I just signed my Lease on 2010 Prius III here in Southern California. After 6 weeks of frustration trying to get So-Cal dealers to really negotiate on this car, I finaly caved in and took a deal which I thought was reasonable.

Prius III Black exterior, gray cloth interior with Navigation and Toyota incentive of 2 years free maintenance.

3 year lease, 15k miles per year MSRP 26,820 Final cost 25200 Money Factor .00075 Residual is 16000 (63%)

Drive off (including all fees, licences, taxs, etc): $0 Monthly payment (includes all taxes etc.): $334

I dont plan to buy the car at the end of the lease and figured this would be a reasonable work car.

Good luck...im sure people in the mid west are getting a better deal. In my experience, the So-Cal dealers have enough demand that they all stick pretty close to each other on pricing. Also for some reason, black was hard to find.

Is this a good deal? Looking to possibly lease tomorow.

Prius II w/ remote start, bluetooth, xm, mats msrp $24,837 money factor .00075 term 36 mos miles 12k/year and $.15/mile overage residual $15,960 $249 down (inclusive of tax, title and fees) $307 monthly payment

also....

1. If I decide to go with prius III with same MSRP, should I expect same terms as prius II?

2. How much should monthly payment increase if I up to 15k miles?

Carman, can you give me the residuals and MF for a Prius IV in the South East region. Also could you tell me if options can be residualized at the same rate? Also I am looking for 12K miles or 15K miles.

Hi linhtwu. The Prius' money factor varies by region. Toyota Financial Services' residual value for a 36 month lease of a 2010 Prius with 15,000 miles per year is 68%. The problem is that this is for a base model. TFS places restrictions upon what options can be residualized, making it difficult for consumers to work up sample payments on specific units on their own.

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Hi evahnulahm. SE Toyota Finance's current buy rate lease money factor for the 2010 Prius is .00152. Please see my previous post for a description of the problems with trying to figure out this car's residual values.

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Hey everyone, here is what I am looking at. A Prius IV with just mats(399), tint(399) and bumper appliqué(99) that has the following stats

MSRP 28,272

Negotiated Price 25,782

MF .00152 (SET MF is not nearly as good as elsewhere)

Residual 58% plus 2400 residual assistance = 18,798

I am paying the tax, tag, first month and doc fee so no other costs should be included in the lease payment for a total of 300+59+289+261.76= $909.76

Monthly Payment I am getting is 261.76 for a 36 month 12K miles per year lease. Problem is the dealer is quoting 296.69.

Can anyone explain to me where they could possibly be getting this number? I verified that we have the same residual and MF for my calculation as well as the dealers.

Ok, after going through the ringer of not showing me their calculations and numbers for a week I finally got fed up and went to another local dealer. I was leaving out the acquisition fee from the previous calculations and with that figured in everything works out.

In 15 minutes I had the price I wanted and everything explained to my satisfaction.

Here is what I got Prius IV in Barcelona Red with Bisque interior with mats, tint and bumper guard. 36 Month Lease with 12K miles.

MSRP 28,272

Negotiated Price 25,782

MF .00152 (SET MF is not nearly as good as elsewhere)

Residual 58% plus 2400 residual assistance = 18,798

I am paying 950 out of pocket to cover tax, tag, title, doc fee etc.

Payment for 35 more months is 284 per month.

I feel like I got a fair deal so I am happy, especially since the car had to be retrieved from another dealer as the red with bisque was nowhere to be found locally the way I wanted it.

Dear Prius Gurus, I'm looking for honest opinions on the deal I just signed in So. California (I'm losing sleep over this and just need to know if it's good or not to ease my mind!):

2010 Prius III (Black, Grey Interior, Cloth Seats, Navigation Package)

Total Agreed Upon Value (Sale Price): $24,646 Acquisition ($650) Doc Prep ($45) CA Tire ($8.75) DMV eFiling ($29) Residual: $16,333 MF: .00075 (1.80%)

I had about $2,200 in Negative Equity from my trade-in (an '08 Prius), so the Gross Cap Cost was $27,617 (all the above plus $2,200).

Monthly payment came out to about: $372 / month. Based on my calculations, without the $2,200 Negative Equity, my payments would be about $308 / month.

