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Volvo S60, Volvo S60 R, Car Leasing, Sedan
#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!
#341 of 789 upgrade lease from s40 2.4i to s60 2.5t
Apr 14, 2007 (9:54 pm)
We are currently leasing a s40 2.4i 2004, original lease package was 48 months, 15k mi. Currently at 32 months with 36k miles. We want to trade up to a s60 2.5t, 2007, with premium and sports package, sticker price is $38k, price on lease offered is $30k. Was offered $15k for the trade in value of car (s40). Dealer offered lease package $479/mo. (through us bank) with tax, 48 mos., 12k, $1k down (first payment, tax, tags included). Reading through the forum it doesn't seem to be a good deal. Any advice? (our credit is perfect).
#342 of 789 Re: upgrade lease from s40 2.4i to s60 2.5t [mellow2]
Apr 15, 2007 (5:16 pm)
reading through the forum doesn't help you much because you have so much negative equity that you are rolling into the new car. Getting out of a lease early on a steeply depreciating car is never cheap.
There are typically 2 choices when trading in the car, either all of the remaining payments are rolled in to the next car OR the difference between trade-in value and current buyout. If you were offered $15k on the S40 ... I'm taking a wild guess and saying you are probably rolling ~$4k negative equity??? On a 4-year lease, that is probably bumping your payment up by at least $80. Probably more like $90. So if it wasn't for that negative, the deal would be under $400/mo.
Still doesn't seem great for a 4-year lease, though. Personally, I'm really opposed to leasing past 3 years.
By the way, you've driven the current car 36k miles in 32 months. So it seems a 12k/yr lease is not enough for you.
#343 of 789 Re: S60 lease in NY, opinions? [mikewilson]
Apr 27, 2007 (2:30 am)
Hello Mike. Volvo is currently providing enormous cash incentives on leases of the '07 S60 through independent banks like Wells Fargo. The exact amount of cash that is available through this program ranges from $6,000 to $8,000, depending upon the trim level of the vehicle that you want. In addition to the cash for leases through independent banks, Volvo is providing $2,000 cash on leases of this car through any source. That puts the total cash on leases of the S60 at $8,000 to $10,000! That's how the dealer you are working with was able to give you such a large discount on this car. I don't know exactly which S60 you are getting, but the selling price that you were quoted looks very attractive to me.
Prices Paid Forum
#344 of 789 Re: Need Assistance on S60 lease! [amoreno]
Apr 27, 2007 (2:37 am)
Hi Andy. You're right, there's no way that this car's money factor is .01000. Volvo Finance's current buy rate lease money factor for a completely stripped version of the '07 S60 2.5T is actually .00001. This is the lowest possible money factor for a lease. In addition to this attractive month factor, Volvo is providing a $2,000 cash incentive on leases of this car that will help you to negotiate an attractive capitalized cost. If you provide me with the MSRP of this car I would be happy to give you my opinion on the selling price that you were quoted.
Prices Paid Forum
#345 of 789 Re: upgrade lease from s40 2.4i to s60 2.5t [mellow2]
Apr 27, 2007 (2:39 am)
Hi mellow2. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.
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.
Prices Paid Forum
#346 of 789 Numbers on S60 don't add up
Apr 27, 2007 (5:14 am)
I'm currently in negotiations with a local dealer in Cleveland, OH for an S60 2.5T w/Premium package, climate, and metallic paint. Here are the details:
- MSRP: $35,725
- Due at delivery: $694 (first payment, doc, title, taxes)
- Cap cost: $25,425
- Ohio taxes added upfront (to be worked into monthly payments): $1,025
- Residual value: $12,488
- Money factor: .00191
- Term: 48 months
- Monthly payment (includes tax): $391.00
Using the online lease calculator at LeaseGuide.com, the monthly payment should be $365.25. And at 36 months, the payment should be $326.16 (the dealer quoted my $419.00). Is the dealer hiding some profit in the numbers they presented me?
Also, are the attractive lease rates that people were getting back in August ($299 for 36 months on 07 S60's) not obtainable anymore? By chance, could these appear again this summer (for 2008 models)?