Lease Payments in NY - NEED HELP
#1
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Lease Payments in NY - NEED HELP
I live in Long Island,NY and I am planning on getting an 05/AT/navi/deck lid spoiler by month's end.....I got a quote on a lease that was supposed to be a "good deal".
He said that 42 months leased the best and the payments would be $475/mo with 3500 total out of pocket, this included first month payment and security deposit(which would kind of act as the last month's payment).....is this a good deal?
I am going to call around but just wanted to see if anyone had any insight.
Thanks...
He said that 42 months leased the best and the payments would be $475/mo with 3500 total out of pocket, this included first month payment and security deposit(which would kind of act as the last month's payment).....is this a good deal?
I am going to call around but just wanted to see if anyone had any insight.
Thanks...
#2
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On the surface, it does not appear very attractive.
Ask your salesguy what the residual percentage is, as well as what the money factor is.
I have heard that residuals on 36 month leases are 57-58% and 42 month leases are 55%.
I have also heard they make the 42 month leases more attractive so they can expect your turn-in during the mid-year of a vehicle (next May), when vehicle sales are slower on current year models - so the money factors are usually lower on 42 month leases than 36 month leases.
How much is the deck lid spoiler option?
If you can provide me the residual percent, the money factor, your state sales tax rate, and price of the deck lid spolier, I can punch the numbers into my spreadsheet and give you your sale price, residual cost, deprecation cost, monthly pmt w/o financing cost, monthly finance cost, monthly pmt w/o tax, overall financing rate, and final monthly pmt (which you have).
Ask your salesguy what the residual percentage is, as well as what the money factor is.
I have heard that residuals on 36 month leases are 57-58% and 42 month leases are 55%.
I have also heard they make the 42 month leases more attractive so they can expect your turn-in during the mid-year of a vehicle (next May), when vehicle sales are slower on current year models - so the money factors are usually lower on 42 month leases than 36 month leases.
How much is the deck lid spoiler option?
If you can provide me the residual percent, the money factor, your state sales tax rate, and price of the deck lid spolier, I can punch the numbers into my spreadsheet and give you your sale price, residual cost, deprecation cost, monthly pmt w/o financing cost, monthly finance cost, monthly pmt w/o tax, overall financing rate, and final monthly pmt (which you have).
#3
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thanks
Thanks, i appreciate it. I know two things for sure, the option was $399 and sales tax is 8.75%. I will have to get back to you later tonight with the residual and money factor.
Already called another dealer and he told me that the price was pretty normal for the car, nothing great.
Already called another dealer and he told me that the price was pretty normal for the car, nothing great.
#5
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joeyespo
It sounds about right without the $3500 down, then again... you ARE in Long Island New York. Just to give you some comparison.My neighbor across the street leased a 2004/5AT/NO navi for $440/mo with $1000 down for 42months. I purchased mine for $32,300 2004/navi/5AT BEFORE tax.
Just to give you some numbers, if you do plan on buying the car at the end of the lease. The TL is NOT worth LEASING. $475 a month for 42 months + $3500 down = $23450
at residual of 55% (assuming the car is $35500 MSRP) = $19,525. Therefore, for you to buy it in 42 months will be $42,975. (vs purchasing at $32,300)
Just some number for you
It sounds about right without the $3500 down, then again... you ARE in Long Island New York. Just to give you some comparison.My neighbor across the street leased a 2004/5AT/NO navi for $440/mo with $1000 down for 42months. I purchased mine for $32,300 2004/navi/5AT BEFORE tax.
Just to give you some numbers, if you do plan on buying the car at the end of the lease. The TL is NOT worth LEASING. $475 a month for 42 months + $3500 down = $23450
at residual of 55% (assuming the car is $35500 MSRP) = $19,525. Therefore, for you to buy it in 42 months will be $42,975. (vs purchasing at $32,300)
Just some number for you
#6
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I Just Leased An '05 Tl, White With Navi And 18 Inch Chromies Black Leather. 2300 Down Total, 403 A Month With Taxes. You Aren't Getting Any Deal. What Is The Msrp? I Leased Mine For 36 Months With An Option To Terminate The Lease After 33 Months, If You Want To Call Me And Get The Car From My Uncle Relpy Back And I Will Hook You Up. Where In Long Island Are You, I Am From The Bronx?
