DoctorTuna

Both my local dealers e-mailed me today to let me know about the arrival of the 09. My 05 lease expires the end of August and I've been waiting for the 09 to at least look and test drive. Passed on an 08 lease because of the horrible residual. The dealers quoted me a price of $987 a month taxes in!! LOL Not likely. I reminded them that I'm coming off a $594 lease so we'll see. There isn't $400/month worth of improvements that's for sure. Plus I have to look at that grille!! It's not looking good. Residual is only 52% with a money factor of 0.00277. I will be starting serious car shopping this month. My RL days may be coming to a close.

csmeance

Since you know quite a bit about leasing, why didn't you get the 08 RL lease? Its 500 a month for one with CMBS with 2499 down..

DoctorTuna

I think I responded to another one of your threads which probably should explain well. I didn't go for an 08 Lease for 2 reasons, I still had too many payments left and they couldn't match my current 05 lease payment(or even come close) because the lease variables were not good. A low residual coupled with a not so competitive money factor. An 08 lease wasn't a good idea last month, unless the money factor has changed for the month of July.

csmeance

heres the terms that the site said, I'll call up my friend and find out what all the details are:
FEATURED SPECIAL LEASE: Closed-end lease for 2008 RL (Model KB1658KW) for $499.00 per month for 36 months with a $1,405.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,499.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee and capitalized cost reduction with no security deposit; total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.

DoctorTuna

I'm confident that is for a base RL and not the CMBS package. If you were interested in that deal though tell them you want the same monthly payment with no money down, they can do it and still turn a profit.

neuronbob

Holy shiznit. If they are serious about that price, then the 2009 is DOA. You sure that's not a typo and you meant $687?

SpicyMikey

Plus 10k miles per year (no doubt). Also, that downpayment is too much (anything more than $0 is too much for a lease). Those advertised lease deals are always bogus. Can't really look at them.

That said, the $987 lease deal DOES seem ridiculously high. Can't be quite right assuming 12k, 36m. I'm with Bob, confirm those numbers before dismissing the option.

DoctorTuna

No, $987 is right, I'm sorry to say. My sales consultant is no longer with the dealership and I'm dealing with the Internet Sales Manager. He quoted me a lease based on the MSRP of $50560, residual of 52%, and money factor of 0.00277. This is for 12k miles, 36 month lease. Based on July's lease rates for the 09, even if they sell the 09 for invoice of $45565, the lease payment will still be ~$784/month!! This means that the dealers won't be able to offer the lease payments I'm accustomed too. My residual was 59% with a lower money factor back in 05 with a net capitalized cost of $43k, hence my monthly payment of $594 taxes in. I love the RL but I'm not paying $784 per month. These are the facts. I have been shopping like a demon and I can get Audi A6, Cadillac CTS, Lexus IS350(loaded minus AWD) all for less than $600/month each with all the gadgets of the RL and then some. I haven't even looked at the Genesis yet! I will admit, I am about a good deal, and by the time my lease runs out, the 09 deal may not be there!

larrynimmo

You make a good point doctortuna...you need to look at the 08 rl compared with the other -08 cars you are looking at.

TampaRLX-SH

Also consider a month to month extension of the lease until you find the vehicle and deal you are satisfied with.

DoctorTuna

Yeah, I will consider doing that as well, I wouldn't mind seeing the new TL. I'm pretty sure the TL is going to strip the RL of sales. I have until the end of August to make final decisions.

SpicyMikey

I guess the residuals reflect reality. A model that will be "all new" in the next MY. Probably not something to consider for a lease then.

If you are purchasing it and planning to keep it for 5 years or so, then the residual becomes less important. All cars are worth hardly anyting after 5 years and out of warranty. But with a 3 year lease, the leasor really needs to be careful. Unless, of course, you are BMW. They come up with these ridiculous residuals. But, I hear they are even changing their ways now. They are taking massive losses on lease returns. Some bean counter at BMW finally said enough of this shit.