Last post on Nov 23, 2013 at 9:48 AM
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Volvo S60, Volvo S60 R, Car Leasing, Sedan
#331 of 789 S60 Lease advice (in my situation)
Mar 20, 2007 (4:59 am)
Im coming out early off a 2005 BMW 3Series lease, I put way too many miles.
In order for me to get out of the lease as I am "flipped" ill get into a Volvo Lease with the idea of buying at the end of the lease. This hiccup is the price Im paying for leasing and adding tons of miles.
2007 Volvo S60 2.5T black saphire w/taupe interior
Lease price $26,200 (34,200 less $8,000 dealer cash)
Add payments and over mileage of $5,100 (final amount determined at delivery date)
Payments factored on $31,300
15,000 MILES YEAR
48 MONTHS $499/MO
TOTAL OUT OF POCKET $2500.00
What are your thoughts?? Help please!
#332 of 789 Re: S60 Lease advice (in my situation) [rrm1020]
Mar 21, 2007 (11:22 pm)
Is 15,000 miles enough for you? You might want to see if you can get the same payment on a 36-39 month lease. What is the "over-mileage" charges. Volvo is offering some serious money to dealers if they use "outside" banks to do the lease on the S60. It seems that your dealer is taking off $1500 on his end
Find out what your buyout is on the lease from your leasing company. Maybe CarMax will offer more and you will be less "upside down" and go into your new lease without working the old lease in the deal. Just a thought
#333 of 789 Re: 2007 S60 R Lease quote question [fishymick]
Mar 25, 2007 (6:10 am)
Hi fishymick. X-Plan deals usually are very good. The car that you described, a well equipped 2007 Volvo S60 R has a spread of around $2,800 between its full MSRP and its dealer invoice price. I see that you are leasing it through Wells Fargo instead of Volvo Finance. I believe that Volvo is currently providing a whopping $7,000 cash incentive for leases of the '07 S60 R through independent banks. Plus there is $2,000 lease cash and $1,000 owner loyalty or conquest cash on this car right now. Combine these three cash incentives with the spread between this car's MSRP and invoice price and you have a total of around $12,800 to play with. This explains how you were given such a large discount (over $12,000). The price that you were given on this car looks pretty good to me. If you like it, I personally don't see any reason not to go for it.
Prices Paid Forum
#334 of 789 Re: CA T5 S60 lease [m.l]
Mar 25, 2007 (6:28 am)
Hi m.l. The money factor that you mentioned is different than Volvo Finance's current buy rate for this car. I suspect that your lease is being run through an independent bank rather than through Volvo Finance. Volvo is currently providing a $6,000 cash incentive on leases of the 2007 S60 T5 through independent banks plus $2,000 lease cash, plus $1,000 owner loyalty or conquest cash for a total of $9,000 in cash incentives on this car. Plus the car that you described probably has a spread of around $2,400 between its full MSRP and its dealer invoice price. This gives you a total of $11,400 or so to play with in your negotiations. You were quoted a discount of $10,608 on this car. You might be able to shave another couple hundred dollars off of this car's price if you work at it, but this price isn't bad.
Prices Paid Forum
#335 of 789 Re: lease s60 2.5 [lease1]
Mar 25, 2007 (6:30 am)
Hello lease1. You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion on this deal if you let me know what these numbers are.
The problem that I personally have with demo vehicles is that dealers never seem to be willing to provide enough of a discount for me to justify purchasing what essentially is a low mileage used vehicle over an otherwise identical brand new one. Of course, there are exceptions to this, but this generally seems to be the case with demos.
Prices Paid Forum
#336 of 789 Re: L.A. S60R lease deal [hts666]
Mar 25, 2007 (6:42 am)
Greetings hts666. The car that you described, a well equipped 2007 Volvo S60 R has a spread of around $2,800 between its full MSRP and its dealer invoice price. Given the size of the discount that you were quoted, I suspect that you are leasing this car through an independent bank rather than through Volvo Finance. Volvo is currently providing a whopping $7,000 cash incentive for leases of the '07 S60 R through independent banks. Plus there is $2,000 lease cash and $1,000 owner loyalty or conquest cash on this car right now. Combine these three cash incentives with the spread between this car's MSRP and invoice price and you have a total of around $12,800 to play with. You are being given a discount of $7,100. If this lease is not through Volvo Finance, you should be able to negotiate a lower selling price than this. If your lease is being run through Volvo Finance, this is a great price.
Prices Paid Forum
#337 of 789 S60 lease in NY, opinions?
Mar 25, 2007 (9:03 am)
I have a pending deal on a 2007 S60, with the Premium and Climate packages. Terms are:
39 months, 15,000 miles per year, $2800 total cash down (includes registration fee, taxes, first month's payment, etc.), and $342 per month.
The bank is Wells Fargo, and the cost of the vehicle (cap cost?) is $24,300... from an original sticker of 35,800. I am scratching my head at how they got the cap cap cost so low. Never owned a Volvo before, hope to be pleased.
Can anyone give me an opinion on whether or not this is a good deal, it seems like it to me.
#338 of 789 Leased today in Central NJ
Mar 28, 2007 (1:37 pm)
Just got back from Volvo of Princeton and made arrangements to lease a 2007 S60 2.5T.
Mike - I had a pretty similar experience price wise...
I'm still amazed at the discounts on Volvos - went in with interest in a S40, but the price difference was something like $15/month - WELL worth the upgrade from the S40 to S60.
I'll pick up the car on Monday, April 2nd.
36 month lease through US Bank for 18k/year
New 2007 S60 2.5T
Titanium Grey w/ Graphite interior
Premium, Climate, Satellite Radio Prep
MSRP - $35,820
Cap cost - 24,106 (!!!)
Residual - 41% (due to high miles)
Money factor - 0.00207 (or ~4.9%)
Down payment/money out of pocket - $1,648 (include acq fee, 1st month, NJ add-on fees (not state tax) etc.)
Works out to $408/month
I think that's terrific!
#340 of 789 Need Assistance on S60 lease!
Apr 12, 2007 (5:42 pm)
Hey guys. I appreciate reading all of the posts in this excellent edmunds.com forum. Car_Man (or other friends), can you tell me if this deal makes sense to you guys?
I called a volvo dealership in texas trying to get the residual and money factor numbers on a 36K/36Month lease on a basic volvo s60. Here's what they told me:
Money factor-.01 (did they mean .001?) I asked and they told me ".01 is what our computer says." if i'm correct, that's a whopping 24% interest rate. am i safe assumimg they meant .001? or do you guys have the official money factor rate for volvo financing.
they're offering me a basic s60 for $26,080. the sales manager told me that the monthly payment would be $364. i told him i don't want to put any money down and he said it was fine. the total costs would be: $365 first payment, $108 fees, $375 security deposit, and then a $80 fee (for something i do not know). did he forget taxes? as i am in texas.
to summarize: can i get a better cap price? and what is the money factor and residual?
your help would be much appreciated!