I need your help please! I just sold my G35 Coupe and leased an 06 G35 Sedan - live in ATL with two small children and a 2 door with manual transmission was no longer practical - it was painful giving up my baby! So yesterday I signed the papers on a loaded 06 G35 sedan - money factor of .00052, resdual value of 67%, 24 months, 12K miles/year, car price supposedly a couple hundred UNDER invoice (MSRP was $38,200). Well, I had crunched the numbers inside out making assumptions on the money factor and residual value %, but not until I was sitting with the Finance Manager did I get the true money factor and residual value %. That's when it got hairy - here's what happened:

- I questioned the Market Value cost of the car on the Proposal that the salesman originally gave me the day before vs. the lease agreement - that the proposal cost of the car was significantly less than the $35,613.75 that was on the lease agreement.
- The salesman and the Finance Manager mentioned that the original Proposal must have included the Infiniti $2,500 dealer cash back incentive that is not applicable to leases. I said okay - makes sense, but I am still getting the car at under invoice, right?
- The Finance Manager showed me and salesman the computer screen displaying that they were taking a loss on the car of $246 - $246 under invoice.
- I didn't have any of my actual MSRP/Invoice numbers with me to validate that $35,613.75 (the price I was paying for the car) was $246 under invoice, but based on what the Finance Manager stated, I assumed that $246 under invoice was $246 under invoice. (Note: This is very unlike me to not have the numbers with me, but I didn't intend on doing the deal on the spot, but they offered to buy my Coupe for more than I was expecting assuming I would close the deal that day.) With that said, I went ahead and signed the papers.
- Well, I got home and began analyzing the numbers and what I actually paid was $711.45 over invoice - a difference of $957.75 between what I paid and what I thought I was paying ($35,613.75 vs. $34,656.00).
- The difference in lease payment per month resulting from the $957.75 difference is $42.83 more ($538.53 vs. 495.71) - $1,027.91 over the life of the lease.
- Like I said, when I originally ran the numbers the original monthly lease payment of $525.11 seemed reasonable, but that was without knowing the money factor or residual value % - in light of knowing those two variables now and the difference in the actual amount paid for the car - I do not feel that I got the best deal.

Problem is that I already signed all of the papers; however, I have not turned my car in yet or taken possession of the new leased car - planned on doing that Monday morning. I realize that I aleady signed the papers and if what's done is done, then I will have to live with my mistake of not more thoroughly evaluating the numbers before agreeing to the terms - however, I want to ask in good faith that a new contract be drawn up with the adjusted figures as I feel like I was misled by the original comments made regarding the dealership taking a loss on the car of $246.

I would greatly appreciate feedback from anyone willing to provide some. Do I have so much time to back out of the contract and walk away? Is that a state by state law? Is it 48 hours? I Googled that question and could not find anything.

Again I would certainly appreciate any wisdom you may have regarding this matter.

Thanks in advance!

 

I'm pretty sure that if you haven't taken delivery of the car, you don't technically own it and you can refuse it. I've always read that signing the papers is basically meaningless until they hand you keys even though the dealership would tell you otherwise. If you haven't given them any money it's even a better situation for you. I'd call them up that tell them you don't want the car because you feel you've been taken advantage of and don't appreciate it and will be refusing the car

 

just call them on it. im sure that hes there today.. if not call the sales guy and tell him your not doing the deal cause they lied.
if they argue tell them you'll see them in court and dont show up monday.
they'll make it work believe me , theres not enough margin in these cars for them to goto court over it.

good luck

 

- Well, I got home and began analyzing the numbers and what I actually paid was $711.45 over invoice - a difference of $957.75 between what I paid and what I thought I was paying ($35,613.75 vs. $34,656.00).
- The difference in lease payment per month resulting from the $957.75 difference is $42.83 more ($538.53 vs. 495.71) - $1,027.91 over the life of the lease.


Not that big of a deal, but if you want it they way you want it, then call them and tell them what you want. Or no deal.

I never liked lease deals

 

525.11 per month for a 24 month lease on a 06 sedan?!

 

I would say no deal and tell them where they can go!

 

Cruiseluva62886,

Are you asking/saying that because you think it is a good or bad deal? Just so you know I am not putting a penny down - my expense out the door is just the first month's payment. My Coupe was not part of the deal - separate transaction - they cut me a check for the difference between what they paid me and my payoff.

Now I am curious - do you folks think I got a good deal or not? If I can renegotiate the price to where it was supposed to be - $246 under invoice - I think it was a great lease deal. The money factor was next to nothing - equates to 1.5% interest rate and the residual % was pretty good at 67%. Thoughts?

 

Renegociate it's a matter of peace of mind for you and if they still don't accept or attempt to renegociate you can turn down the car and leave. The dealership has to make money ( they will on your coupe, they probably got the 2500 cash back from Infiniti as well) is this dealership the only infiniti dealer in your area? If they turn you away go someplace else and try and get the deal you want. Good Luck.

 

Well i know here in Ohio you have like 3 days to return the car. If iwere you i would call the attourney general or something on monday morning and ask them . They should be able to give the anwser you need. Or call another dealership and tell them that your looking signed papers but havent taken delivery and thought you might do some more shopping with them first. I bet they would tell you.

 

in my humble opinion leasing is almost always a bad deal, but then again I could never stay at or under 12-15K miles per year, and lots of people on this forum lease and love it. Where I think you got screwed was going from owning a car (the coupe) to leasing (the sedan). In fact your lease payment is only $30 less/month than my finance payment for a loaded 06 with nav, sport, XM, and premium b

 

Thanks for your input mackinnr. I question your comparison though. My payment of $525 was for a loaded 06 sedan with the same options as you mention with not one penny down. Even at 0% interest for 60 months (which I doubt you were able to secure) your payment would have been around $580 assuming you negotiated and got the car at invoice. You must have put a chunk of change down to get to your payment. That is the difference between my lease and your finance payment.

I will note that I have never leased before - but I don't keep cars very long - 3 years max - so it made a lot of sense for me to finally pull the trigger on a lease. Two years from now I will turn the car in - if I would have financed it and looked to get a new car in two years I would have undoubtedly had negative equity assuming I didn't put a penny down as I did with this lease.

 

i dunno sounds kinda weird to me..im paying 415/month for my g35c with everything but nav..with only taxes titles and first months payment put down.

 

What's the term on your lease though? I bet it is longer than 24 months. If I would have gone 36 or 39 months, I could have dropped the payment significantly, but I didn't want to go that long. If yours is 24 months then you got an outstanding deal!

 

Same 3 day rule here in TX. I had to sign paperwork when I purchased my car stating that I understood I could back out of the deal for 3 days. Maybe this is federal and not just state law.

 

The money factor is the big win for the 24 mth lease. For mine I have an 06 Sedan, sport, premium and aero package. I talked the dealer to 32'100 from a sticker price of 36'750. With $2000 down my monthly payment came out to $387. If i had went to a 36 month lease would have been 500+ per month. For 500+ a month I would buy rather than lease.

I rarely keep a car over 3 years, so leasing works fine for me. If you plan on keeping a long time, finance is better.

In this case since you have not taken delivery it is possible you may be able to get out tof the deal, or negotiate a better deal.

Pete