Just received this offer from a dealership on a ~49k car. Just asked them for MF and RV% and which rebates they’ve applied to get to this price. Waiting to hear back from them.
What do you guys think so far?
there is a $6k cap cost redduction
So that’s what I noticed too but under lease payments the drive off amount is $2500 for $382/month or $377/month. Looks like they have applied a $5145 rebate to that cap cost + fees to get to $2500 DAS. Am I right?
Ooops missed it. Delete
The RV is listed in the ‘lease payments’ section. MF can be back calculated since you have everything else.
Looks like they fudged the ‘down payment’ as coming from the dealer and are only asking you for $2500 of which $1321.54 is first payment/fees/tax. So basically $1179 down. I’d go 24mo/zero down…and I’d want to very carefully look over the paperwork in finance.
Just got a breakdown for 24 and 39 Mos with 12k/year. Can someone take a look and see how this deal looks.
A Documentation fee as well as a acquisition fee. I would tell the dealer get rid of 1 of those charges. To me they are the same thing.
Ok, I am going to try and simplify the 39 month version, but you should be able to plug the numbers from the 24 month version if you want.
There are a lot of numbers on the screen shot you provided but only a handful are important.
MSRP: $49,435.00
Cap Cost: $36,904.09
Residual: $ 21,751.40
The monthly payment on a lease can be broken down into 3 components:
- Depreciation
- Finance Charges
- Tax
The depreciation is the difference between the Cap Cost and the Residual. In your case that is:
$36,904.09 - $21,751.40 = $15,152.69.
If you divide that by 39 months you can see what proportion of your payment is going towards depreciation versus finance charges, fees, and taxes.
So, $15,152.69 / 39 = $388.53.
The monthly payment you were quoted was $396.45.
If depreciation makes up $388.53 of your $396.45 then that only leaves $7.92 per month for finance charges and taxes.
In your case, the $1,341.56 for Sales/Use tax is being rolled into your cap cost. So the tax component is included in the depreciation number.
Therefore the remaining $7.92 per month must be all for finance charges and other crap. The only way for the math to work out is if your money factor is 0.00014.
($36,904 + $21,751) * 0.00014 = $7.92.
Looks like your down payment of $6,137 is comprised of a $5,145 rebate (good), and $992 down payment (bad). If possible, consider telling them that you do not want to put any money down.
Lastly, you have $1,507.86 of drive off fees. This $1507.86 plus your $992 down payment get you to the $2500 up front cost.
Of the $1507.86, $396.45 is your first monthly payment and the remaining $1,111.41 is additional crap they have tacked on. If you fight hard enough you might be able to get them to move on this.
All in all, I think this a strong deal.
If we back the down payment out, your monthly payment would go up to $422 or so.
$422 divided by the MSRP of $49,435 is 0.85% which is fantastic unless I am missing something.
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