Just realized I completely misunderstood that, the downpayment is locked in and gone forever
CorrectâŚmost people on this forum highly advise against putting anything down as a down payment (also sometimes referred to as capitalized cost reduction). Your calculator link shows that $1500 would be capitalized cost reduction with your actual drive off fee being much higher. If your $1500 due at signing covers all of the registration fees, acquisition fee, and first month payment, that might be a slightly different story.
On my lease, I paid first month payment and registration upfront, but that was it. Granted, my money factor was significantly lower so it made way more sense to roll in any other costs (acquisition fee, etc.).
I have been told repeatedly and shown worksheets that it is 1500 drive off for 255 a mo, 2500 drive off for 224 a month, which comes out to 296/293 a month if you factor this into monthly payments⌠So I am conflicted as the smaller monthly payment just by throwing down 2500 at signing time (which I expected to pay for any lease at the beginning with my sub optimal credit) is ideal â âSo I only need to bring x to the dealership for everythingâ is at the footer of all my emails
Got it, so your $1500 down includes about $710 in capitalized cost reduction. Regarding the lower monthly payment by putting more down upfront, thatâll be a personal decision.
For roughly $300/month, I honestly think you can get more bang for your buck than a Civic (Hondaâs donât lease well at all), but if youâre set on this car, I would keep shopping to see if you can get any other dealerships to beat your current dealer.
Thatâs 3 series loaner territory once you get in the $300âs
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Idk if its just my area but 4 other dealers have told me that the deal was impossible because they all âpay the same for the carâ and that this particular dealer was going to hustle me at signing time. I find it odd that 4 dealers had the same response, like they are trained to say it or something. IT doesnât even seem like a spectacular deal, one did however say he could match it depending on my tradein value which I found deplorable since that shouldnât factor into this particular deal - like 2500 plus my tradein at a new dealer for same monthly will somehow be better than 2500 + tradein for lower monthly at dealer 1
Yeah I was just calculating the 296/293 by dividing monthly payment by 36 and adding to monthly cost
How much is your trade in worth� Putting down that plus a down payment is a ton of money upfront toward a lease
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yeah it is, my car isnt worth much via tradein or private sale as it has transmission problems and a ton of body work to do so im leaning towards just putting it towards the 2500 driveoff dealer a offered just to take the weight off my shoulders
So I got a 300$ higher tradein value for my caliber at the dealership, and it brought my out the door to 1500 for 222 a month. I ended up getting the tire package because there are tons of potholes and shitty roads where I live - Gross cap cost: 21815 (value 19854) cap cost reduction: 2050.77 adjusted cap cost: 19764 residual: around 14k depreciation: 5.5k this is where I think I got screwed with the cap cost reduction and depreciation value⌠not sure maybe you guys would know better⌠base monthly payment: 213$ monthly sales tax: 14.92 total monthly: 228 ( with tire and service package, I prolly couldve done my own oil changes but am lazy) down payment: 1700 (1000 tradein for a car I thought would get me 500)⌠I realize this is a high downpayment with the tradein value but for me it was a no brainer as I wanted that thing gone⌠Thanks for all the help guys, my next lease will be a lot easier after experiencing the whole process. And man did the finance guy push 100x harder all the packages than the salesman