Did you tell the dealer you have Costco?
You can get a worksheet from the dealer and we can review it. I personally wouldn’t leave my house to sign without the deal structure in writing anyway.
Based on what you’ve shared, we’re back to guessing if they mixed up 2020 and 2021 programs. My crystal ball is in the shop.
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Yes, I did. This is what they had written on the scanned invoice that they had shared with me. One is invoice and the other is Lease Agreement (showing the monthly payment of $459, expecting the new one by tomorrow).
Although the Sales guy did use the phrase ‘the finance guy used 2020 incentives’, he only shared some scanned copies that shows the MF/RV for different lease durations. That sheet doesn’t have any incentives in the form of a $ amount. On the subsequent text messages, he basically mentioned that a wrong MF and RV were used previously. So although he told me the new monthly payment which will be $446, he can only send all the numbers tomorrow morning after getting it from Finance.
So they’re showing $500 back of invoice here, which would put you in the 6.5% pre-incentive range, not the 10-11% range. I get that this is for the higher monthly, but the difference between 6.5% and 11% is a lot more than $13/mo.
I’ll dive in to the numbers in a couple hours when I’m a bit more awake.
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Alex foundation donation, I immediately know the dealer lol.
@mllcb42 they like to charge you for advertising the car as a dealer add on. Love AZ Volvo.
Thank you so much Michael. I am going to send an email to the Sales guy requesting the following info so that it’s more structured. They don’t open until 10 AM AZ time. Please let me know if I need to add anything else.
- MSRP
- Pre-incentive discount
- Incentives applied
- Sale Price
- Money Factor
- Residual Value
Hmmm. So any experience you can share about this dealership, good or bad? I did notice the advertisement cost & the donation amount, but I guess I was focusing more on the total savings of $8310 and the monthly post-tax payment amount and also the fact that with the latest quote, MF & RV were same as what I had found on Edmunds.
Keep in mind that you should know all of those before talking to the dealer as well (substitute your target sales price for their sales price/what buy rate MF is for what mf they’re charging).
If you don’t already know what those should be before you get an answer from them, start getting the answers.
I checked with Edmunds the numbers one is supposed to check. I was not in favor of putting any money down. But based on some responses on this thread, it seems like it may be unavoidable since I’ve never leased before and my only car loan was back in late 90s. Regarding target price, I’ve been reading up as many posts on XC60 lease deals on this forum. I’d have ideally preferred an Inscription but it’ll be too expensive for 2021 and the 2020 ones are all gone. Came very close seal a deal on a 2020 Inscription model back in October, but it got sold. This Momentum model has Premium and Protection package. I don’t really need the Climate package in SW AZ.
My target was to keep the monthly payment to low $400s pre tax with the assumption that it’s realistic considering the deals I’ve read about here, but I may be wrong. Is that too much with 7.5k miles? As an expert, you can tell me if it’s a good deal or not as I trust your judgement. I’ll share the update from the dealer today as soon as I get it.
The monthly payment is the output of the leasing equation. You want to verify and set your target based off of the inputs to the leasing equation (current programs, pre-incentive discount, etc).
From that, you should be able to calculator what the monthly would be given those targets.
Where I’m running into an issue here is that the 11% pre-incentive at buy rate that was earlier discussed is a very good deal, however, the information from the dealer suggests you’re way lower than that. That means we have one of the inputs into the equation wrong. Before anyone can say if this is actually a good deal or not, that confusion needs to be sorted.
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So I got these new numbers from the Sales guy, RV is 59% (higher than what I got on Edmunds) and MF is .00089 (with 10 MSDs it becomes .00039, matches with Edmunds). About incentives, he did mention it’s the same $1250 Costco & $1500 lease cash (the numbers that we’ve used earlier). The rest are dealer discounts. But the sale price is now higher & with that, the pre-incentive stands at ~9.8%. But he still didn’t respond to my email showing the lease breakdown and I’ve asked for it once again.
if they agree to the previous Sale Price of $40650 which was at ~11.4%, will this be a good deal?
Why has the residual value changed? Why did they change the selling price?
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I’ve no idea. He did mention to me last night that the RV will be 59% once they realized they were looking at the wrong year sheet, but no idea why the selling price changed. So assuming the two incentives are correct & there’s no other incentive that is applicable to me ( lease cash & Costco, both verified), is the pre-incentive price which is ~9.8% off still a good one? What about the last LH calculation that I’ve posted which is with ~11.4% off MSRP pre-incentives? If you think so, I can send them an offer with those numbers, not sure they’ll agree though. But that’s alright, I am not in a do or die situation.
This doesn’t explain why the RV doesn’t match Edmunds though, unless the rv from Edmunds was for a different amount of miles.
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That’s correct. When I had posted on Edmunds, I had asked for both 10k and 7.5k, but they responded back with only the numbers for 36/10. Just verified it now. Sorry about that. The Sales guy did tell me last night that the RV is a bit higher than the scanned sheet that he shared because of the lower miles. That sheet too was for 10k miles.
@mllcb42 @jeisensc So this is the latest update. They agreed to keep the original selling price of $40650 which they had quoted me yesterday with the new RV of 59% and MF of .00039 after 10 MSDs. The rebates are mentioned as well. He used $2000 as rebates, Edmunds had mentioned $1500. If I use Edmunds number, then LH Calculator shows me monthly payment of $430 which is just $1 off.
So what do you guys think of this? I’ve asked for some time to evaluate this offer. Please let me know as soon as you can. Thanks a lot.
What is your zip code?
I’m seeing $1250 costco, $1500 lease cash, and $1000 conquest available for 85001 that seem like they’d apply.
85705 - dealer zip, 85748 - my zip
Do you have first responder/medical affiliate bonus being applied?