[Saahil]

I'm looking to lease a 720s.

I'm getting a money factor of .0014500, does that sound right? Thats a rate of 3.48%.
Residual on the car, with a 36 month 7500 MPY lease is 54%
Getting a solid discount on MSRP, so the numbers are working out well.
The 720s is coming out only $400 more than a GT.

I just want to know if thats a similar money factor that others have been seeing with the new Chase leases.

Thanks!

 

[smrtasp]

Ally was running similar on the MF back in April when I was looking at 600LT and 720S. You didn't mention the year though which I assume is 2020? That will have an impact. Back in April, 2019s were a bit higher than 2020s but this late in the year I assume you are looking at a 2020. The residual seems low but again I am comparing to #s back in April with Ally. Residuals back then were ranging from 58-62% depending upon 2019 vs 2020 and 2.5, 5K, 7.5K miles. All that said, that looks pretty inline minus the residuals but Chase may just not be as giving there, especially given the typical depreciation on McLarens.

 

[Saahil]

Thanks for the response! @smrtasp

The car is actually one of the last remaining 2019s, which is why I've got about 27% off MSRP. The Residual seems a bit low, but once you consider its a 2019 and 7.5K miles it seems like the residual makes sense?

My biggest question was the MF, wanted to see if there were anything being added by the dealership or if that MF is in line with what the bank is looking for.

 

[Firstkill]

Thanks for the response! @smrtasp

The car is actually one of the last remaining 2019s, which is why I've got about 27% off MSRP. The Residual seems a bit low, but once you consider its a 2019 and 7.5K miles it seems like the residual makes sense?

My biggest question was the MF, wanted to see if there were anything being added by the dealership or if that MF is in line with what the bank is looking for.

mF is like proprietary data with small volume manufacturers. You will need an insider to leak it.

 

[smrtasp]

For a 2019 that makes sense on the residual. As for MF, with this being new for chase and the fact that Ally was running similar (2.99-3.49 depending upon the year), I think that's about as good as you will get. I know the MF can be bought down sometimes so I would still ask about that. They could discount a bit less and move some discount into the MF but Chase is all new here so not sure what options are really available.

 

[Trevor90]

i'm of no help here as I dont know current buy rate. But honestly i feel like 3.48 is pretty darn good. If they were marking it up, i'd suspect a much higher interest rate. As smrtasp said, you can probably buy down the rate, but it's already pretty cheap. So you might as well keep your cash.

 

[Ingenere]

I thought I was pretty good with this stuff, but I have no idea what MF is.

 

[mkraft3003]

I thought I was pretty good with this stuff, but I have no idea what MF is.

Money Factor (Interest rate). RV is residual value.

 

[dvandentop]

whats that works out to payment with 27% off?

 

[smrtasp]

Always use something like lease hackr for running your own calcs. Also know that McLaren and many others add extras into the lease to cover things like wear and tear. Under Ally they would add 1500 for this.

Lastly, try avoid a large down payment to get what looks like a smaller payment. Save the cash and make a larger payment. Depreciation hits these hard early on and if the car is wrecked or stolen or you decide to trade it early, that money will likely be lost.

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[Trevor90]

I thought I was pretty good with this stuff, but I have no idea what MF is.

whats that works out to payment with 27% off?

i'm curious too, because 27% off is down into 600LT range. But i highly doubt the 720 would be 600 lease money with that reduction in msrp

 

[smrtasp]

The discount alongside of the residual is what determines the main payment. Any money put down on top of the discount will further reduce the payment but remember that putting money down will also end up with sales tax on top so a 10K down payment won’t mean you get exactly 10K down, it will be something less plus sales tax on the down payment that will come to 10K total in the agreement. Same basic principle as sales tax on top of your monthly payment. That’s why the discount off MSRP helps the most because it’s a pure discount and eats up the difference between the MSRP and the residual amount which is typically based off MSRP.

One thing to also watch out for is the residualization of MSO options. I know that NB McLaren had a few roof scoop coupes and one that Ally for whatever reason wouldn’t include all of the MSO options in their residual. That means that something less than the MSRP is used for residual calc and those MSO options are added back on top and can bloat the payment quite a bit. This is fairly common with other manufacturers like Ferrari. I’m not sure what Chase is doing on these.

I would also not be afraid to ask about a 2020. Yes they will discount the 2019 more but the residual is also down quite a bit. A 2020 with a residual of 62% vs a 2019 at 52% is a big difference on a 300K car. A 2020 with a higher residual but a small discount may work out better than a 2019 with a low residual and a higher discount. A 2020 may also have a better MF.

 

[drkk]

Now that Mclaren has Chase Bank doing their leases, the numbers look pretty good and are similar to Ally. My question here if anyone can help, It is a Dealer Demo 2020 720S Spider with 2500miles. MSRP 371K. What is a reasonable discount on a car like this? Is 20%? 25%?? The car is in So-Cal. Most cars ive negotiated before ive gotten a pretty good idea of what i can offer from internet forums; but there isn't a lot of web info on the 720s. Thanks for any help.

 

[mkraft3003]

Now that Mclaren has Chase Bank doing their leases, the numbers look pretty good and are similar to Ally. My question here if anyone can help, It is a Dealer Demo 2020 720S Spider with 2500miles. MSRP 371K. What is a reasonable discount on a car like this? Is 20%? 25%?? The car is in So-Cal. Most cars ive negotiated before ive gotten a pretty good idea of what i can offer from internet forums; but there isn't a lot of web info on the 720s. Thanks for any help.

I would aim for 30% or more for a demo. The OP is getting 27% off for a remaining 2019 that was not a demo.

 

[drkk]

No offense meant; but offering 260K on a 371K 2020 Demo spider w 2k miles??? Like a lot of other people on this forum im an aggressive negotiator but I also want to put in a reasonable offer; I dont want to insult my local dealer; that seems Very Low, especially in So-Cal. Does anyone have any recent negotiations on a 720s in So-Cal? Thanks again.

 

[Trevor90]

No offense meant; but offering 260K on a 371K 2020 Demo spider w 2k miles??? Like a lot of other people on this forum im an aggressive negotiator but I also want to put in a reasonable offer; I dont want to insult my local dealer; that seems Very Low, especially in So-Cal. Does anyone have any recent negotiations on a 720s in So-Cal? Thanks again.

insult your local dealer? Lol. You think your dealer gives a crap about your wallet?

 

[Firstkill]

No offense meant; but offering 260K on a 371K 2020 Demo spider w 2k miles??? Like a lot of other people on this forum im an aggressive negotiator but I also want to put in a reasonable offer; I dont want to insult my local dealer; that seems Very Low, especially in So-Cal. Does anyone have any recent negotiations on a 720s in So-Cal? Thanks again.

25% may be a good starting point. Sales price maybe 28X,000 just by looking at comps and when the warranty of any was punched.

 

[restosud]

i would think 25% minimum with that many miles on it. basically a used car at this point.

 

[mkraft3003]

No offense meant; but offering 260K on a 371K 2020 Demo spider w 2k miles??? Like a lot of other people on this forum im an aggressive negotiator but I also want to put in a reasonable offer; I dont want to insult my local dealer; that seems Very Low, especially in So-Cal. Does anyone have any recent negotiations on a 720s in So-Cal? Thanks again.

Like I said I would aim for 30%. charlotte advertises 20% without any negotiations and the OP got 27%. As trevor pointed out I wouldn’t worry about insulting the dealer. The worst they say is no and give you a counter. it Would be a shame if you put in a reasonable offer and they took it and you left money on the table because you could have gotten more off.

 

[drkk]

Really appreciate the help guys. Will keep u posted.