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Saab 9-7X, Car Leasing, SUV
#26 of 85 Good Deal of Not
Aug 10, 2006 (1:50 pm)
I currently have a Saab 9-3 with 5 payments left at $332.
The dealer said Saab will pull me ahead on 3 of those payments and the dealer will eat the other 2. I was told I also get some loyalty credits, etc.
2006 9-7X 4.1
Has NAVIGATION & DVD (does not have the touring package) MSRP $42,535
27 month lease (71% residual)
$1264 due at signing ($177 Registration, $275 dealer fee, $670 bank fee, and $142 sales tax) my sales guy told me they are waiving 1st month’s payment and no security)
Monthly payment $440
He said he can put me in a 5.3 with Navigation for $465 and a 5.3 with Navigation and DVD for $479.
Seems to me these are all great deals? I know many who have bought/leased from this dealer and felt they were honest. Please advise if these are bad/decent/great deals.
Thanks a lot.
#27 of 85 Re: Good Deal of Not [sbr3500]
Aug 15, 2006 (7:54 pm)
I just leased a 9-7X yesterday. That does sound like a good deal, although you should find out some other important numbers: The actual selling price, and the money factor. Tell him to put together a contract and fax it to you before you go to his store. It's MUCH easier to study a contract at home than it is at a car dealership.
A couple of things, though: The bank fee seems high. I (and most people) are paying a $595 bank/acquisition fee. And a $275 dealer fee? That's a load of crap, trust me.
#28 of 85 Re: Good Deal of Not [mister_mark]
Aug 16, 2006 (7:48 am)
Hey Mister mark,
What did you pay for your lease and what did the car have on it?
#29 of 85 My leasing experience
Aug 16, 2006 (10:07 am)
Here's what I got:
27-month lease on a 2006 9-7X 5.3i with Navigation
Negotiated sales price: $40,234 (the invoice price)
Residual value: $30,696.85 (71% of MSRP)
Money factor: .00154 (3.7% APR)
10,000 miles per year (I chose this lower number to get a higher residual value. I work at home and never drive more than this in a year.)
No down payment
No security deposit
No disposition fee
First month's payment waived (a.k.a. A free month!)
Drive-off cost: $66.88. This is made up of the sales tax on the rebate ($58.13) plus the California tire fee ($8.75). They said this was the lowest drive-off cost they've ever seen at their store.
Registration ($326), acquisition fee ($595), and document fee ($45) were included in the total cost of the lease.
Monthly payment: $510.27 (again, the first month's payment was waived, which is great)
My only concerns about the lease I signed:
1. The salesperson/assistant manager/finance manager cannot explain how my finance charge was calculated other than to say, "I entered it in the computer and that's what I got." She suggested I call GMAC to have it explained. I did that, but they said they couldn't help me until my contract is "in their system", which will take 3-4 weeks. It's not a big deal, really. They say I'm paying 3.7% APR; I see it as being close to 3.8%. The difference amounts to about $3 extra per month.
2. Although the salesperson/assistant manager/finance manager said I was not being charged sales tax on the registration, I'm sure I am. I don't see how I couldn't be. The registration fee, acquisition fee, and document fee were added to the price of the car, and in turn, to the amount of depreciation that I have to pay over the 27-month lease. When you make lease payments, every payment is taxed. I called the DMV to ask about the legitimacy of this. They said (with a regrettable sigh), "Yeah, they can do that." This amounts to about $2 extra per month.
Considering, however, that if I had paid the registration fee, acquisition fee, and document fee up-front, that would have been $966 more out of my pocket. Interest rates are decent enough that makes keeping the money in a bank account nearly negates the extra few dollars per month that I believe I'm paying.
I would still say that this was a decent experience and transaction. The salesperson was incredibly patient and helpful over the 2-day period that I took to work this out. We must have exchanged at least 30 emails and several phone calls before coming to an agreement (I had lots of questions), and even then I asked to have a copy of the agreement faxed to me before I came to their store. You probably won't be surprised to hear that some dealers refused to even talk with me about the details of a lease unless I came to see them in person, and some ignored my emails entirely.
#30 of 85 Re: My leasing experience [mister_mark]
Aug 16, 2006 (11:15 am)
Sounds like you got basically the same deal I did. Had you paid the 966 up front, your payment would have almost the same as the $465 i was quoted on that car. I chose the smaller engine with nav and dvd for $440. I drove my other saab 8,000 miles over 31 months. I take the train from CT to NYC everyday. It's basically a train car and I use it on the weekend. Sounds like we both did well.
#31 of 85 Re: My leasing experience [sbr3500]
Aug 16, 2006 (11:38 am)
Yeah, I would have gone for the smaller engine too, but apparently, there were no more '06 black/black 4.2i with navigation anywhere to be found. I'm happy with what I got.
Did you calculate your rent charge to the penny as I did? (I know I'm more interested in precision than a lot of people. I think I drove my salesperson nuts.)
#32 of 85 Re: My leasing experience [mister_mark]
Aug 16, 2006 (12:17 pm)
Picked up the car last night (black with Tan).
The rent charge was 3.7% and the car price was just a hair over $39,000 (I think). I called my salesman (same one as other Saab I had) and told him 2 things: 1.) sharpen the pencil on the numbers as tight as possible so I don't get tempted to call other Saab dealers in the area & 2.) If I don't like the deal I am going to wait until my lease is up and drive everything before making a decision(MDX, Tourag, Etc.) I had 5 payments left and the dealer paid the last 2 and Saab pulled ahead on the other 3.
After that, I felt confident I was getting a good deal based on information on the internet and I trust the guy. My sales guy spent 10 minutes on this deal. I am in Greenwich, CT ... they got the car from a dealer in Mass ... was the only left in the northeast.
It's a cool car, I like it so far. I drove it 1.2 miles to the train this morning!
#33 of 85 Re: My leasing experience [sbr3500]
Aug 16, 2006 (12:28 pm)
Yeah, I was told the rent charge was 3.7% too, but the only way to really know what you got is to calculate it yourself. It's a little complicated, but certainly doable.
Here's the formula to use according to leaseguide.com (the info can be found at http://www.leaseguide.com/lease08.htm):
Rent Charge ÷ ( (Adjusted Cap Cost + Residual) x Term ) = Money Factor
To convert the money factor into your interest rate, multiply the money factor by 2400.
This is the only way to make sure their math is correct. If you calculate it, let me know if it looks correct to you. Mine appears to be more like 3.79%.
If you need help, let me know.
#34 of 85 Re: My leasing experience [mister_mark]
Aug 16, 2006 (12:43 pm)
I signed the lease on the dotted line. I don't live in the past and Math is not my specialty. Do you really care at this point knowing if it was exactly 3.7 or 3.79?
What I care about is that I forget to ask of the NAV replaces the 6 disc DC and I think the car only has 1 CD ... Am I wrong??? ... Need to play with it tonight on my 1.2 mile drive home.
#35 of 85 Re: My leasing experience [sbr3500]
Aug 16, 2006 (1:03 pm)
Well, I do care about my money, so if I'm told something is going to cost a certain amount and it turns out that there were hidden charges, then yeah, it would bother me.
I'm not "living in the past". I just like to understand the contracts I sign, not only for my own benefit, but so I can help others in the future.
Even the finance manager told me that she didn't understand how the lease was put together! Something's wrong with that. I think a business should be able to explain their charges.
About your question, yeah, the NAV can only hold 1 CD at a time. The NAV replaces the 6-disc player.