In the market for a lease again after my first time leasing a 2018 Santa Fe (MSRP $37,965). Trying to not make the same newbie mistakes I made in my rush last time. I’ve read through so much of the helpful advice here and despite the fact that it might be 5th grade math, I still can’t figure out how the dealer came up with the numbers for my first lease deal. I put $2k down, with a $460 monthly. Got a $1,250 rebate.
So, “total due at signing” was calculated at $3710. Trying to understand how the cap cost reduction was calculated at $2,108. Did the dealer just back into that number after adding other fees? On the NJ lease agreement, the numbers are itemized but I’m trying to understand where my cash out out of pocket went?
Here’s a snip from my agreement. Would appreciate any pointers or links to resources to help me figuring out how these numbers work together
The upper section itemizes where the money DAS went. Basically, it sounds like you or they chose a round number ($2k) as your upfront cost and then they backed into a cap cost reduction to get there. Basically they took the $2k + rebate amount, and then subtracted out all of the non-capitalized taxes and fees and subtracted that out, leaving your with the $2108 number.
Yeah, there was an additional $259 that I couldn’t account for on my current lease. Same deal as yours, the F&I guy backed into the numbers and somehow I ended up paying a $259 down payment. I just assumed it was up-front fees or whatever until I got home and really dissected the contract. Oy vey, so confusing!
