Not true. No funny business. Here’s what’s happening…
MSRP 40375.00
Sell Price 38663.00 … discount is very weak at best
Acq Fee 995.00
Gross Cap 39685.00
CCR 0.00
Capped Tax 1052.05 … (see calculation below)
Net Cap 40710.05
Res. Value 24628.75
Term 36
MF .00255 … (about 6.12%… YIKES!)
Sales Tax Rate 7.00%
Base Payment = .00255 x (38663.00+24628.75) + (38663.00 - 24628.75)/36
= 613.31
One Pay = 36 x 613.31
= 22079.16
Lease Inception Fees
One Pay 22079.16
Title/License 46.00 … non-taxable
TOTAL 22125.86
Trade Credit 3413.82 … Non-taxable
DAS 18711.34
GA TAVT (Tax) is computed as follows…
Sales Tax Rate x [(S – R) + M + X]
S = Sell Price = 38633.00
R = Residual Value = 24628.75
M = Taxable Capped Fees (amortized amounts) = 995.00
X = Taxable Lease Inception Fees = 0
TAVT = 7.00% x [(38633.00 - 24628.75) + 995.00]
= 1052.05
??? Let me know.