I’m trying to use the calculator with the lease numbers from my first lease (2017) many of the terms are not clear to me. It was a KIA sportage. and my payments are 239.34 before tax, 260.88 including tax.
15k per month
36 months
I want to understand the terms and how they cross reference to the calculator.
Thanks for helping
Calculator numbers so far MSRP - 25220 Selling Price - 23828 Months - 36 Miles/year 15k Residual - 58% Money Factor - 0005599 (this seems really low maybe I calculated wrong?) Down Payment - Not sure what number from m y agreement was the down payment Taxed Incentives - Not sure what number from my agreement was the Taxed incentives Untaxed Incentives - I’m not sure which numbers from my agreement would correlate to this?
Acquisition Fee - I don’t see that I paid one? Dealer Fees - 279 Government Fees - 119 Post Sale rebates - From my agreement, was there a post sale rebate? Sales Tax - I think it was 6%
PA sales tax on leases is higher IIRC. It should be 9%.
You also have your DAS $500 higher in the calculator than in the actual lease. Take $500 off the down payment because that is coming from the rebate. (Also post a calculator link so others can tinker with it)
Thank you all,
Looks like I have the calculator close now.
The car has been good but was it a good lease?
Is there an area I should have tried to do better?
Next time ask for a $0 due at signing lease to minimize your up front costs. Using your calculator link, that would have put you at $330/mo with tax included. Not the worst deal, but there is/was room for improvement considering this was a car with a $25k msrp. Check Carvana/Vroom to see if they could buy your car out for more than your payoff amount. Not a likely scenario, but you never know.
What kind of car are you looking for next, and how much time do you have to locate your next deal?
I don’t disagree that it’s a very small risk, but it is also very little effort to do $0 das in most cases. If you can do it with no effort involved other than saying “run the numbers with $0 das,” why not do so?
I personally don’t mind paying my taxes and fees up front. The risk as we all agree on is fairly minute, sometimes it is a mental thing having a slightly lower number, and if I do a good enough job on the hack, I can recoup that money should I want to swap out.
A little searching around would have probably found you a detailed thread on this topic. In fact, @chrishs2000 did a great job detailing a lease document and providing all the descriptions in the borders. You can find his post here;
Thanks CaptQ,
I read the guide several times. It was very helpful but I still had trouble with the items I listed. Thanks to the quick responses, I believe it makes sense to me now and I have the calculator really close.
When it comes to financial terms I tend to be a bit slower than most…