Working with a dealer to secure a 24mo/10k lease. Here is where what i have them at so far:
MSRP: $61660
Dleader Discount: $7000
Addon: $698
Incentives/Rebates: $13500
MF: .00057
Residual: 59%
ACQ Fee: $595
Dealerdoc: $797
Buisness Tax: $168.47
Gov Fees: $385
Tax Rate: 6%
When i plug everything in, i get: CALCULATOR | LEASEHACKR
Effective Monthly: $414, with monthly at $432
The dealer’s monthly comes to $455, trying to understand why there is a discrepancy.
I played around with it in the calculator and believe their number is right, it’s something to do with the total cap cost and what it includes, you aren’t including something or that net price isn’t including something. When you have the contract in front of you, you’ll be able to reconcile it. Being a 24mo term, a couple hundred bucks will throw the payment off a bunch.
There’s probably some other screen that will give you a net cap cost.
Looking at the sheet again, looks like the net cap cost is 45,216.64.
If you had the contract you could figure it out quick, don’t wait too long, looks like a legit deal.
Yea, that’s what i assumed. I’m jumping on it. Will report back when finalized.
The attachment has a net cap cost of $45,216.64 and a residual of $36,379.40. Using 24 months and mf=.00057, I get a payment of $414.73 + 6% sales tax is $439.61. So, about $15.55 less per month than they quote.
The residual works out correctly, MSRP = $61,660 * .59 = $36,379.40.
Next, how did they get to the net cap cost. Looks like it is exactly what is in the attachment + first payment of $455.17.
Net Cap Cost = 61,660 + 698 (add-on) + 595 (ACQ fee) + 797 (Dealer Doc) + 385 (Gov Fees) +
168.47 (gov fees) + 958 (looks like tax on 13,500 rebate) + 455.17 (first payment) -
13,500 (rebate) - 7,000 (discount) = $45,216.64
So, the Residual and Net Cap Cost Check Out. The only way to get a payment of $455.17 using the supplied numbers is to use a MF = .00075. I’m guessing that is what they did, which would be a markup of .00018.
Still, the way I read this is $0 upfront which includes first month payment and then 23 remaining payments of $455.17. Looks pretty good to me, the markup is costing you about $15.50 * 24 = $372.
Thanks for the breakdown,
It’s really weird they would have that mark up considering it says .00057 as the rate in the sheet they sent.
I have another dealer beating them, but i feel guilty backing out with the current dealer. Not sure what to do.
Don’t feel guilty, play the lower dealer against the other dealer. See if the other dealers numbers match up better and keep grinding, never feel guilty grinding these dealers, especially an FCA dealer. You have no idea what kind of things they have done to people. Dodge Journey’s come to mind at 21.99% APR.
You do not have to. I will take this deal for my sister. She just had an accident with total lost and need a bigger car now. Plmk. DM me please
TIA
Can you share the dealers info., the price is an amazing deal
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