So if I lease a new 2001 QX4, what is the going money factor with Infiniti? What is the 36-month residual? Can I bid down the money factor with multiple security deposits?
Hsj1906, if you lease a 2001 Mercedes-Benz C320 through Mercedes-Benz Credit Corp. right now you should be able to use a base lease money factor of .00329 for both 3 and 4 year lease terms. The 15,000 miles per residual values for this model are 65% for 3 years and 58% for 4 years. The 2001 version of this car should have the same money factors, but residual values of 64% for 3 years and 57% for 4 years.
You're welcome, Silvercrown. I am glad that I was able to help you out. You certainly have gotten a good grasp of how leasing works. It certainly is a strange animal. One would never ever think that the 2002 Altima would have a higher monthly lease payment than the VW Passat unless they looked at the numbers. Make sure to come back and let me know when you are in the market for a new vehicle. I would be more than happy to share my opinion with you on the cars that you are interested in and what their lease programs are like. Talk to you later...
Tgif888, I can certainly understand how one could change their mind about which car they want in today's marketplace. There are tons of great products out there right now. I was at the North American introduction of the 2002 A4 at the New York Auto Show a few months ago and I have to say that they did an outstanding job with this car. It looks just like a little A6, but it in reality there isn't really anything "little" about it. It has plenty of interior room. I don't think that this car is available here in the U.S. yet. If it is, then it just came out because Volkswagen Credit has not issued a lease program for it yet. You may have to wait until next month to see what the residual values for this car will be like for certain. I can tell you that it is very unlikely that there will be any lease money factor support on this car for at very least the first several months after it is introduced, if not longer.
Don't worry about it, SilverCrown. I have to preface the Volkswagen lease information that I provide here with a statement that there may be some lease money factor support on certain VW models that I am not yet aware of. I am pretty sure that I have seen all of VW Credit's latest lease programs, but for some reason I can't help but feel as though there may be a little more support on VWs than I am completely aware of yet. I will keep digging and see if anything turns up. In the meantime, to the best of my knowledge at this point, the base VW Credit 3 year 15,000 miles per lease money factors and residual values for a 2002 Passat GLS 1.8T Sedan should be .00255 and 57%. The 12,000 miles per residual value for this car would be 59% for this term.
Hi Katkison. Yes, BMW has issued a lease program for the car that you have ordered. If you take delivery of your new 2002 330i prior to October 31st, the BMW Financial Services 3 year 15,000 miles per base lease money factor and residual value for it should be .00270 and 60%, respectively. The exact monthly payment that you have to pay to lease this car will depend upon the price that you were able to get it for. I would be more than happy to provide you with an approximate lease payment for this car if you let me know how much money you are paying for it. Talk to you soon.
Hi akangl. As I mentioned in a previous post, I have to preface the Volkswagen lease information that I provide here with a statement that there may be some lease money factor support on certain VW models that I am not yet aware of. I am pretty sure that I have seen all of VW Credit's latest lease programs, but for some reason I can't help but feel as though there may be a little more support on VWs than I am completely aware of yet. I will keep digging and see if anything turns up. In the meantime, to the best of my knowledge at this point, the base VW Credit 4 year 12,000 miles per lease money factor and residual value for a 2002 Jetta GLS TDI are .00275 and 52%, respectively.
Mark, if you plan on leasing a new Infiniti for 2 or 3 years you are probably best off doing so through Infiniti Financial Services. I believe that they have the best lease program on the QX4 for these terms. However, if you plan on leasing this truck for 39 months or longer, I have a feeling that you would be better off doing so through Chase. Infiniti has a relationship with Chase that seems to allow them to provide the most attractive lease program for longer length leases. Since you are interested in a 36 month lease, I will provide you with an idea of what the IFS lease program is like right now for that particular term. If you lease a 2001 QX4 4WD (the 2WD program is different so let me know if that is what you plan on getting) through IFS for 3 years with 15,000 miles per the base lease money factor should be .00066 and the residual value should be 51%. The captive finance companies of must luxury manufacturers do allow lessees to buy-down their interest rate by putting down multiple security deposits on the vehicle that they are getting. However, I don't know the exact parameters of the Infiniti Financial Services version of this program, or if they even have one. It is probably best to check with other Infiniti owners in the SUVs or Sedans section of the Town Hall or your dealership to find out for certain.
