Teach me about Leasing please

["El Gran Magnifico"]

Anyone looking to lease - see:

Lease Calculator

Free lease calculator to find the monthly payment or effective interest rate as well as interest cost of a lease. Also, gain some knowledge about leasing.

www.calculator.net

Look at the residual value and money factor. You should be shooting for a money factor of .00125 (which equates to about 3%). Negotiate the calculation first then the cap cost. The numbers will fall into place. And then it is what it is.

 

[Club Cooloholic]

I actually like the concept of those subscription alternatives. Shame it hasn't taken off more. Maybe the timing wasn't quite right. I also think the price point is a bit much. Hopefully they'll adjust.

I saw you bought out your lease we had already gotten a used Discovery Sport, and the buy out for the Volvo came in at a great price, but alas we didn't feel like carry two cars while we worked out selling it. The Volvo was nice but lots of little problems needing it to come in and get the comp looked at...check engine lights etc.

 

["El Gran Magnifico"]

I saw you bought out your lease we had already gotten a used Discovery Sport, and the buy out for the Volvo came in at a great price, but alas we didn't feel like carry two cars while we worked out selling it. The Volvo was nice but lots of little problems needing it to com in and get the comp looked at...check engine lights etc.

Mine was pretty much a no brainer. I was about 10k over on miles. Would have cost about $2500 in excess miles. Residual was 35k I walked away just north of 28k. She's still got only 50k in miles. It's a 530e hybrid. Still runs like a charm. Fingers crossed. I think she's got another 3/50k miles in her without a major problem. Then I can walk away.

And then there's always the intangibles

2 Minutes to the gate.

 

["El Gran Magnifico"]

@Club Cooloholic I know Cadillac started that test in New York for the subscription. I think it was about $1500/mnth for the higher models and closer to 1k for the lower. What was Volvo offering? BMW would only tell me that they were "evaluating". Which means they didn't have a clue. I'd think there would be different tiers and they would group certain models based on certain tiers.

It's something I'd be very interested in. I think once it came to a point (not the price point it is now) where it made sense. It could really take off.

 

[Club Cooloholic]

@Club Cooloholic I know Cadillac started that test in New York for the subscription. I think it was about $1500/mnth for the higher models and closer to 1k for the lower. What was Volvo offering? BMW would only tell me that they were "evaluating". Which means they didn't have a clue. I'd think there would be different tiers and they would group certain models based on certain tiers.

It's something I'd be very interested in. I think once it came to a point (not the price point it is now) where it made sense. It could really take off.

So when they first started it, it was 600 plus tax and fees for the XC40 momentum model(has pretty much every bell and whistle, no two tone roof, but my wife basically ordered her car from the factory in Europe(took an extra 2 months) no money down. All oil changes and maintenance plus car insurance covered and 15k miles allowance a year for 2 years. Re-up at one year and get a brand new car. They have since offered other models at different prices and the XC40 went up to 700 plus tax and fees.
When we got it the salesman at the dealer shook his head and agreed he could not beat that price with a lease. Hopefully they worked out the kinks, because my wife apparently drove around without insurance for over 2 months because they never sent in the proper paperwork, and never told her. She likes her Disco, but honestly we love some of the new looks on cars like the Blazer, and that new Kia(never thought I would look at a Kia)

 

["El Gran Magnifico"]

So when they first started it, it was 600 plus tax and fees for the XC40 momentum model(has pretty much every bell and whistle, no two tone roof, but my wife basically ordered her car from the factory in Europe(took an extra 2 months) no money down. All oil changes and maintenance plus car insurance covered and 15k miles allowance a year for 2 years. Re-up at one year and get a brand new car. They have since offered other models at different prices and the XC40 went up to 700 plus tax and fees.
When we got it the salesman at the dealer shook his head and agreed he could not beat that price with a lease. Hopefully they worked out the kinks, because my wife apparently drove around without insurance for over 2 months because they never sent in the proper paperwork, and never told her. She likes her Disco, but honestly we love some of the new looks on cars like the Blazer, and that new Kia(never thought I would look at a Kia)

The way I understood it from Caddy (I'll use BMW as an example as I'm more familiar with the models). You had X amount of exchanges a year. As an example - you could drive a 5 series during the winter, an X5 during the summer, and then a 6 series in the fall. But it was all covered. Insurance, maintenance, tires, etc. Which I think was a good concept - but not for what they wanted to charge. You were basically "renting" it at that point (kinda like a lease concept) but could switch vehicles.

