New Car, Great deal!?*****Please Read*******
#1
Intermediate
Thread Starter
New Car, Great deal!?*****Please Read*******
Hi guys, little background info....I had a 07 tl-s black on black with two toned leather, 85k miles. I loved the car but it did not drive well. When you ran over potholes and such you REALLY felt them (In CT there are potholes in every frickin road). So I decided I wanted a new car....did not expect to buy another Acura given my experience with this one, although I had minimal problems. On to the good stuff....traded my car in and here are the financials....
MSRP 2012 TL-Tech $40,220
PAID- $33,200
Lease down payment $1200
Payment (out the door) $379.98 36 months.
Residual value $21,423
Money Factor .00069
2007 TL-S-PAID OFF
I thought this was one hell of a deal that I couldn't walk away from and they told me that they haven't sold a TL this low as long as he has been there (24 years of employment at this Acura dealership) and that they needed the OWNER to approve the deal, not the GM.
If you guys can weigh in on this it would be fantastic!!! Btw this car is AMAZING, drives like I'm on clouds and the tech package is nothing short of UNREAL. Weather forecasts? Radar? Ipod connection? Bluetooth Audio? Solar system? back up camera with guidance to parK? I could go on and on... let alone the audio system is the BEST hands down I have ever heard in a car. Test drove BMW, Lexus (girl car), Infiniti (gas guzzler), MB (old persons car) and they couldn't come close to value.
I'll share some pics!!!
MSRP 2012 TL-Tech $40,220
PAID- $33,200
Lease down payment $1200
Payment (out the door) $379.98 36 months.
Residual value $21,423
Money Factor .00069
2007 TL-S-PAID OFF
I thought this was one hell of a deal that I couldn't walk away from and they told me that they haven't sold a TL this low as long as he has been there (24 years of employment at this Acura dealership) and that they needed the OWNER to approve the deal, not the GM.
If you guys can weigh in on this it would be fantastic!!! Btw this car is AMAZING, drives like I'm on clouds and the tech package is nothing short of UNREAL. Weather forecasts? Radar? Ipod connection? Bluetooth Audio? Solar system? back up camera with guidance to parK? I could go on and on... let alone the audio system is the BEST hands down I have ever heard in a car. Test drove BMW, Lexus (girl car), Infiniti (gas guzzler), MB (old persons car) and they couldn't come close to value.
I'll share some pics!!!
#2
Intermediate
Thread Starter
![Unhappy](https://acurazine.com/forums/images/icons/icon9.gif)
BTW I consider myself pretty savvy and knew about money factors, residuals, and cap costs and no bullshit fees that dealers love to throw in. I'm trying to post pictures of the new ride but can't figure out how to resize them....it's telling me they are too large
![Frown](https://acurazine.com/forums/images/smilies/frown.gif)
#4
What was the trade in value? NEVER put money down on a lease.
You already bought the car, so who cares what we think about the deal. Just enjoy your car!
You already bought the car, so who cares what we think about the deal. Just enjoy your car!
Last edited by Domm; 08-22-2012 at 07:06 PM.
#6
I never said it wasn't a good deal. I think it's a great deal.
Here's why you don't put money down on a lease:
-If you get into an accident and you total the car before the lease is over, your insurance will cover the value of the car and gap insurance will cover the difference between the amount you owe and the value of the car. If you put a down payment, your money is wasted because that down payment was amortized to the life of the lease.
-Your down payment is taxable.
It's still a great deal because he only put $1,200 down. BMW dealerships can mislead you with their lease promotions, which require up to a $5,000 down payment.
Here's why you don't put money down on a lease:
-If you get into an accident and you total the car before the lease is over, your insurance will cover the value of the car and gap insurance will cover the difference between the amount you owe and the value of the car. If you put a down payment, your money is wasted because that down payment was amortized to the life of the lease.
-Your down payment is taxable.
It's still a great deal because he only put $1,200 down. BMW dealerships can mislead you with their lease promotions, which require up to a $5,000 down payment.
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#8
Team Owner
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Congrats on the new ride!
#9
Pro
I thought this was one hell of a deal that I couldn't walk away from and they told me that they haven't sold a TL this low as long as he has been there (24 years of employment at this Acura dealership) and that they needed the OWNER to approve the deal, not the GM.
