Please, I Need Your Opinion on a Lease
10-01-2005, 08:13 PM
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Please, I Need Your Opinion on a Lease
Hello everyone,
I've decided to finally go get the 2005 RL on a lease.
Just got back from Metro Acura in Monclair, California and they've quoted me $613.78 for 3 years, 18K Miles per year and $1,500.00 down. This price INCLUDES the tax of 7.75% here in the San Bernardino County.
Please let me know if this is a good deal. I would like to get the car tomorrow if you guys think the lease terms are great. Of course, the sales manager tried to pressure me into getting the car today but I've immuned myself rom such tactics.
What do you guys think???
Melencio
I've decided to finally go get the 2005 RL on a lease.
Just got back from Metro Acura in Monclair, California and they've quoted me $613.78 for 3 years, 18K Miles per year and $1,500.00 down. This price INCLUDES the tax of 7.75% here in the San Bernardino County.
Please let me know if this is a good deal. I would like to get the car tomorrow if you guys think the lease terms are great. Of course, the sales manager tried to pressure me into getting the car today but I've immuned myself rom such tactics.
What do you guys think???
Melencio
10-01-2005, 08:23 PM
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Might be a tad high. I did a 36 month lease with 15k mi/year that included 7.375% tax for $1500 down and payment in the mid 5s. I don't think the extra 3k mi/year and half point on the taxes should be an extra $70. My opinion is that its close, but I think you can do a little bit better. Find out what the total cap is on that.
10-01-2005, 08:25 PM
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Good move on not leasing the car on the spot based on what the dealer quoted you. You probably already heard this but make sure that you stay at or below the permitted mileage every year and take good care of it. If you fail to do this they will hit you with charges if you go over the mileage or the car is not in acceptable shape. If the car is not going to be your daily driver then I say go ahead with the deal! 
10-01-2005, 08:39 PM
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Originally Posted by Russdaddy
Good move on not leasing the car on the spot based on what the dealer quoted you. You probably already heard this but make sure that you stay at or below the permitted mileage every year and take good care of it. If you fail to do this they will hit you with charges if you go over the mileage or the car is not in acceptable shape. If the car is not going to be your daily driver then I say go ahead with the deal!
0.15/mile for me if I go over. That's $750 for 5k miles. There has to be excessive wear and tear on the vehicle before the finance company will charge you any additonal fees upon returning the vehicle. I'm not sure there's any reason for a leased vehicle to *not* be a daily driver.....especially with 18k mi/year.
10-01-2005, 08:46 PM
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Originally Posted by spacklebucket
0.15/mile for me if I go over. That's $750 for 5k miles. There has to be excessive wear and tear on the vehicle before the finance company will charge you any additonal fees upon returning the vehicle. I'm not sure there's any reason for a leased vehicle to *not* be a daily driver.....especially with 18k mi/year.
10-01-2005, 08:51 PM
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In a lease, just like a purchase, you need to know what they are selling you the car for...in the case of a lease- this is the "capital cost". This price should be the same as if you were paying cash or doing regular financing -it's your net
cost before any down payments or "capital reductions".
The money factor.....whatever that # is multiply X 24 to
find the actual interest rate..Example a .0026 MF = 6.24%
The residual-what they car is worth at the end of the lease.
In leasing, the higher the residual % the lower your payment is.
The more miles you buy per year, the lower the residual. will be, and the higher the payment.
Look at leaseguide.com to calculate yourself.
Your deal seems pretty fair but check and compare w/
another dealer.
cost before any down payments or "capital reductions".
The money factor.....whatever that # is multiply X 24 to
find the actual interest rate..Example a .0026 MF = 6.24%
The residual-what they car is worth at the end of the lease.
In leasing, the higher the residual % the lower your payment is.
The more miles you buy per year, the lower the residual. will be, and the higher the payment.
Look at leaseguide.com to calculate yourself.
Your deal seems pretty fair but check and compare w/
another dealer.
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10-01-2005, 08:51 PM
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Originally Posted by Russdaddy
I did a lease before and I paid dearly for it because I did not clearly understand the penalties if I went over the mileage. In the end, I just sucked it up and refinanced the car. It's paid off and still sits in my driveway to remind me of what not to do! If you don't average more than 18k a year then, more power to ya!
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