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Did I get ripped off?
I am new to this forum and my knowledge of car lease contract is not the best. I am hoping someone can answer my question and confirm my theory. My family and I recently leased two Honda accord lx. This is my contract,
Honda Accord LX base
MSPR : $23725
Agreed upon value of vehicle: $19717.92 with destination and handling fee
Acquisition fee: $595
Gross capitalized cost: $ 20312.92
Residual Value: $13523.25
Rent charge $349.76
10k per year
Down payment: $335.43
Paid for sales tax, doc fee, registration fee, and first month up front. My monthly payment is $189, was that a good deal?
During the process, we had agreed for the two car to be same asking price, which was 19717.92 but with 15k per year on the second car.
Honda Accord Lx base (car number 2) this is what was on the contract
MSPR: $23725
Agree upon value of vehicle: $20495.61 with destination and handling fee
Sale/use tax: $830.20
Acquisition fee: $595
Gross capitalized cost $21920.81
Residual value: $ 12811.50
Rent charge: $360.55
15k per year
Down payment: $181.86
Paid for registration fee, doc fee, first month and ny waste tire fee. Monthly payment came out to $258
After running my family member credit score, they said “the monthly payment is going up due to your bad credit score” on the contract on line 6a “gross capitalized cost. The agreed upon value of the vehicle is” $19896.88 but on line 10a. Agreed upon value of Vehicle is $20495.61. I question them why doesn’t the number matches, because it matches on my contract and it matches on my previous car leases. They stated that because of the credit score that “agree upon value of vehicle goes up” so to me that doesn’t make any sense, why would agree upon value goes up due to bad credit and they kept shutting me down.
So I went home and calculated the money factor, and the money factor for both car came out to .00029. Doesn’t that mean they used the same money factor/ tier 1 credit??.
When a person have a bad credit, normally the “rent charge” is higher, and not the agree upon value of the vehicle ? I hope I make some sense. Did I get screwed over? Please help!! I appreciate anyone taking their time to answer this!!! Thank you so much!
Honda Accord LX base
MSPR : $23725
Agreed upon value of vehicle: $19717.92 with destination and handling fee
Acquisition fee: $595
Gross capitalized cost: $ 20312.92
Residual Value: $13523.25
Rent charge $349.76
10k per year
Down payment: $335.43
Paid for sales tax, doc fee, registration fee, and first month up front. My monthly payment is $189, was that a good deal?
During the process, we had agreed for the two car to be same asking price, which was 19717.92 but with 15k per year on the second car.
Honda Accord Lx base (car number 2) this is what was on the contract
MSPR: $23725
Agree upon value of vehicle: $20495.61 with destination and handling fee
Sale/use tax: $830.20
Acquisition fee: $595
Gross capitalized cost $21920.81
Residual value: $ 12811.50
Rent charge: $360.55
15k per year
Down payment: $181.86
Paid for registration fee, doc fee, first month and ny waste tire fee. Monthly payment came out to $258
After running my family member credit score, they said “the monthly payment is going up due to your bad credit score” on the contract on line 6a “gross capitalized cost. The agreed upon value of the vehicle is” $19896.88 but on line 10a. Agreed upon value of Vehicle is $20495.61. I question them why doesn’t the number matches, because it matches on my contract and it matches on my previous car leases. They stated that because of the credit score that “agree upon value of vehicle goes up” so to me that doesn’t make any sense, why would agree upon value goes up due to bad credit and they kept shutting me down.
So I went home and calculated the money factor, and the money factor for both car came out to .00029. Doesn’t that mean they used the same money factor/ tier 1 credit??.
When a person have a bad credit, normally the “rent charge” is higher, and not the agree upon value of the vehicle ? I hope I make some sense. Did I get screwed over? Please help!! I appreciate anyone taking their time to answer this!!! Thank you so much!
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