Urgent Help/Advice Needed! (2015 MB CL250 Lease)

tdrive4life

So I first would like to say that the forums I have read previously have helped me to become more knowledgeable about leasing a new car.
So I wanted to lease a 2015 mercedes CLA250 coupe.
The numbers are:
MSRP-$35,380
Mileage: 36,000
Lease term: 36 months
Residual-64%=As stated by dealer=22,190
MF-0.00155

*The dealership brought the numbers in which it stated if I put:
1,000 down payment=my monthly payments will equal $611.46

The numbers were just not adding up to me.
My math-$611x36months=$21,996
My main question is if the residual is 64%(22,190), how can I pay $21,190 over my lease term? That means there is only 36% left to pay if hypothetically I want to purchase the car after the lease. I did the calculations and had the whole office stunned for a bit and where getting everyone involved because they were shocked I knew my stuff and what to ask. The head financial advisor came last and had an attitude and mainly said dont worry about your calculations, the numbers are wrong and your not including taxes and stuff(even though that was already on the paper). PLEASE SOMEONE PROVIDE SOME ADVICE INTO AM I NOT UNDERSTANDING THINGS OR ARE THEY JUST DRIVING UP COST AND TRYING TO JIP ME!!!

kyfdx

tdrive4life said:

So I first would like to say that the forums I have read previously have helped me to become more knowledgeable about leasing a new car.
So I wanted to lease a 2015 mercedes CLA250 coupe.
The numbers are:
MSRP-$35,380
Mileage: 36,000
Lease term: 36 months
Residual-64%=As stated by dealer=22,190
MF-0.00155

*The dealership brought the numbers in which it stated if I put:
1,000 down payment=my monthly payments will equal $611.46

The numbers were just not adding up to me.
My math-$611x36months=$21,996
My main question is if the residual is 64%(22,190), how can I pay $21,190 over my lease term? That means there is only 36% left to pay if hypothetically I want to purchase the car after the lease. I did the calculations and had the whole office stunned for a bit and where getting everyone involved because they were shocked I knew my stuff and what to ask. The head financial advisor came last and had an attitude and mainly said dont worry about your calculations, the numbers are wrong and your not including taxes and stuff(even though that was already on the paper). PLEASE SOMEONE PROVIDE SOME ADVICE INTO AM I NOT UNDERSTANDING THINGS OR ARE THEY JUST DRIVING UP COST AND TRYING TO JIP ME!!!

Well.. $611/mo. for that car is not a good deal.

But, in doing your calculations, you aren't taking into account finance costs. That .00155 MF is related to the finance.. equivalent to 3.75% APR. That's about $86/mo. of your payment.

But, you don't need to know the numbers to know that $611/mo. is not a good lease payment for a $35K car. You can buy it on a 60 month loan for that monthly payment.

tdrive4life

Ok thanks for responding so soon. Well what is the next step? What is the breakdown of your cost and what you believe the payments should be? I kept showing them that the calculations are wrong and they kept trying to play me. Should I just try at a different dealership?

kyfdx

tdrive4life said:

Ok thanks for responding so soon. Well what is the next step? What is the breakdown of your cost and what you believe the payments should be? I kept showing them that the calculations are wrong and they kept trying to play me. Should I just try at a different dealership?

To break down their quote or estimate a payment, we need to know the selling price, CAP cost and the state/tax rate. With those numbers we can estimate a monthly payment

tdrive4life

The selling price was $35,380
CAP cost-$795 acquition fee + $1040 additional fees
State tax rate=6%

kyfdx

tdrive4life said:

The selling price was $35,380
CAP cost-$795 acquition fee + $1040 additional fees
State tax rate=6%

Well.. that's just a terrible deal. Paying full MSRP? I'd look for another dealer.

But, even with that, I get a payment of $498/mo.+tax.

Which state?

tdrive4life

Yea thats what I was thinking. Florida

kyfdx

tdrive4life said:

Yea thats what I was thinking. Florida

Yeah.. Florida..

Paying MSRP plus a big giant dealer/doc fee that's typical for FL ... not a recipe for a low lease payment.