This is a 36 month 12k lease in Florida. Residual calc is $50214 x 60% = $30128.
Additional info -- they are netting $1000 lease cash against $2700 up front costs (still waiting for breakdown on the upfront costs) leaving Net Cap Cost of $47700 in their lease offer.
Using a lease calculator I have found on line (http://www.leaseguide.com/calc/) ; when I use the $47700 Net Cap and $30128 Residual; coupled with .0009 MF it gives me $558.16 base lease monthly cost w/o tax. Could the on line calculator be wrong..........
Using a lease calculator I have found on line (http://www.leaseguide.com/calc/) ; when I use the $47700 Net Cap and $30128 Residual; coupled with .0009 MF it gives me $558.16 base lease monthly cost w/o tax. Could the on line calculator be wrong..........
I built my own spreadsheet ... not too hard to do:
Still having a hard time getting to your number. But you know way more here than I do. I must be doing something wrong. Here is the output file from the lease calculator I am using.
Still having a hard time getting to your number. But you know way more here than I do. I must be doing something wrong. Here is the output file from the lease calculator I am using.
That's because I was using the wrong number. I didn't realize the net cap cost was $47,700 - I've been using $46,000. I'm getting the same numbers you are now.
Rebate as Cap Reduction $1000 Total Drive Off $2987
Inception Fees Waived $1987 (*)
Due at signing -0-
(*) But all the fees were not waived since the cap cost was increased by about $1700 in the lease payment calculation. It appears that about a $1700 addition to cap cost was included in their calculation in order to get to their lease payment figure.
What a mess! Not to mention $1300 to title and register the car -- wow!
Rebate as Cap Reduction $1000 Total Drive Off $2987
Inception Fees Waived $1987 (*)
Due at signing -0-
(*) But all the fees were not waived since the cap cost was increased by about $1700 in the lease payment calculation. It appears that about a $1700 addition to cap cost was included in their calculation in order to get to their lease payment figure.
What a mess! Not to mention $1300 to title and register the car -- wow!
Maybe I have been looking at this too long.
Any thoughts on this deal would be appreciated?
Ouch - that doc fee is a killer. Are you in Florida, by chance? You might be able to negotiate a selling price to partially offset that fee.
That's the only fee that is somewhat negotiable - everything else is necessary from the bank or the state.
You can choose to pay the up front costs at lease signing or have them rolled into the cap cost, which the dealer seems to be doing here.
Looking for someone to check numbers on this deal. 36 month/15k lease with an additional 15,000 miles prepaid (5,000/yr @ .2 cents/mile). I can't get the numbers to work in my spreadsheet. Does this seem accurate?
MSRP: 48143 Savings: 4043 Rebate: 1000 Cap Cost: 43100
Sales Tax (PA): 2047.89 Dealer Fees: 291.15
Total Price: 45439.04
Customer Cash Down: 2000 Drive Off: 2999.99 Net Residual: 24922.94
Looking for someone to check numbers on this deal. 36 month/15k lease with an additional 15,000 miles prepaid (5,000/yr @ .2 cents/mile). I can't get the numbers to work in my spreadsheet. Does this seem accurate?
MSRP: 48143 Savings: 4043 Rebate: 1000 Cap Cost: 43100
Sales Tax (PA): 2047.89 Dealer Fees: 291.15
Total Price: 45439.04
Customer Cash Down: 2000 Drive Off: 2999.99 Net Residual: 24922.94
Program Miles: 20000
Payment: 659.85
Are you paying for the extra miles up front as part of your cash down? Or is the dealer adjusting the residual to account for them?
Using the base MF of .00090 and the 36/15 residual of 58%, I get a pre-tax payment of $552.58. Knowing how the extra miles are accounted for will help identify whether the quote you got is solid or not.
Also, what state is this? Tax obligations vary and will affect your payment.
Looking for someone to check numbers on this deal. 36 month/15k lease with an additional 15,000 miles prepaid (5,000/yr @ .2 cents/mile). I can't get the numbers to work in my spreadsheet. Does this seem accurate?
MSRP: 48143 Savings: 4043 Rebate: 1000 Cap Cost: 43100
Sales Tax (PA): 2047.89 Dealer Fees: 291.15
Total Price: 45439.04
Customer Cash Down: 2000 Drive Off: 2999.99 Net Residual: 24922.94
Program Miles: 20000
Payment: 659.85
Are you paying for the extra miles up front as part of your cash down? Or is the dealer adjusting the residual to account for them?
Using the base MF of .00090 and the 36/15 residual of 58%, I get a pre-tax payment of $552.58. Knowing how the extra miles are accounted for will help identify whether the quote you got is solid or not.
