So here are my calculations:
This is the calculator:
Can someone tell me what I’m doing wrong?
Thanks.
Do you have any firm numbers from a dealer?
What calculations are you doing to get the $55 a month other than the $933/17? The deprecation in your numbers looks to be off. I don’t think you can have a negative depreciation. Could you also provide a breakdown of the 15k in incentives. It looks like 9500 lease cash plus about another 3-4K in 18 month term lease cash.
This is from your calculator.
Depreciation: $1,397
Rent Charge: $1,290
Taxes : $202
Non-Capitalized Cost Costs that aren’t rolled into the monthly payments. These include upfront fees, disposition fees, service fees, downpayments, trade-ins, and post-sales incentives.: $395
Your cap cost is missing $1000+ in upfront taxes in your excel. After that, taxes in FL are on the monthly payment.
You need to itemize the 1000 dealer fees. Also, you did not include the 695 acq fee in your spreadsheet. If you had, you wouldn’t have negative depreciation. A fund provider will not fund a lease with negative depreciation. Notice the LH Calc separates the acq fee (695) and the dealer fees (1000) as it should. Strongly suggest you pay dealers fees (1000), gov fees (225), taxes on fees, tax on the CCR, and 1st payment at lease inception using a portion of the 15830 incentive. The balance would be used as the CCR. Provide the dealer fees itemization and I can calculate the CCR which is not a simple calculation.
Nothing really to itemize there. $1000 dealer doc is fairly standard for FL
Doesn’t hurt to ask. Need to separate taxable from non-taxable. However, all dealer fees are usually taxable, but I’m not absolutely certain. Are you sure that the FL doc fee is fixed at 1000? I don’t think there is a cap on FL dealer doc fees. My impression is that they can vary from dealer to dealer.
Never said it was fixed. $1000 is just a common amount. I have seen a good bit higher there too.
I would also expect gov fees to be higher here, usually with some electronic filing fees added in too
To be certain, the 1000 dealer fee needs to be itemized. If it’s a 1000 doc fee, so be it. But as of now, we’re not sure which is why I asked for an itemization even though you may be right. But why take chances? Each and every input number must be clearly identified and spot-on. Otherwise, my calculations won’t be accurate.
Assuming OP’s input numbers are accurate and the dealer doc fee = 1000, I have the following…
Sell Price 51002.00
Acq Fee 695.00
Gross Cap 51697.00
CCR 13469.59
Adj. Cap 38227.41
RV 36803.00
MF .00097
Term 18
Sales Tax Rate 7.00%
Base Pmt 151.91
Lease Pmt 162.54
Lease Inception Fees
CCR 13469.59
CCR Tax 942.87
Doc Fee 1000.00
Doc Fee Tax 70.00
Gov. Fees 225.00
1st. Pmt 162.54
TOTAL 15870.00
Rebate Credit 15870.00
DAS 0.00
Bottom line… DAS = 0 plus 17 remaining payments of 162.54 each.
It will not be easy to find one single dealer to agree with that payment. OP needs to send the proposal to 30 or 40 dealers. Hey. You never know!!!.
The good news is that i found one dealer who agreed with $150/m and first month DAS for Venture + after a week of chasing and sending requests to 20 dealers in 300 miles radius.
Good luck.
The payment doesn’t mean squat to the dealer. What matters to them is the sell price and money factor. If one makes a huge cap reduction, naturally that will drive the payment down.
I agree that the OP needs to send a lease proposal. But 30-40 dealers? Don’t think so. The proposal should be professional-looking and flawless like the one below…
Congrats and enjoy your new ride!
In general, it shouldnt, but F.O.L.P. is real and can very easily taint the waters.
What is F.O.L.P?
Fear of low payments. The magical salesman behavior that appears when they see a payment that seems unreasonably low, and no matter how much the math adds up, they shut down and only give platitudes about how if they were really that cheap, they’d get 2 themselves.
That is pure stupidity on their part, and so I would much rather favor another dealer that doesn’t display stupid behavior. You would think that a GM or SM would focus on sell price and MF… not the monthly payment. But I guess they’re not immune from stupid behavior either.
Do you know if that dealer has more in stock and what location is this dealer?
DC area but only Platinum + left.
Do you know if they’ll do out of state? Or can you link me with them?
100%, but it’s the reality of what often happens. Sometimes the best path forward is just to adjust your negotiating strategy accordingly.
Also, from experience, unfortunately, most of the dealers do NOT like educated customers