THANK YOU in advance for your comments/thoughts even if they may not be positive!

Nice screen name. Did you attend UCLA? Anyway, I need a bit more information in order to evalute your deal such as MSRP, detailed itemization of options added (if any), amounts financed (i.e. capitalized), cap reduction, and tax rate. You didn't specify the term. I'm guessing 36 months. If so, and assuming you made no cap reduction, I get a base payment of...

The money factor looks good and I assume that it reflects the buy rate. The only other item that drives the deal is the sell price. Without knowing the items described above, I really can't comment further.

The MSRP you list is not the real MSRP, it is the MSRP + the options and dealer installed accessories. Normally options and dealer installed stuff can't be residualized on a Toyota lease or only parts of certain ones can. That means you pay 100% of the cost. A II MSRP is $22,800 NOT including the $750 destination fee or any options. On a 12k per year lease residual should be 68% or $15,504. If your residual is $15,960 then you are getting $456 of help on the residual out of the $1,287 MSRP of options / accessories on the car. This is 35.6% of the "MSRP" and not 68% like you get on the rest of the car.

So you are paying for and interest on 100% of the destination charge, and 64.6% of the options / accessories - and of course interest on the full price of the car and principle on 32% of it.

If ALL you pay at signing is $249 - nothing else, not even first payment, then depending on your tax rate this is not bad. There is a $650 bank fee to be paid, taxes, title, license fees, first payment, etc. Sounds like it is all rolled in to the deal.

The key is the selling price of the car - how much are you paying for it? The net cap cost before any fees or cap cost reduction is applied?

The III MSRP may be the same /similar, but with no options the whole MSRP (less destination) can be residualized. I also do not know the III residual percent, but I would GUESS it may be a little higher than the II. With a higher percent, same MF, and more of the MSRP being able to be residualized you may find the payment is less.

The residual should go down 2 points from 68% to 66% if you go with 15k on the II. You will have to calculate the new payment and see. Keep in mind, your residual dollar amount is not derived properly from full MSRP so you will be unable to figure it for yourself exactly.

finally decided to go with a prius my first hybrid, need some help leasing one and not overpaying. Can you guys tell me what I'm looking for in terms of prices per month based on the info provided below:

I'm in New Jersey (Bergen County to be specific) Lease Term: 36 12k/miles or even 10k First Month Payment only down. I'm looking for a Prius II, or Prius III, no options necessary. Need the payment to be less than $250.. Is this possible?

Called Dealer #1 Prius II MSRP: 23,819 (Floor mats and Rear Bumber Application, which i don't need)... Money Factor: .00020 Terms: 36mo, and 12k miles Residual Value- 15,504

He would not give me a monthly Lease price, said he needs me in the dealership.. I Dont want to waste my time or his time, so I need to be educated on what to expect and how much should i be paying

Called Dealer #2 MSRP: 23,750 Money Factor: .00020 Terms: 36 mo and 12k miles Resisdual Value - 15,504 No money down only first month payment he said it will be $265 a month. Is this good? can i get him under $250?

First, in answer to your questions, $265 is not good. I'm absolutlely certain that you can get a payment below $250. Are you sure that the money factor is 0.00020? I thought it was 0.00075. Even if it is 0.00075, I'm fairly certain that you can get a payment below $250. You left a few items out (e.g., doc fee, acquisition fee, sales tax rate) and so I'll try to cover all the bases.

1st Rule. Never allow the dealer to control the deal.

2nd. Rule. You hit the nail squarely... educate yourself about leasing. Here's a start for whatever it's worth...

A huge item that is often overlooked in leasing is the treatment given sales tax. On October 1, 2005, New Jersey joined a 22 state coalition and bought into the Streamlined Sales and Use Tax Law. The key points governing sales tax treatment given to motor vehicle leases in New Jersey, under this law, are briefly summarized in the following document…

An important provision is described at Item 12 in the above doc…

"12. The Division has indicated that the tax base will be reduced by the value of a trade-in of property owned by the lessee that is accepted by the lessor as partial payment.

(a) Does this rule apply under both the original purchase price method and the total lease payments method?

