The most hard part while using lease calculator maybe is what to input for down payment. Most time, it is not appear in dealer’s quote. What should I put in?
Use this post as example
type known data into calculator, estimate dealer fee and license fee, will get this
but the payment with tax is $829, does not match dealer quote, $836.5. This problem is due to missing down payment input. Here is the formula to calculate down payment.
Let L = lease period, (for example 36)
P = pretax monthly payment, $770 in the example
TP = true monthly payment from dealer sheet = $836.5
MF = money factor = 0.00133
T = tax rate = 0.0775
D0 = current down payment in calculator, = 0
Then down payment = D0 + L *( P – TP / (1+T)) / (1+MF)
In the example = -$317, put it into calculator, monthly payment changed to $839, very close to dealer quote at $836.5.