Deal check...concerned about #'s first lease on 2025 Acura Mdx

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1

Hello, I just did my first lease deal and still a bit uneasy about something. Hoping you all can help me understand it. I did a lot of research before taking the lease route but first can always have lessons. I am still within the 3 day window that allows me to null the contract. This is an Acura MDX Adv A-Spec

Here’s the deal:
MSRP = 70250
Negotiated price = 60091 (63341 - 3250 rebates, non cash credits)
RV = 37232.50 (supposed to be 55% but I think this is 53)
MF = .00137
WI taxes = 5.5%
Acq fee = 595
Dealer fee = 358.02
T&R = 259.50
39 mo/10k

Payment came out to be $841.18 and I can’t recreate that number in a calculator. We paid $1448.74 for 1st payment and taxes/fees. My rent charge line says 7425.45 but that seems high.

Adj Cap cost = 60914.23

  • RV 37232.50
  • .00137
    = 134.46 * 39 = 5243.98
    2181.47 difference in rent charge.

Did they change some # on me that I didnt catch?

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2

If you signed the paperwork at the dealer location, there is no 3 day period to cancel.

https://dfi.wi.gov/Pages/ConsumerServices/WisconsinConsumerAct/MotorVehicleLeases.aspx

3

Thanks. The dealer was in IL. Does that matter? Deal was done today.
i think this lease is still better than current finance rates. $1500 of rebate was lease specific. I just don’t want be taken. Adding payments plus paid plus RV = 71487 total cost.

4

That number doesn’t mean anything. It’s like saying 3 apples + 2 bananas = 6 oranges.

Compare two scenarios including finance charges and tax for both

Finance on day one with Acura’s best APR

Lease followed by financing the RV (plus tax) at used car loan APR

5

IL has no right of rescission either. If you already picked up the car, the deal is final.

6

Thanks max-g. Appreciate the help.

Financing at the best rate of 4.79 (Navy Fed) for 60 mo would be a total cost of $74562. I would lose a $1500 lease incentive. Plus payment would be $430 more so lost earned interest.

This lease deal is supposed to be at .00137. If I add my total payments of $841.18 x 38 = $31964.84 + my paid in cash $1448.74 + RV of $37232.50 = $71487. Wouldn’t this be my total cost on the lease (if I paid RV in cash at end)?

Or is it not this simple?

7

Is this what you agreed to or did you assume you got buy rate?

8

Thanks. I guess i am trying to figure two things out then. First, is this a good deal? Which I think it is. Second, did they change some numbers on me despite showing me other ones? If so, then there is a breach there in my opinion. Based on these numbers does the MF seem to be .00137?

9

I did agree to .00137 and 55%.

10

According to Edmunds, the residual is 55% on a 36 mo/10k lease. So 53% sounds right on a 39 month lease.

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11

53% is indeed the correct rv for a 39/10, not 55%

12

Money factor looks marked up by 2k

13

Here’s a link from one of the brokers here

14

Thanks. That was my thought and if so they lied to me and manipulated the contract. He showed me on the computer the .00137 applied.

15

Thanks. Would have been better to stay at 36 for a 55 RV?

16

No, RV by itself is a meaningless number. Add the TTL if paying cash.

And you should run the comparison against finance with the same cash used as a down payment. Apples to apples.

What purchase/finance incentive would you gain?

And a purchase/finance doesn’t require the lease acq fee

17

Thanks max-g. Basically the price was $60091 with lease ($3250 rebates) or $61841 ($1750 rebate) if financed. I didn’t factor out the $595, so about a $900 difference. Even with the extra $2200 fraud, I think the lease comes out ahead…

18

I’m still not sure you’re comparing apples to apples.

If your lease-to-buy scenario has you paying RV + Tax in cash, then your finance scenario needs to use the same cash as a down payment

19

So based on feedback from my deal check post, it sounds like I was lied to on a lease deal on 12/14. Did as much research as I could but they seem to find a way. I am waiting for the dealers response, but am pretty sure in was intentional and not an honest mistake. Basically they told me and showed me in their form calculator that the MF was .00137. But somewhere in the process of creating the contract they changed it and I didn’t catch it in the finance charges (my bad). Hopefully they step up and make the contract change. But I am doubtful.

Today’s my bday and my mind is now absorbed with this. As a veteran, honor and integrity are important to me. As a business owner, I treat my customers with respect and care. It is disheartening to know that manipulation and dishonesty are the way some feel is the way to get ahead.

Couple questions:

When are dealers paid the premium on the MF? Do they receive as it is paid each month? Or are they given a lump sum at inception? The lease is still the better deal versus financing but it pisses me off that they did this. If I where to buy out the lease right away will it prevent them from getting this premium. I would take the hit.

Am I correct based on other posts, that early buyout is basically the remaining depreciation + residual + taxes/fees + next months interest&

20

Did the total lease cost stay the same as what you agreed?

A higher MF would have required a bigger discount in order to end up at the same number.

If the DAS / monthly payment amounts on the lease agreement didn’t match what you agreed to, the recourse would have been not to sign.

fwiw, I believe this happened to me on my very first lease, and for the longest time I was bitter about getting rolled for 20 bps.

But you know what? It didn’t matter because I got the deal I asked for, and it was pretty sweet. They just shifted where the numbers land on their P&L.

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