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Yeap; My dealer informed me that Mac is moving to Chase on leases. I'm sure people will continue to use Putnam/Premier/Amazon, etc.
Is this happening at the end of the year on the 1st of January or is it in the coming weeks?
I wonder what they will do with residuals?

Also when you say Putnam etc, are they more competitive than Ally? Or is there just more freedom?
 

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Is this happening at the end of the year on the 1st of January or is it in the coming weeks?
I wonder what they will do with residuals?

Also when you say Putnam etc, are they more competitive than Ally? Or is there just more freedom?
The discussion I had was a few weeks ago and I was told that it was being finalized. I never followed up on the discussion.

I have never leased through Ally. My understanding is that they had very stringent credit standards and couldn't really be talked into approving based on sales people begging -:). It was very different say with Ferrari/Lambo where they do their own financing. It was very easy to get leasing through them.

I know that Mac does contribute XX amount of dollars for every leased car to assist Ally with keeping up residuals (off the top of my head; I thought it was $10K on every 570s). I don't believe Mclaren made the same contribution with any other financing company (someone else might have more info on this).

I'm not sure for the reason of the switch. I do know that my sales guy was very surprised that Chase was getting involved because they would NOT lease any Mclarens in the past. Maybe Ally just lost too much money. One of my friends tracked the listing of his car on a lease return and saw that it was listed at $25K below the residual/turn in price.
 

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The discussion I had was a few weeks ago and I was told that it was being finalized. I never followed up on the discussion.

I have never leased through Ally. My understanding is that they had very stringent credit standards and couldn't really be talked into approving based on sales people begging -:). It was very different say with Ferrari/Lambo where they do their own financing. It was very easy to get leasing through them.

I know that Mac does contribute XX amount of dollars for every leased car to assist Ally with keeping up residuals (off the top of my head; I thought it was $10K on every 570s). I don't believe Mclaren made the same contribution with any other financing company (someone else might have more info on this).

I'm not sure for the reason of the switch. I do know that my sales guy was very surprised that Chase was getting involved because they would NOT lease any Mclarens in the past. Maybe Ally just lost too much money. One of my friends tracked the listing of his car on a lease return and saw that it was listed at $25K below the residual/turn in price.
I was told the switch was due to McLaren's decision to change from Ally to Chase as the captive lender. The same as Aston Martin did in May. As mentioned above by unmac, Ally is stringent and a real pain to deal with. Like I mentioned, I am in the industry specifically on the F&I side and I know Ally is not easy to work with historically. As for their losses, I've heard that leasing banks carry residual insurance to protect against losses at lease end. I cannot confirm this as factual, but believe it to be accurate.
 

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Another reason to lease, being neglected, protected asset. The car is protect from lawsuits, be it a civil suit or divorce. When it's leased, it can't be touched. So if you're planning a divorce and want to dump money that can't be touched, use a lease provider like mentioned earlier to buy a car and after your divorce is final, dump the car and get your money back. The other party can't touch it or see it as an asset 😁
Lol
 

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What? Of course you're paying for the depreciation when you lease a car. It's built into the payments. When you lease a $375K exotic, you're paying $4000-5000 per month because they know the car will be worth massively less when you turn it back in and they need to be compensated for that loss in value.
 

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What? Of course you're paying for the depreciation when you lease a car. It's built into the payments. When you lease a $375K exotic, you're paying $4000-5000 per month because they know the car will be worth massively less when you turn it back in and they need to be compensated for that loss in value.
Correct. The lease payment is comprised of 2 numbers. Monthly depreciation and the monthly rent charge (interest).
 

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there’s a few things missing. If your comparing new to new. Leasing can be good in certain states with sales tax.

1. When leasing or financing the Negotiated price of the car is the same. Mclaren dealer doesn’t care which option you chose.
2. Some states. CA for example. We pay sales tax up front for purchase. 300k car. 30k in sales tax that cannot be recouped. Lease pay sales tax per month. So if you are going to sell a car you financed after 3 years. You will be out the sales tax on all 300k. Instead of the lease which will be about 15k less if the residual on the lease is 50%
I think this is what makes finance vs lease Difficult.
3. I agree with you on tax “fraud” or whatever creative accounting.
4. If your talking about leasing new vs buying used. You can also lease “used” as dealer demo or mclaren press cars that also give huge room on sales price. But the new car has that 1 extra year of warranty and 1 less service to do.

I don’t think the difference is that large between the 2. But the option to just walk away from the car after 3 years is nice. And if the Small chance there is equity in the leased car You can get it back and trade in
The difference is huge. You're talking about leasing a car with a sales price of $375K vs buying a used one that's $250K. It will cost you $150K to lease the new one for 3 years. It's highly unlike a 2018 McLaren will be $100K 3 years from now. It's been 8 years and 12Cs aren't even really at $100K yet. It's entirely possible that you could drive the $250K used car for 3 years for something like $75-100K. That's significantly less than the lease and you have complete flexibility in what you chose to do with it.
 

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You guys are all funny.

A good number of exotics are leased. Someone just walked into a dealer in the States and leased a brand new 720s and its financed amount is much higher then the used one sitting on the lot.

Get rid of leasing and the entire exotic car market basically disappears. People lease P1's, Senna's, 720s, 570's, laferrari's, TDF's, and all the regular cars. Not sure why the naysayers are even trying to talk people out of doing it. There are a lot of factors that go into whether one will lease it or not. (People lease a lot of cars let alone exotics California and its mainly due to the lack of sales tax credit on trade and you only pay sales tax on the downpayment and actual lease payments),

Most won't even think more then 5 minutes of which way to go with it.

Check out any carfax if you have time and you will see a substantial number of exotics are leased (especially in California and especially Ferrari's and Lambo's).
No one said they don't get leased. Of course lots of them are, but it doesn't mean it's actually the smart thing to do. It's the easiest thing to do, but usually not the best thing to do financially. I personally wouldn't lease an exotic, but I personally would never buy new anyway these days unless it was a very, very, very special spec that I did. Buy new off the lot for something I didn't design? No thanks.

Oh, and interest rates are still crazy low.
 

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The difference is huge. You're talking about leasing a car with a sales price of $375K vs buying a used one that's $250K. It will cost you $150K to lease the new one for 3 years. It's highly unlike a 2018 McLaren will be $100K 3 years from now. It's been 8 years and 12Cs aren't even really at $100K yet. It's entirely possible that you could drive the $250K used car for 3 years for something like $75-100K. That's significantly less than the lease and you have complete flexibility in what you chose to do with it.
you would still negotiate down the price from msrp on a lease. But yes a used 2018 will be cheaper than a new 2020. But coupe leases are like 3k a month for 5000’miles/yr with minimal down.
 

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you would still negotiate down the price from msrp on a lease. But yes a used 2018 will be cheaper than a new 2020. But coupe leases are like 3k a month for 5000’miles/yr with minimal down.
Not sure what coupe leases are like right now, but he said he's paying 1.12% of MSRP, which is $4000+ in his case. That's not really anywhere near $3000.
 
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