Deal check much appreciated! Thank you all so much! Newbie here with no idea what I am doing

Ask the Hackrs
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1

I’m in Illinois, near Chicago.

The first deal was this:

2024 cx-5 2.5 S PREFERRED

36 month lease/10k miles per year

$495 a month

$1200 ‘down’ = It’s just the first payment & plates. They said taxes & fees are rolled into the monthly.

MSRP $30, 650

TOTAL MSRP $32, 025

Money Factor = .00231

Residual Value = 62%

Cap Cost = $33,306

Credit Score 750

**** Obviously was not happy with that! Now this is the new deal they are offering…:**

selling price = $29009

$439/mo

12k miles per year

$1200 out of pocket

:boom:*UPDATE! Ok, I don’t know if this is good news but their final offer is $404/mo, 36/12k! Walk away or take?*:boom:

2

Is the ‘Total MSRP’ really MSRP or MSRP + Dealer Fluff?

Right now you are 1650 off which is ok for a CX-5, but for $480/month (Effective) you can get other cars you know like a Sonata or even a Santa Cruz

3

I guess the actual MSRP is $30,650

The extra $1,375 is the delivery, processing & handling fee.

So altogether with that it’s $32,025

Thanks for responding!

4

Do the math. What’s your total cost (DAS + sum of all monthly payments)?

In what other aspect of your life do you spend that % of the selling price of something to rent it and give it back N months later?

5

Very fair point. Altogether I’d be spending $15,744 by end of lease. Thank you for putting it that way. Also, random but my husbands name is Max last name starts with a G so he is also Max G lol Funny coincidence.

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6

I come up with $16,565.

$1200 + ($439 x 35)

I’m confused by that fee. Where are they delivering it?

7

Totally forgot to add that $1200 – Thank you!
They wouldn’t be delivering, Id be going to get it. They’re not super far only about 40 minutes away. The $1200 is the first payments plus plates they said.

Also, I just updated my post at the bottom. They gave me a final offer.

8

I was referring to that fee above. That is absurd.

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9

Autocompanion in Marketplace is offering these vehicles for low $300 a month. Why not reach out to see what they can do?

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10

If the car has a line item on the factory MSRP of “$1375 Delivery, Processing, and Handling Fee” then that is part of the MSRP. It’s not an MSRP of $30,650. The MSRP of the vehicle is $32,025

11

Sorry but plates aren’t $800 in IL…what payment/DAS did you get putting your target deal together using the LH calc?

12

Purchasing this vehicle makes more sense than leasing it.

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13

I have multiple times. Well, them reaching out to me mostly & they gave me a final offer that way better, but I still think it could be BETTER than that.

14

$1200 That’s what they said it would be & they said that is first months payments & plates? I’m a female so I know if they are f***ing with me.

15

IL title plate reg is like 300…dealer doc fee is like 350…payment is 400…so it is close but you should get the detail…also do what I said and go to the Wiki here and actually learn how to lease and use the calculator to put a target deal together so you know what payment and DAS should look like regardless of a dealer…otherwise yeah they will take advantage of you regardless of gender.

16

Thank you. I’ll do that now! I really appreciate your help!

17

100% agree! It’s down to $404/mo now but I’m still not convinced.

18

I started looking into lease-to-buy: I was absolutely stupid when I did this current lease as I went by myself & didn’t have anyone to go with me.
My online account says [contract balance = $22,963.10] I think that’s what I would have to pay for the car to own it (I have to double check the actual contract).

The car is worth less than that on Carmax & Edmunds. So buying is not an option correct? There’s nothing I can do even if I wanted to possibly just buy it?

19

What should the payment/DAS be? Hint, you won’t know until you put a calc together with expected selling price, incentives, base MF, RV, estimated fees and have an educated idea.

Only thing you can do it is buy it out which doesn’t make sense based on value…otherwise just finish lease out and turn it in and look for something similar used low mileage late model to buy.

1 Like
20

What is this mystery car?