I’m bummed because I had the drop on a REAL GOOD '17 X3 retired svc loaner lease from an OH dealer and I couldn’t make it work for me fiscally and mentally. In the end I was more confused as my numbers were $70/mo at least off of the dealer’s numbers and it was mostly due to taxation–I live in NY.
I used the leasehackr calculator and the payment was diff. I purchased the leasematic app for $2 and it was diff too. We had all the same #'s, the dealer and I, except when it came to taxes. I just don’t get it.
Here were the #'s:
MSRP: $48045
24 mo 12k Residual: 67% (adjusted for mileage to get this %)
MF: .00246 (incl extra .0005 for acq fee waiver and dealer mark up from .00156 to .00196)
Sales price: $35990
Lease Cash: $1000
No other incentives
$430 in dealer fees
Suffolk County NY tax of 8.625
The payment I come up with is $334 with only 1st pmt due at signing via leasematic using NY state taxation
$339 using leasehackr calc with zero drive off option chosen
Their deal to me was $1800 down (includes payment of sales tax upfront as per interstate rules and 1st pmt) AND the payment being $379.
This is where I was confused. First are there 2 different sales taxes on the lease for NY residents? One for the price and rebate if any and one for the payment total? Or is there just one taxation amount of the total of the lease payments being taxed OR the price and rebate being taxed?
I’m so lost with this.
Any help would be appreciated. Thanks