I got the following proposal for a lease - for which I can;t make the numbers add up using the lease calculator. Can you let me know what I’m doing incorrectly?
Lease Details
Retail Price: 36,700.00
Sales Price: 33,030.00
Savings: 3,670.00
Accessories: 0.00
Service Contract: 0.00
Government Fees: 408.75
Documentation Fee: 80.00
Capitalized Taxes: 0.00
Security Deposit: 0.00
Acquisition Fee: 595.00
Gross Cap Cost: 34,105.00
Trade Allowance: 0.00
Trade Payoff:0.00
Trade Equity: 0.00
Rebate: 8,919.00
Cash Down: 0.00
Net Cap Cost: 25,186.00
Term: 36 Monthly
Payment: $321 to $331
Upfront Taxes: 869.60
Amount Due: 1,198.84
When I asked about the RV/MF, this is what was supplied:
Residual: 48%
Money Factor: 0.00191
Plugging all that in the lease calculator, I get the following result (Assuming sales tax of 9.25%):
Monthly Payment (Excl. Tax): $278
Monthly Payment (incl. tax): $303
Drive Off: $791
First month’s payment incl. tax: $303
Down payment: $0
Registration and doc fee: $480
Tax on cap cost reduction and fees: $7
Leasehackr Score: 11 years
Disposition Fee: $400
Total Lease Cost: $11,412
(See attached screenshot)
It seems there is a bit of discrepancy in the figures (LH expects I pay at most $303, dealer asks for unto $331) - who is correct?
Also, assuming the dealer agrees to the figure LH calculates as above, how good a deal is this? Any tips to make it sweeter (negotiate the MF as I’ve Tier 1 credit, or the MSRP discount)? I qualify for new grad discount of $400, which i want to let them know last - is that a standard practice?