For the 2002 BMW 330i, I am paying $42,185 for my car + TT&L. We don't want to put any money towards cap cost reduction, just fees and TT&L to drive off.
So, if you give us this monthly payment, that will be worst case, given the residual value and money factor you stated above (36 months, 15K miles a year).
I know I'm getting a fair deal on the price of the car, but want to make sure that I'm also getting a great deal on the lease. Does anybody know what a good money factor/residual would be for this car? Or at least how to calculate this? I'd like to do a 36month 15k per year lease. Thanks for your help.
Thank you, Car_Man, for your input. I'm glad to have a better understanding of leasing and how to calculate the payments. Now I don't feel like such a "rube" and I'll have more confidence when the time comes to make a deal.
I found it interesting that the Passat GLS 1.8T has the same money factors and residuals as the GLS V6. I thought that the money factor would be the same but the residual for the 1.8T would be lower. However, I'm really leaning toward the GLS V6 for my future purchase. I'll be sure to let you know when the time comes. You can advise me on the best deal.
Just curious, what is your opinion of 48 month leases? I did a calculation for the GLS V6 comparing the 36, 39 and 48 month lease and the 48 month lease was about $25 less per month than the 36 month lease (12k miles/yr). But 4 years seems like a long time for a lease, even though VW now has the 4 yr/50k mile B2B warranty. With a 48 month lease, I might be able to afford the GLX, but I don't know if I want to lease for that length of time. What do you think?
In keeping with my last question, what are the residual values of the Passat GLX for 48 months at 12,000 and 15,000 miles per year? Would the money factor still be .00270? I don't know if I would even want to do this, but I'm curious as to how the numbers would turn out.
That give me a good idea of what it will cost to lease the 02 Jetta GLS TDI. The dealer tried to tell me that the lease payment would be higher than my current car's lease payment since the TDI is more expensive than my car. Turns out the lease payment on the more expensive much nicer TDI (leather, moonroof, monsoon stereo, alloy wheels, and cold weather pkg) is almost $100 less per month then my car which is a 01 Jetta GLS 1.8T with only the cold weather pkg option. Of course I did roll negative equity into the lease on my current Jetta. Anyway, thanks again.
Hello Car_man, sorry to bother you again. I saw an advertisement tonight about 0% finance rate + first month payment for 01 Navigator. The rate applies to purchase only. The price is also very good. CarDirect.com think that it can be have close to invoice. However, domestic cars have very high and sometime upredictable depreciation rate in our region (they are not very popular in Ca), I am very hestitate to buy it. Do you know what is the money factor and residual from the manufacter for 3 or 4 years with 15kmi per year? Many thanks.
I keep reading posts (in other areas) that the Acura TL is comparable to the Passat GLX price and payment wise. Just out of curiosity, what is the money factor and residuals for the standard TL w/o Nav for 36 and 48 months, 12K and 15K miles/yr?
Katkison, originally I thought that you said that $42,185 was the MSRP of this car. In your most recent post you said that is how much you are paying for it. If that is the case then you did not receive any sort of discount off of its full MSRP. I am sorry to say that in my opinion, you definitely should be able to negotiate at least a few hundred dollars, and probably more than that off of this car's full MSRP. Anyhow, if you were to lease this car through BMW Financial Services right now for 3 years with 15,000 miles per at full MSRP without any money down, the pre-tax monthly lease payment should be a whopping $651.
Nnewcarbuyer3, I should be able to provide you with an idea of what a decent lease program on this car would be like right now. If you were to lease a 2002 E320 Wagon through Mercedes-Benz Credit Corp. for 3 years with 15,000 miles per at this time, you should be able to do so using a base lease money factor of .00329 and a residual value of 63%.
