The selling price (before incentives) was $40,800 but the selling price listed on the contract was $41,600. I asked about the discrepancy and the response was:
“The discount allowance isn’t allowed on the lease because it makes it have too much equity in the lease. We will be cutting you a check for the 800.00 difference. Our contracting system won’t allow it to go through otherwise.”
I vaguely remember hearing about this issue. I was expecting them to write a check at the time of signing. When he signed the documents, the finance guy said he would send a check in the mail. I only arranged the deal and my friend picked it up so I couldn’t push for the check at that time.
Did we get screwed or will they actually send a check? We don’t have anything else in writing other than the email.
You might’ve signed a “We Owe” sheet and ideally that should’ve said the $800 check to you as proof.
Hope they don’t try some bs but other than using the survey and bad reviews as leverage, not much would be possible. Unless you wanted to spend money for legal help?
Too much equity? The only thing that could trigger that would be if if there is negative depreciation. In other words, a sell price = 40800 causes the adjusted cap cost to fall below the residual value. Their statement
begs for much more detail. Pin them down. Do your own calculations by gathering all pertinent data (money factor buy rate, residual factor, MSRP, all fees (acq., doc, DMV, etc.)). And be sure to vet them. Research selling price. Next, create a flawless professional-looking lease proposal that will be the envy of the entire civilized leasing world… like the one below…
Lets say you have a trade in (lets use my 2003 Infiniti I35) thats worth $500. You don’t want to put the $500 trade value towards your lease, you want a check back for the $500. Thats OK. I get the lease funded by the bank, funds clear our accounting department, A check is cut, signed, and mailed out. This should take 3-5 business days TOPS
Dealers often have to wait a couple days for their “money” person to cut the checks, i wouldn’t worry about it too much as long as it’s on the we owe or equivalent.
