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    Thread: Learn how to calculate a lease...

    1. 11-11-2003 09:23 PM #51
      Thanks for the advice - just had my A6 4.2 stolen from my driveway - now leasing a new S4 - learned the hard way that insurance covers the depreciated cost - lost my downpayment.
      I recommend putting minimum down 'cause if it's stolen (likely in Toronto) you lose the upfront $$.
      Advice: Get Boomerang 2 - and a gun. [IMG]http://**********************/smile/emthup.gif[/IMG]

    2. Banned LETTERMAN52's Avatar
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      11-18-2003 03:18 PM #52
      Thanks for all the info. I really appreciate it. I'm in a lease now and it just seems like it's a whirlwind of money coming out of my pocket, but now after reading your post i see that it isn't really that bad. Thanks again....

    3. Member
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      11-29-2003 02:11 AM #53
      im going to be leasing my vehicle tomorrow.. and i coul REALLLLY use some help! i have literally read this thread 6 times over, and it doesnt make any sense to me... im bad with all the silly names for stuff, the numbers, percents, etc.
      the car im looking at has a sticker price of 22,105... and the tax is at 7.6%... im planning on using the 1000 vw owner loyalty, plus 1500 down... if anyone could help me.. im desperate.. the guy had me quoted at $334.54 on a 48 month lease, at 15k miles/year... its an 04 plat. grey jetta gls tdi with leather and 5 spd... if that matters... any help is appreciated!

    4. Member Cyberrick's Avatar
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      11-29-2003 09:55 AM #54
      Good Morning:
      Backing into the lease you have with 7.6% Use Tax and a total of $2500 due at delivery it would appear that the dealer is hosing you.
      The vehicle you describe a 2004 Jetta GLS TDI 5 Speed with Leather does have a MSRP of 22105 and a invoice price of 20989.
      I figured a lease with a total of $2500 due at delivery the 1500 from you plus the 1000 owner loyalty you said you were getting. A 48 month lease with 15000 miles would generate a cap cost of 22538 or $433 over the MSRP of the vehicle.
      Now a couple of things I do not know. One did you get an A Tier Approval from VW Credit. The rent factor or interest rate is higher on a deal where the customer has marginal credit. Also you said 1000 owner loyalty I am in a hurry this morning but as I recall the owner loyalty is 500 on 2004 models and 1000 on 2003's.
      Anyway, based on your numbers a fair deal on this vehicle at 500 over invoice would be $306.96 per month with an A Teir Approval through VW Credit with 7.6% Use Tax for 48 months and 15000 miles.
      It is the last day of the month you are in a position of strength they do want to move the car. Go back in and tell them to refigure the deal with a cap cost of 21489 (500 over) for 48 months with 15000 miles. It should come out about 306.96 per month as long as you have good credit.

    5. Member
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      11-29-2003 03:25 PM #55
      306 for everything included?!?!?!
      son of a .. i thought this was a pretty good deal... ohhhh myyy god... the lease is 334/month... my mom bought an additional warranty... so my payment is about 358. ohmy****inggod...
      i so got ripped off.. is there anything i can do?!?!?!?!?!

    6. Member Travis Grundke's Avatar
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      11-29-2003 04:08 PM #56
      I wouldn't flip out quite so much - you may not have qualified for Tier-1 rates. You also said you added in an extended warranty.
      For future reference - these are things you should figure out *before* signing papers.

    7. 11-29-2003 05:54 PM #57
      Don't cry over spilled milk. There is nothing you can do at this time about it. Enjoy the ride and nex time do your research before you sign.

    8. 11-29-2003 10:47 PM #58
      That sounds like you got Tier 2 or 3 credit. At Tier 3 you did fairly well, at Tier B you got it just about right. It is harder to qualify for the A tier or Tier 1 than you think.

    9. Member
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      11-30-2003 04:07 AM #59
      we qualified for a teir credit... i asked him specifically.

    10. 11-30-2003 10:52 PM #60
      How do you know what rate you qualify for and that they will give you the best rate?... I did the lease/buy option- 36 months, tier 1 credit but got a rate of 4.75 with nothing down... did I really get screwed??
      Thanks.

