Last post on May 24, 2013 at 3:32 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Volkswagen Passat, Car Leasing, Sedan, Wagon
#471 of 1188 leasing 08 Passat 2.0T
Dec 08, 2007 (2:03 pm)
Hi, I have lots of questions!!
I currently have a 2004 VW Jetta leased that expires this June. However, I am thinking about turning it in early. I am interested in leasing a Passat but here's the thing: the website currently offers a lease on an 08 Passat 2.0T Turbo with auto transmission for $359/mo. for 39 months. On Edmonds.com I found out how to calculate a lease (http://www.edmunds.com/advice/leasing/articles/48365/article.html).
Using the MSRP of 25630 (incl. destination) and a money factor of 0.0018, I come up with a payment of $292.78 (excl. taxes and all other fees). What am I missing here? It is over a $2500 difference over the term of the lease.
Also, how would the $1500 in owner loyalty (that is currently being offered) impact the lease?
Thanks for your help.
#472 of 1188 Re: 2008 Passat Lease Deal [Car_man]
Dec 09, 2007 (12:55 am)
Hi there. I'm jumping in a little late on this one - but am looking at '08 Passats tomorrow. Saw the MF you posted for a VW 39 month lse. Do you know the residual amount (%)? Also, I assume the $3k incentive was on the '07 models? Are there any special incentives on the '08s that you know of? Thank you!
#473 of 1188 Re: leasing 08 Passat 2.0T [ramireaj]
Dec 09, 2007 (9:46 am)
I think you've got the money factor off a little. I think it's actually .00118.
Try using this: http://www.leaseguide.com/calc.htm
I was able to come up with 355 before tax
#474 of 1188 18,000 mile lease? help
Dec 09, 2007 (9:48 am)
OK - so a 15K lease has a residual of 49%
What's the residual for 16, 17, or 18??
I had a vw 18K lease before, but I don't know how this was figured.
#475 of 1188 lease, & laughter in the dealership as I drove away.....
Dec 10, 2007 (12:06 pm)
I'm nearing the end of my 2003 Passat GL lease(2 payments left) and I'm wondering if I should buy the thing right now - 10 day buyout is $10250 .
Yes, you can all stop laughing--as a leasing newbie I naively went with a five year lease (I said stop laughing!) and paid $350 a month for the privilege. I'm sure I've been fleeced and knowing that I've already paid around $20k, plonking down another 10k is a rather painful prospect, but I'm trying to separate the two scenarios.
I love the car, and it's below the allowed mileage(at 43k) and from what I can gather the price seems to be in the ballpark. It needs new tires, so if I turn it in I'll be charged for that, I'm sure. So at that point I'll have to fork out $350 turn-in fee and money for the tires and whatever else they deem above normal wear and tear, and at that point I still have to find another car that I like as much as this one. Since I'd like to get out of leasing, does it seem like a good idea to go with the buyout?
A couple of questions I have are:
How is the FL sales tax assesed? If I go with my credit union for financing, would each payment have a tax added or would I have to deal with DMV and pay a lump sum?
Also, would an extended warranty be a must, since the car is already five years old?
Thanks in advance (holds his breath for the requisite jabs at long-term maintenance costs of VW cars)
#476 of 1188 Re: lease, & laughter in the dealership as I drove away..... [fleased]
Dec 10, 2007 (12:41 pm)
fleased - While you may be been fleased with your lease, you may be able to make out well with buying it out. I would look at the market to see how much it would cost you to buy your car on the open market. If it's a good deal, why not?
Additionally, here's some advice. I actuallly bought out my 03 Passat about a year ago. VW would prefer you to buy it out, so they will attempt to incent you to do just that. They gave me $1000 off the residual, so while my residual was 12,000, I only had to pay 11,000 (plus tax of course). I just paid cash, but I think they also offered to finance it at a great rate. So, call them asap and tell them your considering buying it out, and see what they say. They may offer it to you for $9k with a great rate.
Let us know how it goes.
#477 of 1188 Re: lease, & laughter in the dealership as I drove away..... [fleased]
Dec 10, 2007 (1:20 pm)
In addition to the above advise (which is very good concerning negotiating the buyout price), I would suggest, if you do decide to turn it in, go ahead and get new tires put on beforehand. I can't be sure this would happen, but I think it is a safe bet that they will charge you more for tires when you turn it in than if you just went and got them yourself. I plan on doing this with our lease. I'll find the cheapest tires I can before turning it in.
#478 of 1188 Passat lease options
Dec 14, 2007 (3:49 pm)
Hi Car man
I have a 2004 Passat that is over miles and would like to look at terminating the lease early. Do you know if Volkswagen is running an early lease termination programs that could get me into a 08 or 07 with nothing out of pocket? I appreciate your help.
#479 of 1188 Re: Passat lease options [bunduz]
Dec 15, 2007 (11:26 pm)
It depends on when your lease is up. VW is currently running their Lease Pull Ahead program. Does your lease end between January 2nd and May 31st 2008? If so, you qualify for this. The best part is that your milage allowance is not prorated, so especially since you are over miles this is a great option. So you get to turn it in early, but you get the full milage. Additionally since you are a current owner of a VW you'll get a $1500 credit. There are additional factory to dealer incentives that you could request be passed on to you. I would suggest calling all the dealers in your area to inquire what additional incentives they may have that they are willing to pass on.
In what state are you located?
#480 of 1188 Re: lease, & laughter in the dealership as I drove away..... [qbrozen]
Dec 15, 2007 (11:39 pm)
Re: replacing tires at lease turn in: I would not buy any tires until you've had the inspection. If they pass inspection, then you should be ok. If not then go out and by "used" tires. I got some once for $50 each - challenge is they need to all match and be the correct tires. I found a great store for this.