#7
[QUOTEThe TL is NOT worth LEASING. $475 a month for 42 months + $3500 down = $23450
at residual of 55% (assuming the car is $35500 MSRP) = $19,525. Therefore, for you to buy it in 42 months will be $42,975. (vs purchasing at $32,300)
Just some number for you [/QUOTE]
Wrong calculation. The only question to ask is: will the car sell for more than $19,525 in 42 month. The answer more likely is No. Other expences are basically the same for a lease and for a buy.
at residual of 55% (assuming the car is $35500 MSRP) = $19,525. Therefore, for you to buy it in 42 months will be $42,975. (vs purchasing at $32,300)
Just some number for you [/QUOTE]
Wrong calculation. The only question to ask is: will the car sell for more than $19,525 in 42 month. The answer more likely is No. Other expences are basically the same for a lease and for a buy.
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#8
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I got mine in late Sept. $450/month, 18,000 miles a yr, full ASPEC body kit and rear deck lid spoiler.. ($1,600 installed).. $1,200 down, which is OUT THE DOOR, includes tax, and everything, etc etc etc not a dollar more..... my 1st bill came 1 month later.... its a smart buy option, 47 months, a lease would be more money.
#9
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Originally Posted by SergeyM
[QUOTEThe TL is NOT worth LEASING. $475 a month for 42 months + $3500 down = $23450
at residual of 55% (assuming the car is $35500 MSRP) = $19,525. Therefore, for you to buy it in 42 months will be $42,975. (vs purchasing at $32,300)
Just some number for you
at residual of 55% (assuming the car is $35500 MSRP) = $19,525. Therefore, for you to buy it in 42 months will be $42,975. (vs purchasing at $32,300)
Just some number for you
Wrong calculation. The only question to ask is: will the car sell for more than $19,525 in 42 month. The answer more likely is No. Other expences are basically the same for a lease and for a buy.[/QUOTE]
Wrong what, I just show him if it comes out to be $19,525 buy out, (which is 42,975), how is that the same as a BUY? When I bought my car for 32,600, and roughly 35k after tax. So that's $7000 cheaper with NAVI. Mind you that figure of 42k is without NAVIGATION. So why are you quoting me when I clearly stated the above figure? ::sigh::
#10
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Lease rates include financing costs.
You would have to calculate and inlcude the financing cost of taking out a loan for that $32,300 (if you didn't buy it in its entirety with cash). Then you can compare the overall costs of the lease with buyout to a purchase. (oh and the $3500 includes the first month pmt too).
You would have to calculate and inlcude the financing cost of taking out a loan for that $32,300 (if you didn't buy it in its entirety with cash). Then you can compare the overall costs of the lease with buyout to a purchase. (oh and the $3500 includes the first month pmt too).
#11
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I see you're in Astoria. I hope you're not shopping Paragon. THEY'RE CROOKS!!!!
Head east to Long Island or go north to Curry. You'll get more honest people and a better deal.
Head east to Long Island or go north to Curry. You'll get more honest people and a better deal.
#12
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...Or, drive up to NewRochelle (35 minutes from Astoria, Queens) and check out Acura of Westchester.
Got an '04 WDP/Camel non-Navi 5AT there a month ago...$30,200 out the door using smartbuy. Treated decently, although I have a predisposition to "hating' dealerships to begin with.
Good Luck! You'll LOVE the TL.
Bucky
Got an '04 WDP/Camel non-Navi 5AT there a month ago...$30,200 out the door using smartbuy. Treated decently, although I have a predisposition to "hating' dealerships to begin with.
Good Luck! You'll LOVE the TL.
Bucky
#13
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Originally Posted by Brokedoc
I see you're in Astoria. I hope you're not shopping Paragon. THEY'RE CROOKS!!!!
Head east to Long Island or go north to Curry. You'll get more honest people and a better deal.
Head east to Long Island or go north to Curry. You'll get more honest people and a better deal.
Check out Rallye Acura in Roslyn. It's a 15 minute drive and a world apart from Paragon.
