I’m working on an Accord 1.5 EX and got the following numbers. Can someone help me confirm I used the calculator right please? I know this isn’t a deal or anything, just want to make sure.
This is for zip 55447, Minnesota pays tax on the total sale price.
MSRP 28,360
Sale price 25,997
invoice 26,020
Residual amount 16,732.4
residual 59%
MF 0.00128
tax 905.55
title and license 406.75
Doc fee 100
She says that is a monthly payment of 370.73
Thanks
You seem to have all the information there, except for tax rate. Try inputing those values into the calculator and then copy/paste a link to your calculation for us to review.
the tax rate is 6.85%. I wasn’t sure where to put the 905.5 number.
6.5% actually 202020
You don’t need to enter it anywhere. The calculator will automatically calculate the taxes.
According to the calculator, MN charges tax on the entire lease payment, not entire sales price.
I get pretty close to $370 given your numbers. You don’t specify discount on MSRP versus rebates but here’s how you would enter them:
states, such as Texas, New York, Minnesota, Ohio, Georgia, and Illinois, require the entire sales tax to be paid up front, based either on the sum of all lease payments or on the full sale price of the vehicle, depending on the state
Illinois does not require taxes to be paid up front.
Right, but my residence will be in Minnesota.
Thanks. Yeah I didn’t click zero drive off. That’s what it was. Isn’t zero down different from zero drive off.
From the Minnesota .gov website:
The total lease price is taxable. Sales tax is collected on the total lease price and must be collected up-front. To determine the total lease price, subtract any rebates, residual, and trade-in allowance from the vehicle value and add in any taxable add-ons, interest, and finance charges.
So, you are taxed based on the payment and not the entire sales price.
got it, thanks guys 2020.
end of the day, 370/mo is waaay too high
Accord just doesn’t lease well. Dealers are screaming for incentives on them because sales are down (personally I think it’s because it is a hideous monstrosity, but that is me). Camry leases better, but it is still the beginning of the month so other deals should pop up.
Right I just wanted a benchmark for this month from them. I was expecting a high number.
Incentives for april did not improve except perhaps a lower MF but no lease cash yet.
I finally saw a 1.5 touring at a local supermarket. The front end looks like they forgot to finish it; absolutely fugly plus a huge opening for road hazards. there are much better options IMO