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TLX Lease opinion please

agopalaagopala Bay area, CAPosts: 12
edited October 2018 in Acura
Greetings! Please give me your opinion on the following lease terms in Northern CA. I have two of them:

Acura TLX tech package 2.4L
MSRP 37695
Dealer discount 7000
Sale price 30695 + tax
12k/36 months
Out the door 2,999 (down payment 2,000 + includes 1st month, fees and registration)
Residual 51% (Unsure)
MF 0.00093 (Unsure)
monthly payment =$356 (includes taxes)
CAP - do not know
-=-=-=

Acura TLX tech package 3.6L
MSRP 41065
Dealer discount 7300
Sale price 33765
12K/36 months
Out the door 2,999 (down payment 2,000 + includes 1st month, fees and registration)
Residual 51% (Unsure)
MF 0.00093 (Unsure)
monthly payment =$405 (includes taxes)
CAP - do not know

Dealer says if I go for a 10K/36Month lease, the monthly will drop about $15. and 15K/36 will go up about $20.



Comments

  • MichaellMichaell ColoradoPosts: 114,003
    agopala said:

    Greetings! Please give me your opinion on the following lease terms in Northern CA. I have two of them:

    Acura TLX tech package 2.4L
    MSRP 37695
    Dealer discount 7000
    Sale price 30695 + tax
    12k/36 months
    Out the door 2,999 (down payment 2,000 + includes 1st month, fees and registration)
    Residual 51% (Unsure)
    MF 0.00093 (Unsure)
    monthly payment =$356 (includes taxes)
    CAP - do not know
    -=-=-=

    Acura TLX tech package 3.6L
    MSRP 41065
    Dealer discount 7300
    Sale price 33765
    12K/36 months
    Out the door 2,999 (down payment 2,000 + includes 1st month, fees and registration)
    Residual 51% (Unsure)
    MF 0.00093 (Unsure)
    monthly payment =$405 (includes taxes)
    CAP - do not know

    Dealer says if I go for a 10K/36Month lease, the monthly will drop about $15. and 15K/36 will go up about $20.

    .00093 and 51% are the correct numbers.
    $4725 lease incentives

    We wouldn't recommend putting a down payment on a lease. It just masks the true cost of the lease, and that up front money would be lost if the car is stolen or totaled.

    It would help if you got the CAP cost for each of these quotes.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • agopalaagopala Bay area, CAPosts: 12
    Thanks for the info Michaell. I will go back and see if they can do $0 out the door.

    For the 3.5L lease, I calculated CAP cost like this:

    CAP cost = x (excluding taxes)
    monthly depreciation =(x + .51*33708)*.00093
    monthly finance cost = (x - .51*33708)/36
    Monthly payment = 371 = depreciation + finance (excluding taxes)
    fin = 371-depreciation
    (x - .51*33765)/36 = 371 - (x + .51*33765)*.00093
    CAP = $29028

    For the 2.4L lease, it comes out to be
    CAP = $26031

    Am I calculating this incorrectly?
  • agopalaagopala Bay area, CAPosts: 12
    Apologies, I calculated CAP cost again (i had a mistake previously)
    3.6L -> 29000
    2.4L -> 27500
    Thank you!
  • kyfdxkyfdx Everywhere, USAPosts: 122,984
    edited October 2018
    agopala said:

    Apologies, I calculated CAP cost again (i had a mistake previously)
    3.6L -> 29000
    2.4L -> 27500
    Thank you!

    monthly depreciation =(x + .51*33708)*.00093
    Monthly depreciation = (X - residual amount) / 36
    Residual amount = MSRP X residual percentage


    monthly finance cost = (x - .51*33708)/36
    Monthly finance = (X + residual amount) X money factor

    Monthly payment = (monthly depreciation + monthly finance + sales tax)

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

    Edmunds Moderator

  • agopalaagopala Bay area, CAPosts: 12
    Thank you kyfdx..
    I was not using MSRP earlier. My previous number was based on sale price.

    If I use MSRP, I get the following CAP numbers
    3.6L -> 32510
    2.4L -> 29370

    Should I consider this offer?
    Cheers!
  • kyfdxkyfdx Everywhere, USAPosts: 122,984
    agopala said:

    Thank you kyfdx..
    I was not using MSRP earlier. My previous number was based on sale price.

    If I use MSRP, I get the following CAP numbers
    3.6L -> 32510
    2.4L -> 29370

    Should I consider this offer?
    Cheers!