Also, what state is this? Tax obligations vary and will affect your payment.
State is Pennsylvania. I am paying for extra miles (5,000/yr @ .20 cents/mi) on top of the regular monthly payment, not part of cash down. Dealer has residual listed at 58% so doesn't appear to be adjusted downward for the extra miles.
Looking for someone to check numbers on this deal. 36 month/15k lease with an additional 15,000 miles prepaid (5,000/yr @ .2 cents/mile). I can't get the numbers to work in my spreadsheet. Does this seem accurate?
MSRP: 48143 Savings: 4043 Rebate: 1000 Cap Cost: 43100
Sales Tax (PA): 2047.89 Dealer Fees: 291.15
Total Price: 45439.04
Customer Cash Down: 2000 Drive Off: 2999.99 Net Residual: 24922.94
Program Miles: 20000
Payment: 659.85
Are you paying for the extra miles up front as part of your cash down? Or is the dealer adjusting the residual to account for them?
Using the base MF of .00090 and the 36/15 residual of 58%, I get a pre-tax payment of $552.58. Knowing how the extra miles are accounted for will help identify whether the quote you got is solid or not.
Also, what state is this? Tax obligations vary and will affect your payment.
State is Pennsylvania. I am paying for extra miles (5,000/yr @ .20 cents/mi) on top of the regular monthly payment, not part of cash down. Dealer has residual listed at 58% so doesn't appear to be adjusted downward for the extra miles.
Thanks!
If I understand correctly, the residual should therefore be calculated as (48,143 * 58%) - (15,000 * .2), or $24,922.94 - which is what the dealer is quoting you as the net residual.
If I adjust the residual to that amount, I get a pre-tax payment of $503.05; with 9% tax in PA, the payment goes to $548.32. Still not sure how the dealer gets over $650 in their quote.
Looking for someone to check numbers on this deal. 36 month/15k lease with an additional 15,000 miles prepaid (5,000/yr @ .2 cents/mile). I can't get the numbers to work in my spreadsheet. Does this seem accurate?
MSRP: 48143 Savings: 4043 Rebate: 1000 Cap Cost: 43100
Sales Tax (PA): 2047.89 Dealer Fees: 291.15
Total Price: 45439.04
Customer Cash Down: 2000 Drive Off: 2999.99 Net Residual: 24922.94
Program Miles: 20000
Payment: 659.85
Are you paying for the extra miles up front as part of your cash down? Or is the dealer adjusting the residual to account for them?
Using the base MF of .00090 and the 36/15 residual of 58%, I get a pre-tax payment of $552.58. Knowing how the extra miles are accounted for will help identify whether the quote you got is solid or not.
Also, what state is this? Tax obligations vary and will affect your payment.
State is Pennsylvania. I am paying for extra miles (5,000/yr @ .20 cents/mi) on top of the regular monthly payment, not part of cash down. Dealer has residual listed at 58% so doesn't appear to be adjusted downward for the extra miles.
Thanks!
If I understand correctly, the residual should therefore be calculated as (48,143 * 58%) - (15,000 * .2), or $24,922.94 - which is what the dealer is quoting you as the net residual.
If I adjust the residual to that amount, I get a pre-tax payment of $503.05; with 9% tax in PA, the payment goes to $548.32. Still not sure how the dealer gets over $650 in their quote.
I'm getting what you're getting. That's why I was confused. Their quote seems high. Is it possible they are upping the money factor? Or are they adjusting the residual to account for the extra miles and then adding the charge for the extra miles to the monthly payment (15,000 * .2 / 36 months = 83.3/month) which added to your total would be $631 which gets me close to dealer quote. Either way, not comfortable with the calculations.
Looking for someone to check numbers on this deal. 36 month/15k lease with an additional 15,000 miles prepaid (5,000/yr @ .2 cents/mile). I can't get the numbers to work in my spreadsheet. Does this seem accurate?
MSRP: 48143 Savings: 4043 Rebate: 1000 Cap Cost: 43100
Sales Tax (PA): 2047.89 Dealer Fees: 291.15
Total Price: 45439.04
Customer Cash Down: 2000 Drive Off: 2999.99 Net Residual: 24922.94
Program Miles: 20000
Payment: 659.85
Are you paying for the extra miles up front as part of your cash down? Or is the dealer adjusting the residual to account for them?
Using the base MF of .00090 and the 36/15 residual of 58%, I get a pre-tax payment of $552.58. Knowing how the extra miles are accounted for will help identify whether the quote you got is solid or not.
Also, what state is this? Tax obligations vary and will affect your payment.
