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Need help with understanding my lease agreement

neophoneopho Posts: 18
edited July 2015 in General
I leased my first car several weeks ago, and always felt the payment I am making is not perfectly right. So I studied my GM Financial lease agreement again. In the part showing how the payment is determined, I am very confused with the following item:

A. Gross capitalized cost. The agreed upon value of the Vehicle ($29411.58) and any items you pay over the Lease term (such as service contracts, insurance, and any outstanding prior credit or lease balance).

And at the end of line, it shows $30855.55

All following computations were than based on $30855.55

However, as shown on the window sticker, the MSRP was only $30575.00.
Since I have not bought any contracts or insurance from the dealership, neither did I have any lease balance, shouldn't the number be the agreed upon value ($29411.58)?

Did the dealer made a "mistake" here? Or am I missing something?

Thanks a lot for your help in advance!
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  • neophoneopho Posts: 18
    Thanks, kyfdx. You were right.

    I just looked again and found there is actually a section of Itemization of gross cap cost, and it shows what were actually added to the agreed upon price. Turns out the acq fee and the tax were added here.

    If you don't mind, can you also tell me how to calculate the tax, i.e. what is usually taxed? Thanks.
  • kyfdxkyfdx Posts: 120,318
    neopho said:

    Thanks, kyfdx. You were right.

    I just looked again and found there is actually a section of Itemization of gross cap cost, and it shows what were actually added to the agreed upon price. Turns out the acq fee and the tax were added here.

    If you don't mind, can you also tell me how to calculate the tax, i.e. what is usually taxed? Thanks.

    Sure. if you tell me which state and the tax rate..

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • neophoneopho Posts: 18
    Thanks. The state is NJ and the rate is 7%. I had everything rolled into the cap and only paid for the gov fee as the initial payment.
  • neophoneopho Posts: 18
    Thanks, kyfdx. That helps a lot. I made the calculation again and result is actually about $10 more than what's in the agreement. But it's significantly closer than what I had. Thanks!
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