    You shouldn't have to reverse engineer the adjusted CAP cost. Just ask the dealer.

    And, your $2999 isn't $2000 down plus $999 exactly in upfront costs/fees. That never adds up to numbers like $2999. Find out the exact numbers that go into your deal.

    Upfront:
    $595 acquisition fee
    DMV = $410-$450
    Doc fee = $80
    1st payment
    Upfront tax on CAP reduction and acquisition fee

    What's left over is CAP reduction. ($1300-$1500?)

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

    Edmunds Moderator

  • agopalaagopala Bay area, CAPosts: 12
    Thank you michaell and kyfdx. I got some new numbers with minimum down. Apparently Acura needs at least $1000 for 2.4L and $1100 for 3.6L.

    Acura TLX tech package 2.4L
    MSRP $37695
    Dealer discount $7074
    Sale price $30621 + tax
    10k/36 months
    Out the door $1,000 (includes 1st month, fees and registration)
    Residual 51%
    MF 0.00093
    monthly payment =$401 (includes taxes)
    CAP – $30621 -> this seems to be the same as sale price. Not sure if it is a co-incidence
    CAP reduction – 46
    Other:
    $595 acquisition fee (built into monthly)
    DMV and fees = $542
    Doc fee = $80 (built into monthly payments)
    Upfront tax on CAP reduction and acquisition fee (he did not know this, but I wonder if the $46 he said is this)
    -=-=-=

    Acura TLX tech package 3.6L
    MSRP $41065
    Dealer discount $7357
    Sale price $33708
    10K/36 months
    Out the door $1,100 (includes 1st month, fees and registration)
    Residual 51%
    MF 0.00093
    monthly payment =$444 (includes taxes)
    CAP – $33708
    CAP Reduction – $80
    Other:
    $595 acquisition fee (built into monthly)
    DMV fees = $542
    Doc fee = $80 (built into monthly)
    1st payment
    Upfront tax on CAP reduction and acquisition fee (not sure)

    Please let me know what you think. Cheers!
  • kyfdxkyfdx Everywhere, USAPosts: 122,984
    agopala said:

    Thank you michaell and kyfdx. I got some new numbers with minimum down. Apparently Acura needs at least $1000 for 2.4L and $1100 for 3.6L.

    Acura TLX tech package 2.4L
    MSRP $37695
    Dealer discount $7074
    Sale price $30621 + tax
    10k/36 months
    Out the door $1,000 (includes 1st month, fees and registration)
    Residual 51%
    MF 0.00093
    monthly payment =$401 (includes taxes)
    CAP – $30621 -> this seems to be the same as sale price. Not sure if it is a co-incidence
    CAP reduction – 46
    Other:
    $595 acquisition fee (built into monthly)
    DMV and fees = $542
    Doc fee = $80 (built into monthly payments)
    Upfront tax on CAP reduction and acquisition fee (he did not know this, but I wonder if the $46 he said is this)
    -=-=-=

    Acura TLX tech package 3.6L
    MSRP $41065
    Dealer discount $7357
    Sale price $33708
    10K/36 months
    Out the door $1,100 (includes 1st month, fees and registration)
    Residual 51%
    MF 0.00093
    monthly payment =$444 (includes taxes)
    CAP – $33708
    CAP Reduction – $80
    Other:
    $595 acquisition fee (built into monthly)
    DMV fees = $542
    Doc fee = $80 (built into monthly)
    1st payment
    Upfront tax on CAP reduction and acquisition fee (not sure)

    Please let me know what you think. Cheers!

    Is it 36/10 or 36/12?
    51% is the 36/12 residual. If it's 36/10, it should be 52%

    I'll use 51%, but you really need to make sure they have this right.
    The sale price and the adjusted CAP cost can't be the same amount, if they are building in the $595 acquisition fee. That's why it's called the adjusted or net CAP cost. A term they seem incapable of using.

    If they are rolling in taxable fees (like acquisition and doc fee), then there is no upfront tax. The $46 is likely CAP reduction. That's what is left over from the $1000 after making the first payment and DMV upfront.
    Why they insist on a round number upfront is beyond me. It would be easier to just ask for first payment and DMV fees ($542 + $401) and call it a day.

    Your payment seems close, with the 51% residual, if I assume 10% sales tax rate. We shouldn't have to assume, though. There should be a printout with the pre-tax payment, then tax, then total payment.

    Make sure you get the residual straightened out.. It's $12-$14 per month difference.
    If you want 10K/yr, the residual should be 52%. The dealer can't alter the residual.