SilverCrown, when most manufacturers had 3 year/36,000 mile bumper-to-bumper warranties I always felt as though it was not a good idea to lease for longer than 36 months. This was mainly because if anything happened to your vehicle after the warranty had expired, you would have to pay to fix it out of your own pocket or face a penalty for excess wear and tear. Plus one of the nice things about leasing is never having to worry about things like maintenance or selling your car yourself. Of course, now that many manufacturers have bumper-to-bumper warranties that are longer than they were in the past leases that are longer than 36 months aren't really as bad an idea. Keep in mind though that many manufacturers only provide lease support for leases up to 36 months in length. Volkswagen Credit is not a bank that limits their lease support like that so this is a moot point in your situation. Still, four years is a long time to lock yourself into one vehicle. A lot can happen over that long a period of time. Your financial situation or family situation could change dramatically. You usually can get out of a lease early if you want to badly enough, but it is usually fairly expensive to do so early on.
I was able to get the info on Toyota Solara Conv. pricing from the Toyota web site and from Intellichoice (although not yet on Edmunds).
I am interested in the SLE, and the Lease factors for a 36 or 39 month with 12,000 miles per year. If the Residual is Low and the M.F. high than will not make for a good lease. As far as the Chrysler Sebring Limited, I know that there is plenty of inventory in my area. Also feel I can get a fair price probably around invoice on a 2002 and under invoice if I take a 2001 off their hands. That does not include any lease incentives that will be added in. The trouble is that without any Chrysler push the Lease stinks, with the Residual and Money Factor information you provided a few weeks ago. I wonder if Chrysler intends to help out with some type of better programs either before the end of this month, or when the programs change in October. I would bet that in October they will have to do something to just move units? If necessary I would rent a vehicle for a few weeks the beginning of October as my lease expires 10/3.
Car_man, This morning, I put down a deposit to order a 02' Honda Odyssey EX with leather/navigation for $500 off MSRP, i.e. selling price=$30190. (MSRP=$30690) This will be my first leasing experience, will you help me calculating the approx. monthly payment by letting me know the lease factor & residual value? I am planning for 36 mon./12k or 15k, depending on the difference in the monthly payment. Also, should I lease with Honda or a bank? Thanks.
Car_man, My selling price in my last question is actually the MSRP + destination charge ($29750 + $440), which one should I use to calculate the payment ? $29750 or $30190 ? Thanks again.
Thanks, Car_Man, for the explanation. I was of the same opinion and I kinda thought you would answer the way you did. 4 years does seem like a long time for a lease, even though VW has extended their B2B warranties to 4 years (unless you exceed the 50k mileage limit first).
However, I'm still curious to see how a 48 month lease term would affect the monthly payments on the Passat GLX. Would you please provide the money factor and residuals for 12,000 and 15,000 miles/yr? I still want to compare it to my 36 and 39 month numbers.
Topgun7, it's no bother at all. I am aware of the special financing program that you mentioned. Ford is offering special finance rates of 0.0% for up to 36 months, 0.9% for 48 months, and 2.9% for 60 months on the 2001 Navigator. This is a very solid program, but I can certainly understand your concern about domestic products' future resale values. The lease program for this truck may vary somewhat depending upon what part of the country you are in, but in many areas you can lease a 2001 Navigator through Ford Motor Credit with a 36 month lease rate of 1.0%! That is equivalent to a lease money factor of around .00041. The 3 year 15,000 miles per residual value for this truck is 46% for a 4WD 2001 Navigator.
Hi again purduealum91. Here is the information that you're looking for. to the best of my knowledge, if you were to lease a 2002 Volkswagen Golf GL TDI through VW Credit right now for 3 years with 15,000 miles per you should be able to use a base lease money factor of .00260 and a residual value of 59%. The 4 year factor and residual are .00275 and 51%, respectively.
SilverCrown, given the fact the Acura TL has been very popular ever since the current version was introduced Acura is not providing any sort of lease support on it. Even so, American Honda Finance Corp.'s standard lease money factors are still very reasonable. Their standard factor for 3 year leases is currently .00250 and their 4 year standard factor is .00245. The 3 and 4 year 15,000 miles per residual values for the 2001 TL are 55% and 48% respectively. The 12,000 miles per year residuals for this car are 57% and 50%, respectively.