(b) In determining whether the lessee is the owner of property, what is controlling (i.e. GAAP, UCC, tax treatment)? For example, a lessee trades in property subject to a finance lease. Is the tax base reduced if the lessee is considered the owner for GAAP purposes?

Since the tax is imposed on the lessee, the trade-in credit is applicable under both calculation methods. However, in both cases, the lessor must disclose the tax base (purchase price or lease payments), as well as the amount of sales tax due, on the paperwork provided to the lessee. As long as the property traded in was originally acquired by the lessee, it does not matter if there is an amount owed to pay off a loan. The trade in credit is based on the amount of value allowed by the dealer/lessor against the lease."

This document also describes the two methods for computing sales tax in NJ: (1) tax rate x manufacturer’s invoice price (Item 7) and; (2) tax rate x total taxable lease payments; otherwise, known as the total payment method (Item 8)

Either way, you can roll the tax (finance) into the lease (see below). More than likely, you’ll want to opt for (2- total payment method) as it is usually the cheaper of the two methods.

The best way to illustrate the sales tax calculation methodology and, subsequent lease payment calculation, is to use a concrete example. Because the first method is straight forward, I’ll describe the second using a hypothetical example. What follows is somewhat long-winded, so please hang-in. Consider a lease, originating in NJ, with the following data…

Adjusted MSRP………….…… 22,800 Sell Price (S)...…………….…... 20,000 (negotiated) Acq. Fee (A)…………….…….. 650 (Acq Fees are taxable in NJ) Trade Equity (Q)...………..…… (500) (we’ll assume financed negative equity- NOT taxable in NJ) Cap reduction (D)…………...… 600 (assume $600 cash down- taxable in NJ) Cap reduction: trade credit (T).. 1,000 (assumed trade-in allowance- NOT taxable in NJ) Money factor (F)………………. 0.00020 (assumed) Residual Factor………………. 0.68 (assumed) Residual Value (R)…………. 15,504 (Residual Factor x Adj. MSRP) Term (N months)....…………. 36 NJ Sales Tax Rate (t)………… 7.00% (assumed) NJ Sales Tax (X)................... _____ (to be computed... see below)

Note that the entire trade-in value of $1,000 is non-taxable in NJ; regardless of the fact that a $1,500 loan balance remains outstanding producing negative equity in the amount of $500.

Taxable Payment = F x (C + R) + (C – R) / 36

For purposes of computing the taxable payment, the adjusted cap cost is...

Observe that I rolled the acquisition fee (A), negative equity (Q), and taxes (X) into the lease payment calculation. Of course, you can elect to pay these upfront if you like. Also, note that the only roll that the trade-in value plays, in this example, is to compute the taxable payment. Beyond that, it's irrelevant and is not used to compute the lease payment. This is triggered by the fact that money is still owed (which the dealer pays) on the trade.

Your intitial costs, payable at lease inception, are assumed to be the the 1st payment of $155.99, plus $600 down, plus any required security deposit ($200), plus DMV fees and dealer doc fees, plus any other miscellaneous fees, plus applicable taxes on upfront fees.

You can use the above and apply it to your own situation. For instance, if you don't have a trade or, equity in a trade, simply replace the assigned values above with zero. If you're not putting any cash down, then replace 600 with zero.

The most important items in any lease transaction are the money factor and selling price. You should always try to get the buy rate (money factor with 0% reserves) and negotiate the lowest possible sell price. Check Edmunds for invoice price information and scan the posts to see what others are paying in terms of sell price. Also, check overstock at zag.com for competitive sell price information in your area.

Questions? Please let me know.

John

PS: Never put money down on a car as it's a depreciating asset. If the car is totaled or stolen and, never recovered, you risk losing a portion of or all of your down payment. Down payment means cap reduction.

I will be signing a deal this weekend or Monday. Prius III with mats and nothing else. To keep it simple for comparison sake, my payment will be $249 plus tax or $265. I will walk out of dealership paying $331 with 35 payments left over. Lease is for 3yrs, 36k miles, residual of 65% or $16184. Lease factor is 0.00075. I think I got a very fair deal.

A couple of points: the residual you list is valid for a II with no options, the residual for a III would be $16,194.

The correct MSRP should be $23,550 - you left out the $750 destination charge.