#14
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A Good Lease Experience at Paragon
Originally Posted by Brokedoc
I see you're in Astoria. I hope you're not shopping Paragon. THEY'RE CROOKS!!!!
Head east to Long Island or go north to Curry. You'll get more honest people and a better deal.
Head east to Long Island or go north to Curry. You'll get more honest people and a better deal.
I actually live closer to Rallye Acura. True, they have a lot of cars in stock that you can drive off the lot. But no way are you going to get a fair price from them. Although the salesman at Rallye was amiable, when he "ran out of authority", Jay, one of the head honchos came over with a real snide attitude. I felt he belittled my wife while we were there, and embarrassed the salesman at one point. They really dont want to make a deal over there. Guess they dont have to, as they are located in an affluent area (north shore, long island).
My experience with getting quotes via email and the like is this: all the dealers try to send you the lowest priced quote. But when you get to the dealership and ask for the deal, its always a story: not in stock, the "progam" changed, that was for a 2004 not a 2005, thats only if you get these other options, etc etc etc.
By the way, after the deal, I informed the management about the various threads here with "negative feedback" about Paragon. Needless to say, they were very concerned- but sincerely. I would suggest that you give paragon a try if you have not already, and if you dealt with the "old" paragon, try the new one out. And if you have a problem, talk right to the general sales manager, who is there every day. The lease price you get depends on a lot of factors- regardless, its always nice to be treated well, and with respect, ESPECIALLY when youre buying (leasing) a 35 thousand dollar car.
#16
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Car price
Ok, i'm new to this place, and planning on buying a new Tl, not sure if it's going to be the 2005 or the 2006. I'm planning on getting a good deal on a 2005 TL when they depreciate due to Acura bringing in the new 06 model. But that's only if they make changes.
First thing to clearify is that I live in the west coast, so tax and license here along with mark ups are ridiculous. Anyways the TL 5AT with navi starts off at 34,900. How much will i be paying out the door for this car, I need help, cuz i'm not a good negotiator when it comes to car dealing. I saw someone said they paid 30,200 out the door. I'm saving up to put a down payment of 28-30 thousand at the end of this year. Please give me a realistic price, and what you guys paid for it, tax in my area is 8.785 %. I'm only 19, this car is going under my mother's name, but me as the 2nd driver.
First thing to clearify is that I live in the west coast, so tax and license here along with mark ups are ridiculous. Anyways the TL 5AT with navi starts off at 34,900. How much will i be paying out the door for this car, I need help, cuz i'm not a good negotiator when it comes to car dealing. I saw someone said they paid 30,200 out the door. I'm saving up to put a down payment of 28-30 thousand at the end of this year. Please give me a realistic price, and what you guys paid for it, tax in my area is 8.785 %. I'm only 19, this car is going under my mother's name, but me as the 2nd driver.
#17
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Astoria,Queens
I got mine in in Paragom Acura I live in Astoria too 04 auto w/navi $3,500 down 3.9% $319.00 per month for 48 months look for tom nocco at paragon acura.
#18
Just got my 05 non-Nav for $410 a month, 48 months, 15,000 miles, $750 down. I think I payed a little too much, but I felt right paying that because the salesman didn't play games with me. Another dealership came to me with $545 a month, I laughed in his face and walked out, the salesman I got the car from gave me the $410 right off the bat and played fair, so I took it.
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How much
Orgalvez, you're interest rate is GREAT, i just got in a car accident about 2 weeks ago. I had a scion TC, but wasn't really attached to it as I am for this car, and I don't even have this car.
#20
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Post the paperwork, GQ!!
Originally Posted by MrGQDieselNY
$535!?!?!?!? thats $135 too much for a lease and only 12,000 miles
GQ, Im glad you got a better price than I did, and I hope you are enjoying your TL. Do you have any paperwork you can post here that you (or someone you know) got a 2005 TL w/NAV for a price better than I did? I would really like to see it, so I can try to get some of my money back. Thanks.
