I always loved hood ornaments when I was a kid. My dad always had a car with a hood ornament when I was little. Like AJT said stylewise they only seem to work today with some cars.

The MF is not terrible, its .00240 which translates into 5.76%, residual for 36 is 51% and 48 is 42% with $10,000 in lease cash. The issue is they aren't discounting the car other than $3,000 and his quote did not include the $10k lease cash, he keeps ignoring that question when I bring it up. I think on this car a discount of 7% given how its the end of the MY is reasonable, and in line with what I am seeing elsewhere, that should be $9,700. So I should be getting $19,700 off. With that pricing 48 months I should be looking at a payment of $1,833.56 by my calculations. That price I would do, I won't pay $2,450. My payment now is $1495, I don't like the 580 $1,000 a month more than my 560, if thats the best I can do I will just keep the 560. At $2,450 I could just buy the car. My math on that shows with 7% off at 7.5% (which I can do better) for 72 months the payment is $2,300.17

What gives is they are trying to ram me up the pooper pretty good lol

 

such an eloquent description of how dealers operate.

on a related note, i spoke to someone at the hyundai dealer (over the phone) who had left me a vm yesterday.

i 'splained the wasted back and forth and how they don't seem to have looked at hyundai's own website showing ioniq 5 limited (top trim) is offered at $510/mo. lease while the prior sales guy told me (via email) impossible to get for less than $800

anyway, person today said they shouldn't have said that, and they understood where i was coming from and also that i do have equity in my current vehicle (their own website shows it's worth $28K-$34K and my buyout is $26K). they did the usual "so we will work to get the $510 deal for you" (which doesn't factor in equity, but then i guess the $510 doesn't factor in down payment (that's part of that corp deal) and also sales taxes, so maybe my equity could cover that (here's hoping ).

i'm not as experienced or on the ball as steve is about leasing, but will give it my best! i do see i should find out what MF is in any numbers i see, as well as the residual buy out.

 

“We’ll work hard to get you what we advertised” LOL.

My neighbors payment on her new Ioniq 5 is less than $600 a month, so the guy who told you $800 is FOS.

 

so ridiculous we don't have a like button in car chat, but it's there in ev chat.

 

I saw a new Ioniq 6 tonight. Yikes. Personally, I found it much more hideous in real life than in pictures. And in pictures, it was pretty bad.

 

For my leases, I did a lot of homework here on CL. I never mentioned payments to the sales folks and always said I’m putting nothing down. In CA, it seems you have to pay tax and registration, but it also didn’t make sense to finance that, so I was at or under $1k drive off on all three leases. I admit I did not get the best deal on my IS250. A 27 month lease made me a bit of a sucker because I paid the registration for a full year, but only had the car for 3 of the 12 months. I did get a lot of that value back when I leased the IS350. I really wanted to buy that car out and kicked the can down the road by extending the lease 6 months. LFS wouldn’t budge from the residual, so they got the car back. At 42k miles and 3 1/2 years, it was less appealing to buyers and it went to auction. They would have made more selling it to me.

 

Yeah no clue on that one lol

I think they’re pretty cool. I like the 5 better though.

It’s kind of a fallacy that you can’t negotiate on payments. If you know how they arrive at the payment, you can negotiate on payments. Once I know I have a retail MF and I have gotten as good as I can do on the price and trade I have had success telling them “get me $100 lower payment and I will do it”, then they just move money around wherever they can to make it happen.

LFS never negotiates on residuals, neither does MBFS. BMW will.

 

good info here... so when trying to figure out the dealer's "numbers" i should know

A what the car price is (cap cost?)
B what the interest rate is (money factor?)
C what they say the car will be 'worth' at the end of the lease (residual price?)
D what discounts are being applied (e.g., ev credit, previous owner credit, etc)
E what equity on trade is being applied to the deal.

so total lease amount F = A-C-D-E + sales tax + fees
payments should be F / lease term in months with money factor applied?

