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  #13  
Old 02-01-2015, 02:27 PM
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Re: lease a 2015 or wait until 2016?

"D'oh!!!!!!!!!!"

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  #14  
Old 02-02-2015, 04:30 PM
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Re: lease a 2015 or wait until 2016?

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Originally Posted by GCOverland View Post
Those were the numbers I was initially hoping for and especially the residual they are now using on Overland and Summit is far more realistic.

I don't feel too bad though. After all, my higher monthly payments mean that I'm probably able to trade in my lease in 2 years from today without negative equity - and that would be after after only 27 of the originally scheduled 39 months.

At least that's what I came up with when comparing the current numbers on a 2-year lease two what I've paid 2 years from now (27 payments)...
I got this lease literally a week ago so I bet the numbers you'll get will be similar.

As far as the negative equity thing goes - I leased a 2014 that I just traded for this 2015 and I had $2k in "equity" on the car already. After 19 months. That probably means I was overpaying but the residuals and money factors on these cars is so low that even if I were buying, I'd do a lease first to get 3 years at .5% interest. It's really a no brainer.
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  #15  
Old 02-02-2015, 04:33 PM
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Re: lease a 2015 or wait until 2016?

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Originally Posted by Sleestak View Post
I just leased my overland. How do I calculate the money factor?
It's on your paperwork. If you can't find it, you can calculate it if you know:

MSRP
Net cap cost
Payment
Residual

But, dude, you leased a car without knowing how much you're paying??!? I hope you didn't get screwed.

If you don't know all of those, you're solving for 2 variables and you don't be able to get a good number.
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  #16  
Old 02-02-2015, 07:57 PM
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Re: lease a 2015 or wait until 2016?

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Originally Posted by torifile View Post
As far as the negative equity thing goes - I leased a 2014 that I just traded for this 2015 and I had $2k in "equity" on the car already. After 19 months.
That's exactly what I'm talking about...
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  #17  
Old 02-03-2015, 11:17 AM
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Re: lease a 2015 or wait until 2016?

Quote:
Originally Posted by torifile View Post
It's on your paperwork. If you can't find it, you can calculate it if you know:

MSRP
Net cap cost
Payment
Residual

But, dude, you leased a car without knowing how much you're paying??!? I hope you didn't get screwed.

If you don't know all of those, you're solving for 2 variables and you don't be able to get a good number.
My payments are very low over 24 months. Just found out my money factor is .0940 with residual of 66%.
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  #18  
Old 02-04-2015, 06:20 PM
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After crunching some numbers the Summit might not be for me. Maybe check out the Overland or even look at a 2012 or 2013.
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  #19  
Old 02-05-2015, 07:15 PM
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Re: lease a 2015 or wait until 2016?

Quote:
Originally Posted by Sleestak View Post
My payments are very low over 24 months. Just found out my money factor is .0940 with residual of 66%.

.094? That can't be right. That's 225% interest. To figure your interest rate, multiply the money factor by 2400. It might be .00094. Even then, it's way high for a lease. I'm afraid you got taken.


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  #20  
Old 02-05-2015, 07:54 PM
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Re: lease a 2015 or wait until 2016?

Quote:
Originally Posted by torifile View Post
.094? That can't be right. That's 225% interest. To figure your interest rate, multiply the money factor by 2400. It might be .00094. Even then, it's way high for a lease. I'm afraid you got taken.


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Sorry, it's .00094
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  #21  
Old 02-06-2015, 06:36 AM
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Re: lease a 2015 or wait until 2016?

Quote:
Originally Posted by Sleestak View Post
Sorry, it's .00094

Yeah. That's too much. You're paying about $50-60 more than you should have been per month. Oh well. Live and learn.


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  #22  
Old 02-06-2015, 06:42 AM
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I have never leased anything before. How are you all figuring these numbers?
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  #23  
Old 02-06-2015, 06:46 AM
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Re: lease a 2015 or wait until 2016?

Just find a lease calculator. Please do some research about how leases work first though. They can be very good deals if you know what you're doing. Or they can be very bad deals. Don't focus on the monthly payment - focus on the numbers.

Look at ridewithg.com for some info. And look at this thread for some numbers: http://forums.edmunds.com/discussion...-questions/p16


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  #24  
Old 02-06-2015, 07:24 AM
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Thanks, not ready to pull the trigger for a month or two, so I got time to read
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