Specifically for the R.

 

Try the Edmunds forum. They always seem to have the residual and money factor for all the cars: 2016 F-Type Lease Questions - Car Forums at Edmunds.com

 

The chase/jaguar lease APR rates are insane on the 2016's. I went with PenFed's Auto Saver loan which is what I'd recommend.

 

I hope they change for July or my plan of leasing is going to have to change. 6.3% effective rate for a three year lease is ridiculous in today's market. Shame Jaguar is trying to push the 2015 models at the expense of 2016 sales.

 

What rate did you end up with? Can this be used for 2016 model years? It looks like I can become a member for 15 bucks. Wondering if this will be a better deal than USAA.

 

two different concepts

USAA has a great loan rate @ .76% APR but that's over 4 or 5 years

Penfed is a balloon loan it's a totally different vehicle

use this only if you want lower starting payments and will purchase the car in total at end of period or if you are going to sell the car after the lower balloon payments expire - which at this point, it's closer and comparable to a lease

 

I used the Penfed Auto Saver. My APR is 1.74% so much lower monthly payment. There is a baloon due at the end and I initially planned on trading it in for another car at that point to pay off the baloon, but I also have the option of refinancing it at that point if I continue to choose to own it.

I also get to write off the purchase on my taxes next year since its not a lease.

 

You can write off 100% of the lease payments if the car is for business use. You can write off interest and depreciation on a loan. In both cases, that can only be done to the extent that you are able to prove it was used for business (trip logging required).

 

the lower monthly payment isn't because of the APR fyi, USAA APR right now is .79% for instance. It's just auto saver is structured to align payments closer to the initial use of the car (upfront), so you can time the accelerated depreciation of cars value in the early years.

 

For the guys who did the penfed loan, how long does it take from contacting penfed to being able to pick the car up?

 

Its a really smooth process and I did almost everything online. I joined PenFed and applied for a loan on Monday and had the check overnighted and it was in my hand on Thursday that week.

I took the check on Saturday to the dealer and basically bypassed all the Finance managers B.S. since I just gave them a check for the car which they consider a all cash deal and drove off with the car.

 

Thanks. I am waiting for the July lease rates to get published Wednesday and I will make my decision.

Would you recommend doing it online, or calling and doing it over the phone?

 

Was even easier for me. I contacted PenFed on Friday, got the approval on Saturday, and went in and picked up the car on Sunday. The dealer got the check from PenFed on the following Thursday.

If needed you can have PenFed FAX them a letter indicating you have been pre-approved for the loan amount you specify. In my case, I didn't even have to provide that, I just let them know. I had to have a credit check done just in case, but that was about it.

 

How did you leave the dealer with a car you hadn't paid for yet?

 

That is what the credit check was for. If PenFed didn't come through with the money, I'd end up with financing through the dealer. They were already familiar with PenFed and I have outstanding credit, so they didn't really blink an eye at it.

For me it meant I had an extra credit report inquiry, which isn't great, but not the end of the world.

 

I'm looking to lease a 2016 v6 s convertible, 36months for 10K miles per year with no money down. MSRP around 92K. I haven't really negotiated lease terms before and wondering if I were to negotiate a pretax monthly payment instead of negiotating the cap reduction or money factor what would I be looking for as a good deal? $800/month? $900?

 

If you try to negotiate based on monthly payment they'll just kill you with a bunch of miscellaneous acquisition fees. You need to know what the market residual and money factor are. I usually don't even say whether I'm leasing or buying until I negotiate on the MSRP.

 

Thanks. The car I was looking a 2016 v6s convertible. It had an MSRP 92K, they were going down to 81500. Sounded great. Discussed leasing for 33 months (they said that was the special they had over 36 month lease) at 10k miles/year with no down and monthly payment they were were giving was 954/month plus tax. Residual was 67%. I told them the total didn't sound right. I was getting $774 plus tax per month using MF of 0.00123 (read that somewhere on these forums). He wouldn't give me the MF he used. I had to walk away disappointed. They got me hooked w/ low net cap cost but the APR I think is really high. Overall didn't know if the payment still ends up being favorable.

 

Just be aware that you can't compare a money factor pulled from the Internet to one the dealer offers unless the car and terms are identical. They are all different. 10k, 12k, trim levels, even the RV that is used will dictate the prime interest rate that is offered.

I have no idea why they were willing to discount the car that much from sticker. That seems like an outlier.

 

Sorry that's just incorrect.

MF is set by the finance company and is the same for each model. V6 coupe MF will be different from V6 vert, will be different from V6S coupe, etc. Outside of model type the only other factors to affect MF will be term (length), credit score and any dealer markup. Mileage only affects the residual.

Lease rates at the start of a model year are always high from the manufacturers. There is no reason to subsidize them yet. If you're looking for a deal, leasing is always best executed towards the end of the model year once manufacturers start lowering the rates. If you want to lease at the start of a new model year, your best bet is typically like PenFed payment saver loan or the equivalent.

Based on the payment they are quoting you, MF they are charging is about 0.0023 about 6% which seems in line with what others were reporting.