Newcarbuyer3, you are correct, assuming that you are not able to negotiate any sort of discount on this car then your monthly lease payment should be around $812 or so. If you shop around, you may be able to find a dealer that will come down on price on an '02 E-Class. I know for a fact that Mercedes dealers are discounting 2001 E-Classes, heck there's even dealer cash on them right now. I think that you stand a decent chance of getting a discount on a 2002 even though it is brand new, because this car will be designed for 2003.
Gary, you're in luck. Toyota just released the residual values for its 2002 models a few weeks ago. They aren't providing any sort of lease support on any Solara Convertibles, especially the 2002s. So if you want to lease one through Toyota Financial Services you will have to use their standard lease money factor of .00300. The 36 and 39 month 12,000 miles per year residual values for this model are 55% and 53%, respectively.
It is entirely possible that DaimlerChrysler will enhance their incentives when they are scheduled to expire on October 2nd. In fact I think that there is a good chance that this will happen. I heard a rumor that they were about to announce an incentives enhancement last week when this whole disaster happened. Supposedly they pushed back their enhancements until the beginning of October. I don't know how much their program on Sebring Convertibles will change though.
Hi Lotus18. As you can imagine with a popular vehicle like the Honda Odyssey, Honda is not providing any lease support on it right now. Still, it is tough to say if you would be better off leasing this van through an outside lending institution, because American Honda Finance Corp.'s standard lease money factors are actually very reasonable. Right now, their 3 year standard money factor is only .00250. The 3 year 15,000 miles per and 12,000 miles per residual values for a 2002 Odyssey EX with Navigation leased through AHFC right now should be 58% and 60%, respectively. You will need two prices to calculate the monthly lease payment for this van, its full MSRP including the destination charge and the price that you are paying for it (including destination) minus any down payment.
Hello Car Man, Recently you gave the residual and money factors for the Maxima SE. Could you provide the same for the Maxima GLE? I'm interested in 36 months, 12K and 15K miles. Thanks.
Car_man, Thanks for your quick response. Since I have never leased before and in order to make sure I understand how to calculate correctly, please tell me if I have come up with the correct monthly payment as follows. I calculate it based on: MSRP=$30690 Capitalized cost=$30190 with zero down payment Assume for 36 months/12k, then the resdiual value is 60% and money factor is 0.0025. My monthly payment excluding sales tax is $448.62 Thanks again for your help.
Has anyone had any experiences with (or does anyone know anything about), independent leasing financing source (e.g., not going through a manufacturer's financing brach)? I've seen some information about leases obtained through www.leasecompare.com or www.primelease.com and I don't know whether I should trust them for my deal or not.
Does anyone know of any other leasing sources for automobiles (for individuals -- not small businesses) and how they compare to going through the dealership (e.g., turning in the car, etc.)
Car_Man Thanks for the info, I guess I will wait it out, as tough at that seems right now. I will probably rent a car for a week as mine is due back October 4.
I would be glad to, George. Through the end of the month, the 3 year 15,000 miles per base lease money factor and residual value for a 2002 Nissan Maxima GLE leased through Nissan Motor Acceptance Corp. should be .00320 and 55%, respectively. the 12,000 miles per year residual value for this car would increase to 56%.
Lotus18, you seem to have the hang of it. I just calculated a lease on the vehicle that you are interested using the variables that you posted and the payment came out exactly the same as the one that you came up with, down to the penny.
Hi Bryan. Even though there is a special financing program on the 2001 Civic right now, Honda is not currently providing any special lease money factors on either the 2002 or 2001 version of it. So if you choose to lease one through American Honda Finance Corp. you will have to use their standard lease money factors, which fortunately aren't that bad. Their 3 year standard lease money factor is presently .00250. The 3 year 15,000 miles per residual value for a 2002 Civic Sedan is 57%. I think that the 36 month term is definitely the way to go with this car. Not only will the 24 month term have a higher payment because you will have to spread out your car's largest portion of depreciation (the first year of ownership) over a small number of payments, but the lease money factor is also higher (.00310).
