Leasing anyone?
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Joined: Feb 2003
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From: CA
Re: Leasing anyone?
Yes. Got mine for $900 over invoice, with 57% residual on 15k miles/year, 36 month lease, 6.00% APR (divide 6.00 by 2400 to get "money factor").
That's not a great residual (comparing to BMW for example) so you pay more up front, but if the value of the car holds, than you can sell it at the end of the lease at get some $$$ back on it. I checked a few dealers, and couldn't get a better residual, then again I was in a bit of a hurry.
You may be able to swing a couple more % points, depending on who the dealer uses as their lease underwriter, and how badly they want the deal. ;-)
By the way, the monthly payments will be determined by the details mentioned above (total price, financing rate, residual), don't forget your local tax rate, and how much you put down to lower the cap cost.
Download a good lease calculator and plug in the details mentioned here, get the residual and lease financing terms from your dealer, figure out how much total the car will cost you ($500-$1000 over invoice is a good boundry), and you can figure out the down payment you'd need to get the monthly payments to your liking. Watch out for other fees (banking fee to set up the lease, security deposit, registration, etc.) those can quickly add up to another $1000 on top of your "down payment".
Good luck!
"There's no replacement for discplacement, but forced induction can sure help".<P ID="edit"><FONT class="small"><EM>Edited by SuperCharged on 04/21/03 10:45 PM.</EM></FONT></P>
That's not a great residual (comparing to BMW for example) so you pay more up front, but if the value of the car holds, than you can sell it at the end of the lease at get some $$$ back on it. I checked a few dealers, and couldn't get a better residual, then again I was in a bit of a hurry.
You may be able to swing a couple more % points, depending on who the dealer uses as their lease underwriter, and how badly they want the deal. ;-)
By the way, the monthly payments will be determined by the details mentioned above (total price, financing rate, residual), don't forget your local tax rate, and how much you put down to lower the cap cost.
Download a good lease calculator and plug in the details mentioned here, get the residual and lease financing terms from your dealer, figure out how much total the car will cost you ($500-$1000 over invoice is a good boundry), and you can figure out the down payment you'd need to get the monthly payments to your liking. Watch out for other fees (banking fee to set up the lease, security deposit, registration, etc.) those can quickly add up to another $1000 on top of your "down payment".
Good luck!
"There's no replacement for discplacement, but forced induction can sure help".<P ID="edit"><FONT class="small"><EM>Edited by SuperCharged on 04/21/03 10:45 PM.</EM></FONT></P>
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