 

True that you can negotiate on payments, but many consumers seem fixated on the payment as the top priority. This is when the salesperson gets wide eyed and begins to salivate. On both Lexus leases, the salesperson prepared me for the fact LFS would not budge on the residual. I tried anyway to no avail.

 

I've never leased but I do enjoy reading through what Steve and others post. I'd actually love to hear a live negotiation from Steve to determine the questions you ask and in which order. I went into a lease rabbit hole a couple weeks ago and watched this video and thought it was helpful and interesting: You can start at 3 minutes where they start talking about the lease option. It gets really detailed on the components of the lease at 6 minutes. I also discovered you can go to an Edmunds forum https://help.edmunds.com/hc/en-us/ar...V-for-a-lease- and post the deal you're looking for and people will tell you the MF and residual (I believe it's by zip code). Here's an example of what I was researching on Tahoe leases. https://forums.edmunds.com/discussio...als-and-prices

 

LMAO!! Sounds like it! At least you know and you won't let them get away with it.

 

You need the MSRP too, and the drive off costs (taxes, fees etc). Download the "Leasematic" calculator from the app store, its excellent.

So I got the numbers from Edmunds (Google whatever year, make and model car and "lease rates edmunds" and Edmunds has a forum where people post the monthly MFs, residuals and rebates, you just post and ask and within a couple hours they reply.

Focusing on the Pacifica Hybrid Pinnacle, for 36 month/10k the residual is 48% and the MF is .00428, there are $11,250 in incentives (including the $7,500 tax credit) and I have an additional $1,000 rebate coupon and get an additional $500 rebate for being a member of NAR. So, I should have $12,750 in rebates with the dealer still selling me the car for MSRP. So, I'm basically getting those rebates and the dealer is trying to charge MSRP. I was offered $30,000 for my Pacifica and the payoff is $26,400, so $3,600 in positive equity going into the deal. I was quoted $860 on a 42 month as the latest payment, according to my calculations I should be at $848.06 on a 36 month, so he's screwing me somewhere.

This is where I SHOULD be with an MSRP deal with the rebates available and the trade numbers I have been quoted:




5% off the sales price is about $3,000, so I am shooting for $3,000 off the sales price (or $1,000 more on trade and $2k off whatever they want to do), and then my $12,750 in incentives and that should yield me a payment of $751.89 on a 36 month with first month's drive off, that is a deal I would do. I have a call with a third dealer who has the van today and I'm basically going to just lay that out for him and say "if you can do this I will buy the car today". This is what that looks like:




But, see how easily you can be hosed? Remember the first quote I got was $920 a month on a 36 month and now we're talking about $750. As experienced as I am, its very hard not to get screwed, has involved multiple dealers and I am not done. Process is ridiculous.

On the S Class I was quoted $2,450 on a 48 month lease with $3,000 off the MSRP and not giving me my rebate, the payment under that scenario getting my rightlful rebate should be $2,002.54. So you can see how trusting the lease is calculated right using the figures disclosed to me I would be paying $450 more a month for the S and $100 more a month for the Pacifica plus a 6 month longer term, $550 a month for me to pay for 3 years just for the dealers to backend profit and screw me. And to @mmarshall 's point about dealers taking care of repeat customers? I'm a returning sales and service customer lol. Thats just expecting honesty in numbers disclosed...

The deal I should get on the S based on my research is 6% off the SP, $10k in rebates, 1st months drive off $1,877.52/mo.

Ultimately, all that matters on a lease is the payment, its just that when consumers focus on the payment without knowing what it should be or could be, they let dealers hide money and get screwed.

Nope, there are 115 of these within 30 miles of here, I will make somebody lease one to me for a decent deal!

 

I must say Steve could make some good money negotiating leases on behalf of others. Of course, it doesn’t seem like he’s a man in need of a side hustle.

 

^^^ excellent post, thanks.

 

I actually do that for friends and family!

I think I have a deal on the Pacifica for $720. We'll see!