I calculated all the numbers manually and they all check out except the tax on lines 7(j) & (k). Illinois sales tax is levied on the sum of the lease payments. Your tax on line 7(j) should be…
(36 x 731.01) x .07 / (1-.07) = 1980,80. The contract shows 1959.65.
Line 7(k) should show…
(999 + 240) x .07 / (1-.07) = 93.26 instead of 78.68.
You may want to check with the CT dealer for some clarity. Or you may not since my calculated taxes are higher. Below is a link to my post regarding Illinois taxes…
Calculating Illinois Sales Tax Accurately - Off-Ramp - FORUM | LEASEHACKR
Yes, you can still do a buyout. Don’t worry about the wording in Section 32(a) as it does not apply to you. It just says that you owe any past due payments. Although you did not post Section 29 of your lease agreement, I am 99.99999% sure that your buyout is calculated as follows…
Adj. Lease Balance = (48434.35 - 731.01) x (1 + 4.2%/12)
= 47870.30
With tax: 47870.30 x 1.07 = 51221.22
Your buyout is 51221.22 plus all applicable fees under Sections 32(b) & (c) as long as you exercise your purchase option within 30 days of your lease inception date of 3/13/2024.
The 4.2% is your lease amortization rate or what Section 29 likely labels it as the actuarial or constant yield rate. All payments, including rent charges, are paid one month in advance. You may want to visit my posts in the links below for a detailed discussion of lease buyouts…
Please help me understand immediate lease buy out - Ask the Hackrs - FORUM | LEASEHACKR
Questions? Let me know.