Deal Check: 2020 Subaru Forester Sport $319/mo, 12k/36, $3k down

Ask the Hackrs
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1

First time leasing a car, first time ever getting a new car, I could really use some advice! I have a 600 credit score but my parents have 800 and will be co-signing; I am in a much better financial situation now than I was when I dug my credit hole (I am still paying down debt and can afford a payment - my car broke down I need something). Is this a good deal? The $3k down includes $2,500 from me and $500 from corporate Subaru coupon.

2020 Subaru Forester Sport (package 22)
MSRP: $31,153
Price after Costco discount: $28,125
Miles: 12,000/yr
36 months
Residual: 62%
Money Factor: .00195 (is this acceptable with my parent’s 800 credit?)
Zip Code: 89511 (Reno, NV)
Cash at close: $3,000
Total Initial Fees: $449 - I was told that is the dealer fees like filing and stuff. Not really sure if that is included in the $3k or if I will have to pay $3,449 when I pick it up? I have to do my own registration in NV.
Tax (8.265%)
Monthly payment: $319

Thank you!

2

I wouldn’t recommend putting this much down. This is effectively $402/mo on a sign-and-drive

This converts to 4.68% - when you asked Edmunds for the residual and MF, what did they tell you buy-rate was?

You can compare to other recent Subaru deals in Shared Deals, this looks average to me. And there are other cars that lease better (depending whether you are shopping the deal or the car).

Sounds like you could benefit from doing some more research before you sign. Good luck!

3

Sounds like I need to looks at Edmunds. If I only put like $2k down, wouldn’t my monthly payment be higher and even out in the end? Or is that not how it works?

I am mostly shopping the car, it is one of the few that I actually like, that would satisfy my needs and that I can afford. Anything else that can satisfy my needs is out of my price range (4runner, grand cherokee).

Thanks for your advice!

4

And it has to be a sport? And not an Outback? Or an Impreza? Are you set on one color combination too?

Different trims have different residual/MF/incentives, so sometimes it’s a better value to lease something with a higher MSRP.

5

Recent posts on Limited and Touring trims represented better value IIRC

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6

Your net out of pocket costs are (close to) the same, but you risk the upfront money should anything happen to the vehicle.

7

Passports are doing well this month. Have you looked into that at all? Here’s a sample calc for at dealer cost, there’s room left, on an EXL with PA dealer fees and registration. I have no doubt you could put something similar together in Nevada or Arizona.

8

I can’t say that I’m particularly well versed in Subie leases, I’m just here to say that I wholeheartedly approve of your choice of screenname.CI7tBtqWwAASmXt

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9

Hi Guys, I got a lease offer on White Subaru Forester Sport 2020 (MSRP 31,500) for $1500 (initial fee, for taxes registration etc) with $340 Monthly payment for 36 months/12000 miles. Is this a good deal?

10

Not enough info. Read Leasing 101 and make your own Ask The Hackrs thread.

1 Like