I received this quote from a dealer in the Midwest
Upon asking for details he sent me the following:
Amount Due at Signing
1st Month Payment 560.18
Security Deposits 0.00
Acquisition Fee 0.00
Fees & Insurance (To be determined)
Upfront Taxes 287.00
Cap Reduction (Cash) 3,000.00
Total Inception Fees 3,847.18
Payment Information
Base Payment 530.48
Monthly State (5.0000) 26.52
Monthly County (0.5000) 2.65
Monthly Stadium County (0.1000) 0.53
Final Payment 560.18
Profit
Vehicle Profit -4,141.03
Rate Information
Retention Rate 0.00182
Residual Information
MSRP 65,535.00
Residual (Base) 56.00
Residual (Bump) % 3.00
Odometer Over Adj. (953.25)
Total Residual 37,712.40
Purchase Option 37,712.40
Capitalized Cost Breakdown
Total Selling Price 53,977.00
Acquisition Fee 925.00
Fees & Insurance 0.00
- Cap Reduction (Cash) 3,000.00
- Trade In 0.00
- Customer Rebate 1,500.00
Total Capital Reduction -4,500.00
Capital Cost 50,402.00
Capped Taxes 0.00
Total Capital Cost: 50,402.00
Tax Breakdown
Type Amt Rate Paid
Cashdown Tax 225.00 5.0000 Upfront
Cashdown Tax 22.50 0.5000 Upfront
Cashdown Tax Stadium 4.50 0.1000 Upfront
Use Tax 15.00 N/A Upfront
Wheel Tax 20.00 N/A Upfront
Mileage Information
Allowed Miles Per Year 10,000
Mileage Program 10,000
Add. Purchased Miles per Yr 0.00
Additional Miles Chrg 0.20
Total Mileage Chrg 0.00
Total Mileage Allowed 30,000
Excess Mileage Chrg 0.25
Odometer 4,313
Can anyone explain how the selling price on the basic quote is ~49000 but the payment is high based on mf and adjusted residual? And why the detailed write up seems different?
Thanks!