Hi, Here is quote i got from Ohio dealer:
MSRP $29,548
Your price $27,005.49
Residual 70%
MF 0.00001
36 month payment $291.68
24 month payment $346.68
Is there a room for negotiations here? Or you guys think it is good deal?
Numbers don’t add up. With those figures, pre-tax payment would be around 194 even with acquisition fee rolled in. Dealer has an extra $3,000+ hidden somewhere.
I told him his numbers are off. He replied back saying he re-ran the numbers and they are correct?
Looks like he is calculating the quoted rate on full MSRP. If I plug in 70% residual with that MV on the full MSRP I get $289 a month.
Run them for him and send your calculations. He will have no choice but to reveal the higher capitalized cost he is using.
I have not ran any numbers before but i will try to run it.
Or better yet, try a different dealer that isn’t trying to jam you for over 3k.
This is the email i got from him when i told him that your calculations are wrong:
When you are calculating the residual for a lease the percentage is based off the MSRP of the vehicle not the selling price. That may be the reason you are not coming up with the correct payment. There are also a lot of other variables that would affect the lease payment that could be calculated incorrectly. It’s very difficult to calculate a lease on your own unless you have good lease program or a complex formula.
Hahahahahahahahahahahahahaha
LOL again. If the OP calculated RV using the selling price, the residual would be lower (since MSRP>selling price) and his calculated payments would be higher than the dealer’s.
Indeed. OP run for the hills. Your dealer is a scam artist.
Like around 10 … tell him you can do math on 10 variables
This is the calculation sheet i got from him now. Can anyone see what is wrong with this? I cannot figure out why leasehackr calc gives a value under $200 and he got like value of $267??
damn he changed the residual from 70 to 63% lol…
Well, that is where the extra is coming from => $2,068 difference / 36 months = ~$58
which also bumps up the tax and the interest rate dollars
He can’t change the residual. That’s set by Toyota Financial
I am guessing OP misreported the residual. 70% is probably for 24 months.
Dealer seems to be showing you the full deal. No sales tax where you live? Deal isn’t horrid, $250 or so pre-tax with just first month due at signing would probably be a very solid deal.
I live in Cleveland, OH.