State is Pennsylvania. I am paying for extra miles (5,000/yr @ .20 cents/mi) on top of the regular monthly payment, not part of cash down. Dealer has residual listed at 58% so doesn't appear to be adjusted downward for the extra miles.
Thanks!
If I understand correctly, the residual should therefore be calculated as (48,143 * 58%) - (15,000 * .2), or $24,922.94 - which is what the dealer is quoting you as the net residual.
If I adjust the residual to that amount, I get a pre-tax payment of $503.05; with 9% tax in PA, the payment goes to $548.32. Still not sure how the dealer gets over $650 in their quote.
I'm getting what you're getting. That's why I was confused. Their quote seems high. Is it possible they are upping the money factor? Or are they adjusting the residual to account for the extra miles and then adding the charge for the extra miles to the monthly payment (15,000 * .2 / 36 months = 83.3/month) which added to your total would be $631 which gets me close to dealer quote. Either way, not comfortable with the calculations.
MF can be inflated for extra profit.
I think you'd have to ask the dealer if they are calculating the residual part of the payment differently than you or I.
Can you please provide RV and MF for 2015 Lexus RX350 FWD - 10K and 12K miles and 36 months? We live in Georgia but will most likely purchase vehicle in Florida. - Thank you!
Can you please provide RV and MF for 2015 Lexus RX350 FWD - 10K and 12K miles and 36 months? We live in Georgia but will most likely purchase vehicle in Florida. - Thank you!
60% / 61% residual for 36/12 and 36/10
I think the MF is still .00090 - the numbers we have expired on 2/12, and haven't seen new numbers.
Thanks so much for all the knowledge thus far especially for this lease amateur! As it's President's Day weekend, my wife and I are heading out to a few dealerships. Few questions:
Is it more advisable to e-mail dealers instead first? Is the ($1000) lease cash still active and 1st month paid as well?
Thanks so much for all the knowledge thus far especially for this lease amateur! As it's President's Day weekend, my wife and I are heading out to a few dealerships. Few questions:
Is it more advisable to e-mail dealers instead first? Is the ($1000) lease cash still active and 1st month paid as well?
MSRP $52,560 Neg Start Price $47,300 (10% off MSRP) Sale Price $48,500 (6% off MSRP) Doc Fee, Bank Fee, DMV, Other fees - $1200 Trade-In $4000 Adjusted Cap Cost - $44,700 Money Factor .0009 Residual Value $29402 Sales Tax 7%
Monthly coming out to $526. Does this sound about right? Should I start lower with my sales price?
Thanks in advance!
First off, what lease term and how many miles per year are you looking for?
How is the trade in factoring into this deal? Are you using it as cap cost reduction? If so, we recommend against that - if the new car is stolen or totaled, you lose that money. Instead, use the trade equity as MSD to buy down the MF - this will lower your payment as well. And, you'll get that money back at the end of the lease.
Does the adjusted cap cost include the sales tax?
I can't help you with sales price - I've never been in the market for a luxury SUV. Use the pricing tools at the top of the page to help (make / model / year).
Using your MSRP and adjusted cap cost, along with 57% residual and .00090 MF, I get a payment of $525.14/mo for 36 months with tax, so pretty close to your estimate.
First off, what lease term and how many miles per year are you looking for?
How is the trade in factoring into this deal? Are you using it as cap cost reduction? If so, we recommend against that - if the new car is stolen or totaled, you lose that money. Instead, use the trade equity as MSD to buy down the MF - this will lower your payment as well. And, you'll get that money back at the end of the lease.
Does the adjusted cap cost include the sales tax?
I can't help you with sales price - I've never been in the market for a luxury SUV. Use the pricing tools at the top of the page to help (make / model / year).
Using your MSRP and adjusted cap cost, along with 57% residual and .00090 MF, I get a payment of $525.14/mo for 36 months with tax, so pretty close to your estimate.
Thanks so much your prompt response, Michaell!
36 Month term and 15K miles per year. I had also estimated 58% residual based on previous posts.
I was thinking about cap cost reduction but now I'm not per your recommendation. I'm sorry could you explain MSD? I'm not sure what that is...
In the adjusted cap cost I included Bank Fee, DMV Fee and Tax & Title as an estimate (about $1200) to give me a starting estimate so no sales tax.
First off, what lease term and how many miles per year are you looking for?
How is the trade in factoring into this deal? Are you using it as cap cost reduction? If so, we recommend against that - if the new car is stolen or totaled, you lose that money. Instead, use the trade equity as MSD to buy down the MF - this will lower your payment as well. And, you'll get that money back at the end of the lease.
Does the adjusted cap cost include the sales tax?
