You’re very welcome.
You can try. But at the end of the day you signed the lease contract and agreed to that payment. Unfortunately you can’t assume that the salesman, especially at a Toyota store, is savvy and honest enough to give you accurate data. Legally it just comes down to the numbers on the contract and what you signed. I wouldn’t get so hung up on buy rate anyways- some of the best deals on this site had MF markups. But I do see your frustration in maybe feeling misled by the dealer.
Regardless, with your next lease, spend some time researching and getting a better idea on what a good deal is. What’s done is done on the CH-R. Enjoy the car and hopefully your next deal will look a lot better.
I haven’t reviewed a ton of lease contracts, but the MF has never explicitly mentioned on any lease contract I’ve seen (you can look through the Signed! section to verify for yourself). The only reference to the MF is indirectly through the rent charge.
You’ve misunderstood buyrate to mean the rate you’re entitled to based on your T1 credit. That’s not what it is.
That’s because the Consumer Leasing Act, Reg. M, does not require the MF to be disclosed
Yes, see below on how to use it…but the best way is to research the math used to compute a lease payment and put together your own spreadsheet…as you will learn more that way.
Yep. Dealers LOVE LOVE leasing to the uneducated/unprepared for MANY MANY reasons…best thing ever for them!
Thanks for clarifying this. I have to say, I don’t understand why it is not required. The interest rate is known to the buyer financing a home or auto purchase. Why is the lease equivalent, the money factor, not required to be listed?
“Nowhere on the lease is the money factor explicitly listed. Nowhere is it even alluded to.”
This has been my experience recently with a Mercedes lease…nowhere on the lease documents is there a money factor or interest rate listed. I was OK with it because we were happy with ALL of the terms…but still, no transparency.
You can try. But at the end of the day you signed the lease contract and agreed to that payment. Unfortunately you can’t assume that the salesman, especially at a Toyota store, is savvy and honest enough to give you accurate data. Legally it just comes down to the numbers on the contract and what you signed. I wouldn’t get so hung up on buy rate anyways- some of the best deals on this site had MF markups. But I do see your frustration in maybe feeling misled by the dealer.
Regardless, with your next lease, spend some time researching and getting a better idea on what a good deal is. What’s done is done on the CH-R. Enjoy the car and hopefully your next deal will look a lot better.
theduke, thank you for this perspective Yes, I hope to learn from this experience and apply that knowledge in the future. That said, I don’t feel misled as much as straight up lied to. And what about the money factor exceeding the TFC allowed markup? Should I report my concerns to TFC?
My best guess is lobbyists.
Toyota Financial is the only entity that fundamentally matters now, and Toyota Financial presumably would’ve rejected the contract, had the max MF markup been exceeded.
If that was the case, TFS would not have approved and funded the deal.
It is hard to get a good deal on a newly released model like the C-HR. Did you also get quotes on the nearly identical Subaru Uncharted? Also built by Toyota in the same factory as the C-HR.