Invoice including destination is $22,785 and hold back is 2% of MSRP, say $456 if we don't include destination in the calc. With no other known incentives that can be combined with the cheap lease deal, I don't see any way someone could get your $20,000 negotiated price. Prices do vary by region as do the lease deals, but I still don't see that number possible AND a cheap lease deal.

## Comments

4- what state are u in - and if in L.A. which dealer? Thank you!

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0 · Like LOL3Prius III Black exterior, gray cloth interior with Navigation and Toyota incentive of 2 years free maintenance.

3 year lease, 15k miles per year

MSRP 26,820

Final cost 25200

Money Factor .00075

Residual is 16000 (63%)

Drive off (including all fees, licences, taxs, etc): $0

Monthly payment (includes all taxes etc.): $334

I dont plan to buy the car at the end of the lease and figured this would be a reasonable work car.

Good luck...im sure people in the mid west are getting a better deal. In my experience, the So-Cal dealers have enough demand that they all stick pretty close to each other on pricing. Also for some reason, black was hard to find.

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0 · Like LOL5Prius II w/ remote start, bluetooth, xm, mats

msrp $24,837

money factor .00075

term 36 mos

miles 12k/year and $.15/mile overage

residual $15,960

$249 down (inclusive of tax, title and fees)

$307 monthly payment

also....

1. If I decide to go with prius III with same MSRP, should I expect same terms as prius II?

2. How much should monthly payment increase if I up to 15k miles?

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0 · Like LOL17MSRP 28,272

Negotiated Price 25,782

MF .00152 (SET MF is not nearly as good as elsewhere)

Residual 58% plus 2400 residual assistance = 18,798

I am paying the tax, tag, first month and doc fee so no other costs should be included in the lease payment for a total of 300+59+289+261.76= $909.76

Monthly Payment I am getting is 261.76 for a 36 month 12K miles per year lease. Problem is the dealer is quoting 296.69.

Can anyone explain to me where they could possibly be getting this number? I verified that we have the same residual and MF for my calculation as well as the dealers.

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0 · Like LOL17In 15 minutes I had the price I wanted and everything explained to my satisfaction.

Here is what I got

Prius IV in Barcelona Red with Bisque interior with mats, tint and bumper guard.

36 Month Lease with 12K miles.

MSRP 28,272

Negotiated Price 25,782

MF .00152 (SET MF is not nearly as good as elsewhere)

Residual 58% plus 2400 residual assistance = 18,798

I am paying 950 out of pocket to cover tax, tag, title, doc fee etc.

Payment for 35 more months is 284 per month.

I feel like I got a fair deal so I am happy, especially since the car had to be retrieved from another dealer as the red with bisque was nowhere to be found locally the way I wanted it.

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0 · Like LOL1I'm looking at the following 2010 Prius III:

.00075 MF

16,184 Residual

24,800 MSRP

When plugging in the monthly figures for the previous posts, I'm not generating a similar figure.

Would also appreciate any feedback for someone who has leased a Prius in the Dallas area.

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0 · Like LOL32010 Prius III (Black, Grey Interior, Cloth Seats, Navigation Package)

Total Agreed Upon Value (Sale Price): $24,646

Acquisition ($650) Doc Prep ($45) CA Tire ($8.75) DMV eFiling ($29)

Residual: $16,333

MF: .00075 (1.80%)

I had about $2,200 in Negative Equity from my trade-in (an '08 Prius), so the Gross Cap Cost was $27,617 (all the above plus $2,200).

Monthly payment came out to about: $372 / month. Based on my calculations, without the $2,200 Negative Equity, my payments would be about $308 / month.

THANK YOU in advance for your comments/thoughts even if they may not be positive!

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0 · Like LOL603Nice screen name. Did you attend UCLA? Anyway, I need a bit more information in order to evalute your deal such as MSRP, detailed itemization of options added (if any), amounts financed (i.e. capitalized), cap reduction, and tax rate. You didn't specify the term. I'm guessing 36 months. If so, and assuming you made no cap reduction, I get a base payment of...

0.00075 x (27617 + 16333) + (27617 - 16333) / 36 = 346.41

The money factor looks good and I assume that it reflects the buy rate. The only other item that drives the deal is the sell price. Without knowing the items described above, I really can't comment further.

