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We would have recommended you limit your drive off to first payment and DMV costs only, and roll the taxes and fees into the lease.
But, a nice discount from sticker and if you're happy with the deal, that's all that really matters.
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
Thanks for responding. The broker said it's for Ally Bank.
He broke down the details of the $3,000 in drive off fees as follows:
1st month - $420
DMV - $400
Doc fee - $500
Tax - $1261
Bank fee - $295
Down payment - $124
I could not understand why the downpayment of $124 was included in the fee. The adj cap cost was still $36,520. When doing my own computation based on numerous web sources: I could not come off $420 per month instead I came up with $462 per month.
Could you help shed some light on this?
Thanks again.
Also, $295 seems like an impossibly small acquisition fee from Ally.
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$36,520 is the sale price from an MSRP of $42,195 (the trim has some options that came with it). According to the broker I am saving $5,675 from the MSRP. Gross cap is $39,520 ($36,520+$3,000). Net cap would be $36,520 again.
What I don't understand is how they computed this. the downpayment should be deducted from the gross cap right?
Please see attached excel file. Can you check if my computation is right? I'm in New Jersey so the sales tax is computed in full and paid upfront right?
Thanks again!
DMV - $400
Doc fee - $500
Tax - $1261
Bank fee - $295
Down payment - $124
Is the DMV fee reasonable at $400 here in New Jersey (Essex, Bergen county)
$500 doc fee?? I can ask for it to be waived right?
Also how is the tax computed since in NJ we have to pay the tax upfront.
Thanks again for all your help!!
As noted before, I get the same payment, using the $36,520 number as the NET cap.
Another explanation is that the quoted money factor is wrong, or the residual percentage is wrong, or the adjusted CAP is wrong. In fact, it has to be one or more of those items, as math is just math.
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I really don't have an opinion on your deal, because I don't know the details of the Ally lease, or what incentives are available.
Have you shopped a dealer, other than using this broker? Comparison shopping can let you know what's possible.
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But how do I compute for the 1% rule? Do I base the MSRP that is set by the dealer (which is inflated) or find edmunds/truecar, etc. average MSRPs? I wanted to just have a base understanding if I'm getting a good deal or not.
What other details would you need to know regarding the Ally lease?
I have not shopped for another dealer or broker yet. I have tried doing the negotiating via email however, dealerships don't want to give me any numbers and instead wanted me to come in person. Even if I told them that according to the New Jersey Consumer Protection Leasing Act that I have a right to know the details of the lease. It didn't say that it has to be in person to get those details. So, I was stuck.
Dealers don't set MSRP, the manufacturer does. Each vehicle has a true MSRP that is on the government mandated sticker. There is no other MSRP. The "M" stands for Manufacturer. You don't need a 1% rule to see if you are getting a good deal. What you need is full disclosure of the pricing and lease terms, and multiple dealers competing for your business.
Most people use a broker, because they don't want to do the hard work of shopping for the best price.
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Dealers don't set MSRP, the manufacturer does. Each vehicle has a true MSRP that is on the government mandated sticker. There is no other MSRP. The "M" stands for Manufacturer. You don't need a 1% rule to see if you are getting a good deal. What you need is full disclosure of the pricing and lease terms, and multiple dealers competing for your business. - Got it. Maybe I'm seeing a different MSRP because dealers would usually include options to the sticker price. The buyer having no other choice to get the basic trim with no options. But if I get full disclosure how will I know if its a great deal? Being that no two dealership will offer the same exact car trim.
Most people use a broker, because they don't want to do the hard work of shopping for the best price. - But brokers also use the computation that I attached right?
Yes, leases are calculated the same way.. It's just math
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
Secured Deal with Chrysler Midwest
MSRP 51010
Lease factor rate 0.00036
36 month 12k miles
Selling Price 47650
Sales tax 1929
Gross cap 49984
2500 Combined rebate
Adj Cap 47484
Residual 54% 27545
Lease monthly payment $580
Drive off out of pocket $580
190 Dealer doc fee
200 title and Reg
Legit deal?
I'm within $1 of that payment quote. Only way to improve it is to negotiate a lower selling price.
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
The profit/loss on the sheets are mostly fantasy numbers. Would they really give you a price where they lose $990?
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
Looking at 10k/24 10k/36 10k/39.
Also, any incentives this month?
thanks so much.
.00092 and 59%
.00039 and 51%
.00039 and 48%
T-L+
.00094 and 60%
.00020 and 51%
.00020 and 48%
No incentive information
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
Thanks Michael. Appreciate it.
Does this mean that the March numbers haven’t come through yet or there are no incentives for March?
Does this mean that the March numbers haven’t come through yet or there are no incentives for March?
We don't have the incentive information for Chrysler Capital.
I've quoted you the March numbers.
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
2018 Limited Trim
MSRP 49680
36 month 10k miles
Selling Price 43090
Residual 55% 27324
Lease monthly payment $490
Total out of pocket $500
T-L+ : .00020 MF and 48% residual
LTD: .00021 MF and 52% residual
Add .00021 for Tier 2
Or... .00060 for Tier 3
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I get $439/mo.+tax, if all the fees, etc are paid upfront.
With just $500 due at signing, that looks like a really good deal.
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Thanks!
LTD: .00021 MF and 54% residual
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Thanks!
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I am looking to lease a Pacifica Hybrid Limited in NorCal.
Can you give me the MF and residual on a 36/12k?
Do you know if FCA (or any available lessor) will absorb the $7500 Federal tax credit on a lease like VW does?
I am leasing a E-Golf and VW took the tax credit themselves (dealers can do it if lease is 36mo plus) which was a huge incentive. This way the upfront cap cost is significantly reduced rather than waiting a year to get the credit on your tax return which some people cannot even get because their tax liability is less than $7500.
Thanks!
On a lease, the lessee never gets the tax credit.
The owner (the bank) gets the tax credit. Many makes pass along this amount as a rebate, but the rebate doesn't always match the actual credit. On a lease, the credit to the owner is less than $7500 (even if VW gave you that amount as a rebate)
Unfortunately, it doesn't appear as though Chrysler Capital is passing along any of the tax credit, in the form of a rebate. The Pacifica Hybrids seem to be in demand, and they aren't adding any incentives. Very, very expensive to lease.
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Touring L: .00039 MF and 48% residual
Limited: .00021 MF and 52% residual
Add 2% for 12K/yr
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