    11. 12-01-2003 07:37 PM #61
      hey guys,
      im about to lease a 20th anniversary in black. i need some help here because i dont have much time to do all the math. the cost of the vehicle has been agreed to be $21,812.
      they have offered me a 48 month lease/15k miles/$0 down for $380. what do you think? i may put down a security deposit just to hold it for the night since lease rates end this evening.
      thank you in advance. call me if you need to.
      RJ
      773.802.8989

    12. Member Cyberrick's Avatar
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      12-01-2003 08:32 PM #62
      Somebody is full of C---.
      I ran the numbers and based on a cap cost of 21812 a 48 month lease with 15000 miles, and $0 Down would be far less than $380 per month. Unless of course the dealer has you fixated on the price and they are hammering the hell out of you on the rate.
      First of all while VW Credit is nice when there is a program. They are not currently supporting 2003 models and they are in fact $68 per month higher than the best Bank in the country if they are telling you 380.
      Provident Auto Lease is Best at $312.62, Followed by Wells Fargo at 325.52, then Huntington Bank at 329.72. VW is at 359.45 with security and 364.60 without.
      There are numerous ways to Skin the Proverbial Cat. The 20thAE at 21812 cap with a 380 payment ain't what it seems to be.

    13. 12-02-2003 12:13 AM #63
      Rick,
      Can I contact you at work and discuss more details with you so Im well informed and educated when I speak to a new dealer tomorrow.
      Thanks!

    14. 12-05-2003 09:15 PM #64
      well i have never leased a car before but, never the less i learned a lot with what i read in this thread and thank you

    15. Banned Integrale's Avatar
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      12-11-2003 03:46 PM #65
      Could you please send me the file to my home address? I'll IM you.
      Thanks.

    16. 12-18-2003 05:06 AM #66
      Hello everyone...I have been quoted today a lease on a '03 Jetta Wolfburg Edition with 12,000 miles a year for 36 months for $204 a month and 2600 down. Is this a good deal...what Incentives/rebate can I add to it? He already to the loyalty incentive off it which was of the amount of 500 dollars.
      I am in the Boston(MA) area. Can anyone help me with this?
      Let me know A.S.A.P as I am going to make my mind really soon on this deal.

    17. Member Cyberrick's Avatar
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      12-18-2003 08:04 AM #67
      Waffleboy. you have not supplied enough information to back into your numbers. A 2003 Wolfsburg Jetta is not enough. Would need description of vehicle either MSRP or list of options auto/manual, moon roof, cold weather, esp, monsoon.
      I can tell you that the car is probably not eligible for the Owner Loyalty incentive. Most if not all dealers reported all remaining 2003 models into Service Loaner status at the end of November to capture the maximum incentive available on the remaining cars. The Wolfsburg Jetta had a $2750 November incentive.
      So essentially what happened at the end of last month is all remaining 2003 models were put into this status to earn the cash incentive. Our Central Region reported something like 1200 of them during the last couple days of November. Not that they are actually being used for service loaners. It is just a loop hole we use to help sell the vehicles. VW encouraged this to help with their sales figures for the month and year as well. While they did not come out and say do it. It was clear that not doing it would make it very difficult to sell them off as the December incentive dropped to like $1000.
      However, due to this status the vehicles are technically sold as far as VW is concerned so no additional incentives would be payable on them. A smart dealer or sales person would not tell you the loylaty incentive was no good on the 2003's anymore. They would simply act as though they were giving it to you by adjusting the price numbers. In other words a base Wolfsburg 5 speed with a 20075 MSRP and a 18799 invoice price is now technically on the books for 2750 less or 16049.
      So if they told you they were selling you the car at say invoice 18799 less the December dealer cash of $1000, less your Owner Loyalty of $1000 or 16799. The deal would still be 750 over invoice.
      While your deal does not sound terrible without the exact options I cant say for sure. You also said 2600 down? Does this mean 2600 down plus other start up fees like first payment and plate fees, or do you mean 2600 out of pocket?
      The car I described above a base 5 speed at 2000 under invoice would lease as follows: with 2600 total due 193.58 including 6% Michigan Tax, or 181.41 with 2600 down and a total of 3002.81 due at delivery in Michigan with 1st payment, title, and plate transfer.
      This is not however, through VW Credit they are about $30 per month higher than the best banks. I figured this through Wells Fargo. VW as I said no longer supports 03 models with finance or lease programs.

    18. 12-18-2003 05:21 PM #68
      oops...so here are the numbers. MSRP 20,550( first month, taxes....all the dealer said)...it is a Jetta '03 Wolfburg Edition with monsoon, Cold weather package, manual with 16 inch BBS wheels, front sport wheels, sport suspension, rear spoiler, special side badging. CD player, cruise front and rear carpeting, antitheft alarm and radio, Immobilizer III theft deterrent system. I got this number from the sales person I talked to....203.35 a month and 2548.35 down for 36 months and 12,000 miles a year.
      But now I have a problem...he won't give it ti me to lease! He says that car has certain sale criteria and one of them being not to lease it!!! Is this normal? I spoke to the manager...he says the '03 he's got he can't lease....something to do between him and VW of America! I don;t get it.