Hello Car_man, this morning I saw an advertisement from Lexus about a promotion for 01 RX 300 in the SF Bay area. It mentions 39 month lease for $499+tax per month, 12kmi/yr. The lease is for 01 RX 4wd, premium plus package. I wonder do you know any details about this lease? I am interested in a RX with navaigation package for 15K mi/yr (the length of the lease is flexible). Do you know if the promotion apply to the configuration I am interested? Also would Lexus allow multiple security deposits to lower the money factor with this program? many thanks.
Hello Car_man, look like we have another promotion going on in the SF bay area. This time it is cadillac. They seem to have a 0% finance for 36 or 60 months for 01 Cadillac including Deville which we are interested in. Do you know if this promotion extended to lease as well? What is the money factor/residual for DTS and based model for 36 month/15kmi or 48 months/15kmi? I think cadillac has $3000 dealer cash for base model and $4000 dealer cash for DTS model. I am hoping that the combination of low finance rate and dealer cash would allow us to negotiate a good deal on this car. Many thanks for your help and sorry that I keep asking questions.
Car Man. I just received the lease print out from the Mercedes Dealer. According to the dealer, I'm effectively getting the wagon for dealer invoice which is $50,384 (this includes several options). I also addes larger wheels and tires that do not come with the car and cannot be residualized. This is an additional $2000. The lease is for 36 months, 15,000 miles per year with no cap cost reduction. The dealer is using a residual of 63% and a money factor of .00345. Tax is 8%. The dealer comes up with a lease of $883 incl. tax. This is vastly higher than the numbers that you and I calculated earlier, and I'm wondering why. Do you have a clue?
Car Man: I've got an 02 M-B ML 320 on order and I'm considering lease vs. buy. Today my dealer quoted me the following for a lease:
36 month residuals: 15K mi=63% 18K mi=59% MBCC money factor=.00345 (fin guy says I have "Tier 1" credit) "Acquisition fee" = $895
A few questions: Isn't MBCC's tier 1 money factor .00329, not .00345 (and might this go down further with the drop in the prime rate?)? Isn't $895 really high for an "acquisition" fee? Are there any other legitimate fees I should expect to pay?
If the finance guy is just trying to pad the money factor and acquisition fee, how should I confront the issue with him?
Here is the deal I was offered today by my local VW dealer on a 2002 VW Passat GLX auto (no 4MO), 36 mo lease, 12K miles/year, through VW credit, A tier:
MSRP $30,375 Cap Cost $28,454 Resid 57% MF .00210
Based on the formula I learned here (thanks!), I came up with:
Resid $ = $17313.75 Deprec. $ = $11140.25 Deprec $ /mo. = $309.45 Cap Cost + resid x MF = $83.15 Lease per month = $392.59 Tax 8.5% = $33.37 Total lease = $425.96
First question - Am I correct? Second - How is tax, and bank fee applied in New York (assuming 8.5%)? I was under the impression that I should apply the 8.5% to the monthly payment for tax. How much should a bank fee be? Does it get added into the cap cost? Third - The payment that was quoted was $459.90/mo, including tax and bank fee. This seems high.
If this adds any comfort. My lease looks exactly the same as your in terms of acquisition fee and money factor. I too thought that .00329 was the lowest money factor. It's possible that the lower money factor is for a longer term lease. Maybe Car_Man can answer this question in addition to both of ours above (#1948 & #1949). By the way, what's your total lease coming out to? What's your cap cost, and are you using a cap reduction?
Comments
Thanks in advance,
Mark
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
For the 2002 BMW 330i, I am paying $42,185 for my car + TT&L. We don't want to put any money towards cap cost reduction, just fees and TT&L to drive off.
So, if you give us this monthly payment, that will be worst case, given the residual value and money factor you stated above (36 months, 15K miles a year).
Thanks for all your help, Car_Man.
