Last post on Mar 14, 2013 at 8:32 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Car Buying, Car Leasing
#27 of 45 Re: Leasing brokers [wallstreet1234]
Apr 13, 2012 (2:22 pm)
One of the best leasing companies in NYC is Grand Prix Motors. I personally leased 3 cars already over the last 3 years from them. They gave me the best price and great service. Check them out www.grandprixmotors.com
#28 of 45 How to find lease money factors and residuals
May 19, 2012 (3:30 pm)
1. Unfortunately, there isn't a law requiring auto makers to publicly disclose their lease money factor rates (interest rate) or their residual rates 9calue of car after duration and miles are put on.) This makes it *very* difficult to compare lease incentives across different comparable makes, models and trims. I wish there were a law enacted that would force this information to be as clear as auto loan interest rates are today.
2. Somehow, Car_man who is a "host" on these excellent Edmunds Forums, seems to thankfully have access to nearly unlimited lease money factor and residual info from most makers, and for years has been reporting very accurate information in reply to each individual request. But he is only one man, and it can take some days for him to get back to each person. I have always been super curious, Car_man, where *do* you get this information, and how come we all can't just get to the data directly? I know of course, it's not up to you, but can you give us some insight on how you gather this info? And why edmunds.com can't or won't just publish this extremely valuable data in an open manner? Of course, thank you for all the information that you *do* pour out every day Car_man.
3. The best always accessible website that I have found that has a good amount of detailed lease info for many cars, is this link below (sorry Edmunds, it's from cars.com). It is *not* always accurate, and should be taken with a grain of salt, but I have found it to be helpful, but not nearly as accurate as Car_man. Note that this site lists money factors as a percentages, which is actually the money factor number times 2400 (for example MF 0.0006 x 2400 = 1.44%) to get a fairly comparable number to standard auto loan interest rates. Just enter you zip, and then click into each model and trim to see detail lease info.
4. Each dealer *should* be able to provide you MF and Residual for a specific car, with a specific lease length in months, and miles per year. But you have to "get involved" with a sales guy to begin to extract this kind of info. Ugh.
5. There is a company called ALG that publishes a "residual guide" each quarter of what they recommend as the residual for each model and trim, after different lease lengths of time, and different mileage usage. They *will sell* you a single copy of their "Residual Percentage Guide 2012 Models National" book for about $50 by calling the number on this link, 1-805-898-8400. The manufacturers *do not* always match these residuals all the time, but it *is* a fair way to generally see what models and trims would give you a relatively cheaper monthly payment, due to holding their value better.
Hope this helps everyone.
Nov 08, 2012 (8:44 pm)
I'm looking to do a 36 month lease on a 2013 Mini Hatchback but not sure if I'm entering a good deal. I've read some of the posts and replies on here about the residual, etc. I'm somewhat confused so came here for help. Any help is appreciated! Here is what I'm looking for and what they're offering:
Option 1 - Custom built online Hatchback, panoramic sunroof, Red, Premium Package 2, Heated Seats, Arm rest, Automatic, Heated Seats, 16" black 6 star wheels, Rooster red trim on dashboard, upgraded stereo. $25,296; Residual .65; 10,000 miles; $950 down with a $343 monthly payment
Option 2 - Same as above but with $2000 down and a $302 monthly payment
Option 3 - Premium Package 2, automatic, center armrest, (NO updated stereo, heated seats, or 16"wheels) - $$23,500; Residual .65; 10,000 miles, $908 down with a $322 month payment
Option 4 - Same as Option 3 but with $2000 down and a $289 monthly payment
Option 5 - Purchase a used 2010 Black Mini Cooper S, panoramic roof, 23K miles, NO heated seats, NO upgraded stereo, $19,500
Thanks in advance!
#31 of 45 Naive about Leasing
Feb 13, 2013 (7:31 am)
In July, I'll be returning my leased 2010 Altima. I'm starting researching early to see what my next car will be. In doing this research and finding these forums, I'm realizing how much I didn't know about the process of making a lease deal. When the dealer gave me the price on my current lease, I accepted right away because the payment was significantly less than what I was paying for the purchase I traded in to go on lease. I assumed that when I saw those lease deals offered on TV and in newspaper, everyone paid the same for the lease. I'm now finding out I was quite wrong and should have negotiated for the price.
What I'm hoping to get here is some guidance on how to begin the conversation with a salesperson regarding negotiating the price of the care the lease is based on. Can anyone offer suggestions? I would be most appreciative.
#32 of 45 Re: Naive about Leasing [rccbrandon]
Feb 13, 2013 (10:33 pm)
My first recommendation is to only deal with the internet sales people and only deal with them by email. First get the absolute best deal relative to invoice on any car on the lot (truecar is good for helping with this) then find out the buy rates for money factors and residuals. Also find out which dealer fees are mandatory and which are optional. Do not muddle the transaction by trading in a vehicle or purchasing any additional anything other than the vehicle itself.
Once you have the following information:
Selling Price after dealer discount and all incentives
Buy Money Factor
Miles / Yr
All applicable fees (lease acquisition fee, registration fee, etc)
**NEVER PUT MONEY DOWN ON A LEASE** (Also known as capital cost reduction)
Use a lease calculator to calculate the lease yourself and send the results along with the lowest quote you got by email to multiple dealers. Get the dealer to send back written verification of the entire deal. Only agree to visit the dealer in person once every last detail of the deal is ironed out.
Always remember that you have the power when you are dealing by email / phone. Once you are at the dealer they are the masters of wearing you out by taking hours and hours to agree to each concession and making you feel guilty.
Yes - this process is arduous, but if you are not so picky about the make and model and are willing to go for the best available lease deal and follow the steps above, you will save about 10% off MSRP compared to the typical dealer. You can lease $40,000 vehicles for under $300/mo and sometimes for only 24 months so that you get a new car faster.
#33 of 45 Re: Naive about Leasing [paperboyccc]
Feb 14, 2013 (10:18 am)
Thanks for the good info. Of course my eyes darted to the line about getting a $40,000 car for under $300/month. Which cars might those be? Other that going through forums on this website, is there another place I can see a multitude of current lease offers in one place? At this point, I still want something foreign, but are more interested in price than anything.
I'm definitely doing more work online/via e-mail this time. My current dealer has had me in so many times and offered bad deals, that is part of the reason I'm thinking about going to a completely different manufacturer altogether.
Feb 15, 2013 (5:08 pm)
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#35 of 45 Re: Naive about Leasing [rccbrandon]
Feb 15, 2013 (10:52 pm)
You can get an Infiniti G37. My local dealer advertises it for $259/mo. Some people got E class mercedes last month for $350/mo ($60k/car). Look through the forums and look at deals others are getting and look at advertised deals.
#36 of 45 Re: Naive about Leasing [paperboyccc]
by kyfdx@Edmunds HOST
Feb 16, 2013 (7:27 am)
Once you amortize the upfront money, the G37 lease is more like $400/mo..
Not a bad deal for a $40K car, but it isn't $269....