My first leasehkr post, love the community!
Trying to configure the Leashackr calculator with the following info and not having luck to rate this deal:
Zip 14606
2020 Terrrain SLE AWD
Dirver Alert Package 1
Infotainment package 1
Driver Convenience Package
36 months / 12k miles per year
Excess Wear and Tear/Excess Miles Contract
MSRP $35275
Sale Price of Vehicle $30,280
Residual Value $20,812
Gross Cap Cost $31,737.50 (Includes $650 acqu fee, $650 excess wear, $82.50 License/Reg Fee, $75 Doc fee)
Adjusted Cap Cost $31,189.38
I don’t find the MF anywhere on any of the paperwork? Should I see it somewhere? I have Tier 1 Credit.
Due at Signing Section of Lease:
Cap Cost Reduction $528.12
Taxes on Cap Cost reduction $43.85
First monthly payment $315.29
Sales Tax $908.04
Total $1815.30
Less Rebate $1500
So my drive off $$ was 1st payment only - $315.29
Trying to understand what numbers to put where to get the calculator match my monthly payment, it keeps telling me the payment is higher than what I have?
How is this lease overall? And advice on what numbers from the above I need to put where to get the calculator to work correctly? Confused on the selling price/cap cost as well as what to do with the adjustments based on the above.
Thanks All !!
well, thats a good discount, so that’s a plus.
you’d have to check edmunds for actual base MF, but it might be marked up on your lease.
I estimate the contract MF as .00145, but base MF might be around .00052
this MF difference changes payment about $45/mo
this could be a decent rendition of your deal: (estimated tax at 7%)
Thanks carLove4Cheap,
So making sure I understand the calculator (and what I should be focusing when making a lease deal) - On your calculator it still says there is almost $2k in drive offs but in reality I only paid $315.29 to drive off?
For sake of simplicity if input all the costs but check the zero drive offs option, change the MF to your estimate and make sure all the costs are in I get a closer lease payment to what I am paying $330/mo) (and then of course amoritizing the first payment over 36 months (let’s say $9/mo) so net of around $320/mo - or am I totally using the calculator incorrectly?
Sorry, I meant to ADD the $9 per month, so the net would be $340/mo or so, but I am paying $315? Again, just trying to understand the calculator and what does/does not matter relative to the deal. Thanks
I’m not clear on what you’re trying to say in your last post. But what I will say is that I’m struggling to understand why you have your dealer fee listed at $732.50. From what I can tell, that should be $75.00, government fees of $82.50. I think you incorporated the excess wear into the sale price correctly. With those numbers in your calculator and everything else the same I’m getting $310/mo.
I would strongly recommend pressing them for clarification on the MF. What dealer is this through? Did you pit several of the local dealers against each other?
ah - I double dipped on the $1500 rebate
right. the zero due option is best to check - the difference is roughly the payment divided through the lease…
this calculator shows 327 starting with zero, but starting with one payment would lower the payment.
definitely clarify money factor, through, with edmunds and dealer.
they should get a flat for the lease contract, and likely earn on the wear and tear program also.
