About to pull the trigger on a Hummer EV. I keep feeling like the dealer is marking up the MF but they said no. I got wrecked on my last car so I’m trying to get the best deal possible. I’m in SoCal
Please help!
You can register as a Super Supporter to access Ratefindr, which will enable you to see the buyrate MF.
Or you can ask on the pertinent Edmunds forum for free.
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Hyper-fixating on the MF is a waste of time, and in any event you should never be asking the dealer about the MF anyways. Who cares if the dealer is marking up the MF to the moon as long as the total deal is good and they’re offering additional discounts elsewhere.
I would take a big step back and put together a target deal first before you sign something again that you might regret.
The answer to this question is always to start by putting together a target deal. The only reliable way to determine if this lease is high or not is to first work out what it should be.
Everything else is a waste of your time.
I’m not really sure how to do any of this. I’ve been a ss member before and didn’t get a lot of useful info from the calculator.
Can’t say whether the MF = .00314 is marked up or not. Suggest you check the Edmunds Hummer car forums and ask for the buy rate (no markup).
Also, all dealer calculations are spot on. I did check them manually to confirm. There is a fee of 41.00 included in the 855.80 upfront charge that I can’t account for… it’s likely CA gov fees (tire fee, etc.). I was able to account for all other fees.
I would not have paid any cash up front (2450). A car is a depreciating asset and an expense, not an investment. Also, if the car is stolen or totaled, you risk losing all or part of the 2450. Instead, use the 5950 rebate to cover all upfront fees and the balance as a cap reduction (CCR). The CCR would be 4417.73 and the 1532.27 balance would cover the lease inception fees as follows…
1st pay … 858.31
Doc Fee… 85.00
Doc Fee Tax … 6.59
License… 199.00
CA Other Fee… 41.00
CCR Tax… 342.37 = 7.75% x 4417.73
TOTAL… 1532.27
Rebate Cred… 1532.27
DAS… 0.00
Bottom line: Zero drive-off followed by 35 monthly payments of 858.31 each.
Don’t know if the 8.7% dealer discount is reasonable or not. You need to research selling prices in your local market or check the LH signed deals and tips as well as the LH marketplace.
There are no right or wrong answers. These decisions are based on personal preference.
Finally, you’re allowing the dealer to control the deal. Bad idea. You may find this helpful…
Building a Motor Vehicle Lease- Data Collection and Calculations.pdf (403.6 KB)
??? Let me know.
Fascinating read and very helpful. Thank you!
Because you need to learn how to populate it with base MF/RV from Edmunds or here and know how to put a spreadsheet together or use the calc…otherwise you will continue to get hosed…or hire a broker.
You’re very welcome.
Need to know your target to be a hackr
Need to know RV, MF and incentives from Ratefindr within the calculator to know your target.
The only variable after that is pre-incentive discount which comes from benchmarking Signed Deals & Tips and Marketplace