Just so I understand the calculator properly and MSD’s:
I know most are self explanatory however I want to know what I’m spending to drive off the lot out of pocket for sure.
Monthly is obviously the monthly payment, lets say $300.
Drive off: This is the down payment + taxes and fees, lets say $3000
MSD Payment: This is the total number of security deposits put down, so lets say 10 would be $3000
So in this case I would be spending $6000 to drive off the lot with the vehicle at $300 a month?
And if I did zero down/DAS, it would be $3000 out of pocket?
All MSD’s are due up-front and are basically a second, refundable form of down payment? And it gets refunded at the end of the term of the lease when the vehicle is returned, so I’d have $3,000 to put into the next lease?
And Gap Insurance will cover the difference in buyout/settlement in the event of a total so I don’t lose my $3000 MSD’s?
I’ve always leased without this forum and have felt I did okay most of the time, but I want to be certain of my actual cost out of pocket at the dealer. My current lease was totaled and it may be a month before I see the settlement check for the buyout difference, so I basically have little to no down payment on my next lease and lose my rental soon. Since I’ve never done MSD’s I want to verify that if I do a zero-down (lets ignore tax/title/fees) that my out of pocket will for the most part only be those MSD’s.