I am in Michigan, and currently working with a dealer in NY for specific NX450h. I’d like to get a lease and do a buyout to get the $7500 credit, however the dealer finance person is telling me it’s cheaper to pay in cash than to get a lease with the $7500 incentive. Here is what the document that dealer sent me:
According to the dealer, I would have to pay all lease payments ($999x24month) + residual value (68% x $67,074) + tax, which is around 73K-74K. He is very adamant about this.
When I use the lease hacker calculator, it has a checkbox for “pay everything upfront to lower the money factor”. Selecting this checkbox, the leasehackr calculator gives the following: (link also below)
Total cost of lease calculated to be $20,314 (Depreciation-$11,964, rent=$5,671,taxes=$1,177,non-capitalized cost=$1,503). Since the depreciation is 11,964, shouldn’t the vehicle buy price be $67,074 minus residual ($45,610) minus incentive( $7500)?
I also attempted to replicate the dealer’s numbers in the lease hackr calculator, but cannot quite get there. I get a lease payment of 918 vs. dealer’s 999.
I am looking at leasing/buying nx 450 lux and your numbers don’t look competitive. You should be able to get $3-5k off sticker. You have make sure the lease can be paid of early with no penalties.
You are shopping in NY from MI to get a $1000 discount?? You should focus on the discount from the start. Your payoff will not be the rest of the payments- they remove the finance charge from what is owed. It should be Net cap cost plus sales tax less any principal payments made before paying off.
He is either doesn’t know what he’s talking about or is lying.
It’s probably better to not inform the dealership you are planning to buy out the lease immediately since the finance dept doesn’t make their commission.
Have you contacted other dealerships? That discount looks terrible (at least compared to a broker in CA; not sure how MI compares).
