Hi Hackrs!
I’m confused about a VW id4 lease offer in CA 94549:
I can’t figure out how they got this montly, particularly the upfront costs. The Leasehackr calculator says it should be much lower if I pay the tax and fees upfront.
I think they’re rolling the upfront tax into the cap cost?
Also they say the ‘cash down’ is the only way they can have me pay the fees up front, but it seems like a down payment to me…?
Please help!
If it’s useful, the rebate of $8451 is $7500 federal tax rebate, $500 customer cash, and $451 sign then drive where VW pays the first month’s payment.
It feels like there’s a good deal here if I can figure out what’s happening with the upfront taxes and fees.
This matches your numbers. The negative down payment is a way to get the calculator to account for the cash due at signing not completely covering the upfront taxes and fees.
The lease sheet is missing the upfront taxes. Do you know what those are? Also, where does the $451 rebate come from, since that is not your payment.
Post your calculator
If it’s worth if to you compare to ID.4 PRO AWD - it has $1,750 rebate instead of $500 and works out pretty close to PRO RWD.
Doesn’t CA has its own EV rebates? Where are those? Thought program may change day after tomorrow.
Here is a quick synopsis of what I see transpiring with the dealer’s lease worksheet…
Gross Cap = 40,837 + 389 + 699 + 33 = 41,958
Adjusted Cap = 41,958.00 - 7,871.15 = 34,086.85
Base Pay = 0.00182 x (34,086.85 + 24,182.84) + (34,086.85 - 24,182.84)/36 = 381.16
Lease Pay = 381.16 + Tax @11.25% = 424.04
You have a total of 8,451 worth of rebates of which 7,871.15 is applied as a cap reduction and 1,967.85 is allocated toward the upfront charges. This gives a total of 7,871.15 + 1,967.85 = 9,839 resulting in a shortfall of 9,839 – 8,451 = 1,388 which you must pay in cash. I can think of much better ways to accomplish this allocation. But perhaps this was done to meet certain objectives. (e.g., a monthly payment under 425?).
Total amount due at signing…
1st pay 424.04
CCR 7,871.15 (this is your down payment)
Upfront Charges 1,543.81 (needs to be itemized)
TOTAL DRIVE-OFF 9,839.00
Rebate Credit 8,451.00
BALANCE DUE 1,388.00 (to be paid in cash)
Alternatively, we have
1st pay 424.04
Upfront Charges 1,543.81 (needs to be itemized)
TOTAL DRIVE-OFF 1,967.85
Rebate Credit 579.85 (8,451.00 – 7,871.15)
BALANCE DUE 1,388.00 (to be paid in cash)
The only question is the itemization of those upfront charges of 1,543.81. Here is what I have so far…
Doc Fee 85.00
License Fee 555.00
CCR Tax @11.25% 885.50 (11.25% x 7,871.15)
Doc Fee Tax @11.25% 9.56 (11.25% x 85.00)
Total Upfront Charges 1,535.06
So, there is an 8.75 discrepancy between the 1,543.81 in the WS and my 1,535.06 and that’s the only problem I can see other than sloppy terminology in the WS (e.g., 1,388 is NOT cash down). Suggest you contact the dealer and get an itemization of those upfront charges.
NO to both.
Your calculations are spot on. CA has a tire fee of $8.75 that you are missing.
Thanks. That’s what I thought but, when I googled it, the tire fee was 7.00. Must be outdated.
CA tire fee is $1.75 per tire. $7 total if there’s no spare tire, $8.75 total if there is.