Nothing wrong with Kias. My wife has an E350 which is almost up - lease wise. I think we're going Jeep. But ironically she is starting to like the Telluride from Kia.

 

[Club Cooloholic]

The way I understood it from Caddy (I'll use BMW as an example as I'm more familiar with the models). You had X amount of exchanges a year. As an example - you could drive a 5 series during the winter, an X5 during the summer, and then a 6 series in the fall. But it was all covered. Insurance, maintenance, tires, etc. Which I think was a good concept - but not for what they wanted to charge. You were basically "renting" it at that point (kinda like a lease concept) but could switch vehicles.

Nothing wrong with Kias. My wife has an E350 which is almost up - lease wise. I think we're going Jeep. But ironically she is starting to like the Telluride from Kia.

That Telluride has had amazing reviews, a little big for my wife's taste.

 

["El Gran Magnifico"]

That Telluride has had amazing reviews

See, we actually agree on things outside of the deep recesses of the netherworld. - I'm taking another break. I'm 2 months back in there and I need a therapist.

 

[mkt]

Just bought out my lease. I know, I know, it's something you shouldn't do. But my circumstances warranted it. Got a $7500 loyalty credit, just wrote a check so no financing. I post this for those in similar situations, the automakers are in a position to deal.

May I ask what the year/make/model were?

 

[mkt]

That Telluride has had amazing reviews, a little big for my wife's taste.

It's a great premium product from Kia - the problem is the dealer experience. It's designed for people buying a first car in large volume, not a premium car or service you get when buy one.

Partly the reason I won't buy a Stinger GT.

 

[Club Cooloholic]

The way I understood it from Caddy (I'll use BMW as an example as I'm more familiar with the models). You had X amount of exchanges a year. As an example - you could drive a 5 series during the winter, an X5 during the summer, and then a 6 series in the fall. But it was all covered. Insurance, maintenance, tires, etc. Which I think was a good concept - but not for what they wanted to charge. You were basically "renting" it at that point (kinda like a lease concept) but could switch vehicles.

Nothing wrong with Kias. My wife has an E350 which is almost up - lease wise. I think we're going Jeep. But ironically she is starting to like the Telluride from Kia.

This has always made me think...not the best of KIA, terrible I know..

 

[CaptainAmerica]

That Telluride has had amazing reviews, a little big for my wife's taste.

See, we actually agree on things outside of the deep recesses of the netherworld. - I'm taking another break. I'm 2 months back in there and I need a therapist.

Except the Telluride and Palisade won't give you seven-pin trailer wiring even with the factory towing package installed. It's a non-issue for a lot of people but I find it infuriating. Any vehicle that claims 3,500 tow capacity needs to support trailer brakes without requiring aftermarket hardware right off the lot.

 

["El Gran Magnifico"]

May I ask what the year/make/model were?

BMW 530e 2018

 

[Club Cooloholic]

Except the Telluride and Palisade won't give you seven-pin trailer wiring even with the factory towing package installed. It's a non-issue for a lot of people but I find it infuriating. Any vehicle that claims 3,500 tow capacity needs to support trailer brakes without requiring aftermarket hardware right off the lot.

I could totally see that as an issue. I am very pleased with my Ram 1500 with towing package.

 

["El Gran Magnifico"]

This has always made me think...not the best of KIA, terrible I know..

Will Ferrell as Ric Flair. What could possibly go wrong?

 

[CaptainAmerica]

I could totally see that as an issue. I am very pleased with my Ram 1500 with towing package.

Yeah the only midsize SUVs with decent towing configurations are the Durango and the Subaru Ascent.