Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Prices Paid: Buying & Leasing Experiences Saab 9-7X Lease Questions
85 messages, Last post on Sep 12, 2008 at 2:15 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
|
|
|---|---|
|
Here's what I got: 27-month lease on a 2006 9-7X 5.3i with Navigation MSRP: $43,235 Negotiated sales price: $40,234 (the invoice price) Residual value: $30,696.85 (71% of MSRP) Money factor: .00154 (3.7% APR) $750 rebate 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.
|
|
|
Replying to: mister_mark (Aug 16, 2006 9:07 am)
|
|
|
|
|
Replying to: sbr3500 (Aug 16, 2006 10:15 am) 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.)
|
|
|
Replying to: mister_mark (Aug 16, 2006 10:38 am) 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!
|
|
|
|
|
Replying to: sbr3500 (Aug 16, 2006 11:17 am) 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. 
|
|
|
Replying to: mister_mark (Aug 16, 2006 11:28 am) 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.
|
|
|
|
|
Replying to: sbr3500 (Aug 16, 2006 11:43 am) 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.
|
|
|
Replying to: mister_mark (Aug 16, 2006 12:03 pm)
|
|
|
...is just a rough calculation... It doesn't come out exactly the same... Generally, when converting from the money factor and multiplying by 2400, you will overstate the interest rate charged... The conversion assumes that the same amount is subject to interest over the life of the lease, but if it were a true loan, the balance would be higher in the early part of the lease, and lower later... Of course, leases don't work exactly like that, so the conversion isn't exact. regards, kyfdx
|
|
|
|
|
Replying to: sbr3500 (Aug 16, 2006 12:15 pm) Most people do focus on the monthly payment. It's understandable. |
|
You are here:
Forums
Prices Paid: Buying & Leasing Experiences Saab 9-7X Lease Questions
New? Join Now!
Forum Tools
Search Forums
Browse by Vehicle
2009 Saab 9-7X
Browse by Board
Browse by Topic
Today's Chats
