[Allan Gibbs]

I'm starting to get some lease quotes in from some lenders. Premier Financial is one and Putnam Leasing is the other. I haven't heard from Putnam yet but I'll post my finding on Premier Financial.

First off, THIS IS AN OPEN END LEASE, which means at the end of the lease, you will essentially have to purchase the vehicle (sort of defeats the purpose of leasing, though).

So, here are my quotes for a 36 and 48 month lease based on 7.8% tax. My credit score was not factored in:

36 MONTH LEASE
Purchase Price: $48,600.
Drive off: $2,886.73
Purchase price at end of lease: $24,000
Monthly payment: $947 plus 7.8% tax

48 MONTH LEASE
Purchase Price: $48,600.
Drive off: $2,625.86
Purchase price at end of lease: $20,000.
Monthly payment: $826.00

Personally, I do not plan on going this route because an opened end lease, atleast in my mind, is more of a purchase. Additionaly, even if this is the first round of "negotiating", I cannot see the price coming down to the range I'd expect for a lease (high $500 to $600s a month). And in contrast, I could get 4.25% financing from my credit union, which would be more competitive (high $600s to mid $700s a month).

HOWEVER, I'm just passing along this information to anyone who may find it useful. I imagine if you had a business and could use the lease as a tax write off, then maybe it may make sense.

Lastly, this is a link to their website: http://www.ferrarileasing.com/home.htm

The contact person I've been dealing with is Mitchell Katz and his e-mail i s [email protected] and their contact information is:

Premier Financial Services
47 Sherman Hill Road
Woodbury, CT 06798
203-267-7700
203-267-7773 FAX
www.whynotlease.com (application)

 

[Cisitalia]

Something is not correct in those lease quotes. Here is my take on it.

First the residual is to low, 49% for a Elise after 3 years. Should be closer to 60%. Also, what is comprised of the drive off cost? Typically a lease requires first months lease payment and a lease fee of $500-750 at signing.

Capitalized cost (purchase price) = $48,600
Residual (for 3 years) = $24,000
Lease factor (interest/2400) = say 4.25% for argument sakes

Calculate principal payment for 3 years:

(48,600-24,000)/36= $683

Calculate interest payment:

(48,600+24,000)x(4.25/2400) = $129

Total monthly payment: $683+$129= $812 plus sales tax

Those are not good terms in my opinion. Also, how many miles allowed per year and what is the over mileage penalty?

 

[Allan Gibbs]

No mileage terms were provided to me. Since it was an open end lease, I didn't think too much off it.

In terms of drive off, here's the break down:

36 month
Down Payment: $0.00
Initial Month's Rent: $1,894.00
AZ Tax (7.8%): $147.73
DMV: $250.00
Acquisition Fee: $595.00
Total: $2,625.86


48 month
Down Payment: $0.00
Initial Month's Rent: $1,652.00
AZ Tax (7.8%): $128.86
DMV: $250.00
Acquisition Fee: $595.00
Total: $2,625.86

In terms of the residual, I think they are very low also.
$24,000 of a $48,600 car - it looks like the residual is 49% in three years. $20,000 of a $48,600 car, it looks like 41% in 4 years. Again, I'm thinking because it's an opened end lease, they may not care as much on the residual.

Also, I've been having a tough time finding companies would are actually willing to lease the Elise. They consider it an exotic and several of them have said they will not be leasing exotics except for a few Ferrari.

 

[bill930p]

I financed mine at the dealer. My payments are ony $860 for 5 years. And this is with only $1500 down.

Why pay that much for a lease when you can buy it for the same price?

Bill

 

[Allan Gibbs]

I financed mine at the dealer. My payments are ony $860 for 5 years. And this is with only $1500 down.

Why pay that much for a lease when you can buy it for the same price?

Bill

Exactly! Actually, with my credit union, fiancing would actually be cheaper.

Originally, I had in mind lease payments of $550 to $620 for 48 months in mind with $3K drive off. That's pretty much were other $40-$45K cars are. If leasing is going to go beyond that, then I'll be financing.

 

[Allan Gibbs]

Okay. Let's see if this works. This is the actual document I received for the 36 month lease.

 

[Allan Gibbs]

And for the 48 month lease.

 

[EliseCat]

It's just nice to see that others are actually financing!!

I will have to do the same when it comes time.

Seems these days most people pay cash!!!