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Prices Paid: Buying & Leasing Experiences Subaru Impreza Lease Questions
297 messages, Last post on Oct 31, 2009 at 7:26 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: bdumitru (Apr 19, 2007 9:09 am) You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. 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". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle. The fact that you want to lease another Subaru through Subaru Finance probably will not make much of a difference. If you decide to lease a 2007 Impreza WRX Sedan through Subaru Finance right now for 48 months with 15,000 miles per year, its buy rate lease money factor and residual value would be .00245 and 56%, respectively. When negotiating your lease on this car, make sure to take the $500 lease cash that is currently available on it into account. Car_man Host Prices Paid Forum
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Hi Car_man, First off, thank you for your detailed reply. This forum lives up to Edmunds.com reputation. I've read my current lease contract in detail. It allows me to end the lease early, provided I pay: I - P - R + F, where: I = Invoice. P = Payments made so far (the part credited towards depreciation). R = Realized value of the vehicle (that me and the dealer agree upon). F = turn-in lease fee. Now: I = 17,000 (in contract), F = 300 (in contract). Then, hopefully: P = 175 * 13 = 2,275, since I've made 13 payments of 225 = depreciation 174 + rent charge 35 + tax 10%. R = 13,415, since that's the trade-in value appraised by Edmunds.com, for 12K miles, outstanding condition. So I'd have to pay 17,000 - 2,275 - 13,415 + 300 = 1,610. Now, since R is negotiable, the end result may vary; I assume/ hope it won't go north of, say, 1,900. I could factor that in the new lease and pay approx. $40 a month. I know, paying money for a car I won't be driving... Can you please tell me if my process of thought is far off? That is, am I dreaming dreams here or is this actually possible? (I did read the contract very carefully). I mean, having a $2,000 negative equity doesn't sound exactly like a dream, but... I want the WRX really bad.  Please let me know of your thoughts. Thanks, --Bogdan
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Hi Car_man, A couple more things, sorry for bugging you: on my current lease I got a 2.9% APR (through Subaru Finance, May 2006) and a bad residual value (aprox 47%). I see that the APR you quoted for the WRX for April 2007 (right now) is significantly worse, i.e. 5.9%, but in the same time the residual value is way better, i.e. 56%. So... (A) Do I stand any chance of "keeping" the old APR for the new lease? Or was that just an offer that I got last year, and I got it because it came with a bad residual? (B) Any "prediction" for the incentives for May 2007, through Subaru Finance? That is: APR (or money factor), residual, cash rebates? For leasing a WRX (possibly Limited), 48 months, 15K miles/year, I mean. (C) Can you please tell me where do you get these numbers from? Googling "Subaru Finance" yields no good results... Thanks so much, --Bogdan
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Replying to: Car_man (Apr 25, 2007 1:38 am) do you have the current residual and MF for 2007s? 24 month, 12 & 15k. Also, with the next gen 08 comming out soon - would you say that the value of leftover 07 would drop significantly? How will the selling prices be affected? Thanks
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Replying to: bdumitru (Apr 25, 2007 8:43 am) Car_man Host Prices Paid Forum |
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Replying to: bdumitru (Apr 25, 2007 8:49 am) I believe that Subaru's May lease program for this car is pretty similar to what its April lease program was like. I am not aware of any resource that provides accurate information on manufacturers' current lease programs to the general public. Car_man Host Prices Paid Forum |
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Replying to: cky3396 (May 05, 2007 9:53 am) I am not intimately familiar with what the market is like for the '07 WRX right now, but I suspect that dealer will be fairly anxious to unload their leftover '07s before the redesigned '08 model arrives. You may be able to get an idea of what you will have to pay for one right now by visiting the following discussion: "Subaru Impreza & Impreza WRX STI: Prices Paid & Buying Experience". Car_man Host Prices Paid Forum |
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Car_man, everybody, Thanks a lot for your help. This forum was an invaluable resource for me in my car leasing experience. To give back a bit, I'll share the details of my business. I traded in a 2006 Impreza Sport Wagon, 2.5i, manual, 11,800 miles, exceptional condition. On that car, I had obtained a 2.9% APR for 4 years, 15K miles/year. I negociated its value to something really close to $14K (a few good hundreds over Edmunds' trade-in value). I got a brand-new 2007 Impreza WRX, sedan, Limited Package (additional option: auto-dimming mirror w/ compass), stick-shift of course (I'll kill myself before buying an automatic, hehe). I negociated it down to a tad bit over $26K. The residual was a bit south of 50% and the APR was under 6% (same deal: 4 years, 15K miles/year). To wrap up: the base Impreza is a great car for the money, and its little engine does wonders when revved up. It handles well, and the AWD sends traction appropriately. However, it's no match for the WRX, neither in price nor in performance. The WRX pretty much leaves the competition in the ground... it really takes something along the lines of an STI/ Mitsu Evo/ Carrera/ M3/ S4 to beat it. The Limited Package is a nice plus... my girlfriend loves the heated seats, hehe. Bottom-line: get yourself a WRX, turn off the stereo, roll back the sunroof and enjoy the music of the turbo. Thanks everybody, --Bogdan, WRX FTW
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Hi, Does car_man (or someone else) have the current money factor and residual for an Impreza 2.5i, at 36 months, 15k miles per year? I'm in California. Thanks. |
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Replying to: bdumitru (May 21, 2007 5:49 am) How did you not get killed with money owed on the 06 sport wagon? I'm trying to trade in an 05 legacy GT wagon to lease an 07 wrx sedan and I'm getting killed with money owed. Plus, since we bought the car, we have made higher payments and I'm still getting killed. Stephen |
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