I calculated a lease in the calculator here on Leasehackr.com but the dealer is telling me that he’s using the same numbers (aside from the MF) but he’s getting a higher monthly payment.
Im showing MF 0.00013 but even if you use the MF they have, it still isnt 250…unless you remove the 1000 tdm…read the fine print on your TDM…dont think your trim qualifes…only the GT and GT +
They’re saying they used the the TDM for 1k, rebate for 6.5k, Presidents’ Day 500, and 2k loyalty, for a total of 10k in rebates. As well as a .00055 MF and 63% residual.
PA taxes are not applicable. The car will be garaged in Orange Co., NY where sales tax is 8.125%. I structured the lease so that your only payment (DAS) at signing is your 1st payment of 222.28. Below are the details…
SP 42195.00
Acq fee 995.00 (CCAP’s is 595- is this a CCAP lease?)
Capped Add-ons 692.53 (needs to be itemized)
Gross Cap 43882.53
CCR 8171.34
Adj. Cap 35711.19
MF = .00055
RV = 31260.60 (63%)
Term = 24
Rebates = 10000.00
Lease Inception Fees
1st Payment 222.28
Payment Tax 433.45 (8.125% x 24 x 222.28)
CCR (partial rebate) 8171.34
CCR Tax 663.92
Dealer Doc Fee 477.00 (must be PA)
Doc Fee Tax 38.76
Title/License 215.53 (include reg. fee?)
Total Due 10222.28
Rebate Credit 10000.00 DAS 222.28
NOTE: Of the 10000 rebate, 8171.34 was allocated toward the cap reduction with the balance of 1828.66 used to cover all remaining upfront fees except for the 222.28 1st payment.
Bottom line: 222.28 DAS followed by 23 monthly payments of 222.28 each.
EDIT: I’ve seen some NY dealers levy sales tax exactly the way I have done it above. Strictly speaking, sales tax should be levied on the full 10000 rebate in NY and not just the 8171.34 portion as I have done. We can always fix this but am too lazy to do it right now.
Not particularly fond of online calculators preferring, instead, to use my own formulas and calculations. Although, the LH Calc is the best online calculator that I’ve seen.
There is no better way to understand leasing than to derive your own formulas. For instance, there is no online calculator that can compute the rebate allocation between the CCR and the upfront fees. Many leases are structured this way. The CCR has to be calculated so that the remaining rebate balance exactly covers the upfront fees including 1st payment, if desired.
The tool isn’t the issue here. It’s that the numbers that were plugged into it were different. Can’t compare two very different deals and expect the same outcome.
And that’s precisely the problem with online calculators… INPUTS! Geez Louise… I sometimes have problems with LH Calc inputs which, at times, requires a bit of creativity that may be challenging for novices or, for someone like me. I don’t have the patience to play around with online calcs. That’s why I default to my own formulas where there is no chance of screwing up the inputs. Furthermore, I am 100% confident that the output results are spot on. I don’t get that same level of confidence with online calculators.
EDIT: Can you tell me what the one-pay lease payment is in the following LH Calc? To be clear, I’m talking about the one-pay amount that would be used to determine the future adjusted lease balance in the event of early termination or in the event that the lessee wishes to exercise their purchase option.
It doesn’t matter if it’s an online calc, an excel spreadsheet, or your formulas. If you leave out numbers/use ones that are different from the deal, the output will never be right.
If you try to calculate 1+1=2, but plug 3 in as the second variable in the addition, you won’t get 2 out at the end.
