Not sure how to put it in calculator. I can’t find an option to capitalize everything except down payment into the monthly payments.
Some details:
MSRP: $83,050
Rebates: $14,000 ($12,500 Audi, $1,500 Costco)
Agreed upon value: $74,229 (I guess it is 10.6% of MSRP)
Total gross capitalized cost: $79,928 (I found undisclosed $1,500 Fidelity term care during signing and was explained it is part of Audi Care. is it true? Is $700 permaplate useful?)
Signed: end of October
DAS: $10,600 ($10k down, $499.5 first payment, $100.5 Audi Care to keep payment below $500)
Monthly payment $499.5
It is 36 mo, 10k miles
MF: unknown
$895 Acquisition fee is included in capitalized cost, $495 disposition fee is not.
Does it make sense to cancel Permaplate and/or Fidelity term care? Can I even do it after signing a contract?
Not quite sure if it’s bad, ok or good deal, can someone help?
Oops, I missed that in the middle of all of this. I was wondering about the Costco part since that ended on the 31st. I guess OP should just enjoy the car for now.
The car is great. I had some issues with public free charging, it’s always long lines and kind of slow charging (70-115kW rate on 150kW charger).
I just would like to see how is my deal for educational purposes and future leases.
Audi Central offered me a deal with a $5k down, $1,050/mo, no tax credit, $0 off MSRP due to depletion of their “VIP discounts”.
My experience with Audi North, on the other hand, was fantastic. They swiftly provided a significant MSRP discount of 11% without the need for an in-person visit. Unfortunately, their offer lost its appeal due to the depletion of tax credits in October. Which was a deal breaker for me. Salesperson was outstanding, real quick in their responses without any unnecessary price games.
As for my purchase from Audi West, it was far from a pleasant experience. I found myself engaged in several days of negotiations at the dealership, spending hours there over the course of two days. They repeatedly claimed that there were no additional discounts to be offered, only to later lower the price. Additionally, there seems to be some confusion regarding a $1,500 service contract, which they may have falsely represented as a part of Audi Care, which is a separate $1,099 expense. While I cannot confirm this, it does raise some concerns.
This is my first time leasing a car. I sold my paid-off car on the same day and used part of the proceeds to lower the monthly payment. Paying less than $500 per month for this car is appealing.
What is a main concern of using large down payment? In the event of total loss, what specific aspects or scenarios does the insurance policy intend to protect against?
After the junk add-ons your net discount was 8%. See if you can cancel that extended service contract (wtf).
I was misinformed by financial manager that service contract is a part of Audi Care. I get into details and it actually covers 1 change of the following: brake pads (not rotors), windshield wipers, battery, headlamps, belts and electrical. Some is already covered by manufacturers warranty. So, I requested to cancel it.
What’s the money factor?
I don’t know, I tried to find out in calculator but can not figure out how to separate DAS and payments.
Big cap cost reduction is a big no-no when leasing but hopefully you take the lease to term.
I plan to lease a full term. Don’t you mind to elaborate about big cap reduction?
Effective $793/mo is not a regrettable deal by any means, probably only a little more to squeeze out of the lemon.
I’m trying to cancel $1500 service contract which should get effective down for about $40.
The main issue is if the car were to get stolen or totaled tomorrow, you would have paid $10,600 to drive it for a day. Maybe some could be recovered depending on how the insurance handles the payout but this isn’t usually a scenario one wants to face.
Assuming they cancel the $1500 you’re looking good
But you’re not. Denial is not helping here. First step to understanding is abandoning denial.
Was this money any different from the other money in your bank? You count everything that came out of your net worth into this deal: cash, equity, everything.
I totally agree. The most important number is effective monthly payments which include everything, tax, fees, services etc.
But a cash flow is also relevant. It does not show an actual value, but it can be helpful sometimes. Someone could easily spend that down payment for something else.
Another thing is I don’t have to pay MF on down payment. Not a large saving, but still something.
Divide that 10k into 36, and then add it to your effective payments. This is an okay deal but putting any extra money down on a lease is a terrible idea.
How does paying the money up front help your cash flow? You’d have the 10k sitting in your account otherwise, ie that move is better for liquidity. There is no logical reason to put 10k down.
