located in washington state. Currently have beeen offered the following. They say the money factor is 0.00099 but i tried breaking out the $360 monthly payment and something doesn’t add up to me. so looking for guidance on whether 1) this is a good deal and 2) the numbers makes sense?
I was also told the 7,500 is not applicable in a lease (and they said this is true with all GM cars) but only if i purchased the car (or something like that). Does anyone know if this is the case?
this is what my math suggests - i don’t know what I’m missing to get to the 360, and I was told the system didnt let them see the monthly payment breakdown
Please make sure the data is dead on accurate If payment = 360, say it as 360.00). Exactness is a must. That said, it appears that the math is way off. Fees (1150/24 = 47.92) are NOT added to the sum of the depreciation payment, the interest payment, and tax to get the monthly payment. The fees or, some potion thereof, is either capitalized or paid upfront at signing. Not sure how you arrive at the monthly interest of 92.06. It looks like the .00099 money factor is inaccurate. In order to get a payment as close to 360 (is this EXACT?) as possible, including tax @10.50%, the MF must be .00197, not .00099 assuming all other data is correct.
Using .00197, I get a base payment of 325.39. Adding tax, I get a monthly of 359.56. I’m assuming that the 1150 fees are paid upfront.
Base pay = .00197 x (45701.02 + 42040.00) + (45701.02 - 42040.00)/24
= 325.39
Monthly pay = 1.1050 x 325.39
= 359.56
The 7500 rebate (EV credit) is applicable only to leases, not purchases. GMF adds the 7500 to the residual. Go to the Edmunds car forums to check both the MF and the residual factor. RF x MSRP = RV. Next, find RV + 7500 to see if it equals 42040 which is very close to 77% x MSRP and so, the 7500 may have already been added, perhaps, unbeknownst to the dealer.
Thanks for the detail response.
These are the numbers I was quoted. Looks like the payment is exactly $360.00
I don’t see acquisition fee anywhere though.
Yes. The rebate is applied at POS. It is added to the RV at GMF’s discretion…
Per the post…
“They applied the $7500 credit to my lease but the Federal EV tax credit doesn’t go to the consumer in a lease. It goes to GM financial and was already accounted for in the residual value of the vehicle for the lease. Since I am not the owner of the vehicle when leasing, I am not eligible for the credit.”
The OP’s post is confusing… was the 7500 added to the RV or was it not? Wounds like it was added but OP added the Caveat that GMF didn’t have to do it as OP is not the owner which is correct.
Gm financial receives a tax credit, the consumer doesn’t.
The residual value set by the bank is what it is.
That’s it. End stop. Nothing else happens.
Lessees never get a federal ev tax credit. They get whatever incentives are available. Sometimes the bank calls those incentives an “ev credit”, but they are simply incentives.
Yes. However, GMF includes it in the RV at their discretion.
Everything I’ve have read and seen says the 7500 incentive or whatever you want to call it, is included in the RV at GMF’s discretion. So, I don’t know what you’re talking about.
There is no “added in”. The residual value is what it is. There is no before and after. The residual value is what the residual value is.
There are some other GM vehicles where a residual calue is published and then plused up by 7500 to get the actual dollar value residual, but that does not apply here.
The listed rv for this term is 77%. That is it. It is just like a non-ev where the bank states the residual value and thats what the residual value is.
whoa that is a great deal! are the dealer incentives sort of up to the sales person or how does that one work? There seems to be quite a few 2024s in my local dealerships.
And what is MSDs?
