skwez

I'm looking at getting a 350Z but have a few questions about leasing. First, from what everyone has seen, whats the number being used to determine the residual value for the Z (assuming a 60 month lease)? Second, When giving a down payment on a lease, does that money do anything other than lower you monthly payments? (I.E. will a bigger down payment lower the residual amount following the lease)
Anoyone who can help, I'd appreciate it. I'd just like to have some basic info so that I don't go into the deal blind and end up getting shafted. Thanks.

cabalisticfire

Not sure of the residuals on the 60 month lease, someone should have residuals handy, I don't so I'll defer.

As for the down payment. No, it will not affect the residual and is generally only required if there is a credit issue. Putting more money down is not generally a good idea on a lease. Here's an example of why: You own you car for 6 months, then some clown in a giant SUV clobbers your Z beyond repair. Insurance only covers the current value which is less than the payoff (assuming that you put nothing down) so gap insurance covers the difference and you're out next to nothing. Had you gone an slapped down a 4 or 5K down paymen, you would have covered the difference an the gap insurance would have gained you nothing. The down side is that the interest (termed money factor when talking leases) charges will be a little higher since more money is tied up but it won't be a big deal since we're only talking a few grand anyway.

As for term consider a lease that is no longer than the factory warranty since you don't own the car you really don't want to invest in repairs. You may wan to consider an extended warranty if you go 60 mos. Don't bother with extended warranties through the dealer, go with www.warrantygold.com or one of their competetors.

My warning to you is to do some serious reading up on how leases work. Understand that there are several factors and know all the terminology; money factory, cap cost reduction, residual value, lease termination fee, etc so that you don't get burned.

Good Luck!

MustGoFastR

iTrader: (13)

Can you even do a 60 month lease? I'm not "in the know", but from what I've checked on, the lease amount is the the amount of the factored depriciation from MSRP the car will experience by the end of the lease term plus interest. What is left over is the residual "balloon" payment. Putting more money down up front will reduce your monthly payments, but will not effect the amount of the ballon payment. Any extra payments you make during your lease term will be applied to the residual.

skwez

Thanks for the info and for the advice. I'm contemplating leasing now or waiting a couple of months and buying. From what you've said - and what I've heard about time of delivery after orders are placed - I think I'm leaning more toward buying in March. If my math is right I can order January 1 and expect my car sometime around March anyway. Thanks again!

at350z

Go to edmunds.com It's a section on lease which has all the answers for your questions

skwez

I'll check out edmonds.com

9K isn't bad for the residual. Damn, just when I thought I had it figured out I'm forced to think again.

Thanks again for all the help/info.

BFG10

Mine was 55% of MSRP after 39 months.