New to the forum and working out a lease deal for a New (Dealer Demo) 2017 Q60 Red Sport w/ Premium Plus Package, no other options. Car has about 3500 miles and is the GMs demo.
Residual: 52% ($28.636.00)
Sales Subtotal $47,530.05
Dealer Cash: 1,050
Trade In: $16000 ($19,500 owed)
Down Payment $5000 (had to put about 2k in current car anyway for 60k mile service, new tires, so call it 3k)
MF: Mum is the word. Need to get this number but hopefully running it at .0003
License Fee: $810.25
Bank Fee: $700
Payment: $597 tax including.
Bottom line - i’m missing something. Seems like the payment is way off given its a mildly optioned q60rs, w/ miles. Even with the negative equity, it seems it should be a good deal lower given the down payment.
Any feedback would be hugely helpful.
Why are you doing a down payment when they accept MSD’s?
Good question - are MSDs going to drop my payment as much as a regular down payment?
I’m waiting to hear back from the dealer on the MF number used to quote me that price.
That’s not really how it works. It’s $5K down payment, call it $5K. So you’re putting down $5K but you have $3,500 negative equity which means you’re putting down $1500, effectively. What you can do with $2K of it is irrelevant.
Your lease is then $597 including tax with $1500 down.
That seems kinda pricy for $55K MSRP. And bigly yuugely pricy for $55K MSRP loaner (with untold number of farts).
Also it’s not an either/or between MSDs and down. They can both work individually or you can combine them. But typically if you do one, it lowers the payment enough so that you don’t have to do the other. But they are not mutually exclusive.
My point exactly.
I asked my dealer if they’re using .0003 MF and they simply replied “Tier 1”.
I ran it through the calculator (might be screwing something up there) and the numbers are about 50/month less.
Any advice would be greatly appreciated.
Write a check to your current bank for the 3,500 you owe.
Your down payment on this lease should be 0.
I’m being told the money factor is .00098 for Tier 1
As I said earlier, ask for the MF on Edmunds forums. How else will you know if the dealer is marking it up?
The MF is .00003 on that vehicle.
Dat is where they make da money. They hike up the MF for you.
He screen shot a supposed dealer spreadsheet to me for MF and his listed .00098.
Doesn’t mean it’s right. If it’s .00003 from Infiniti, then that’s their mark up I was missing.
Also, I was wrong on the total sale price. They want $48,600.
We left it as is last night and he told me they’d try to work a better number today - I’m shooting for mid-500s payment wise.
Here’s how I did on a similarly equipped 2018 Red Sport 400, RWD
Black on light tan interior, MSRP ~$55,600
Had 800 miles on it
True Zero down lease, no first payment or fees paid at time of signing
$525.00 per month payment for 39 months
10k miles per year
Prior Infiniti owner, so got some moderate loyalty cash (can’t remember exact amount)
Deal signed August 31, 2018
Worked this deal for about 6 months with three visits to the dealer (was bringing in my existing lease for service, etc. and touching base with salesman each time. Started the process at $900 per month).