Shopping in McHenry County Illinois.
Looking at leasing a ‘22 ID.4 so that I can take advantage of the immediate $7,500 rebate. Is this a good deal?
MSRP: $48,034
Sales Price: $46,193
Gross Cap: $51,411.19 (includes $1,293 in accessories, then fees and taxes)
Rebate: $7,500
Cash Down: $1,000
Net Cap Cost: $43,911.19 (later negotiated to $43,500)
My plan is to start the lease to get the rebate and then pay off the lease ASAP with a personal auto loan.
Thoughts?
Tell them you don’t want the accessories tho
$800 for a id4? With $1k das? Oh my. Reach out to @endeavor maybe you can get some guidance there.
What’s sales tax in IL? 6.25%?
I was way far off with your quote trying to put it in the calculator. The money factor on these is 0.00360 and the maximum mark-up is 0.00040.
MSRP: $48,034
Selling Price: $46,193
Residual: 52% (39mo/10k)
Money Factor: 0.00360
Incentives: $7500 lease cash
Acquisition Fee: $699
Dealer Fees: $1640.26 ($1293 Accessories, $347.26 Doc Fee)
Government Fees: $411
Not sure what’s missing. At the end of the day, you’ll be buying out the vehicle, so if you can take out the accessories, and negotiate a higher discount off MSRP, depending on the market there, you should be fine.
The lease monthly is irrelevant when buying immediately.
What matters most is the selling price, which is ~$47,4xx right now netting for accessories
The tax here in McHenry County is a painful 8%.
I had planned to buy out the lease and replace with a car loan but if the lease terms are reasonable I could always ride it out. Not sure what’s best and I’m still new(er) to leasing.
.00360 MF and 52% residual
