Impulsively did my first lease back in May and haven’t been able to stop thinking about it since. Of course after it’s all said and done, I discovered Leasehackr and started to do some research.
I now know I got a bad deal, but I’m curious as to how bad and any suggestions on how to get a better deal next time. Hopefully by posting this I’m able to help some other people.
This is my first post here, I’ll do the best I can to post all the necessary info. Sorry in advance for any mistakes.
Location: Greater Salt Lake City, UT
Dealer: Audi / Porsche Lehi
Vehicle: 2020 Audi A4 Quattro Premium Plus (new)
Now looking at these again I’m seeing the “Rent charge” (item F) and wondering what that is?! Yikes.
I should also note that the lease changed slightly after these docs - I added PermaPlate glass protection which added about $17/mo to my payment, so I’m currently paying $590.42/mo. Got a huge crack in the windshield just a couple weeks after so I guess I’m glad I did that part, as they’re about $1,200 out of pocket to replace.
The most troubling thing about this lease to me is that with my trade in, I effectively put $9,400 down and my payment is STILL $590/mo. Why didn’t I have this realization at the dealer? Well, as I said this was my first lease and while I consider myself to be good with finances (for the most part), there’s A LOT I didn’t know about leasing. There was also a lot of pressure from my salesperson, the manager, his coworkers, finance lady, etc. Literally everyone on the floor came up and talked to me at some point and was hyping up the deal. In the moment I felt like I was making the right decision.
I’m still pretty new at all of this, so take what I say w/ a grain of salt, but…
I don’t even understand how this was possible. Did the $8K in cap cost reduction somehow INCLUDE the trade in, rebates, and some portion of the DAS (which was over $9K)?
Is this a 42-mo lease? Is your effective payment is over $800/mo?
The rent charge is a normal part of a lease. It’s like the interest charge. I assume you have no idea what the MF (money factor) was on this deal?
If I’m reading the contract correctly, this is really, really bad. Pray that you don’t total the car (you will lose your down payment) or pray that there was an error made in the contract and that it gets bounced back.
Otherwise, just enjoy the car and do more research for your next lease.
LOL this thread has to be a joke, right??? No one would actually write the dealer told them its a good deal so they assumed it was a good deal, right???
If you did this back in May and have been making payments then what’s done is done. The deal definitely funded. Just enjoy the car and make sure you learn from the experience.
My guess is that they probably gave OP above book value for their trade to show them what a great deal it was, and then bumped up the selling price accordingly hoping they wouldn’t notice. I’m wondering what the base MF was for these back then, I’m surprised that they didn’t mark that up to the moon too.
