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Car Buying Advice--Ford Explorer XLT w/ Leather in NJ

callybistrocallybistro Member Posts: 3
edited September 2017 in Ford
Little Help? 2017 XLT for $39,500 with a $2k trade in and $1,000 down. Deprec of 53.4% and MF of .0025. 3 year/12K. My numbers are showing $538/momth. Dealer offered $448/month. What am I missing?
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    kyfdxkyfdx Moderator Posts: 237,331
    edited September 2017
    callybistro said:

    Little Help? 2017 XLT for $39,500 with a $2k trade in and $1,000 down. Deprec of 53.4% and MF of .0025. 3 year/12K. My numbers are showing $538/momth. Dealer offered $448/month. What am I missing?

    What is the MSRP?
    FWD or AWD?
    Adjusted CAP cost?
    Residual is always a full percentage of MSRP, not fractional.
    It's not a money factor of .0025, it's 0.25% APR (that's very different)

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    callybistrocallybistro Member Posts: 3
    MSRP: $44835
    AWD
    Adjusted Cap Cost: $36,835
    Residual: 53%
    APR is 6% 6 divided by 2400 is .0025 (is how I understood it at least).

    Thanks so much for your help.
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    kyfdxkyfdx Moderator Posts: 237,331
    callybistro said:

    MSRP: $44835
    AWD
    Adjusted Cap Cost: $36,835
    Residual: 53%
    APR is 6% 6 divided by 2400 is .0025 (is how I understood it at least).

    Thanks so much for your help.

    That's where the disconnect is, and why your calculation is so high.

    The APR is not 6%, it's 0.25%.
    Divide by 2400, and you'll get a money factor of .00010 or .00011.

    Re-do your calculations with the correct money factor, and it should match up (or, at least be close)

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    callybistrocallybistro Member Posts: 3
    that makes more sense. thanks so much for your explanation.
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