#21
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Originally Posted by Blue Meanie
Just got my 05 non-Nav for $410 a month, 48 months, 15,000 miles, $750 down. I think I payed a little too much, but I felt right paying that because the salesman didn't play games with me. Another dealership came to me with $545 a month, I laughed in his face and walked out, the salesman I got the car from gave me the $410 right off the bat and played fair, so I took it.
#23
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Originally Posted by JaffMan
GQ, Im glad you got a better price than I did, and I hope you are enjoying your TL. Do you have any paperwork you can post here that you (or someone you know) got a 2005 TL w/NAV for a price better than I did? I would really like to see it, so I can try to get some of my money back. Thanks.
a lease for the standard 12,000 miles a yr is around $410/month, smart buy is $399/month.
you can definately negotiate down and get no more than $1,500 down, out the door, with EVERYTHING included. I did the smart buy for 2 reasons, #1 its cheaper per month, plain and simple and the 2nd reason its cheaper is because acura just increased their bank fee from $500 to $1,000 for leases, so you will end up paying more for a lease than a smart buy and they are pretty much the same thing, you give the car back just like you do with a lease.
Call Acura of Westchester, ask for Mike Russo. I cant see a 05 tl being more than $10-$20 a month more than I paid for my 04.
(914) 834-2222
Tell Mike, that Mike from Mahopac, NY sent you, the black/blac TL with bodykit, he will know who.
I assume you already bought the car? if that is the case then just have Mike write you up the best price quote he can come up with and then take that to your dealer.
#25
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Originally Posted by MrGQDieselNY
I got mine in late Sept. $450/month, 18,000 miles a yr, full ASPEC body kit and rear deck lid spoiler.. ($1,600 installed).. $1,200 down, which is OUT THE DOOR, includes tax, and everything, etc etc etc not a dollar more..... my 1st bill came 1 month later.... its a smart buy option, 47 months, a lease would be more money.
Do the math first...
#26
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Originally Posted by apwalsh
That about equals to the $535/mo deal that you said was $135 too much. You have a bodykit +miles, he has NAV +less depreciation over the term.
Do the math first...
Do the math first...
Still seems awefully high, I recall my sales person saying for every $500 more I pay it is another $20/month, so for the navi $2k = $80 more per month.
So it would make sense yeah, but at $535/month that should be for 18,000 miles, i feel that is too much for 12,000.
#27
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Originally Posted by MrGQDieselNY
My bad, thought the car he got was non navi.
Still seems awefully high, I recall my sales person saying for every $500 more I pay it is another $20/month, so for the navi $2k = $80 more per month.
So it would make sense yeah, but at $535/month that should be for 18,000 miles, i feel that is too much for 12,000.
Still seems awefully high, I recall my sales person saying for every $500 more I pay it is another $20/month, so for the navi $2k = $80 more per month.
So it would make sense yeah, but at $535/month that should be for 18,000 miles, i feel that is too much for 12,000.
$535/mo is still too much IMO. And I think it's usually $35 per $1000 dollars, but that's pretty close to your figures and depends upon the leasing term as well.
#28
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2005 TL w/NAV 12k miles lease price
To be sure, my lease is for 42 months, 12k miles/yr, with NAV, for $535/month. NO MONEY DOWN. The only thing I paid when I picked up the car is $712, which includes the first month, and DMV. the $535 is the price WITH tax, and presumably with whatever security or bank fee they rolled in, if any.
I keep doing the numbers. Please correct me if I am wrong, but I dont think the deal is THAT terrible. In fact, I think its closer to "pretty good". Please feel free to let me know what you think. Thanks to all, and enjoy the ride.
I keep doing the numbers. Please correct me if I am wrong, but I dont think the deal is THAT terrible. In fact, I think its closer to "pretty good". Please feel free to let me know what you think. Thanks to all, and enjoy the ride.
#29
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Originally Posted by JaffMan
To be sure, my lease is for 42 months, 12k miles/yr, with NAV, for $535/month. NO MONEY DOWN. The only thing I paid when I picked up the car is $712, which includes the first month, and DMV. the $535 is the price WITH tax, and presumably with whatever security or bank fee they rolled in, if any.
I keep doing the numbers. Please correct me if I am wrong, but I dont think the deal is THAT terrible. In fact, I think its closer to "pretty good". Please feel free to let me know what you think. Thanks to all, and enjoy the ride.