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

    Edmunds Moderator

  • agopalaagopala Bay area, CAPosts: 12
    Hi kyfdx,
    It is actually for 10K. which means I used the wrong residual :( The dealer did not give me the residual. I put it as a cut and paste mistake!
  • agopalaagopala Bay area, CAPosts: 12
    May be the sale price is different then. I asked him for the CAP cost and he gave me the same number (I am talking over the phone. so dont have a print out)
  • agopalaagopala Bay area, CAPosts: 12
    Sales rate here is 9.25%
  • kyfdxkyfdx Everywhere, USAPosts: 122,984
    agopala said:

    May be the sale price is different then. I asked him for the CAP cost and he gave me the same number (I am talking over the phone. so dont have a print out)

    I t

    For 36/10 and 52% residual, and 9.25% sales tax rate, it seems a little high. Maybe, that's not the adjusted CAP, but the sale price, and the adjusted CAP is higher than that.

    If I add $595 acquisition fee to your sale price, I'm within a couple of dollars of the payment.

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

    Edmunds Moderator

  • agopalaagopala Bay area, CAPosts: 12
    Thank you very much Kyfdx. I appreciate your feedback. I will talk to him to see if we can get the numbers down a bit. Love this forum :smile:
  • kyfdxkyfdx Everywhere, USAPosts: 122,984
    agopala said:

    Thank you very much Kyfdx. I appreciate your feedback. I will talk to him to see if we can get the numbers down a bit. Love this forum :smile:

    Let us know how it goes

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

    Edmunds Moderator

  • agopalaagopala Bay area, CAPosts: 12
    I ended up leasing a TLX V6 A-Spec. The A-Spec seems to be a touch above the Tech package. It is also a little sportier. I felt it "roars" a little more than the regular V6. Most of the additional features are cosmetic. The dealer did not have the colors I wanted in stock. So, he brought down the cost of the A-Spec a about $15 per month to make it attractive. Note that the residual on the A-Spec is higher at 54%. The finance guy wanted me to purchase a maintenance contract, which I declined several times (lol). The contract started at $1800 and was around $1000 toward the end of the discussion.

    Drive out price (includes 1st month payment, tax, registration) $1,065
    10,000 miles /36 months
    MSRP $43795
    Dealer discount $7607
    Sale price $36188
    Residual 54% ($23,649)
    MF 0.00093
    monthly payment =$451 (includes taxes)
    CAP – ?? (Dealer could not understand what this was)
    CAP Reduction – $1806
    Other:
    $595 acquisition fee (built into monthly)
    DMV fees = $542
    Doc fee = $80 (built into monthly)
    Lease return fee will be charged when I return the car after 3 years. This is different from wear and tear. Apparently this is an Acura thing. It caught me by surprise, so wanted to put it out there - $350

    Please let me know if any one is interested in the numbers I have. Will be glad to sales guy's info.
    Cheers!
  • kyfdxkyfdx Everywhere, USAPosts: 122,984
    agopala said:

    I ended up leasing a TLX V6 A-Spec. The A-Spec seems to be a touch above the Tech package. It is also a little sportier. I felt it "roars" a little more than the regular V6. Most of the additional features are cosmetic. The dealer did not have the colors I wanted in stock. So, he brought down the cost of the A-Spec a about $15 per month to make it attractive. Note that the residual on the A-Spec is higher at 54%. The finance guy wanted me to purchase a maintenance contract, which I declined several times (lol). The contract started at $1800 and was around $1000 toward the end of the discussion.

    Drive out price (includes 1st month payment, tax, registration) $1,065
    10,000 miles /36 months
    MSRP $43795
    Dealer discount $7607
    Sale price $36188
    Residual 54% ($23,649)
    MF 0.00093
    monthly payment =$451 (includes taxes)
    CAP – ?? (Dealer could not understand what this was)
    CAP Reduction – $1806
    Other:
    $595 acquisition fee (built into monthly)
    DMV fees = $542
    Doc fee = $80 (built into monthly)
    Lease return fee will be charged when I return the car after 3 years. This is different from wear and tear. Apparently this is an Acura thing. It caught me by surprise, so wanted to put it out there - $350

    Please let me know if any one is interested in the numbers I have. Will be glad to sales guy's info.
    Cheers!

    Congrats! Thanks for the report.

    Every lease has a disposition fee at lease end. They will waive it, if you lease another Acura.

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

    Edmunds Moderator

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