I can't help you with sales price - I've never been in the market for a luxury SUV. Use the pricing tools at the top of the page to help (make / model / year).
Using your MSRP and adjusted cap cost, along with 57% residual and .00090 MF, I get a payment of $525.14/mo for 36 months with tax, so pretty close to your estimate.
Thanks so much your prompt response, Michaell!
36 Month term and 15K miles per year. I had also estimated 58% residual based on previous posts.
I was thinking about cap cost reduction but now I'm not per your recommendation. I'm sorry could you explain MSD? I'm not sure what that is...
In the adjusted cap cost I included Bank Fee, DMV Fee and Tax & Title as an estimate (about $1200) to give me a starting estimate so no sales tax.
MSD stands for Multiple Security deposit. Monthly payment, rounded up to the next $50 - each one reduces the MF by .00008. You get the money back at the end of the lease.
With the numbers as you've entered them (58% residual and .0009 MF) I get a pre-tax payment of $462.53; with 7% tax the payment goes to $494.91.
Not sure why the calculator you're using gives a different result - 58% of $52,560 is $30,485. Your screen shot shows $29,959
MSD stands for Multiple Security deposit. Monthly payment, rounded up to the next $50 - each one reduces the MF by .00008. You get the money back at the end of the lease.
With the numbers as you've entered them (58% residual and .0009 MF) I get a pre-tax payment of $462.53; with 7% tax the payment goes to $494.91.
Not sure why the calculator you're using gives a different result - 58% of $52,560 is $30,485. Your screen shot shows $29,959
OK so update! I met one dealer today and got some weird #s...basically I could not get an accurate Sale Price on the RX.
MSRP $50,808 Miles Per Year: 15K Term: 36 Months MF: .0009 (.000018 after MSDs) Residual: 58%
They are offering $3000 for my trade-in but in Cap reduction not towards MSDs. Also, gave me $1500 as lease cash rebate and first month waived. They are asking for $4000 down and will give me $4950 (9 MSDs) at the end of the lease. Monthly payment is $549.
I just used leaseguide and I used $3K towards Cap Redux and my monthly came out to $509...TIA!
MSD stands for Multiple Security deposit. Monthly payment, rounded up to the next $50 - each one reduces the MF by .00008. You get the money back at the end of the lease.
With the numbers as you've entered them (58% residual and .0009 MF) I get a pre-tax payment of $462.53; with 7% tax the payment goes to $494.91.
Not sure why the calculator you're using gives a different result - 58% of $52,560 is $30,485. Your screen shot shows $29,959
OK so update! I met one dealer today and got some weird #s...basically I could not get an accurate Sale Price on the RX.
MSRP $50,808 Miles Per Year: 15K Term: 36 Months MF: .0009 (.000018 after MSDs) Residual: 58%
They are offering $3000 for my trade-in but in Cap reduction not towards MSDs. Also, gave me $1500 as lease cash rebate and first month waived. They are asking for $4000 down and will give me $4950 (9 MSDs) at the end of the lease. Monthly payment is $549.
I just used leaseguide and I used $3K towards Cap Redux and my monthly came out to $509...TIA!
We do not recommend using trade equity as a cap cost reduction - if the car is stolen or totaled you lose that money. Use it instead for MSD or have the dealer write you a check for that equity.
If this dealer is not being transparent with all the numbers, it may be time to seek out a new Lexus dealer to work with.
I'm looking for some feedback on a lease deal. Terms are included below. Please provide some feedback. Thank you!
2015 RX350 AWD MSRP $51,135 Sales price $45,685 Dealer processing $300 Prepaid Maintenance $935 Multishield $815 Total purchase $47,890 Trade deficit -$2,900 MD State tax 6% MF .0009 Cash down $2,000 (includes first payment) 15,000 miles per year 42 month term $645/month
Looks about right ... 53% residual on 42/15. And Maryland assesses tax against the entire sales price. The $2900 of negative equity is adding $69/mo to the payment. How much of the cash down is being used as the cap cost reduction?
Thanks for the quick reply. I appreciate the comments. I have to confirm how much of the $1,355 is cap cost reduction, as opposed to paying acquisition/processing fees, etc. I should have mentioned that the dealer is applying the $1,500 available Lexus cash to the deal as well. When adding the $1,500 Lexus cash, does this continue to make sense? I know deals get messy when a trade is added. The trade is coming off lease for various reasons. In Maryland when turning in a lease early a tax credit is applied. In this case I expect to receive a tax credit of approximately $1,500. This credit is applied to the lease deal. I don't receive a separate check. Considering the Lexus cash and tax credit, does this continue to make sense? Not sure if you had factored in the Lexus cash already.
