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Old 06-05-2003, 08:56 PM   #1
RichQY
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Member#: 31948
Join Date: Jan 2003
Location: SoCal
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2004 STi
Aspen White

Default has anyone leased a STi yet?

just curious

all these new car problem is making me worry


maybe a Lease is better in this case.

downpayment? monthlies? term? residual?


thx in advance
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Old 06-05-2003, 09:40 PM   #2
StevieD
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I'd be surprised they'd lease the STI due to the limited #'s
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Old 06-05-2003, 09:56 PM   #3
Soon2bSubbieowner
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they could make alot of money on a lease... they will be able to limit the miles.. then in 4 years when they get it returned then will have a nice 2004 STi with 60k miles or less and could probably sell it for 24 -25k <-- thats just a guess cus who knows how the value will hold on these things, but i am thinking it will be pretty good. But there again i doub they will lease any out for a few months or so.
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Old 06-05-2003, 10:11 PM   #4
Neek
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Find me a lease that estimates that the car will retain 77% of it's value in 4 years and I'll buy it for you.
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Old 06-05-2003, 10:15 PM   #5
RichQY
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i am asking because some member said his company will lease it for him
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Old 06-06-2003, 01:06 AM   #6
Janq
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Quote:
Originally posted by RichQY
i am asking because some member said his company will lease it for him
That member you mention was me, though I own the company and always secure ('rent') corporate vehicles via leasing programs.

In the case of the STi no projections or financing numbers (residual or money factor) have been released by SOA. Chase Manhattan bank (SOA's financier) as well as third parties such as 'LeaseCompare.com' are awaiting SOA's own projections for the STi.
Currently most dealers I have contacted (all in the Metro DC Area and most in Western MA as well as several throughout NY, NJ & PA) are indicating that they currently have no lease programs available for the STi and/or are awaiting information from SOA.
The only notable exception was my contact with the Finance Manager at 'Dulles Subaru' in VA (a very helpful lady!) who offered an alternative "Balloon" leasing program that as it was explained to me was "like a conventional automotive lease" but acted as a traditional financing vehicle. The specifics were unusual and when I reviewed it with my accountant and CPA, neither had heard of such an option for financing an automotive/equipment usage. Also I asked if she could fax to my office any material on this program but she declined stating it was all part of a "book". It sounded a little sketchy but it was an option and otherwise the source sounded over the phone to be believable & knowledgeable.

I personally am waiting to see what happens with SOA as my car is still in transit to the dealer. I'm expecting to here from the delear near the end of the month. In the interim I have my feelers out to various good sources and will post info as soon as its confirmed to be truthfull and valid.

If worst comes to worst and there is no leasing program available from SOA (would be odd) I'll bet that the third parties will make up their own numbers based on historical WRX resale numbers, which as most know haven't been stellar.
Another option of course is to finance traditionally or even pay cash. These two methods are not in the best interest of a corporation though for reasons of deductibility and/or cash flow management.

- Janq
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Old 06-06-2003, 01:10 AM   #7
Janq
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Quote:
Originally posted by Neek
Find me a lease that estimates that the car will retain 77% of it's value in 4 years and I'll buy it for you.
Only BMW is that good (for consumers)/crazy/arrogant/stupid (for BMW NA)...and they only do so for the 760.

Nope, there will be no such residual on an STi when the WRX itself loses just over 50% of its market value by year three.

- Janq
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Old 06-06-2003, 01:15 AM   #8
WRX02WRB
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The salesman i bought my WRX off of said that they were no even considering leasing STI's I want an STI
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Old 06-06-2003, 01:38 AM   #9
Janq
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Quote:
Originally posted by WRX02WRB
The salesman i bought my WRX off of said that they were no even considering leasing STI's I want an STI
I tend not to talk with sales folks or take anything they say 100% serious as they are like most weathermen, they only know what they were told 5 minutes prior...and most often they're wrong.

Most of my communications were with Finance and/or Fleet sales managers. The specific out of state dealer I'm working with strongly believes SOA will lease the STi. So much so that I have already provided them with a complete credit app (for leasing and traditional finance), as well as corporate docs (P&L sheet, corporate charter, business license, etc.) and they are ready to roll once the numbers hit the streets. They also commented that I'm one of four folks looking to buy in this way who are in fact "serious".

Frankly leasing would not hurt Chase Manhattan (the leasing agent is not Subaru) to have these things come back assuming they set the residual at a factor that will account for fools ragging them out (high aging/low mileage). It being a limited prodcution vehicle is not a normal determining factor. Hence all the Porsche's, Ferrari's, Lambo's and Bentley's rolling around on long term rental agreements (thats all a lease is anyway).

The key is to not loose money on these high niche units. Chase will be able to move a 3-4 yr/old low mileage Porsche (which also depreciates like a stone) without a problem...but the market for used Subie's just isn't there based on WRX history.

It'll be interesting to see what SOA decides to tell Chase and what Chase ultimately decides to do. It may be sometime before anything if at all happens.

- Janq

Last edited by Janq; 06-06-2003 at 02:14 AM.
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Old 06-06-2003, 02:07 AM   #10
WRX02WRB
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Janq
Good luck, Enjoy the STI
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Old 06-06-2003, 03:07 AM   #11
ANZAC_1915
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Unless you have a company willing to lease the car for you, or you're self employed (tax deduction?), leasing is pretty much a sure way to flush a bunch of money.

Glenn
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Old 06-06-2003, 09:18 AM   #12
mpaone
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Lightbulb

I may lease the STi but only if the payments are @ $350 for 48 months w/ >=$2,000 down.

That would work out to a similar deal to purchasing a car.

The lease vs/ purchase argument has always swayed towards purchasing, but there are great leases out these... just hard to find.

You figure $2k vs. $10k downpayment, $350 vs. $600 a month for 48 months, and you've saved $20k over 4 years.

Factor in the time value of that money for all of you investing types and it's almost a wash.

NOW, if you want to keep the car for 10 years then it's a no-brainer...purchasing is the only way to go.

-Mike.
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Old 06-06-2003, 09:38 AM   #13
ANZAC_1915
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Steel Gray Metallic

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And what do you have at the end of the lease?

What if you want to sell the car before the lease is done?
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Old 06-06-2003, 09:46 AM   #14
mpaone
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2012 Geeteeeye
and 71' VW Gulf Beetle

Have a Nice Day?

Well, granted I was making several assumptions... but if you are lucky you're STi will be worth $23k after 48months (trade in will be significantly less).

So even if you have nothing at the end of the lease and you've saved $20k, you are not that bad off.

And yes, you would have to want to keep the car for 4 years, not mod the hell out of it (so you can return it to stock) and not want to keep it after 4 years.

Lots of variables to consider, but if you qualify it's a good choice for some people.

-Mike.
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