2018 loaner lease deal

emmyk

Hi - new to this... can anyone provide feedback on the following deal option please?!
2018 loaner GLC (5k miles)
MF - .00087
RV - 55%
closing - $599
IMF - $500
2500 down - $482/mo
5000 down - $408/month
Have 2 months of old lease rolled in...

Michaell

emmyk said:

Hi - new to this... can anyone provide feedback on the following deal option please?!
2018 loaner GLC (5k miles)
MF - .00087
RV - 55%
closing - $599
IMF - $500
2500 down - $482/mo
5000 down - $408/month
Have 2 months of old lease rolled in...

What is the MSRP?
What is the selling price?
What is IMF?

We would advise against so much up front cash - usually, just the first month and any registration costs.

emmyk

Thanks... seemed like a lot to me, too. MSRP 47k, 40,795 purchase, $500 IMF, 7500 miles

emmyk

Beginning July 1, 2017, people who purchase vehicles in South Carolina will owe a new type of fee instead of paying a sales tax.

Due to legislation commonly referred to as the Roads Bill, if you buy or lease a vehicle, trailer, semi-trailer, or other automobile on and after July 1, 2017 that will be titled and/or registered in this state, you will owe an Infrastructure Maintenance Fee (IMF) instead of sales tax. The IMF is in addition to applicable title and registration fees and property taxes. You will not be able to title or register the item until you pay the IMF.

kyfdx

emmyk said:

Beginning July 1, 2017, people who purchase vehicles in South Carolina will owe a new type of fee instead of paying a sales tax.

Due to legislation commonly referred to as the Roads Bill, if you buy or lease a vehicle, trailer, semi-trailer, or other automobile on and after July 1, 2017 that will be titled and/or registered in this state, you will owe an Infrastructure Maintenance Fee (IMF) instead of sales tax. The IMF is in addition to applicable title and registration fees and property taxes. You will not be able to title or register the item until you pay the IMF.

Basically, $500 sales tax on every vehicle. Still a sweet deal, compared to most states

kyfdx

emmyk said:

Thanks... seemed like a lot to me, too. MSRP 47k, 40,795 purchase, $500 IMF, 7500 miles

Is it 36 mo, 7.5K/yr?

emmyk

Yes, 36mo/7500 miles

kyfdx

emmyk said:

Thanks... seemed like a lot to me, too. MSRP 47k, 40,795 purchase, $500 IMF, 7500 miles

.00087 MF and 55% is correct.
$599 closing - that looks like a dealer fee.
$795 acquisition fee (often marked up to $1095).

What we don't know, is if there is any further residual reduction to account for the 5000 miles.
We'll assume there is no further reduction.

The $2500 upfront and $482/mo looks about right. The $2500 isn't quite enough to cover the fees and first payment. (if it was, I calculate $473/mo.)

Seems like a reasonable deal. I'd say the only way to get lower, would be to get a lower selling price.

emmyk

My payment info doesn't have the acquisition fee as a line item - will have to confirm.
It was my understanding the $2500 was just lump down payment and the fees/first month would be additional so i will have to confirm that as well.

Thanks for the feedback. Not sure how much more they'll come down on price but we'll see!

kyfdx

emmyk said:

My payment info doesn't have the acquisition fee as a line item - will have to confirm.
It was my understanding the $2500 was just lump down payment and the fees/first month would be additional so i will have to confirm that as well.

Thanks for the feedback. Not sure how much more they'll come down on price but we'll see!

Yeah.. it's important to get every amount itemized, and full actual numbers.
It's the difference between a good deal and a crappy deal.