#10
#12
haha congrats OP.. i love these threads; seems like everybody who buys a new car has a similar story.. these salesmen are good; "i've never sold a car this cheap before, and i'm only doing for you because of your beautiful blue eyes" or the even better "we had the call the owner while he's on vacation in Fiji to approves this deal". all while they're in the back room jerking off.. lol congrats you got a good deal that many others have gotten. congrats and enjoy the car
#14
thats the selling price of the car. thats how you negotiate a lease. negotiate the selling price, then the MF. the residual is usually set by the manufacturer
#16
Pro
So, Residual value $21,423 <-- Is that a price he can buy it for at the end of the lease or something then?
#17
Intermediate
Thread Starter
Thanks for all your comments! Yes I know, putting money down is always a bad thing on a lease, but I have this thing in my mind that I don't want a payment over $400 and I'm actually paying less money now than I did in my TL-S. I'm fortunate enough that $1,200 is not much at all for a lease down payment (including 1st month's payment).
The remaining balance on my TL-S was $15,823, and the dealer paid it off which was HUGE. And yes to the previous poster, the $21k number is what I can buy the car at the end of the lease at. Thanks to EVERYONE for their responses and I'm really happy that I'm on here to enjoy all the features and stories that I hear!!
The car is dark grey with black interior, and I'll post pics as soon as I can.
Thanks again
The remaining balance on my TL-S was $15,823, and the dealer paid it off which was HUGE. And yes to the previous poster, the $21k number is what I can buy the car at the end of the lease at. Thanks to EVERYONE for their responses and I'm really happy that I'm on here to enjoy all the features and stories that I hear!!
The car is dark grey with black interior, and I'll post pics as soon as I can.
Thanks again
![Smile](https://acurazine.com/forums/images/smilies/smile.gif)
#18
Pro
![Smile](https://acurazine.com/forums/images/smilies/smile.gif)
Interesting to know a deal like this is even possible, it's a first for me hearing of trading in an un-paid-off car and getting into a lease...
#19
Three Wheelin'
I also am one who never puts money down on the lease for reasons stated in several posts. That being said, $1200 isn't too much to get you into the car you wanted at a payment you could afford. MOst TL leases ask for more down money if leasing from Acura anyway. Congrats and enjoy your new ride!
#21
Actually its quite simple. Let's just round the numbers a bit. You have a financed car that's worth 20k but you owe 15k. You want a car that's 40k. They take a trade and pay off 15k that you owe hoping to pocket 5k that they estimate its worth when they sell it to the next guy. Then they say you have pretty eyes and they are losing money on your new lease and everyone goes home happy.
#22
Intermediate
Thread Starter
Yeah, you hit the nail on the head morbidz...it's all simply a matter of what the dealer will give you vs the remaining loan on your car that you owe. These are all of course, arbitrary numbers and largely depends on if the dealer wants to make a deal or not. They said that my car was worth $12,000 wholesale which it probably is, but gave me $16,000 for it. KBB said it was worth around $15,500 so I made it good on the trade.
I think more people don't do this because they don't understand leasing and if there is money owed how it works. It's just a matter of research and knowing what to do/say when the dealer tries to screw you.
Another great thing is that the $21k number is a fantastic residual because I was just looking at '09 tl's with nav and the horrible beak and they were selling for 25k, 26k so that means equity in my pocket at the end of the lease (given the used car market doesn't fluctuate too much!)
BTW, I'm going to attach pics when I get out of work!
I love these forums!
Matt
I think more people don't do this because they don't understand leasing and if there is money owed how it works. It's just a matter of research and knowing what to do/say when the dealer tries to screw you.
Another great thing is that the $21k number is a fantastic residual because I was just looking at '09 tl's with nav and the horrible beak and they were selling for 25k, 26k so that means equity in my pocket at the end of the lease (given the used car market doesn't fluctuate too much!)
BTW, I'm going to attach pics when I get out of work!
I love these forums!
Matt
#24
Correction
380*36+1200+21400*(1.065 assuming 6.5% tax)
=$37671 OTD
Car you negociated and paid before tax = $35371 + $1000 incentive = $36371
![Yes](https://acurazine.com/forums/images/smilies/yes.gif)
#25
Pro
I really wish I'd never seen this thread...
It may cost me $10s of thousands one day in the coming years... I used to be such a cheapass I wouldn't heat my place in the winter and would just put sweatpants on over my jeans and an extra pair of socks when I got home. . .
Fortunately I guess there is no way in hell they'd do this for a TL with 127,000 ^_-
It may cost me $10s of thousands one day in the coming years... I used to be such a cheapass I wouldn't heat my place in the winter and would just put sweatpants on over my jeans and an extra pair of socks when I got home. . .
Fortunately I guess there is no way in hell they'd do this for a TL with 127,000 ^_-
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