I’ve been immersed in trying to understand leases for the last couple of weeks due to the toyota rav4 prime lease cash/buyout hack.
I’m now at the point where I have some offers and I’m about ready to sign, but I’m struggling to get the leasehackr calculator to line up to the offers I have.
As a reference, I’m looking at leasing from dealers in Maryland, but the car will be registered in Ohio. I’m doing a one pay lease due to some recommendations here and on reddit to reduce sales tax, since Ohio taxes on the lease sales price and the buyout price.
The first dealer refuses to give me a lease worksheet via email. I’ve asked for as many details as I think I can, but I feel like I’m missing something.
MSRP: $46,938
Selling price: $42,500
Terms: 36 months/10k miles
Residual: $24,408
Taxed incentives: $6,500 lease cash
Acq fee: $650
Doc fee: $500
Govt fees: $1800 (this is a ballpark from another offer I got)
MF: No idea, put in 0.002 as a guess.
The calculator suggests $18,687 due at signing. This makes sense, as that + $24408 residual is close to the selling price.
The numbers I was quoted from the salesperson was $21,677 due at signing, which added to the residual would be $46085.
This is a lot higher than I would expect considering the $6500 lease cash, even accounting for additional taxes. Am I missing something? Is the lease rent not being included in the calculator or something? Where did the extra $3k due at signing come from?
Yep, I’m an idiot. I didn’t even think about how much that would affect the overall cost. The MF doesn’t actually matter since I’m doing an immediate buyout, but it totally changes the amount due at signing.
I called and was told the MF is 0.0032, way higher than my guess.
With that the calculator is within about $10. Perfect, that’s all I needed!!
I’ll post back in a couple of weeks once I’ve signed the lease and paid up. Very curious if the one pay lease will work to reduce sales tax in Ohio.
The Gov Fees seem way high unless I am not clear on something dealing with one-pay leases?
I just leased a couple cars in OH and the licensing fee is $95 for a regular IC car, $190 for a hybrid, $290 for an EV. Those should cover license/title… Does the $1800 have to do with buying in MD or being a one-pay?
Also, you can ask in the Edmunds forum for the exact car, lease, and one-pay MF, RV, and incentives, just to check you aren’t getting an inflated number.
If a dealer will not provide you with all of the information you need to make your decision, then you need to move on. Especially if it’s an out of state dealer. Have you reached out to @Jrouleau426 ? He seems to be the go to man for Toyota in your part of the world.
