Legal/Financial Recourse for outlandish MF on lease?

Hey all!

First off, this website is awesome. I feel MUCH more educated on leases than I was before, and feel more confident in getting a good deal :).

However… that was not the case 2 years ago when I started my lease on my 2014 Mazda3. After reading up on this site, I think one of two things happened with my lease.

  1. Finance forgot a 0 when calculating my MF
  2. The salesman/dealership intentionally screwed me

The details:

Gross Capital - 26,255.00
Cap cost reduction - 1,888.59
Net/Adjusted Cap cost - 24,366.41
Residual value - 12,263.86
Depreciation and Amortized costs - 12,263.86
Rent Charge - 2,765.90
Total base monthly payments - 15,029.76

The MF, based on dividing net cap + residual from the rent charge, would be .07 or 168% interest.
Now, our credit was not that great at the time, so 16.8% or .007 would be somewhat believable, albeit still horrid. That means the rent charge should’ve only been $256, not $2,765.90.
As far as I can tell any other charges were built into the Gross Cap cost (including a maintenance plan), so there doesn’t appear to be any other explanation for why it is such a large amount.

I’ve messaged Chase regarding it, and they said they have the proper department investigating it and will have a reply by 9/13/16. Now, I know this lease is disgusting as leases go (48/10, I was not very smart), but .07 MF is extortion IMO. If they deny taking the ‘erroneous’ amount from my remaining balance, I will likely take it to small claims court or something of the sort.

Anyone else gone through something similar, or see where my math might be off?

Thank you all for your expertise!

That is incorrect. Your rent charge is for total term of the lease four years, so 2765.90/4 is approx 700 a year. 700/24000 is approx 3% a year or an MF of 0.0012

Ahhh okay. Now that I’m looking back at the rent charge definition (http://www.swapalease.com/lease101/guide/chapters/calculating-your-monthly-lease-payment/calculating-rent-charge.aspx) I see it’s supposed to be monthly >_<.
So then:
$2,768.50 / 48 = $57.6229
$57.6229 / 36,630.27 = 0.001573
0.001573 * 2400 = 3.78% APR

Would that be correct? So basically the reason it’s a high amount isn’t because of a super high MF, it’s just because of it being a 48-mo lease right?

Thank you! I feel a little silly now.

The reason it ended up being a bit pricey is due to a discount on the smaller side and a poor residual value after 48 months.