I read up on some old posts about getting a contract resigned but this case seems a little different.
The dealer called today saying that VW Credit is rejecting the contract because the $7500 rebate is in the wrong line item (see contract for details). Looks correct to me though.
Will need to resign and they promised it will not change the deal except push the payment due date one month from the date in which the new contract is signed.
For July, the buy rate money factor for the ID.4 had gone up 0.00009 for 36 and 39-month leases, confirming with Edmunds now for the 48-month (my lease) rate.
Is there anything I should particularly look for or ask when I got back to sign? I will bring the original contract to compare them line by line and ask about the differences. Iâve had the car less than two week but already put on 2k miles on it, should that make any difference?
Should I be worried at all? Any advice is appreciated.
Ya, that does happen, but id bet its a lot less common than genuine mistakes. Be diligent, examine the cintract in detail, but i wouldnât jump to any concerns.
Update, went in to sign last week, they seem to just fudge the numbers to please VW credit.
Previous: âAmount Due at Lease Signing or Deliveryâ
Cap Cost Reduction: $5507.08
First Month Payment: $628.07
Title Fees: $380.70
License and Registration Fees: 13.22
Doc Fee: $599
Total: $8128.07
âHow the Amount Due at Lease Signing will be Paidâ
Rebates and noncash credits: $7500
Amount to be paid in cash: $1620.99
Total: $8128.07
Section 7
Agreed Upon Value: $49304.
Gross Capitalized Cost: $50003
Cap Cost Reduction: $6507.08
Adjusted Capitalized Cost: $43495.92
New Numbers:
âAmount Due at Lease Signing or Deliveryâ
Cap Cost Reduction: $7500
First Month Payment: $628.07
Title Fees: $380.70
License and Registration Fees: 13.22
Doc Fee: $599
Total: $9120.99
âHow the Amount Due at Lease Signing will be Paidâ
Rebates and noncash credits: $7500
Amount to be paid in cash: $1620.99
Total: $9120.99
Section 7
Agreed Upon Value: $50296.75
Gross Capitalized Cost: $50,995.75
Cap Cost Reduction: $7500
Adjusted Capitalized Cost: $43495.75
Dealer said we didnât owe anything further than the first payment I made. Looks like they just made it look like they marked up the car further to show VW the $7500 was in certain spots. The first contract lined up with the calculator, not sure why VW credit was whining
In the first case, the dealer was taking some of your rebate and splitting it between showing a price adjustment and a cap cost reduction. In the second case, they are showing the full rebate being applied as the cap cost reduction and correctly calculating the price. It should net out to the same payment, but you didnât get the discount/markup (?) you thought you got (sketchy).
Good example of how VW passes through the rebate as a cap cost reduction!!
You should be planning to buy out this lease immediately anyway.
I donât know what was wrong with the first contract, I only wanted to pay first months payment, so my âhow the DAS will be paidâ shouldâve been $8128 ($7500 rebate + $628 first month) then the total should be the same for âamount DASâ the cap cost reduction was less than $7500 because they needed to use it to pay the fees. My third lease, only ever done first months payment and thatâs how it always was, they just ate from the lease cash for the fees.
My only real concern was that my âamount to be paid in cashâ was $1620, and when I asked them they were like âwe had to do that to make the numbers right, you donât owe us anything moreâ
Itâs already resigned⌠payment, amount of amortized payments, net cap cost, rent charge, all the same. I just took their word when they said I didnât owe anything further and the payment is exactly the same. I mean at least I got a âfree monthâ
$628 first month, $7500 lease cash, my DAS is âtechnicallyâ $8128 and I wasnât going to give anymore.
Due at signing I needed to pay the first month payment $628 plus title, registration & license, and the doc fees totaling $992, so technically i âowedâ $1620 at signing, but I only gave $628 so they took the remaining $992 from my $7500 rebate which and the remainder went towards the cap cost reduction
At the end of the day, itâs the same net cap cost and the payment is the same, hope VW finally accepts this contract