Thanks for the quick reply. I appreciate the comments. I have to confirm how much of the $1,355 is cap cost reduction, as opposed to paying acquisition/processing fees, etc. I should have mentioned that the dealer is applying the $1,500 available Lexus cash to the deal as well. When adding the $1,500 Lexus cash, does this continue to make sense? I know deals get messy when a trade is added. The trade is coming off lease for various reasons. In Maryland when turning in a lease early a tax credit is applied. In this case I expect to receive a tax credit of approximately $1,500. This credit is applied to the lease deal. I don't receive a separate check. Considering the Lexus cash and tax credit, does this continue to make sense? Not sure if you had factored in the Lexus cash already.
I assume the Lexus cash is reflected in the selling price.
A trade in has a specific value to the dealer and a specific pay-off to the bank ... if you can determine what those numbers are, then inserting that number into the entire deal, it's not too difficult to understand.
Okay, makes sense. Essentially, you're saying, if the payoff to the bank is $29,000 and they can sell the car for $31,000, they are making additional funds on the sale. The true negative equity is $2,900 (payoff $29,900; trade $27,000). The tax credit helps to reduce this. Outside of the potential gain the dealer receives on the resale, the deal looks good?
Okay, makes sense. Essentially, you're saying, if the payoff to the bank is $29,000 and they can sell the car for $31,000, they are making additional funds on the sale. The true negative equity is $2,900 (payoff $29,900; trade $27,000). The tax credit helps to reduce this. Outside of the potential gain the dealer receives on the resale, the deal looks good?
Correct; the difference between the trade value and the payoff value is the equity (positive or negative). What the dealer can sell the car for doesn't factor into your deal. Don't worry - I'm sure they'll make a profit.
If you're comfortable with the other numbers (selling price, amount due at signing, MF, etc.) then no reason not to do the deal.
Many thanks. Comfortable, yes, but would just always like to get a better deal. This sounds like the numbers are in line. Considering, the dealer was willing to let me walk rather than reduce the payment by another $5/month, I'd say the numbers are as tight as they're going to get. Once again, thanks for helping me think through this. Much appreciated.
2015 Lexus RX350 Lease in Cook County/IL I was quoted a payment of 536 on a car with an MSRP of 50904 Purchase Price 49904 Rebate 1500 Cash down 1999 Taxes 2057.56 Doc fee 175 Gov fee 200 Residual 61% Rate .001 Can you share the MF and Residual for 12k, 15k? What is the Aq fee? I didn't see it posted on my worksheet They are applying a 1500 rebate, what is that program? I couldn't find any info on it. Thanks!
2015 Lexus RX350 Lease in Cook County/IL I was quoted a payment of 536 on a car with an MSRP of 50904 Purchase Price 49904 Rebate 1500 Cash down 1999 Taxes 2057.56 Doc fee 175 Gov fee 200 Residual 61% Rate .001 Can you share the MF and Residual for 12k, 15k? What is the Aq fee? I didn't see it posted on my worksheet They are applying a 1500 rebate, what is that program? I couldn't find any info on it. Thanks!
61% is the residual for 36/10. Subtract 1% for 12K and 3% for 15K.
Base MF is .00090 - dealer has marked up the MF.
Taxes on a lease in IL is now applied to the monthly payment - not sure what the $2057 represents.
$700 acquisition fee for Lexus. There is $1000 lease cash available.
You should be able to negotiate more than $1000 off sticker.
Is the entire $1999 you are putting down being used as cap cost reduction?
2015 Lexus RX350 Lease in VA (base model with leather seat. no nav) I was quoted a payment of $497 on a car with an MSRP of 46119 with zero $ down. gross cap cost 44765 including: net selling price 41678.39 Taxes 1720 Fees 68 acquisition 700 Process fee 599 Residual 27671.4 = 60% of MSRP $46119
Can you share the MF and Residual for 36/12k? Is this a good deal - they said it was because of the ~$1500 rebate.... thanks!
Tier 3 credit. 2015 RX350 2wd, leather, navigation, 0 miles
36mos, $463/mo, $30,044 purchase option, 10kmiles per year. $3500 cash on delivery MSRP $49,253
The Due at signing is: 1st month ($463) fees and insurance ($480) Taxes ($340) Cap Reduction ($2215)
and then they are applying a rebate as cap reduction ? ($1500)
Disposition fee: $350,
36/10 numbers for the RX350 are 58% residual and .00225 MF (Tier 3).
What is the selling price? Better yet, what is the net cap cost? With that information, we can model a payment and let you know if the dealer is inflating the MF on you.
