I was wondering what numbers for various things should look like for a RAV4 prime lease. I am trying to buy a car as a gift for my father. He is in NJ.
The current agreement is only $3k off msrp plus $6500 fed tax credit. Does anyone know what other numbers should look like? I tried searching and I didn’t find anything specific to Sept 2023 numbers around Residual, MF etc.
Also does anyone if I can immediately buyout after the lease is established? Is this something I can do 1 month after or is it immediately like next day after taking delivery?
Is there any taxes paid for NJ? I think NJ has CUNJ rebate as well right? Can this be applied for in lease and do I pay taxes on the buyout?
I am trying to lease a new Rav4 prime in NJ. If I lease the car, I have to pay taxes upfront for lease duration. If I buy out the lease next month, how would the taxes work? Do I have to pay taxes on the buyout price? Or do I have to pay taxes on the buyout price minus the lease amount taxes that I already paid?
If someone who is an expert in NJ can answer this, it would be really helpful. Thanks!
You do not have to pay taxes in nj upfront. It gets spaced during the length of the lease. . Go to edmunds forums for residual and mf. Read the leasehackers 101 before leasing
I dont think this is correct. It looks like NJ charges taxes upfront for the lease amount or atleast this is what is shown on the lease paperwork. I checked the residual and MF on edmunds forum and the last post is from July/Aug so not really relevant in Sept.
Did you ask for the residual and mf on the rav4 prime? When you lease a vehicle in nj they can ask for taxes upfront but they can spread it out over the lease term . Read leasehackers 101 please.
I did ask and the dealership did send it to me. Looks like residual for sept is 56% and money factor is 0.045. Anyway, I did read lease 101. NJ asks for taxes for the lease length upfront. Even IF you spread it across the payments, that is technically being “financed” because the total tax is already included in and the lease payment is based on the total of the amount which includes the total tax that is due.
All I’m trying to find out is if I buy out next month, do I then get the refund on what I paid upfront?
Your best bet is to use a large CCR at lease inception. The CCR is taxable so it won’t save you on the lease tax. But it will bring down your payoff and thus the tax owed on the purchase.
Okay you mean cap cost reduction right? So how would that work? Isn’t that usually a big no no when it comes to leasing? Can I do CCR after the fact? Looks like the MF is really hurting this payment wise and I really don’t want to pay double the tax. Argh. Why does it have to be so complex.
So @max_g… what’s the play here? Can I put $30k down? Can you help me with calculations? And if something happens god forbid where the car is totaled then I would be out my CCR right?
Start with the LH calculator and fill in MSRP, selling price, tax rate, etc.
RV and MF from:
Rate Findr has that information, as they have direct access to it from the captive banks. It’s a tool on the Leasehackr Calculator, available to Super Supporters.
Thank you. I did find everything I need. I think I PM’d you the calc link. Any idea where in the calc I should put the CCR to get the buyout price in a month be equal to RV?
Also what should I specifically tell the dealership? How do I ensure that the CCR is properly applied and that next months payment will be the RV?
The calculator is not going to calculate past lease acquisition (when you sign the deal). Once you have the cap cost for the lease, you can use the buyout formula from the lease contract and apply the state taxes at buyout.
Edit: also if you were trying to calculate exact buyout the day you sign your lease, keep in mind you have to wait until the contract is funded (and often until it’s titled) until you can buy it out. You might have to make a second lease payment, which will change your buyout cost.
Okay thanks! So if I tell the dealership I want to put $15k down, then ideally the buyout price instantly should be $15k less right? I guess I don’t want it to be eaten up by rent charge or some BS like that.
I can’t. Live in a townhouse with outdoor parking and no garage. Can’t install charger and run cable from the house due to safety hazard and someone tripping and falling. Also, going to charge elsewhere and sitting for 20-45 mins is not an option
$43k minus $6500 rebate plus tax, doc, registration brings the total cost to $39k. So technically if I put $15k down with the hopes of buying out next month, ideally then when I buy out would the buyout price be $25k-ish?
So I can charge it at work the 3 days that I do go to the office. And saving on gas 3 days sounds good to me. The rest of the time I have a hybrid. Yea, I have range anxiety and when I do have a garage without hoa BS, I might consider full electric. Also, prefer the rav4.
