Thank you Delta. I posted the first three pages. Really appreciate everyone’s help. If anything, hopefully it prevents someone else from having this happen.
Posted…thank you mllcb42.
On page one, at line 7(a), they added $1,212.53 as an increase to the gross capitalized cost. Do you know what this amount was for?
I think that is the itemized items on page 2.
Yes, there are three fees itemized on P. 2… itemization of the gross cap. One of the fees is a title/registrations fee and I can’t read the other two as it is too blurry to read. Looks like the sales tax rate is 5.46 % and the MF = .00194, not .00137.
That is my thought. They changed the MF despite telling me and showing me on computer it was .00137. Can anyone confirm if Acura doesn’t allow premiums added to MF?
Unfortunately, the cost of money (i.e., MF) is not a required disclosure. That’s exactly why one must ask the dealer for a review copy of the lease agreement and all contract addenda BEFORE signing the agreement. 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. Above all, know how to calculate payments. If all is as agreed, tell the SM that you’ll come in to sign right away. You don’t want any surprises.
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, always control the deal. That can only be achieved with education which breeds confidence and increases the likelihood of success.
The MF structure is tiered. The buy rate has 0% reserves (zero dealer profit). An MF with + 1% reserves means the MF is marked up to the extent that the dealer makes a profit. For some fund providers, 1% means 1% x (adj. cap - acq fee). Dealers may receive all of that amount upfront or, only a portion of it. Some of that amount may be held in reserve until the lease terminates. There are as many ways to compute dealer reserve profit as there are fund providers. Don’t know what AFS does in that regard.
What incentives did you get? I wonder if they used a different rate program with higher incentives. Im not seeing $3250 available on the .00137 incentivized program.
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Suppose your time and lawyers are free. What’s the dollar amount of the harm you were done here? What payment and DAS did you agree to verbally or via text before signing this contract?
It seems you’ve been asked this in several different ways and never gave an answer.
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The $3250 breakdown to $1500 lease incentive, $1000 loyalty, and $750 military.
Ah, youre including $1500 dealer cash. It doesnt show up in ratefindr. Weird that they itemized it. Normally Acura dealer cash gets included in the sales price.
Thanks Max. I am out $2181.47. The difference between a .00137 and what has now been calculated .00194 MF.
It was still a better deal than financing but not what agreed. They manipulated and lied to me.
I have to wait till tomorrow to see if they will have some level of honor and do anything about it.Doubtful but will let you all know, along with the dealer name.
Thanks Delta. It is weird that it isn’t a required disclosure given that APR is. Agree on learning curve. Spent 3 months learning but like most things, live action finds your weakness and provides more lessons. I had the deal worked out before but they threw me off with a discrepancy and slide in a change I didn’t detect. I asked for the lease contract before hand and they said it wasn’t available…
So you agreed to $785/mo with $1448 DAS, but when you went to sign the contract it said $841/mo with $1448 DAS, and you signed it anyways?
Genuinely trying to get to the bottom of what happened here or how or why you feel defrauded.
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The APR is a required truth-in-lending (Reg. Z) disclosure for installment loans. It is not required by the Consumer Leasing Act (Reg. M).
If that’s what they told you, they are lying. I routinely ask for a review copy of the completed lease agreement before signing. In fact, I make it mandatory. You have to take control and know how to do all the calculations. If there is a discrepancy, then you need to ask questions.
Thanks. Agreed to price on car, all fees, rebates and MF. Basically had a final price of $60091 with rebates and before taxes, fees. My mistake was asking for 39mo instead of 36 when I arrived and not writing down my payment calculations. I was concerned about my calculations because different calculators were giving me different results. But after this i asked again if MF was still .00137. In finance manager office, I asked again and he turned his screen to show me .00137 was being used. I should have double checked on contract. They printed multiple versions of the contract during the whole process. Basically, they overwhelmed me with numbers, told me what I wanted to hear, and did what they wanted. I didn’t catch it. I have emails confirming the .00137.
Part of my naiveness in first lease agreement. I thought I was prepared and had solid numbers before going in. They find ways I guess.
Ridiculous no truth in lending on lease.
Additionally, I am not used to worrying about payment. Normally when I finance I look at total cost and choose the best option for rate/term regardless of payment. How leases are structured and written is obviously different and the payment tells a lot. I was worried about total cost and didn’t do the right math.
Did you have an agreement prior to signing the contract regarding DAS and monthly payments?
How did you establish that leasing was the lower tco without ever working out what the tco was?