Lease question

GoldenBottle

Zip code:92708. First time in leasing. 2020 range rover evoque SE MSRP $47200 and Total suggest retail price $54742. The term is “$5,999 Down Payment Due at Signing Including 1st Payment, Tax, Title and License Fees, 33 Months, Security Deposit Waived. 7,500 Miles Per Year, 0.30c Excess Mileage Charge.” And monthly payment is $399. Currently not sure about RV/MF of the vehicle. What RV &MF will be good for the deal and is the current term which stated above is a good deal? Thank you

kyfdx

GoldenBottle said:

Zip code:92708. First time in leasing. 2020 range rover evoque SE MSRP $47200 and Total suggest retail price $54742. The term is “$5,999 Down Payment Due at Signing Including 1st Payment, Tax, Title and License Fees, 33 Months, Security Deposit Waived. 7,500 Miles Per Year, 0.30c Excess Mileage Charge.” And monthly payment is $399. Currently not sure about RV/MF of the vehicle. What RV &MF will be good for the deal and is the current term which stated above is a good deal? Thank you

Is that an advertisement, or an actual quote you were given?

I would never want to put $6K upfront on a lease.

.00108 MF and 68% residual

The lease program is pretty good, and that doesn't seem like a bad deal.

With $1500 upfront, the payment would be about $150/mo, higher (and, more representative of your actual cost)

GoldenBottle

It is current dealer special that i have read it one specific vehicle not an actual quote. So I assume it is advertisement. I think downpayment is set to $5999 in order to get that $399 per month. Do you think it is too high to put 6k on the lease? All other dealer seems having $500-$600 per month if I put lower down payment.

Michaell

GoldenBottle said:

It is current dealer special that i have read it one specific vehicle not an actual quote. So I assume it is advertisement. I think downpayment is set to $5999 in order to get that $399 per month. Do you think it is too high to put 6k on the lease? All other dealer seems having $500-$600 per month if I put lower down payment.

Yes, too high with $6K up front.

We recommend only first payment and registration costs be paid at signing.

Anything beyond that is at risk of loss if the car is stolen or totaled

GoldenBottle

Thank you for reply. So whatever monthly payment with a lease, I have to account interest and tax on top of that? For example, if dealer says monthly payment is going to be $500, then $500 + tax + interest(how much)? Any other fees top of that? Thank you so much for educating me

Michaell

GoldenBottle said:

Thank you for reply. So whatever monthly payment with a lease, I have to account interest and tax on top of that? For example, if dealer says monthly payment is going to be $500, then $500 + tax + interest(how much)? Any other fees top of that? Thank you so much for educating me

The dealer can structure the quote any way they'd like. Usually, it will include interest and tax, but you have to be vigilant to understand what you're looking at.

Use this link to decipher how a lease payment works:
https://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html

kyfdx

GoldenBottle said:

Thank you for reply. So whatever monthly payment with a lease, I have to account interest and tax on top of that? For example, if dealer says monthly payment is going to be $500, then $500 + tax + interest(how much)? Any other fees top of that? Thank you so much for educating me

A quoted lease payment will always include the finance portion of the payment (not technically interest).

But, you have to ask for the details. No different than a quote for a purchase.