For what it's worth, we don't recommend making a cap reduction on a lease - if the car is stolen or totaled, you lose that money. It results in an increase of the payment by about $62/mo.
2015 Lexus RX350 Lease in VA (base model with leather seat. no nav) I was quoted a payment of $497 on a car with an MSRP of 46119 with zero $ down. gross cap cost 44765 including: net selling price 41678.39 Taxes 1720 Fees 68 acquisition 700 Process fee 599 Residual 27671.4 = 60% of MSRP $46119
Can you share the MF and Residual for 36/12k? Is this a good deal - they said it was because of the ~$1500 rebate.... thanks!
.00090 and 60% for 36/12.
Hmmm, with your MSRP and gross cap cost, I'm showing a payment of $540.01/mo. Not sure how the dealer gets $497/mo.
Tier 3 credit. 2015 RX350 2wd, leather, navigation, 0 miles
36mos, $463/mo, $30,044 purchase option, 10kmiles per year. $3500 cash on delivery MSRP $49,253
The Due at signing is: 1st month ($463) fees and insurance ($480) Taxes ($340) Cap Reduction ($2215)
and then they are applying a rebate as cap reduction ? ($1500)
Disposition fee: $350,
36/10 numbers for the RX350 are 58% residual and .00225 MF (Tier 3).
What is the selling price? Better yet, what is the net cap cost? With that information, we can model a payment and let you know if the dealer is inflating the MF on you.
For what it's worth, we don't recommend making a cap reduction on a lease - if the car is stolen or totaled, you lose that money. It results in an increase of the payment by about $62/mo.
First, Thanks for taking the time to respond, it is very much appreciated.
Second, Is the selling price the $30,0444 purchase option price? Or is that something different. I'm not familiar with these terms, so I'm not sure it 58% residual and .00225 is good or bad.
Tier 3 credit. 2015 RX350 2wd, leather, navigation, 0 miles
36mos, $463/mo, $30,044 purchase option, 10kmiles per year. $3500 cash on delivery MSRP $49,253
The Due at signing is: 1st month ($463) fees and insurance ($480) Taxes ($340) Cap Reduction ($2215)
and then they are applying a rebate as cap reduction ? ($1500)
Disposition fee: $350,
36/10 numbers for the RX350 are 58% residual and .00225 MF (Tier 3).
What is the selling price? Better yet, what is the net cap cost? With that information, we can model a payment and let you know if the dealer is inflating the MF on you.
For what it's worth, we don't recommend making a cap reduction on a lease - if the car is stolen or totaled, you lose that money. It results in an increase of the payment by about $62/mo.
First, Thanks for taking the time to respond, it is very much appreciated.
Second, Is the selling price the $30,0444 purchase option price? Or is that something different. I'm not familiar with these terms, so I'm not sure it 58% residual and .00225 is good or bad.
The $30,044 is the residual value - the expected value of the vehicle at the end of the lease term. It is the amount you would pay should you choose to buy the car at the end of the lease.
The residual is set by the bank and cannot be modified. The money factor decimal can be converted to an APR by multiplying by 2400 - in the case of the .00225, that works out to 5.4%.
Then I'm not entirely sure why my payments are $463.82. Man I feel so stupid I'm a computer programmer and I genuinely can't figure out whether or not this is a good deal.
I currently lease a Lexus IS250 with 2 payments remaining. Not sure if I should hold off on the deal til my current lease is up (last day of April) or turn it in now and pay the 2 remaining payments upfront. Dealer is not certain what the MF and residual and rebates/discounts will be on the RX350 2 months from now.
Also, Im being told that effective March 1, 2015 all invoice prices from the factory go up 1% and it is retro to include everything the dealer currently has on the lot. Anyone know about this?
Then I'm not entirely sure why my payments are $463.82. Man I feel so stupid I'm a computer programmer and I genuinely can't figure out whether or not this is a good deal.
Comments
RX350 fwd
msrp 50214
purchase price 46k
residual 30128
mf (before MSD's) .0009
lease payment x tax $558
upfront -0-
What state do you live in, and what is the tax rate?
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Additional info -- they are netting $1000 lease cash against $2700 up front costs (still waiting for breakdown on the upfront costs) leaving Net Cap Cost of $47700 in their lease offer.
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I have gotten the breakdown of the upfront fees and they are somewhat ridiculous.
