Seems like Honda dealers do this weird crap where they don’t show the destination fee in work sheets, that would be my guess to what’s going on. I’m not sure what people insist on leasing civic’s, they just don’t lease well.
Ah ok then with $20,635 MSRP and sales price of $18,985 LH Calc shows a payment of $268 vs their $283.
But if they give me the $1200 lease cash that is available according to the incentives then it should come off the $18,985 right? I have a feeling they will keep saying “we got to $18,985 with the rebate included.” Looks like they are calculating the Monthly Depreciation using the Net Cap Cost $20,119 instead of the Cap Cost - incentives. Is that right?
If they do apply the $1200 rebate to their Cap cost $18,985 then I should be at $231? With rebate LH Calc
The actual MSRP is 20,635 = RV / RF = 11,555.60 / 0.56
The sell price (what they call cap cost) = 18,985.05
This tells me that they capitalized the acq fee, license fee, and doc fee…
Gross Cap = 18,985.05 + 595 + 294.50 + 245 = 20,119.55
There is no cap reduction so, the net cap is also 20,119.55
Neither the term nor the sales tax rate is disclosed. We can easily find the term by solving the MF equation by setting it equal to the base payment of 271.15 giving a 36 month term.
So, we have…
.001050 x (20,119.55 + 11,555.60) + (20,119.55 - 11,555.60) / 36 = 271.15
The effective sales tax factor is 283.93 / 271.15 = 1.0471326…
Therefore, the effective sales tax rate is approximately 4.71326%
In most states, government fees aren’t taxable and, I suspect this is the case in your state as the 294.50 license fee is capped. Hard to comment any further unless I know your state and sales tax rate. States calculate sales tax in a variety of ways… Some tax the entire base payment; some tax only the depreciation component; some tax the total of the base payments while others tax the selling price. It appears that either your base payment or the depreciation component is taxed.
There was no lease cash used in your lease sheet.
Well, apparently, Hawaii is receiving sales tax revenue for which they’re not entitled to receive. It’s not Hawaii’s fault. I would blame Honda or the dealership. Perhaps the dealer isn’t using the lease software correctly…
I have other issues with Honda finance.