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.
The issue isn’t with what you’re putting down. You put the down payment on the down payment column. The mismatch with dealers is in what the drive offs consist of vs what is being rolled in.
Couldn’t find the down payment from dealer’s quote. Many quote don’t include that field, or OP does not post that data.
even with rolled in cost, calculator should still work?
this formula does not address DAS part, only match monthly payment. DAS part is a different story.
once down payment fixed, change other input fix DAS. change DOC, license field does NOT affect monthly payment
purpose is to find out hidden/missing down payment field from dealer quote, not to makeup any number.
for full detailed quote, no need to compute.
many post also do not include the fields.
once down payment determined, lease structure will be clear.
Did you even test out this formula? I just inputted the values from that deal you mentioned and I’m not even getting the $9xx number you say. I’m getting -2385. And why is the down payment number always negative if D0 is 0? Even with true sign and drive deals, this formula doesn’t commute an obvious $0 down payment number.
post tax payment is $320 does not match $380 + $380 DAS quote,
apply the formula will get down payment -$2041, apply formula again to get final down payment -$1975, match quote perfectly.