You need to research selling prices in your market. Check LH marketplace, LH signed deals, TrueCar, Edmunds, etc.
You may want to determine how MD computes taxes. I do know that tax is levied on the sell price and there may be some sort of tiered rate structure. Not sure how they arrive at 2755.01 tax… effective tax rate = 2755.01/43690 = 6.305814%. Also, the 583 gov fee likely includes title/reg./license fees. Your LH calc shows 493 and your money factor of .00212083 is invalid. MF’s are of the form .00XXX. It should be .00212 according to the dealer WS.
I’m not a fact of online calculators preferring, instead, to perform my own calculations. I manually confirmed the dealer’s calculations, and they are accurate. I’ll reserve comment on the taxes as I’m not sure how MD computes them. Check with the MD Dept. of Revenue- Sales Tax Division.
Sell price 43690.00
Capitalized fees
Doc Fee 989.00
Gov. Fees 583.00
Tax 2755.01
Gross Cap 48017.01
CCR’s
Rebates 4000.00
Down payment 1000.00
Adjusted Cap Cost 43017.01
RV 38552.00 = 80% x 48190.00
MF .00212
Term 24
Payment = .00212 x (43017.01 + 38552.00) + (43017.01 - 38552.00) / 24
= 358.97
Bottom line: DAS = 1358.97 following by 23 monthly payments of 358.97 each.
For what it’s worth…
Don’t waste time trying to decipher a dealer’s worksheet or chasing after them. Otherwise, you’re allowing them to control the deal. They often omit a lot of relevant detail such as gross cap, adj, cap, money factor, fees not itemized and even make mistakes. You need to rely on credible outside sources (e.g., LH marketplace and signed deals, Edmunds, etc.). Do your own research and establish a reasonable selling price in your market. Be sure to get a copy of the factory window sticker. Check for non-factory add-ons or dealer-installed options. And, if possible, eliminate those you don’t need or want. Get a list of all customer and dealer rebates/incentives including VIN#-specific discounts/incentives, if any. And, yes, the dealer has such a list.
The only thing useful about dealer lease worksheets is the input data. All data should be vetted such as acquisition fee, doc fee (regulated by some states), cost of money (e.g., money factor), gov fees, residual, rebates/incentives, sales tax rate, etc. Make sure the residual matches the term and annual mileage requirement. Check available tax credits/incentives via the fund provider who may cover taxes or, at minimum, may assess a lower sales tax rate to energize sales for some models (e.g., Texas).
Organize all relevant data with the goal of creating a lease proposal that reflects your target deal. The idea is to create your own target deal (proposal), not replicate the dealer’s deal.
Craft a lease proposal (example below- the round peg, round hole won’t work) and email it to the sales manager (SM), not a floor salesperson as they’re often Mickey D order takers and lack knowledge.
All numbers should be accurate otherwise, you’ll lose credibility. Negotiate via phone/email. Once an agreement is reached, ask the dealer for a review copy of the lease agreement and all contract addenda BEFORE you go to the dealer and sign. Moreover, it’s helpful to know the terms and conditions of the lease contract such as early termination liability criteria and purchase option criteria as well as lease amortization methodology and excess wear/tear criteria. If all is as agreed, tell the SM that you’ll come in to sign asap. You don’t want any surprises or dealer excuses like …. Oh, we made a mistake. That’s unacceptable and shouldn’t be tolerated.
If the dealer isn’t transparent or is uncooperative or showing signs of incompetence, WALK AWAY AND MOVE ON!
Leasing is time-consuming and requires a good deal of study and attention to detail. If you don’t have the time to commit, perhaps your best alternative is a good broker. There are some outstanding brokers on this website. However, if you’re willing to commit your time and resources, be sure to always control the deal. That can only be achieved with education which breeds confidence and increases the likelihood of success.
??? Let me know.
