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Prices Paid: Buying & Leasing Experiences Volvo S60 Lease Questions
554 messages, Last post on Oct 07, 2008 at 8:28 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: volvomax (May 04, 2006 10:12 am) Actually, if I use Edmunds default lease rate of .0029 and knock the additional $5k off the cap cost, I get a payment of $601.98, so just $1 more than paying invoice at the subsidized rate. So if one could manage to find a bank or credit union with a lower lease rate than .0029 and the same residual value, then they'd be better off than taking Volvo's deal. Feel free to correct me because leasing is still quite foreign to me. |
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Replying to: qbrozen (May 04, 2006 11:40 am) Bank residual is 43%, not the 53% it is w/ VFNA 
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Replying to: volvomax (May 04, 2006 12:13 pm)
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Replying to: qbrozen (May 04, 2006 12:18 pm) Then, you just turn it in at the end and let the finance co take the hit. |
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Replying to: qbrozen (May 04, 2006 9:17 am) Yeah... the MF is good, very good. The dealer is telling me there really are no incentives on this car... too much of a niche market. Anyone hear different? So here is where I am... MF .00059 RV 53% MSRP 45,180 Price 42,930 (says it is just 2% over invoice) 36mo/15k miles Monthly payment $673 ($589 + $32 sales tax + 51 excise tax (a MA thing) Out of pocket: $1718 It just seems really high to me, from what I have been reading in these forums. Using the calc on Leaseguide.com it comes out to $566 plus $28 for tax. Thoughts?
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Replying to: ecoastharley (May 05, 2006 7:53 am) I have no idea what that extra tax is. If you say its mandatory in MA, then I guess there's nothing you can do about it. Personally, I think 2% over invoice is still too much. With the huge incentives on purchases Volvomax and I were just talking about, I don't think you should be paying much over invoice at all (or even exactly invoice). In any case, I'd ask the dealer why their calculations are not jiving. Are you SURE that $589 doesn't already include the tax? Because when I put those numbers into edmunds calculator and use 5.5% tax rate, the total payment comes to about $590 (which, by the way, is $561 + $30 tax, so a bit different than leaseguide told you). Another question is, what are all the fees? Are they adding in additional costs that are not being covered by your $1700 down, and, therefore, are being rolled into the payment?
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Replying to: qbrozen (May 05, 2006 8:35 am) Yeah.. the first time around I think the dealer had more of a deposit in the calculation. The $589 does not include taxes... it breaks down with $589 + $32 (5% sales tax) + $52 (Called excise tax, state vehicle property tax - I think it is a MA thing) Usually it is not in the lease, we get annual tax bills... but this lender adds it to the monthly payment. So I guess it is really closer to 589 + 32 = $621 with normal lease and tax payments. The fees are like this: 1st month payment- $673, Reg- $81, Doc fee $289, and Security $673. Total of $1,718 (rounding errors I guess) Now when I ran these figures in Edmunds I am getting like $672. But... not sure I am running them correct. This is my first lease, can you tell?
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Different car, still loaded, no nav. MSRP 43,600 Lease 39,500 RV 53% MF .00059 15k mile/36mo Due at signing $1,500 Payment is $598 (Really $546 if you don't include the MA Excise (property) Tax) I think this one looks pretty good... mid 5's is where I wanted to be. Thoughts? Thanks in advance. |
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Replying to: ecoastharley (May 05, 2006 10:50 am) Are you using the MSRP in the top box rather than the purchase price? That box is for purchase price. Also, the residual is calculated off the MSRP, not purchase price. So your residual number is like $23k and change. Then, of course, enter your tax rate and MF.
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Replying to: qbrozen (May 05, 2006 1:50 pm) I am pretty happy with the number, so I think I am going to pull the trigger. Thanks everybody for the assistance. |
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