Got the following on a 2024 EV9 Wind. Already, the dealer discount is light but it appears they are trying to slap me into a 36 month lease instead of a 24 month lease (10K miles per year).
MSRP: 66,315
Sales Price: 65,270
Rebate: 9,000 (this is a VIN specific model with $1500)
Acq Fee: 650
Gov Fee: 557.50
Doc Fee: 499
ETCH: 199.50
Capitalized Tax: 264.40
Gross Cap Cost: 68,070.50
Total Cap Cost Red: 9,629 (rebate plus first months due)
They come up with $629 a month on a 36 month lease and then $700 on a 24 month lease. But that seems wrong to me as I have the residual and MF from Edmunds and a 24 month lease seems like it’s the better deal (again, this is NJ, zip code 08034 and no state sales tax).
I have the deets on the 36/10 as residual 60% and MF of .00114 vs 24/10 of 67% and .00044.
This was a dealer I sent an offer I’d like to make on an EV9 he had. I would not take this deal anyway as this model did not have the VIN specific $1500. He came back and said he couldn’t make my offer work but this was his best offer. I had stated I wanted to make first month’s only at closing.
I’d never take this deal but nonetheless I was interested in the math behind his quote and for the life of me, I can’t figure out how the heck he came up with this number. Again, I am in NJ so no sales tax but I just can’t make heads or tails of his calc here. I plugged the numbers into the Lease Calc and can’t come up with his payment. Is he throwing sales tax in there?
You won’t pay sales tax on the 7500 rebate in NJ. However, NJ computes sales tax on the sum of the base payments.
There appears to be some data missing such as gov. fees and sales tax rate. Can’t make calculations with these missing data. As usual, this is another dealer worksheet that can be categorized as pure garbage as there are just too many holes. Here’s why…
Based on the MF, adjusted cap, and residual, your monthly lease payment should be…
Only God knows how they arrived at 715.45. However, interestingly, 715.45 - 59.07 (tax credit) = 656.38. I have no idea what this tax credit is or how it was determined. According to the WS, it appears that your contractual payment is 715.45.
Sell Price 65270.00
Capped Fees
Fund Fee 5.00
Doc Fee 464.00
Process Fee 22.95
Acq Fee 650.00 (not disclosed)
??? 179.00 Have no idea what this could be
Gross Cap 66590.95
CCR 7500.00
Adj. Cap 59090.95
Don’t allow the dealer to control the deal. Trash this WS except for the useful info that must be validated (e.g., money factor buy rate, residual factor, doc fee, rebates/credits, etc.). Do your research. Formulate a target deal… you should target a 10% dealer discount (before rebates/credits) and create a professional-looking lease proposal like the one below…
Yeah, this was more for informational purposes. I couldn’t for the life of me figure out how they were getting the numbers they were getting. As you said, things are missing such as NJ registration fees (maybe that’s the $179).
I won’t give this dealer the time of day at this point but still the calculations kind of blew my mind so I was trying to see if I was missing something here.
PS - Even the miles are wrong. It shows 15K annually but the residual and MF are for 10K for 24 months, not 15K.
hmmmmm… I thought it was just the 7500 EV rebate that’s tax exempt. Why does the dealer WS show total tax and fees = 2060.02? It’s reasonable to assume that sales tax is included in this amount. However, it appears that this tax is not accounted for as far as payments, capped fees, and upfront fees are concerned. There is a 59.07 tax credit which appears to have been calculated as follows… 9% x 656.38 = 59.07 where 9% is the sales tax rate. So, the payment, including tax, would be 715.45. In NJ, tax is computed on the sum of the base payments, not the individual payment streams. So, that doesn’t make much sense. I can only surmise that the contract payment = 656.38, not 715.45 assuming NJ EV leases are exempt from sales tax.
State taxes are a HUGE pain in the ass. Used to stay current on them years ago but have no reason to do so anymore.
NJ sales tax is 6.625%. There is also a .4% luxury tax on cars with a MSRP over $45K I believe.
Nothing about this makes sense. LOL.
EDIT: For poops and giggles I emailed the dealer. The $179 is the NJ registration. The $675M is the bank fee. He said the $59 is a tax adjustment the system calculates. This dealer is in PA so it appears that his system is charging me some sort of NJ tax, which would be wrong. I never noticed the address at top, they have me as a PA customer, hence why the system is kicking out that $59 in taxes per month.
Thanks for the info update. I thought it was rather strange that 9% x 656.38 = 59.07 suggesting a sales tax rate of 9%. I don’t think this dealer knows what they’re doing. YIKES!
According to the LH calc, the bank fee is 650. Looks like they marked it up.
I believe the sales tax rate in PA is 9%. Apparently, the dealer has no clue how the 59.07 was calculated… it’s the proverbial… “the computer did it”. So, the dealer was computing PA tax. I have no doubt, now, that the contract payment is 656.38, not 715.45. Anyway, this dealer is no longer credible or relevant.