Their Amount Due At Signing Disclosure: I have rounded to nearest dollar
Doc Fee $700
Registration $400
License $99
Rental Surcharge $60
Tire/battery fee $7
Upfront Taxes $124
1st Month payment $597
Total Inception Fees $1987
Rebate as Cap Reduction $1000
Total Drive Off $2987
Inception Fees Waived $1987 (*)
Due at signing -0-
(*) But all the fees were not waived since the cap cost was increased by about $1700 in the lease payment calculation. It appears that about a $1700 addition to cap cost was included in their calculation in order to get to their lease payment figure.
What a mess! Not to mention $1300 to title and register the car -- wow!
Maybe I have been looking at this too long.
Any thoughts on this deal would be appreciated?
That's the only fee that is somewhat negotiable - everything else is necessary from the bank or the state.
You can choose to pay the up front costs at lease signing or have them rolled into the cap cost, which the dealer seems to be doing here.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
MSRP: 48143
Savings: 4043
Rebate: 1000
Cap Cost: 43100
Sales Tax (PA): 2047.89
Dealer Fees: 291.15
Total Price: 45439.04
Customer Cash Down: 2000
Drive Off: 2999.99
Net Residual: 24922.94
Program Miles: 20000
Payment: 659.85
Using the base MF of .00090 and the 36/15 residual of 58%, I get a pre-tax payment of $552.58. Knowing how the extra miles are accounted for will help identify whether the quote you got is solid or not.
Also, what state is this? Tax obligations vary and will affect your payment.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
State is Pennsylvania. I am paying for extra miles (5,000/yr @ .20 cents/mi) on top of the regular monthly payment, not part of cash down. Dealer has residual listed at 58% so doesn't appear to be adjusted downward for the extra miles.
Thanks!
If I adjust the residual to that amount, I get a pre-tax payment of $503.05; with 9% tax in PA, the payment goes to $548.32. Still not sure how the dealer gets over $650 in their quote.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
I think you'd have to ask the dealer if they are calculating the residual part of the payment differently than you or I.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
- Thank you!
I think the MF is still .00090 - the numbers we have expired on 2/12, and haven't seen new numbers.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Is it more advisable to e-mail dealers instead first?
Is the ($1000) lease cash still active and 1st month paid as well?
2015 RX350 AWD w/ Prem, Comfort, Nav, Pre-Coll, Park Assist, Heads-up Display
MSRP $52,560
Neg Start Price $47,300 (10% off MSRP)
Sale Price $48,500 (6% off MSRP)
Doc Fee, Bank Fee, DMV, Other fees - $1200
Trade-In $4000
Adjusted Cap Cost - $44,700
Money Factor .0009
Residual Value $29402
Sales Tax 7%
Monthly coming out to $526. Does this sound about right? Should I start lower with my sales price?
Thanks in advance!
How is the trade in factoring into this deal? Are you using it as cap cost reduction? If so, we recommend against that - if the new car is stolen or totaled, you lose that money. Instead, use the trade equity as MSD to buy down the MF - this will lower your payment as well. And, you'll get that money back at the end of the lease.
Does the adjusted cap cost include the sales tax?
I can't help you with sales price - I've never been in the market for a luxury SUV. Use the pricing tools at the top of the page to help (make / model / year).
Using your MSRP and adjusted cap cost, along with 57% residual and .00090 MF, I get a payment of $525.14/mo for 36 months with tax, so pretty close to your estimate.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
36 Month term and 15K miles per year. I had also estimated 58% residual based on previous posts.
I was thinking about cap cost reduction but now I'm not per your recommendation. I'm sorry could you explain MSD? I'm not sure what that is...
In the adjusted cap cost I included Bank Fee, DMV Fee and Tax & Title as an estimate (about $1200) to give me a starting estimate so no sales tax.
With the numbers as you've entered them (58% residual and .0009 MF) I get a pre-tax payment of $462.53; with 7% tax the payment goes to $494.91.
Not sure why the calculator you're using gives a different result - 58% of $52,560 is $30,485. Your screen shot shows $29,959
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
MSRP $50,808
Miles Per Year: 15K
Term: 36 Months
MF: .0009 (.000018 after MSDs)
Residual: 58%
Acquisition Fee: $700
Fees & Insurance: $915.25 ($599.75 Doc Fee, $315.50 Registration)
Supplemental Titling Fee: $219.60
Tire Tax: $7.50
Total Upfront Fees: $1843.35
They are offering $3000 for my trade-in but in Cap reduction not towards MSDs. Also, gave me $1500 as lease cash rebate and first month waived. They are asking for $4000 down and will give me $4950 (9 MSDs) at the end of the lease. Monthly payment is $549.
I just used leaseguide and I used $3K towards Cap Redux and my monthly came out to $509...TIA!
