LR3 HSE in the high $38,000. When I went back to the dealership to pick up my plates they had a 2006 LR3 HSE with a little over 20,000 miles on it for the low $20,000s. If you are going to buy a car at this time, remember you have more negotating power then ever before. Take advantage of it and push for what you can get.
These prices related to a dealership in the DC area.