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  #13  
Old 03-07-2013, 09:24 PM
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Re: 2014 Overland ordered, look at this money factor

You're doing better than most with the amount you were able to throw down. Kudos to you!
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Old 03-07-2013, 09:26 PM
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Re: 2014 Overland ordered, look at this money factor

Congrats on the order but putting anything down, let alone 11,500 on a lease is a big mistake.
If the vehicle is stolen or totaled early in the lease, that money goes up in smoke. As this is just an order, I would change this asap.
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Old 03-07-2013, 09:55 PM
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Re: 2014 Overland ordered, look at this money factor

Looks like a solid deal. On another note, I used to bring my GC to Team Welsh for service when I worked in the area and they are great people to work with. A relatively small place, but always helpful and willing to go above and beyond.
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Old 03-07-2013, 10:14 PM
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What is the mileage allowance on the lease?
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Old 03-07-2013, 11:37 PM
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Re: 2014 Overland ordered, look at this money factor

Quote:
Originally Posted by SMG1 View Post
I'm not really well-versed in leasing, so bear with me. Don't they recommend not putting so much down ($11,500 in this case) on a lease since if you total the vehicle you've lost that money?
Correct. You should never put any money down on a lease. All it does is prepay lease payments, so if you take that money, divide it by 36 you get the savings in the payment. Much smarter to put the money in a savings account and make payments/portions of payments out of that.

If the car is totaled there is no provision for prepaid lease payments, which is all the downpayment is.

I too would urge the OP not to put anything down.

Quote:
Originally Posted by AAAA
I've never leased a car. Is it normal to have life insurance and accident and health insurance on the invoice?
I've leased a lot of cars, and I have never seen those items on an invoice, or been offered those items. It lists LOE insurance too, loss of employment.

At least they are zeroed out on the OP's invoice...
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Old 03-08-2013, 12:18 AM
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Re: 2014 Overland ordered, look at this money factor

Quote:
Originally Posted by xmonger View Post
Congrats on the order but putting anything down, let alone 11,500 on a lease is a big mistake.
If the vehicle is stolen or totaled early in the lease, that money goes up in smoke. As this is just an order, I would change this asap.
I would suggest to the OP that he sets aside this huge downpayment (i.e. on a savings account) and divides it by 36 and uses that fraction every month towards the higher lease payment. At that money factor, anything else would be an unnecessary gamble due to the risks you just mentioned.

EDIT: I just read SW03ES's post....so +1 on that.
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Old 03-08-2013, 12:31 AM
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Re: 2014 Overland ordered, look at this money factor

Thanks for the input guys. I have about 6 weeks to figure out exactly what to put down on this lease. I see what you guys are saying and it makes a lot of sense. I will stick with my $2500 down, that takes my monthly to $600, then I will take the $9k, put it in a savings account and draw payments from there.

Thanks guys, this is my first lease and you all have been tremendously helpful!
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Old 03-08-2013, 01:36 AM
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Re: 2014 Overland ordered, look at this money factor

Quote:
Originally Posted by ominous24 View Post
I see what you guys are saying and it makes a lot of sense. I will stick with my $2500 down, that takes my monthly to $600...
How is that possible?

If you put NOTHING down, I see your payment as being $607.50.

$47,961 (cap cost) - $26,091 (residual) = $21,870 (depreciation you will be paying over 36 months).

$21,870 / 36 months = $607.50 + tax and lease fee (money factor) so ~$665 or so. That is with $0 down.


How did you get to that $600/mo. number with $2,500 down?
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Old 03-08-2013, 04:06 AM
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Re: 2014 Overland ordered, look at this money factor

Quote:
Originally Posted by Copefree View Post
How is that possible?

If you put NOTHING down, I see your payment as being $607.50.

$47,961 (cap cost) - $26,091 (residual) = $21,870 (depreciation you will be paying over 36 months).

$21,870 / 36 months = $607.50 + tax and lease fee (money factor) so ~$665 or so. That is with $0 down.


How did you get to that $600/mo. number with $2,500 down?
I did a quick number crunch including tax. It is working out to about $20-$30 per month per $1000. My estimation of $600 is after taxes, fee, with $2500 down.
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Old 03-08-2013, 06:13 AM
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Re: 2014 Overland ordered, look at this money factor

I emailed the dealer overnight and he got back to me at 6am, lol. He said with a large down payment and the case of the vehicle being stolen/totaled early I would get the money back. I will have rather hear that from Ally but he said it is up to me which I do. Of course throwing it in a savings account accrues interest.
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Old 03-08-2013, 08:18 AM
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Re: 2014 Overland ordered, look at this money factor

Does anyone on the forum have access to money factors and residuals for all GC models?
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Old 03-08-2013, 08:48 AM
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Re: 2014 Overland ordered, look at this money factor

Don't put money down. And take a look at the residual percentage. Looks really low to me.
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