OK, I’m stumped. I need some help trying to figure out why the Leasehackr calculator doesn’t match the dealer calculation.
Please help with my calculator input. After reading this board, I know putting my trade-in towards the lease may be a bad idea, but I haven’t gotten an updated quote from the dealer yet excluding it.
Here’s the deal:
MSRP (incl. destination charge): $49,280
Dealer Discount: $3,980 (8.1%)
Mfg Rebates/Incentives: $9,400
Cash Down (via Trade-in): $10,000
Lease Term: 24 months
Residual Value: 54%
Money Factor: .00185
Sales Tax: 6.25%
My calculation:
Sale Price (MSRP - Discount): $45,300
Residual Value (MSRP X RV$): $26,611
Adjusted Capital Cost (Sales Price - Mfg Rebates - Cash Down): $25,900
Depreciation over Lease Term (MSRP - RV): $22,669
Net Depreciation (Depreciation - Mfg Rebates - Cash Down): $3,269
Depreciation per Month (Net Depreciation / Lease Term): $136.20
Lease Rental Charge ((ACC + RV) * MF): $97.15
Total Payment, pre-tax: $233.40
Total Payment, post tax (Pre-tax * 1+Tax Rate): $247.98
Now, the dealer quoted $215, so I’m a little confused there also, but first let’s deal with the Leasehackr calculator.
MSRP: $49,280
Selling Price: $45,300
Months: 24
Residual: 54%
Money Factor: .00185
Down Payment (trade-in): $10,000
Untaxed Incentives: $9,400 (not likely untaxed, but see note below)
Sales tax: 6.25%
Leasehackr calculation: $72
$72!!?
What am I missing here?
Now, the calculator assumes that the tax on the incentives is paid upfront, versus rolled into the lease (I don’t see an option to do that), but that alone doesn’t cover the difference.
So … dealer: $215, me: $250, Leasehackr: $72
I’m stumped.
Thanks for your help.