I keep doing the numbers. Please correct me if I am wrong, but I dont think the deal is THAT terrible. In fact, I think its closer to "pretty good". Please feel free to let me know what you think. Thanks to all, and enjoy the ride.
#30
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try Acura of brooklyn maybe they will give a better price.
i think i remember for about every $1,000.00 dollars cuts 20 bucks off i might be wrong every dealer is different that why you gotta shop around. good luck with the price its probably cheaper to pay out right then add things to the car because everything you add will be in the monthly payment so its just better getting the car stock out of the dealer and putting things on your self plus remember if its a lease why would u wanna waste money on the car when lease is over your gonna make them have those goodies
i think i remember for about every $1,000.00 dollars cuts 20 bucks off i might be wrong every dealer is different that why you gotta shop around. good luck with the price its probably cheaper to pay out right then add things to the car because everything you add will be in the monthly payment so its just better getting the car stock out of the dealer and putting things on your self plus remember if its a lease why would u wanna waste money on the car when lease is over your gonna make them have those goodies
#31
Racer
Originally Posted by 3PUTT
just a reminder, NY State no longe allows leasing. i think what they are quoting you is more like a balloon payment.
Honda is one of the companies that no longer leases in NY, I believe, by choice. There have been rumors of Honda leases resuming. Also, they're working on correcting the laws that caused companies to pull out. The laws have been around for 75 years or more. Some lawyers picked up on the section that allowed the titled owner to be sued a few years back.
#32
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At the risk of starting a discussion that has nothing to do with the original topic, I have to respectfully state that the law does not need to be "corrected". It should be known to all that leases work to the tax advantage of the car manufacturers. Your post implies that the fact that car companies can be held responsible in a civil verdict is the fault of the plaintiff's lawyers. Its simply not true. In any event, the car manufacturers have already calculated into their prices and profits the verdicts that will be taken against them. In all the states that took away a similar law, lease prices have not gone down. The argument against the leasing law really is a fallacy.
#34
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they restarted leases a while ago. i got my lease in may and they already restarted leases then. i got my car at curry acura, the best thing i ever did. he gave me a price told it would be hard to beat, i called him 2 days later at a better price he drop his price couldnt find a better price then that. he told me a date it will be there and it was there at that date. he did all the the paperwork with me ( no F&I guy, thank god) and i was on my way. his name is david stein and hes a no bull shit guy.
#35
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Originally Posted by JaffMan
At the risk of starting a discussion that has nothing to do with the original topic, I have to respectfully state that the law does not need to be "corrected". It should be known to all that leases work to the tax advantage of the car manufacturers. Your post implies that the fact that car companies can be held responsible in a civil verdict is the fault of the plaintiff's lawyers. Its simply not true. In any event, the car manufacturers have already calculated into their prices and profits the verdicts that will be taken against them. In all the states that took away a similar law, lease prices have not gone down. The argument against the leasing law really is a fallacy.
#36
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orgalvez, since you won't answer a PM, I got a question. What did you negotiate the purchase price to? I got my current TL at Paragon, and I'd like to try n' take advantage of the offer you were given.
#37
Racer
Originally Posted by apwalsh
I don't think he implied that it's the fault of the plantiff's lawyers. I think he meant that it's really stupid, and I'd have to agree. As much as I'd hate to admit it, our insurance is there for a reason. We have to eliminate the increasing BS "I'm going to sue everyone I can, anytime I can" attitude of many, many people in the US today.
#38
Racer
Originally Posted by apwalsh
I don't think he implied that it's the fault of the plantiff's lawyers. I think he meant that it's really stupid, and I'd have to agree. As much as I'd hate to admit it, our insurance is there for a reason. We have to eliminate the increasing BS "I'm going to sue everyone I can, anytime I can" attitude of many, many people in the US today.
#39
acura of ramsey...
i jus got a new 2005 tl acura with navigation
3300$ down.....and 385per month!!
good service and the smoothiest lease i ever did....def recommend
ajay
3300$ down.....and 385per month!!
good service and the smoothiest lease i ever did....def recommend
ajay