Help with the Lease Calculator

Ask the Hackrs
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1

I’m having some issues using the Calculator to recreate the deals provided by some dealers. I’m in NY. I have a couple different deals which are set up as follows:

36 or 39 months
1st month due at signing only OR 1st month and DMV fees
taxes rolled in to the payment.

My issue is that when I input MSRP, sales price, taxed rebates, MF, residual %, acq fee, and other fees, the monthly payment is still different from what is quoted. The issue is the taxes. There doesn’t seem to me to be an option to roll taxes in to the payment. I see the zero DAS checkbox but that rolls everything in to the monthly. Can someone help me with the calculator? I need to get a car soon and I have offers from a dealer but their numbers seem strange to me and the calculator isn’t helping me out right now.

Thanks!

I have the following offer:

MSRP $45,985
Sales Price $42,492
Taxed Rebates $6,000
MF .0001
Doc Fee $75
Acq fee $0
Miles 12,000
Months 36
Residual 48%
Reg Fees $300
Sales Tax 8.625%
DAS $579.55 (1st month plus who knows what)
Monthly Payment $498.58

Although, from the same dealer, I got this offer on the same stock number:
MSRP $45,985
Sales Price $41,742
Taxed Rebates $5,250
MF .00009
Doc Fee $75
Acq fee $0
Miles 12,000
Months 39
Residual 47%
Reg Fees $300
Sales Tax 8.625%
DAS $486 (1st month)
Monthly Payment $486

or

MSRP $45,985
Sales Price $41,742
Taxed Rebates $8,250
MF .003668
Doc Fee $75
Acq fee $0
Miles 12,000
Months 36
Residual 55%
Reg Fees $300
Sales Tax 8.625%
DAS $567 (1st month)
Monthly Payment $567

Today, I ask for a quote on the same car but with taxes and fees paid upfront. Salesman gave me the following quote. With $2,800 DAS, 36 months is a $492 payment and 39 months is a $404 payment. When I said that the upfront couldn’t be the same because the taxable amount would be different, he told me the sales manager gave him this quote in 5 minutes and the due at signing was set at the same amount to compare the numbers. I fucking hate this process so much but only once in my life has the car buying experience been super easy and I don’t want the vehicles that that dealer/salesman still sell. I’m looking for a Jeep Grand Cherokee and the leases on 2018 are much much better than 2019s, and in my area, this dealer has the only 2018s that are spec’d well.

2

I am literally having the same EXACT issue and just posted it hours ago… your post is worded much better… so your not alone on this confusion.

“My situation is similar
When you calculate the tax on the lease I believe in New York you do it based off the total lease payments.

What’s odd is my dealer is taking my total monthly lease payments with tax and then factoring that as the tax rate.

Example lease total w/tax is 699 a month they are taking 699 x 8.625% then x 36 months and adding that to my cap cost 2,170?

Yet when I plug in my agreed sale price and factor in acq and rebate my PRE tax payment would be $635 and would get 1971 as total tax.

Am I missing something or doing something wrong for calculating NY rates for leases??“

I’ll keep you updated if I get any responses back on my post…

3

I’m convinced that half the sales people that you deal with don’t know what their doing when it comes to taxes. And then when you get into the finance person, they fudge the numbers and get you to sign. And if they made a mistake and it’s in your favor, they try to call you back in to re-sign the new lease. But if the mistake is to their favor, they just take the profit.

4

What is the link to your post? I cannot find it by search.

I know that in NY, we pay tax on the total amount of the lease payments (monthly payment x number of months) plus any taxable rebates. Do we also pay tax on the dmv fees? When the total tax amount is rolled into the monthly payment, we also have to pay interest on the taxes? I have tried to manually break down the lease payment but I have an issue when rolling the taxes and fees into the payment.