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Re: Saab Lease Advice
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Posted by Clovis (more from Clovis) on Thu, 21 Jun 2001 00:52:33 Share Post by Email
In Reply to: Saab Lease Advice, Brad, Wed, 20 Jun 2001 14:19:49
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I got a 1999 9-3 base with sunroof, auto, leather, metallic paint, oil changes for 3 yrs every 3,000 miles for at no cost. My deal was structured like so:

Sales price: $28,500
Down payment, including first month and no security: $2,000
Term: 42 months
Mileage: 15,000 miles/year
Residual: About $13,500
Monthly Payment: $350 tax included ($325 w/o tax)
Interest rate: About 1.9%
Total of payments w/o tax: $15,650 ($325 x 42 + $2,000)

Total cost of payments + residual (Effective cost to purchase the car including lease payments and residual, not including tax): $29,150
Invoice price of car: About $28,000
Cost above invoice to purchase car after 42 months: $1,150
Effective interest rate based on purchasing at invoice: Less than 1%

Even better, if I choose to purchase the car from Chase at the end of the lease, I expect to negotiate the purchase price for no more than $12,000. If this is so, then, after 42 months, the car will cost $27,650 including interest for the 42 months, not including tax. This amounts to a below invoice purchase price with what looks like negative interest rates. We all know that you can get a SAAB for less than invoice, and the low interest rate and negotiable residual reflects a purchase at less than invoice, trading a negative interest rate for cash incentives at purchase/lease time.

I suggest you look at it this way. This results in a screaming deal if you can negotiate this with your dealer. My only regrets are:

I did not ask for a 6 CD changer in the deal;
I did not ask for scheduled maintenance in addition to oil changes.

Let me know if you have any questions.

Clovis
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