HELP! I’ve never leased a vehicle and have no idea what to look for

mistersippi

South Carolina 2018 Audi SQ5 Prestige Plus MSRP $68,490 Lease Term: 36 months / 15k miles a year $2,000 down payment Residual: .59 Payment: $997.59 a month What should I be asking and how much better should I expect to do? Like I’ve said, I’ve only ever went the traditional finance method.

kyfdx

mistersippi said:

Yes and no. I don’t know what MF and residual and all the calculations really mean. Is what I posted above a good deal? We got the purchase price down to $64k and some change. Which gave us the monthly payment of 997.59 a month. 

What should i ask ask when I go back and how do I determine what’s a good deal based on your experience. 

.00171 MF and 59% residual

With that MSRP, the adjusted CAP cost would have to be about $69,550 to get a payment of $997/mo, assuming the base money factor is being used.

With $2000 upfront, your adjusted CAP should be pretty close to the selling price, and this appears to be about $5000 more. Tax is only $500 in SC, right?

Ask the dealer for the sale price, and the adjusted CAP cost. And, a reconciliation of those two numbers. (what was added, etc).
Also, ask for a disclosure of the money factor being used.

My guess is they've marked up the money factor, and added in some extra charges. Other than $500 tax, $895 acquisition fee and license/title, there shouldn't be anything else.

You may need to shop more dealers. I realize you might only have one local dealer in SC, so that makes it harder.

kyfdx

mistersippi said:

South Carolina
2018 Audi SQ5 Prestige Plus
MSRP $68,490
Lease Term: 36 months / 15k miles a year
$2,000 down payment
Residual: .59
Payment: $997.59 a month

What should I be asking and how much better should I expect to do? Like I’ve said, I’ve only ever went the traditional finance method.

A lease is no different than a purchase. You start by negotiating a selling price, not asking for a payment.

mistersippi

Yes and no. I don’t know what MF and residual and all the calculations really mean. Is what I posted above a good deal? We got the purchase price down to $64k and some change. Which gave us the monthly payment of 997.59 a month. 

What should i ask ask when I go back and how do I determine what’s a good deal based on your experience.