I’m in Illinois and trying to figure out what the proper adjusted cap cost is if I roll all fees and taxes in to a lease and drive off with only first month’s charge. Let’s assume 9.5% sales tax.
- negotiated price + doc + acq + dmv fees, used to calc monthly depreciation, add lease charge, and then multiply that monthly payment by 1.095x
- negotiated price + doc + acq + dmv fees + 1.095x sum of pre-calculated lease payments & fees up front, use THAT to calculate depreciation, and then add lease charge with no add’l monthly tax step
- both are wrong?
I had assumed in IL that #1 was correct but I had a dealer worksheet do #2. The numbers do come out a bit different depending on values. The tax % does not change, but the depreciation figure moves around.