John

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0 · Like LOL4,018What is "residual assistance" ? I am pretty sure you can't residualize the tint, mats, and bumper thingy on a Toyota lease...

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0 · Like LOL4,018So you are paying for and interest on 100% of the destination charge, and 64.6% of the options / accessories - and of course interest on the full price of the car and principle on 32% of it.

If ALL you pay at signing is $249 - nothing else, not even first payment, then depending on your tax rate this is not bad. There is a $650 bank fee to be paid, taxes, title, license fees, first payment, etc. Sounds like it is all rolled in to the deal.

The key is the selling price of the car - how much are you paying for it? The net cap cost before any fees or cap cost reduction is applied?

The III MSRP may be the same /similar, but with no options the whole MSRP (less destination) can be residualized. I also do not know the III residual percent, but I would GUESS it may be a little higher than the II. With a higher percent, same MF, and more of the MSRP being able to be residualized you may find the payment is less.

The residual should go down 2 points from 68% to 66% if you go with 15k on the II. You will have to calculate the new payment and see. Keep in mind, your residual dollar amount is not derived properly from full MSRP so you will be unable to figure it for yourself exactly.

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0 · Like LOL5I'm in New Jersey (Bergen County to be specific)

Lease Term: 36 12k/miles or even 10k

First Month Payment only down.

I'm looking for a Prius II, or Prius III, no options necessary. Need the payment to be less than $250.. Is this possible?

Called Dealer #1

Prius II

MSRP: 23,819 (Floor mats and Rear Bumber Application, which i don't need)...

Money Factor: .00020

Terms: 36mo, and 12k miles

Residual Value- 15,504

He would not give me a monthly Lease price, said he needs me in the dealership.. I Dont want to waste my time or his time, so I need to be educated on what to expect and how much should i be paying

Called Dealer #2

MSRP: 23,750

Money Factor: .00020

Terms: 36 mo and 12k miles

Resisdual Value - 15,504

No money down only first month payment he said it will be $265 a month. Is this good? can i get him under $250?

... Please help

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0 · Like LOL603First, in answer to your questions, $265 is not good. I'm absolutlely certain that you can get a payment below $250. Are you sure that the money factor is 0.00020? I thought it was 0.00075. Even if it is 0.00075, I'm fairly certain that you can get a payment below $250. You left a few items out (e.g., doc fee, acquisition fee, sales tax rate) and so I'll try to cover all the bases.

1st Rule. Never allow the dealer to control the deal.

2nd. Rule. You hit the nail squarely... educate yourself about leasing. Here's a start for whatever it's worth...

A huge item that is often overlooked in leasing is the treatment given sales tax. On October 1, 2005, New Jersey joined a 22 state coalition and bought into the Streamlined Sales and Use Tax Law. The key points governing sales tax treatment given to motor vehicle leases in New Jersey, under this law, are briefly summarized in the following document…

http://www.state.nj.us/treasury/taxation/streamfaqs.shtml

An important provision is described at Item 12 in the above doc…

"12. The Division has indicated that the tax base will be reduced by the value of a trade-in of property owned by the lessee that is accepted by the lessor as partial payment.

(a) Does this rule apply under both the original purchase price method and the total lease payments method?

(b) In determining whether the lessee is the owner of property, what is controlling (i.e. GAAP, UCC, tax treatment)? For example, a lessee trades in property subject to a finance lease. Is the tax base reduced if the lessee is considered the owner for GAAP purposes?

Since the tax is imposed on the lessee, the trade-in credit is applicable under both calculation methods. However, in both cases, the lessor must disclose the tax base (purchase price or lease payments), as well as the amount of sales tax due, on the paperwork provided to the lessee. As long as the property traded in was originally acquired by the lessee, it does not matter if there is an amount owed to pay off a loan. The trade in credit is based on the amount of value allowed by the dealer/lessor against the lease."

This document also describes the two methods for computing sales tax in NJ:

(1) tax rate x manufacturer’s invoice price (Item 7) and;

(2) tax rate x total taxable lease payments; otherwise, known as the total payment

method (Item 8)

Either way, you can roll the tax (finance) into the lease (see below). More than likely, you’ll want to opt for (2- total payment method) as it is usually the cheaper of the two methods.