    19. Member Cyberrick's Avatar
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      12-18-2003 05:45 PM #69
      Yeah, it is like I said before the car is technically already delivered and reported sold to VW to get the $2750 November Dealer Incentive. That does not prevent them from leasing it though. How does the tax work in your State? Is it use tax on the monthly payment or is the cap cost of the vehicle taxed and not the payment. If you are not sure maybe someone listening can tell us. I think you said Boston right? The car you are talking about is a 20550 MSRP and 19219 invoice car. The dealer has received $2750 in incentive on the car so its adjusted invoice is now 16469. You should be able to get for about 16769 right now or 300 over his invoice.
      In Michigan we have 6% tax. My recommendation would be to buy the car. Out the door with 6% tax it would be 17840.54 here. Take off your 2600 down stroke and finance 15240.54 for 60 months. Chase has a 3.34% rate right now that works out to 276.15 per month. More than the lease but 3 years from now you would have some equity.
      If you let me know the tax method in your State I will figure a lease for you with Wells Fargo. Call the dealer and ask for the Finance Manager. Ask him if they use Wells Fargo in your State. They are about $30 a month better than VW Credit on the 2003 models.

    20. 12-19-2003 12:47 PM #70
      hey o.k...I got another one he could lease out...so the deal is, same options as before: it is a Jetta '03 Wolfburg Edition with monsoon, Cold weather package, manual, 16 inch BBS wheels, heated sport wheels, sport suspension, rear spoiler, special side badging. CD player, cruise, front and rear carpeting, antitheft alarm, radio, Immobilizer III theft deterrent system and the additional option that wasn't on the first car I was looking at is the sunroof. It is for $217 a month and 2548.35 down for 36 months and 12,000 miles a year. It is black with gray interior. What do you guys think about that one? I think it is a good deal.

    21. Member Cyberrick's Avatar
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      12-19-2003 01:14 PM #71
      You still did not say what bank or lender the dealer is putting you through. If VW Credit it would be a great deal. However, VW Credit is about $30 per month higher than the best banks on a Wolsfburg Jetta. So using VW Credit in your case wold not be in your best interest as it will cost you about 1000 more in payments over the term.
      There are some benefits to VW Credit so I do not normally use another lender unless the payment difference is significant. Certainly not for a 10-15 difference. However, when you start talking $30 a month most people would think that significant.
      No other lender will ever offer you anything like the current Lease Pull Ahead Program. Technically this expires at the end of the year. However, most people in the business seem to think that the Lease Pull Ahead Program is here to stay. LPA might allow you to terminate this Wolfsburg Lease up to 10 months early so your 36 month lease may in fact become a 28 month lease if you wanted to turn in early and get another VW.
      The private banks will never simply allow you to terminate early unless someone makes the remaing payments. So LPA is a benefit to VW Credit. If you are certain you will want to keep this vehicle for the entire 36 months though another lender could save you some cash.
      Also if you do not have sterling Credit VW is much more liberal in purchase policies than a Wells Fargo. Private Lease Companies that offer these great rates do so only for individuals with very good credit. Wells Fargo requires a 730 Credit Score to get their Best Rate.

    22. 12-19-2003 02:25 PM #72
      Hmmm...I didn't know you could lease the car not necessairely though VW of America! Damn, I just closed the deal through them. I thought a lease is closed through the manufactor of the car...in this case VW. I don't know you could lease the car by using another banks. Shoot, they took me for a ride again
      but ye, that is the final price I got through them all in. Think it is still a very good deal. So, I am picking it up the 30th of Decmeber and will be riding the new year in my new car! Wooohooo...Happy New Year! hahaha

    23. Member Cyberrick's Avatar
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      12-19-2003 02:38 PM #73
      Definetely a good deal through VW Credit. Its just that whatever deal VW Credit has on an 03 Wolfsburg Jetta is about $30 per month less through Wells Fargo.

    24. 12-19-2003 02:55 PM #74
      If I didn it through Wells Fargo...how do you do that? Ones you brought down the price you contact wells fargo and tell them you want to lease this car? I have no clue how yu would do that? I think the price I got the lease on was close to 16800.

    25. Member Cyberrick's Avatar
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      12-19-2003 03:08 PM #75
      This is not something you would do. Most dealers have multiple lenders that they use for when the manufacturer rates are not competitive. Most dealers also have computer systems like Lease Link or Lease Profit that tell them the best bank as far as payment goes for any given vehicle or scenario. So when we run a lease we see for every term sorted by lowest payment. So who ever has the best deal going on a vehicle is shown every time we figure a lease. If you were buying your 2003 Jetta how would you feel about financing through VW Credit at their best rate of 4.9% when I could put you through Chase at 3.34%. It is the same thing with leasing.
      Like I said earlier though there are benefits to dealing with the manufacturer that you will not get with a private bank like Wells Fargo. So when differences are small I forget about the private banks. However, at $30 a month they are worth a look.

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