Got 2 deals today from stepping into the dealerships which I normally don’t do but wanted to get an appraisal on how much equity I have in my car.
These numbers were just scribbles on paper
The equity my car has was approximately $2k at both places, this was for 36/10 selling price approximately $35,500
Dealership 1
First deal was $2000 down and 329 a month that included my 2k in equity and $1000 loyalty so $5k
So a respectable payment of $467 a month
Dealership 2
Second deal was $500 down and $380 a month. Again there was also $2000 in equity and 1000 loyalty so $3500
A respectable payment of around 477 a month
So both deals are just under $500 a.month with my $2k equity built in and loyalty. I have seen a couple of posters here score this car under $400 a month without equity…
My Honda dealer is pretty great since the salesmen don’t work on commission. I showed them the best deal on Rodo and they came back with a $500 bigger discount
Personal payoff is residual + remaining base payment (depreciation and any rolled in taxes/fees) + purchase fees/taxes. It does not include rent charge.
It’s an incentive… doesn’t matter if they apply it as a cap cost reduction, to drive offs, etc. It isn’t money or property leaving your pocket, so you wouldn’t treat it as currency.
This would be like saying the car is $350/mo and $10k das… $2k cash, $2k trade equity, and $6k dealer discount.
So $440 if I went with 0 Due at signing, add in $1000 loyalty, $410 a momth?
I can never understand the entire structural break down of a lease agreement. I just aim for a payment I want and how ever the numbers come together they come together
Right… but knowing the incentives, lease terms, das amount, etc are what should be informing what payment you’re aiming for. If you’re determining your target payment off of what other people are getting without context, you are potentially way off what a good deal actually is. Worse still is if you determine what that payment you want is just by how it feels.
Everything effects the monthly payment, but there’s a huge difference between something that is part of the current lease programs (mf/rv/incentives) and money (or property worth money) out of your pocket. One is a cost you are paying and one is a cost the bank is “paying”.
