Did I get a good deal on this lease? 2016 VW Jetta SEL

Ask the Hackrs
1

I am reaching out to get an assessment on my current lease:

2016 VW Jetta SEL

Added Options:
Lighting Package
Driver Assistance Package

Lease Term: 36 months 15k Miles/year
$1000.00 Down

MSRP: $23,650.00
Destination: $820.00
Optional Equip: $2940.00

Total MSRP: $27,410

Capitalized Cost: $21,651.24

With my Trade in and Admin fees

Net Capitalized Cost: $20,772.24

Residual: $13,430.90 (49%)

Monthly Payment: $272.89

Now I was denied at a VW dealer in Danbury, CT. I had to go to NJ they approved me through VW credit on Tier 3 Credit.

Total Out of Pocket was $1000.00 + $272.89= $1272.89

Sry the below pics got cut off on the bottom. All taxes & Fees etc are included within the lease. I would like an assessment on this lease given my less than stellar credit.

Thanks!!

2

I don’t know that I would call it a good deal, but it is probably one of the best you could get with lower credit. The discount from MSRP is great. The finance charges, not so much.

Either way, enjoy the car and hopefully next time you will get a higher tier after 3 years of regular payments.

3

The killer is that you are paying about 100 a month in interest charges, so that is what is making the payment so high

4

Yea I know that the finance charges aren’t that great. Hence why I aggressively negotiated the Cap Cost of the Car, as with my credit it was an uphill battle in negotiating the MF and Financing charges.

5

Close to $100? How did you come up with that figure?

$1896.26 divided by 36 months comes to $52.67/mo.

Am I missing something?

6

Yup. Your sales price is 21k and the residual is 13k. So your depreciation is 8k. Your total lease cost is 12.5k. So 4.5 k is fees/interest etc etc etc. So roughly 100 a month excluding license reg etc (which should not be more than 600-700. :slight_smile: Don’t forget they also got your trade and money from you, so part of this also goes in “finance” charges.