If this dealer is not being transparent with all the numbers, it may be time to seek out a new Lexus dealer to work with.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
2015 RX350 AWD
MSRP $51,135
Sales price $45,685
Dealer processing $300
Prepaid Maintenance $935
Multishield $815
Total purchase $47,890
Trade deficit -$2,900
MD State tax 6%
MF .0009
Cash down $2,000 (includes first payment)
15,000 miles per year
42 month term
$645/month
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
A trade in has a specific value to the dealer and a specific pay-off to the bank ... if you can determine what those numbers are, then inserting that number into the entire deal, it's not too difficult to understand.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
If you're comfortable with the other numbers (selling price, amount due at signing, MF, etc.) then no reason not to do the deal.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
I was quoted a payment of 536 on a car with an MSRP of 50904
Purchase Price 49904
Rebate 1500
Cash down 1999
Taxes 2057.56
Doc fee 175
Gov fee 200
Residual 61%
Rate .001
Can you share the MF and Residual for 12k, 15k?
What is the Aq fee? I didn't see it posted on my worksheet
They are applying a 1500 rebate, what is that program? I couldn't find any info on it.
Thanks!
Base MF is .00090 - dealer has marked up the MF.
Taxes on a lease in IL is now applied to the monthly payment - not sure what the $2057 represents.
$700 acquisition fee for Lexus. There is $1000 lease cash available.
You should be able to negotiate more than $1000 off sticker.
Is the entire $1999 you are putting down being used as cap cost reduction?
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
.00090 MF and 67%/58% residual for 24/36mo, 15K/yr.
Add 2% for 12K/yr
$1000 lease cash
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Tier 3 credit.
2015 RX350 2wd, leather, navigation, 0 miles
36mos, $463/mo, $30,044 purchase option, 10kmiles per year.
$3500 cash on delivery
MSRP $49,253
The Due at signing is:
1st month ($463)
fees and insurance ($480)
Taxes ($340)
Cap Reduction ($2215)
and then they are applying a rebate as cap reduction ? ($1500)
Disposition fee: $350,
I was quoted a payment of $497 on a car with an MSRP of 46119 with zero $ down.
gross cap cost 44765 including:
net selling price 41678.39
Taxes 1720
Fees 68
acquisition 700
Process fee 599
Residual 27671.4 = 60% of MSRP $46119
Can you share the MF and Residual for 36/12k?
Is this a good deal - they said it was because of the ~$1500 rebate....
thanks!
What is the selling price? Better yet, what is the net cap cost? With that information, we can model a payment and let you know if the dealer is inflating the MF on you.
For what it's worth, we don't recommend making a cap reduction on a lease - if the car is stolen or totaled, you lose that money. It results in an increase of the payment by about $62/mo.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Hmmm, with your MSRP and gross cap cost, I'm showing a payment of $540.01/mo. Not sure how the dealer gets $497/mo.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Thanks for taking the time to respond, it is very much appreciated.
Second,
Is the selling price the $30,0444 purchase option price? Or is that something different.
I'm not familiar with these terms, so I'm not sure it 58% residual and .00225 is good or bad.
The residual is set by the bank and cannot be modified. The money factor decimal can be converted to an APR by multiplying by 2400 - in the case of the .00225, that works out to 5.4%.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
capital cost $43,212, and $1500 rebate to cashdown, does that sound right?
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
I am looking to lease a 2015 RX350 with the following numbers:
MSRP: $49253.00
Discount savings: -$5,499.00
Vehicle selling price: $43,754.00
Document prep fee: $80.00
License/Title: $350.00
tire/battery/VTR fee: $8.75
Other fee: $29.00
Acquisition Fee: $700.00
Tax on collected items: $134.92
Capitalized Initial Fees: $496.89
Total Cap: $45,588.56
Rebate Savings: -$1,996.00
Net Cap: $43,592.56
Base payment: $455.86
Tax: $41.03
Payment: $496.89
Capitalized Initial Fees: $496.89
1st payment: -$496.89
Due on delivery: $0
MF: 0.0009
Miles: 12,000
Residual: 60% (of $49,253)
Residual amount: $29,551.80
Tax: 9.00% (Southern Cal)
This is a true $0 down, $0 drive off deal.
Is this a strong deal, or can I do better?
I currently lease a Lexus IS250 with 2 payments remaining. Not sure if I should hold off on the deal til my current lease is up (last day of April) or turn it in now and pay the 2 remaining payments upfront. Dealer is not certain what the MF and residual and rebates/discounts will be on the RX350 2 months from now.
Also, Im being told that effective March 1, 2015 all invoice prices from the factory go up 1% and it is retro to include everything the dealer currently has on the lot. Anyone know about this?
Thanks in advance.
http://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html
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