The best way to illustrate the sales tax calculation methodology and, subsequent lease payment calculation, is to use a concrete example. Because the first method is straight forward, I’ll describe the second using a hypothetical example. What follows is somewhat long-winded, so please hang-in. Consider a lease, originating in NJ, with the following data…

Adjusted MSRP………….…… 22,800

Sell Price (S)...…………….…... 20,000 (negotiated)

Acq. Fee (A)…………….…….. 650 (Acq Fees are taxable in NJ)

Trade Equity (Q)...………..…… (500) (we’ll assume financed negative equity- NOT taxable in NJ)

Cap reduction (D)…………...… 600 (assume $600 cash down- taxable in NJ)

Cap reduction: trade credit (T).. 1,000 (assumed trade-in allowance- NOT taxable in NJ)

Money factor (F)………………. 0.00020 (assumed)

Residual Factor………………. 0.68 (assumed)

Residual Value (R)…………. 15,504 (Residual Factor x Adj. MSRP)

Term (N months)....…………. 36

NJ Sales Tax Rate (t)………… 7.00% (assumed)

NJ Sales Tax (X)................... _____ (to be computed... see below)

Note that the entire trade-in value of $1,000 is non-taxable in NJ; regardless of the fact that a $1,500 loan balance remains outstanding producing negative equity in the amount of $500.

Taxable Payment = F x (C + R) + (C – R) / 36

For purposes of computing the taxable payment, the adjusted cap cost is...

C = S + A - T

= 20,000 + 650 - 1,000

= 19,650

Taxable Payment = 0.00020 x (19,650 + 15,504) + (19,650 – 15,504) / 36

= 122.20

NJ Sales Tax Payment Liability = X = Total Payment Tax

= (t x N x Taxable Payment)

= (0.07 x 36 x 122.20)

= 307.94

The taxable payment is NOT the "lease payment". It's only purpose is to compute tax liability and is, therefore, an intermediate calculation.

Now, let's compute the LEASE PAYMENT...

The new adj. cap cost is C* = S + A - Q - D + X

= 20,000 + 650 - (-500) - 600 + 307.94

= 20,857.94

Lease Payment = 0.00020 x (20,857.94 + 15,504) + (20,857.94 – 15,504) / 36

= 155.99

Observe that I rolled the acquisition fee (A), negative equity (Q), and taxes (X) into the lease payment calculation. Of course, you can elect to pay these upfront if you like. Also, note that the only roll that the trade-in value plays, in this example, is to compute the taxable payment. Beyond that, it's irrelevant and is not used to compute the

lease payment. This is triggered by the fact that money is still owed (which the dealer pays) on the trade.Your intitial costs, payable at lease inception, are assumed to be the the 1st payment of $155.99, plus $600 down, plus any required security deposit ($200), plus DMV fees and dealer doc fees, plus any other miscellaneous fees, plus applicable taxes on upfront fees.

You can use the above and apply it to your own situation. For instance, if you don't have a trade or, equity in a trade, simply replace the assigned values above with zero. If you're not putting any cash down, then replace 600 with zero.

The most important items in any lease transaction are the money factor and selling price. You should always try to get the buy rate (money factor with 0% reserves) and negotiate the lowest possible sell price. Check Edmunds for invoice price information and scan the posts to see what others are paying in terms of sell price. Also, check overstock at zag.com for competitive sell price information in your area.

Questions? Please let me know.

John

PS: Never put money down on a car as it's a depreciating asset. If the car is totaled or stolen and, never recovered, you risk losing a portion of or all of your down payment. Down payment means cap reduction.

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0 · Like LOL4,018A couple of points: the residual you list is valid for a II with no options, the residual for a III would be $16,194.

The correct MSRP should be $23,550 - you left out the $750 destination charge.

Invoice including destination is $22,785 and hold back is 2% of MSRP, say $456 if we don't include destination in the calc. With no other known incentives that can be combined with the cheap lease deal, I don't see any way someone could get your $20,000 negotiated price. Prices do vary by region as do the lease deals, but I still don't see that number possible AND a cheap lease deal.

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0 · Like LOL