2016 model year lease payments / sale price
#21
#22
I have no idea what's in that $1595 "Willis Protection Package", but I can already tell you with reasonable certainty that it's absolute garbage. These things almost *always* are - get it out of the deal right away. It's likely pure profit on stuff you don't need or can get cheaper elsewhere.
What's the money factor? Are you getting the buy rate, or is it marked up? Chances are it's the latter. You want the former.
Is any JCNA discount factored in?
Selling price seems high - these cars aren't flying off the lot... Push harder.
The only things you have control over in a lease are the selling price of the car and the money factor. The other variables are cast in stone. Push hard on price, insist on buy rate for the money factor.
Good luck and keep us posted.
#23
#25
Postus, ask them for the money factor. Times this by 2400 to get your APR. It looks like the money factor is high...This is your deal w/ a 3.9% APR
It looks like the extra $100 is coming from a 5.9 ish APR. So if you have good credit then tell them that's too high of an interest for you. Generally lease APR are a little higher than loan APRs...
It looks like the extra $100 is coming from a 5.9 ish APR. So if you have good credit then tell them that's too high of an interest for you. Generally lease APR are a little higher than loan APRs...
#26
That's not good at all, I've gotten better numbers on an 2016 F-type R with an MSRP of $113K. Check my post on the first page of this thread.
#27
#28
+1 you have to be careful....back to my point about potentially misleading because of the down payment, taxes, mileage, etc....not saying your terms were good, just saying hard to compare apples to apples...but yes, overall I say he still has wiggle room in terms of MF and potentially discount....
#29
+1 you have to be careful....back to my point about potentially misleading because of the down payment, taxes, mileage, etc....not saying your terms were good, just saying hard to compare apples to apples...but yes, overall I say he still has wiggle room in terms of MF and potentially discount....
The increase in rate could also be due to credit ... one of the local Porsche dealer's around me will not quote MF/payments based on top tier credit unless they actually pull it. Here are the credit add ons from a JLR financial rate sheet (it's a few months old, but should still be accurate).
The deal you're currently being offered on the lease is at a an effective APR of 6.42%. This is from my lease workbook and is within $0.01 of what the dealer is offering. Rates should still be the same from June/July. If so, you should be able to get inat 36 months with a 62% Residual (same mileage) and a MF of 0.00113 which would drop your payment to $1196 just by changing the term from 33 to 36 months and have a few hundred less out of pocket.
You should definitely push to get that dealer protection package removed and apply the $2500 Jag Club credit. If you can manage that, you should be at roughly $1069/month.
#30
I'm not certain what magic voodoo they are playing with these money factors, but if you run a straight up cash flow analysis on the Willis deal, it comes to a 7.6% effective annual interest rate.
#31
#34
That's why I like the PenFed loan so much. The interest rates are super low, no restrictions and you can get into a lot more car for less money. My payment is just over $700 for 3 years on an R Coupe. I did put money down through a trade in, which also was on a penfed loan at right around $700/mo. Jumped from a TT-RS to a F-Type Coupe R for about $15 more per month.
#35
lease vs buy is a never ending debate, mainly because many people don't understand what leasing actually is. Interest rates is not directly comparable to a loan interest rate, why it's called a money factor not the standard APR. Frankly, I was uninformed and used to think "oh, leases are for people who can't afford to buy, I would never lease." Then I actually did some research and played with the numbers. For many situations leasing absolutely makes sense, even without the tax deduction/benefits. There's a saying, you lease depreciating assets, you buy appreciating assets. And for someone who drives very little, wants a new car ever 2-3 years, doesn't want to deal with hassle of selling/trading in car...leasing or some form of leasing makes absolute sense. Frankly, it makes no sense to dump $20k+ car as downpayment on a car if you don't have to....that money could be doing much better things....
The following users liked this post:
JgaXkr (08-12-2015)
#36
#37
The interesting thing will be how the next generation of car "buyers" do things. Car ownership is declining. Leasing has increased dramatically (I think for MB/BMW/Audi it's something like 40%). Next up, renting and sharing. BMW, Audi, etc. have already started pilot programs. Long term rentals, essentially. And you can then share your car ala Zip Car when not in use. You know, all the sharing economy stuff...Personally I'm very excited. I get no satisfaction from "owning" something...I get satisfaction from "using" it. If I could rent the F-Type for a year, I would absolutely do it. Then rent a Maserati for a year. Then rent a Ferrari for a year.
#38
#39
Hard to say, but here are some thoughts/questions:
I have no idea what's in that $1595 "Willis Protection Package", but I can already tell you with reasonable certainty that it's absolute garbage. These things almost *always* are - get it out of the deal right away. It's likely pure profit on stuff you don't need or can get cheaper elsewhere.
What's the money factor? Are you getting the buy rate, or is it marked up? Chances are it's the latter. You want the former.
Is any JCNA discount factored in?
Selling price seems high - these cars aren't flying off the lot... Push harder.
The only things you have control over in a lease are the selling price of the car and the money factor. The other variables are cast in stone. Push hard on price, insist on buy rate for the money factor.
Good luck and keep us posted.
I have no idea what's in that $1595 "Willis Protection Package", but I can already tell you with reasonable certainty that it's absolute garbage. These things almost *always* are - get it out of the deal right away. It's likely pure profit on stuff you don't need or can get cheaper elsewhere.
What's the money factor? Are you getting the buy rate, or is it marked up? Chances are it's the latter. You want the former.
Is any JCNA discount factored in?
Selling price seems high - these cars aren't flying off the lot... Push harder.
The only things you have control over in a lease are the selling price of the car and the money factor. The other variables are cast in stone. Push hard on price, insist on buy rate for the money factor.
Good luck and keep us posted.
Here are a bit more details about this deal:
2016 V6S AWD
Heated Windshield
Illuminated Door Sill Plates
Wheel locks and LP Frame Pkg
Red Seat Belts
20” Tornado Wheel
Red Brake Calipers
Premium, Vision, and Climate Pkg
Carbon Fiber Roof
Willis Protection Package (Xpel protection for entire front clip of the vehicle from rock chips, bugs, etc)
The money factor is .00238 or 5.71% on the 33 month lease.
The selling price is indeed at MSRP, and I agree that the dealer protection package is garbage. What do you think about the money factor?
Thanks!
#40
So I was close with the 5.9%...depends on your credit...if you have good credit I think you should be able to do better. MF and the equivalent APR will be slightly higher than a loan APR, because it's not apples to apples. I think something like 1.9 - 3.9 should be doable. But the biggest thing is reduce the selling price...negotiate on that first and foremost. In Iowa, I'm guess the demand isn't as high as other areas...but then again the supply is probably also limited...your biggest weapon is your willingness to "walk away" :-)
The following users liked this post:
Pontsu (08-12-2015)