Leasing options
Thread Starter
Junior Member
Joined: Sep 2022
Posts: 63
Likes: 4
From: Santa Barbara
2017 Acura NSX
Leasing options
I am awaiting my 2023 EQS to be delivered to the West Coast. I asked what kind of lease I could get. My credit is excellent. I was given a super expensive lease. The only good news was I get the car at MSRP. Also get $7500 off of the cost. The interest money factor is .0034 which is 8.1%. The residual value is only 51% after 3 years. They end up charging around $25,000 for rent over and above depreciation. Wow. They were telling me that the $7500 is not available to me. Well, it is. If you get the new car delivered before Dec 31, 2022 then the former Fed rebate still applies. I researched and verified. They were telling me that it is not available but they will give it to me if I lease. Yes, they are giving it to me. What are others seeing for lease rates? I really prefer not owning the car given how fast technology is changing.
MBWorld Fanatic!
Joined: Feb 2013
Posts: 2,616
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From: Reading PA
26 EQS 400 SUV, 23 EQS 580 SUV (sold), 19 X7 (sold), 17/14 GLS550 (sold), 13 GL550 (sold)
I am awaiting my 2023 EQS to be delivered to the West Coast. I asked what kind of lease I could get. My credit is excellent. I was given a super expensive lease. The only good news was I get the car at MSRP. Also get $7500 off of the cost. The interest money factor is .0034 which is 8.1%. The residual value is only 51% after 3 years. They end up charging around $25,000 for rent over and above depreciation. Wow. They were telling me that the $7500 is not available to me. Well, it is. If you get the new car delivered before Dec 31, 2022 then the former Fed rebate still applies. I researched and verified. They were telling me that it is not available but they will give it to me if I lease. Yes, they are giving it to me. What are others seeing for lease rates? I really prefer not owning the car given how fast technology is changing.
Thread Starter
Junior Member
Joined: Sep 2022
Posts: 63
Likes: 4
From: Santa Barbara
2017 Acura NSX
Yes, they did reduce the car’s MSRP by $7500. The problem is they more then made up for it with the high money factor and low residual value. If I purchase for cash, I can take the $7500 off my taxes. My issue is that I am retired and don’t have a lot of income to take advantage of the deduction.
MBWorld Fanatic!
Joined: Jul 2019
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From: Westchester, NY
2014 Mercedes E350 4matic Wagon, 2018 Fiat 124 Spyder Lusso manual, 2005 Acura TSX manual
Leasing is awful right now due to shortages, unpredictable markets, and high finance rates which kind of directly push money factors. If you can not lease, I would highly recommend not leasing. This is one of the few times paying cash would be the best option on a new car, but financing wii do also probably be far better then leasing right now.
MBWorld Fanatic!
Joined: Feb 2013
Posts: 2,616
Likes: 481
From: Reading PA
26 EQS 400 SUV, 23 EQS 580 SUV (sold), 19 X7 (sold), 17/14 GLS550 (sold), 13 GL550 (sold)
Yes, they did reduce the car’s MSRP by $7500. The problem is they more then made up for it with the high money factor and low residual value. If I purchase for cash, I can take the $7500 off my taxes. My issue is that I am retired and don’t have a lot of income to take advantage of the deduction.
Super Member
Joined: Sep 2002
Posts: 917
Likes: 86
Hey folks, just FYI - I have excellent credit and I am a preferred customer with Bank of America. I got 4.29% rate for outright purchase with loan above 100K. Much better than the 5-8% you are seeing at dealerships and with leasing.
https://www.bankofamerica.com/auto-l...to-loan-rates/
I think my credit union would have even done better, but most dealers are not working with out of state (or even in state) credit unions these days. Fed increase in interest rates is coming next week.
https://www.bankofamerica.com/auto-l...to-loan-rates/
I think my credit union would have even done better, but most dealers are not working with out of state (or even in state) credit unions these days. Fed increase in interest rates is coming next week.
Junior Member
Joined: Sep 2022
Posts: 25
Likes: 5
2023 EQS 580 SUV Selenite Grey
My dealer gave me a rate of 7%. So while I waited for my car to arrive, I went and shopped a few credit unions in the area and currently financed the 130K at 2.49% 4 weeks ago (2.99% is the standard rate but EV has an additional .5% discount at the one I chose). My credit score is also excellent. I have been burned in the past with leases and the multiple ways dealers hide cost, or add cost on simple wear and tear items when you return the car at the end, this was a lot simpler. I just took that check to the dealer on the day I picked up the car and paid down the rest. You have a good rate at BofA, I was able to get only 5.49%, but the credit Union was far lower. All three credit unions I shopped were under 3% in Philadelphia and greater area.
Even though my dealer is in New Jersey, I financed the car with a credit union in PA, live in NJ. So even if your dealer doesn’t work with a credit union in or out of state, you always can. Our last vehicle I financed at 1.99% from an online credit union in Washington DC but purchased the car and registered it in NJ. A check is a check, and won’t matter to the dealer where it came from.
Even though my dealer is in New Jersey, I financed the car with a credit union in PA, live in NJ. So even if your dealer doesn’t work with a credit union in or out of state, you always can. Our last vehicle I financed at 1.99% from an online credit union in Washington DC but purchased the car and registered it in NJ. A check is a check, and won’t matter to the dealer where it came from.
Last edited by mb_star; Oct 26, 2022 at 11:00 PM.
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Super Member
Joined: Sep 2002
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My dealer gave me a rate of 7%. So while I waited for my car to arrive, I went and shopped a few credit unions in the area and currently financed the 130K at 2.49% 4 weeks ago (2.99% is the standard rate but EV has an additional .5% discount at the one I chose). My credit score is also excellent. I have been burned in the past with leases and the multiple ways dealers hide cost, or add cost on simple wear and tear items when you return the car at the end, this was a lot simpler. I just took that check to the dealer on the day I picked up the car and paid down the rest. You have a good rate at BofA, I was able to get only 5.49%, but the credit Union was far lower. All three credit unions I shopped were under 3% in Philadelphia and greater area.
Even though my dealer is in New Jersey, I financed the car with a credit union in PA, live in NJ. So even if your dealer doesn’t work with a credit union in or out of state, you always can. Our last vehicle I financed at 1.99% from an online credit union in Washington DC but purchased the car and registered it in NJ. A check is a check, and won’t matter to the dealer where it came from.
Even though my dealer is in New Jersey, I financed the car with a credit union in PA, live in NJ. So even if your dealer doesn’t work with a credit union in or out of state, you always can. Our last vehicle I financed at 1.99% from an online credit union in Washington DC but purchased the car and registered it in NJ. A check is a check, and won’t matter to the dealer where it came from.
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