Some background…
Currently leasing BMW X4 2015…lease up June 19, payment $666.00 approximately $54k sales price but I now know that was probably too high (and I made a downpayment) but it was my first lease and I learned a ton from this forum which I stalk regularly. My credit score was 740 then, currently 661 fico auto 8, checked today on myfico…doing some credit repair work. No late payments on current lease.
I was interested in midsize suv’s so I went to Land Rover today for a Velar quote. Sales person told me the last one he leased to a customer with MSRP 75k was $950 , so the one I was interested in at $67k would be close to that so if I was not willing to make a $900 month payment , it wouldn’t work. Said he was guessing it would be 3 times whatever I was paying currently. I left. I did not disclose credit score after he adamantly provided this info.
Went to Mercedes down the street.
Got the below quote. Of course, minor details provided until I asked for specifics ( learned here). Again, I did not disclose credit score up front. Wanted to see “best quote” first.
GLE350W4
LEASE
STATE: NY
MSRP $60,740
SALES PRICE $57,500
MONEY FACTOR 0.000280
36 MONTHS
10,000 MILES
RESIDUAL 54%
Net residual $32,799.60
$4702 UP FRONT
PMT MONTHLY $705.63 is monthly rent $25.23 plus $680.40 monthly depreciation.
I always see this board recommend no down payment so same terms as above equals $829.61 monthly.
I asked about loaners for lease, same model, was told none available. I asked about other incentives, also told none available. Asked for sales price reduction, was told already took $3k off.
It was frustrating because this doesn’t seem to meet any of the guidelines I’ve learned on here. And this is without the hike that will probably occur after my 660 credit score shows up.
I did not allow anyone to pull my credit report or fill in any applications.
Please provide feedback. Thank You
