About to Close a Legacy Deal, Have some Questions

spidpooy

I am about to close following deal in the neighbor State

Legacy 2.5i Limited with EyeSight
MSRP: $30,873
Sale price: $27,500
Lease terms: 36 months / 10K miles per year
Money Factor: 0.00021
Residual : 58%
Monthly payment: $320 including tax (7.275%)
Due at delivery: 1st month payment + transit plate fee

The dealer in another state is not able to collect sales tax from me. They told me that they will write a check for me so I can pay the sale tax at local DMV office when I want to register my vehicle and get plates.

Can you please let me know How did I do ?
Since the dealer is very far from me, I cannot return back to the dealer if something was wrong with car. should I take the new vehicle and inspect it by a professional mechanic in that city to make sure everything is Ok ? Dealer told me that only 30 miles is on the vehicle right now.

This is my first lease experience. The vehicle is secured by a deposit right now. I don't want to get surprise when I arrive to the dealer. Would you please kindly let me know if I need to consider any thing else ?

Thanks a lot for your help. I have learned quite a lot in this forum.

Michaell

spidpooy said:

I am about to close following deal in the neighbor State

Legacy 2.5i Limited with EyeSight
MSRP: $30,873
Sale price: $27,500
Lease terms: 36 months / 10K miles per year
Money Factor: 0.00021
Residual : 58%
Monthly payment: $320 including tax (7.275%)
Due at delivery: 1st month payment + transit plate fee

The dealer in another state is not able to collect sales tax from me. They told me that they will write a check for me so I can pay the sale tax at local DMV office when I want to register my vehicle and get plates.

Can you please let me know How did I do ?
Since the dealer is very far from me, I cannot return back to the dealer if something was wrong with car. should I take the new vehicle and inspect it by a professional mechanic in that city to make sure everything is Ok ? Dealer told me that only 30 miles is on the vehicle right now.

This is my first lease experience. The vehicle is secured by a deposit right now. I don't want to get surprise when I arrive to the dealer. Would you please kindly let me know if I need to consider any thing else ?

Thanks a lot for your help. I have learned quite a lot in this forum.

I don't think you need to have a mechanic inspect the car; if there is a problem, it is under warranty and you can take it to your local dealer for service.

What is the net or adjusted cap cost of the vehicle? There is an acquisition fee that needs to be accounted for - if you are not paying it up front, I suspect it is being added into the selling price.

spidpooy

Thanks Michaell, I have not yet received the details of lease structure. They acquisition fee should be rolled in because dealer did not ask for that as a drive off. Would you please let me know your idea about this lease ?

Michaell

spidpooy said:

Thanks Michaell, I have not yet received the details of lease structure. They acquisition fee should be rolled in because dealer did not ask for that as a drive off. Would you please let me know your idea about this lease ?

I'm guessing the net cap cost is higher than the selling price - at the moment, your MSRP selling price result in a payment of $296.11 with tax. The extra $24/mo works out to an additional $864 in fees that need to be accounted for.

spidpooy

Michaell said:

spidpooy said:

Thanks Michaell, I have not yet received the details of lease structure. They acquisition fee should be rolled in because dealer did not ask for that as a drive off. Would you please let me know your idea about this lease ?

I'm guessing the net cap cost is higher than the selling price - at the moment, your MSRP selling price result in a payment of $296.11 with tax. The extra $24/mo works out to an additional $864 in fees that need to be accounted for.

Here is additional fees that dealer just told me:

Dealer doc fee : $195
DMV fee : $92

if you add these two on the top of $595 bank fee. It would be $882 fee added to the cap cost. Does it make sense to you ? Is it a good deal ? Why dealer doc fee is so high ?

Michaell

spidpooy said:

Michaell said:

spidpooy said:

Thanks Michaell, I have not yet received the details of lease structure. They acquisition fee should be rolled in because dealer did not ask for that as a drive off. Would you please let me know your idea about this lease ?

I'm guessing the net cap cost is higher than the selling price - at the moment, your MSRP selling price result in a payment of $296.11 with tax. The extra $24/mo works out to an additional $864 in fees that need to be accounted for.

Here is additional fees that dealer just told me:

Dealer doc fee : $195
DMV fee : $92

if you add these two on the top of $595 bank fee. It would be $882 fee added to the cap cost. Does it make sense to you ? Is it a good deal ? Why dealer doc fee is so high ?

The numbers make sense.

The dealer doc fee is actually not that high. When I bought our Outback in February, the doc fee in Colorado was $499. I've seen them as high as $699 in states like Florida. Consider yourself lucky!

spidpooy

Thanks again for your input.