2014 Jeep Cherokee Lease Question
I was able to negotiate what I thought was an attractive cap cost for a 2014 Jeep Cherokee at the local dealership. But the estimated monthly payment that was provided to me seemed much higher (~$25/month) than what any lease calculator provides for the same inputs. Can anyone help me understand what I might be missing here?
Base MSRP: $31,775
- Rebate: $500
Negotiated Discount: $1,775
= Adjusted Price: $29,500
Dealer Processing Fee: $399
- Sales Tax: $1,231.16 (apparently Virginia requires lessees to pay sales tax as if they were purchasing the car; this sales tax figure is based on 4.05% * $30,399, which is the adjusted price + rebate + processing fee)
= Net Cap Cost: $31,247.91
Residual Value: $17,158.50 (54% which matches quoted July numbers)
Money Factor: .00022 (matches quoted July numbers)
36 months / 12,000 miles / 0 cash down or trade-in allowance
Every calculator I use suggests the monthly payment should be $402, but the dealership is quoting me $428? Any idea what is going on or what I might be missing?