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Land Rover LR3, Car Leasing, SUV
#89 of 569 Re: Did I get A Bad Leasing Deal On a 2005 LR3 SE? [s.k.]
Jun 19, 2006 (2:00 am)
Hi s.k. It certainly sounds like the dealership that you dealt with pulled the old bait and switch on you. The truck that it advertised in the paper is nothing like the one that they were actually selling, it was a different model year, had less options, never mentioned the mileage...etc. That would have left a really bad taste in my mouth right off the bat. Let's see how much it would have cost you to lease a 2006 LR3. Let's assume that you were able to get the truck that you mentioned, an '06 LR3 SE V6 5-Passenger with an MSRP of $51,050 and a dealer invoice price of $46,520, for $500 over invoice. Using these prices and Land Rover's actual lease program I estimate that your 36 month, 15,000 mile per year, zero down, pre-tax monthly payment should be around $654. Unfortunately now that you have signed the lease for your '05 LR3 and have physically taken delivery of it, there really is not anything that you can do to unwind your deal. Just chalk it up as a learning experience and research your next lease thoroughly before committing.
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#90 of 569 Re: Lease Quote [ahgouah]
Jun 19, 2006 (2:18 am)
Hi ahgouah. I'm surprised that you were quoted such an attractive money factor for this truck. The last time that I saw its lease program, Land Rover's buy rates lease money factors for it were .00132 for 24 months and .00202 for 36 months (I have not seen its 30 month numbers). these are equivalent to interest rates of around 3.17% and 4.85%, respectively. Perhaps the 30 month money factor that you were quoted was .00161. Let's use Land Rover's actual lease program to estimate what this truck's payments should be. According to my calculations, if you were to lease a 2006 Land Rover LR3 HSE with an MSRP of $55,950 and a selling of $51,352 through Land Rover Capital Group right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $673. Interestingly, the payment for an otherwise identical 36 month lease is not as attractive, at around $724. The payments for the V8 SE model will probably be a little lower than this because it is a less expensive truck.
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#91 of 569 Re: Lease Quote [mrchili]
Jun 19, 2006 (2:19 am)
Congratulations on your new truck, mrchili. Thanks for taking the time to share the details with everyone. Enjoy!
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#92 of 569 Re: Lease Quote [sanman5]
Jun 19, 2006 (2:22 am)
Hi sanman5. That is an attractive monthly payment. Of course, it will be higher than that for a $0 down lease. I'd be happy to work up a payment for you on any truck that you are considering, exactly as you want it equipped, if you provide me with its full MSRP and approximate selling price.
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#93 of 569 Got my SE Yesterday
Jun 19, 2006 (5:01 pm)
Here's my deal. SE with every possible option. MSRP 55,025, invoice was 50,147 + 500 RAG Fee (advertising fee) + 120 for mats for a selling price of 50767. I went with the 24 month/10500. I probably should have just done the 15k miles, but thought it was 20 cents/mile for overage and it turned out after the deal was agreed to that its now 25 cents per mile.
Anyways, money factor was .00157 and residual of 74% or 40718.50. Payment with 8.25% sales tax here in Los Angeles came to a total 0f $610 per month. Had to put down $1998 for first payment, tags, acquisition fee 595 and went with the wear care for $350 because I will undoubtedly beat the crap out of this thing off roading. We'll see if it was money well spent.
I requested information from Land Rover to see if the $1500 off coupon would come but the wife got tired of me looking for a car so couldn't wait any longer. If the coupon shows up I will be pissed.
Anythoughts on whether this was a good deal?
#94 of 569 $1500 Off Coupon
Jun 20, 2006 (11:22 pm)
Wouldn't you know it. 2 days after I did my lease, Land Rover sent the $1,500 off coupon in the mail. I even inquired to Land Rover directly whether they would be sending it out. They said no.
I am going to the dealer tomorrow to demand my $1,500. Wish me luck.
By the way, just request information from Land Rover on the website and they will send the information to you. The coupon is valid until 7/31/06 for purchase or lease.
#95 of 569 Re: $1500 Off Coupon [bigjoelr3]
Jun 21, 2006 (11:17 am)
mine was valid till end of June, so I guess it depends on when they mail it. . . .
but good luck anyway, glad someone else took advantage of my advice.
#96 of 569 Re: $1500 Off Coupon [mrchili]
Jun 21, 2006 (3:53 pm)
Dealer was great about giving me the discount after the fact. I upgraded from 10500 miles to 15k with no increase in the monthly payment. That is going to save me more like $2250 not 1500 because I was already planning on driving the 15k per year and paying the overage at the end.
Funny thing, this morning they also emailed the coupon to me as well.
#97 of 569 Re: $1500 Off Coupon [bigjoelr3]
Jun 22, 2006 (9:30 am)
yeah they did that to me also via email, but my email expired the end of May and they sent it in June, so good thing they sent the snailmail valid till the end of June.
It dropped my payment from $596 to $531.
#98 of 569 2006 V8 HSE in NJ
Jun 22, 2006 (6:12 pm)
Just Got into a Black/Black V8 HSE demo at Land Rover in Woodbridge NJ. Vehicle has 2,500 miles on it w/luxury pkg & All season mats. The deal was as follows:
Total out of pocket: $2,022.00 (Incl. 1st payment, Wearcare, Aquisition fee, tags, title, etc.)-(No coupons)
Terms: $634.88/ month for 24 mos. at 15k miles per year. I think they also have a Silver/Alpaca available for any takers. Hope I didn't get screwed, and that this helps.