This is my first time leasing and I’m trying to understand these numbers. I have done (what I thought was) quite a bit of research on how to calculate monthly payments but it seems like the numbers just aren’t adding up. Am I reading this wrong ?
They quoted me $350 a month 39Months with $1,500 down (includes all fees and taxes) for 2017 Durango MSRP $37,525.
With residual of $18,762.50,
Cap cost $34,460.22
$6250 in rebates
$1,500 down
MF of .00005
39months
7% sales tax
My calculations come to about $220 a month. This seems low but I’m not sure what I’m doing wrong?
Thanks for the reply. Were you able to see the screen cap I posted ? The salesman texted it to me (I don’t think he was supposed to ) which shows Factor .125 at bottom (.00005 x 2400) and residual at 50% on top. When I questioned the numbers not adding up the Sales manager said “you can’t go by what an app tells you online, there are many factors that go into calculating, if it was that simple I wouldn’t have a job” that didn’t sit well with me. Numbers are numbers… they always add up - or so I thought
What State, what trim and how much mileage? @NY13 BTW Edmunds forum is showing the MF and Residual for the SXT RWD 39/12 at .00005 MF and 49% residual so those numbers may be accurate.
Well based on those rebates you not going through chrysler financial. And money factor is listed as .125 in your spreadsheet. I would assume its .00125 maybe, which would make sense since you leasing through a third party bank.
I had the same issue with a dealers calculations. The sales person gave me the wrong MF and was arguing with me that my calculator is wrong. I was like MATH IS MATH 2+2 is 4 on any calculator.
So just double check and make sure all your numbers align. Don’t speak to the salesperson. Speak to the manager. The sales people don’t know what any of it means let alone how to calculate it.
Thanks for the replies. Confirmed with dealer that the MF is .00005 but still haven’t gotten an explanation for the descrepency between my calculations & theirs. They just kept saying $350 a month is the offer, the other amounts don’t matter. But if I know their net cap cost is $29k and residual is $18k I’m not about to pay $350. Shady Dealership. I guess they assumed I was a clueless girl and wouldn’t question these things?
That mf does not make sense. Given the rebates its a third party lease and at a minimum mf should be .00120 from what i have seen. Tell them you want the lease sheet showing everything such as msrp, sales price, etc.
Is there any way to lookup what 3rd party bank rates are? Would the residuals be the same as Chrysler or do they differ as well ?
They told me it was through US bank not Chrysler Financial since they give more rebates, but I have a text message from the salesman confirming today that MF is .00005 seems like he might just be more clueless than I am I think I’ll just go deal with another dealership at this point.
The dealer is asking for an extra $100 a month, and just like a magician, is trying to distract you from the basic numbers such as MF and sales price, whilse they take your 1500 down and overcharge by 100 every month. Just stay away.
I have been researching Durango as well and the mf through Chrysler for a Gt is around .00005 and res a little higher. If you don’t mind me asking what kind of rebates are you getting to get over $6000? I can only get about $2500
The 0.0005 MF is probably written down somewhere so they are telling you that. The fact that their calculator/computer is not using that MF is another story. You would like to think that people at the dealership know how to compute an MF “by hand” and see that it is not right but they are probably just typing it into the computer and telling you what it is coming out … maybe we can open up a dealership manned by just robots
If I were you, I’d set up a new email with a unisex name based on your middle initial; consider it your new middle/nick name for purposes of dealing with salesmen (not that anyone at the dealership is really likely to question the difference between your email and your drivers license).
A theory of mine that it might make a difference to how women are treated at dealerships, even over email.
This is my first time leasing and I’m trying to understand these numbers. I have done (what I thought was) quite a bit of research on how to calculate monthly payments but it seems like the numbers just aren’t adding up. Am I reading this wrong ?
) which shows Factor .125 at bottom (.00005 x 2400) and residual at 50% on top. When I questioned the numbers not adding up the Sales manager said “you can’t go by what an app tells you online, there are many factors that go into calculating, if it was that simple I wouldn’t have a job” that didn’t sit well with me. Numbers are numbers… they always add up - or so I thought 
I think I’ll just go deal with another dealership at this point.