Katkison
I found it interesting that the Passat GLS 1.8T has the same money factors and residuals as the GLS V6. I thought that the money factor would be the same but the residual for the 1.8T would be lower. However, I'm really leaning toward the GLS V6 for my future purchase. I'll be sure to let you know when the time comes. You can advise me on the best deal.
Just curious, what is your opinion of 48 month leases? I did a calculation for the GLS V6 comparing the 36, 39 and 48 month lease and the 48 month lease was about $25 less per month than the 36 month lease (12k miles/yr). But 4 years seems like a long time for a lease, even though VW now has the 4 yr/50k mile B2B warranty. With a 48 month lease, I might be able to afford the GLX, but I don't know if I want to lease for that length of time. What do you think?
Thanks,
SilverCrown
Thanks,
SilverCrown
I keep reading posts (in other areas) that the Acura TL is comparable to the Passat GLX price and payment wise. Just out of curiosity, what is the money factor and residuals for the standard TL w/o Nav for 36 and 48 months, 12K and 15K miles/yr?
Thanks,
SilverCrown
My MSRP is $42,185 (and our selling price).
Katkison
MSRP (and cap cost) - 42,185
Residual value (60%) - 25,311
Total depreciation - (42,185 - 25311) = 16,874
Monthly depreciation - 16,874/36 = $468.72/mo.
Monthly interest - 42,185 + 25,311*.00270 = 182.24/mo
Total payment - 468.72 + 182.24 = $650.96/month
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
In response to your answer #1875
I was able to get the info on Toyota Solara Conv. pricing from the Toyota web site and from Intellichoice (although not yet on Edmunds).
I am interested in the SLE, and the Lease factors for a 36 or 39 month with 12,000 miles per year. If the Residual is Low and the M.F. high than will not make for a good lease. As far as the Chrysler Sebring Limited, I know that there is plenty of inventory in my area. Also feel I can get a fair price probably around invoice on a 2002 and under invoice if I take a 2001 off their hands. That does not include any lease incentives that will be added in. The trouble is that without any Chrysler push the Lease stinks, with the Residual and Money Factor information you provided a few weeks ago. I wonder if Chrysler intends to help out with some type of better programs either before the end of this month, or when the programs change in October. I would bet that in October they will have to do something to just move units? If necessary I would rent a vehicle for a few weeks the beginning of October as my lease expires 10/3.
Of course I appreciate your input and wisdom.
Thanks,
Gary
This morning, I put down a deposit to order a 02' Honda Odyssey EX with leather/navigation for $500 off MSRP, i.e. selling price=$30190. (MSRP=$30690)
This will be my first leasing experience, will you help me calculating the approx. monthly payment by letting me know the lease factor & residual value? I am planning for 36 mon./12k or 15k, depending on the difference in the monthly payment.
Also, should I lease with Honda or a bank?
Thanks.
My selling price in my last question is actually the MSRP + destination charge ($29750 + $440), which one should I use to calculate the payment ?
$29750 or $30190 ?
Thanks again.
However, I'm still curious to see how a 48 month lease term would affect the monthly payments on the Passat GLX. Would you please provide the money factor and residuals for 12,000 and 15,000 miles/yr? I still want to compare it to my 36 and 39 month numbers.
Thanks so much.
SilverCrown
Do you happen to know the invoice price and option package invoice price of this car?
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
It is entirely possible that DaimlerChrysler will enhance their incentives when they are scheduled to expire on October 2nd. In fact I think that there is a good chance that this will happen. I heard a rumor that they were about to announce an incentives enhancement last week when this whole disaster happened. Supposedly they pushed back their enhancements until the beginning of October. I don't know how much their program on Sebring Convertibles will change though.
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Recently you gave the residual and money factors for the Maxima SE. Could you provide the same for the Maxima GLE? I'm interested in 36 months, 12K and 15K miles.
Thanks.
Thanks for your quick response.
Since I have never leased before and in order to make sure I understand how to calculate correctly, please tell me if I have come up with the correct monthly payment as follows.
I calculate it based on:
MSRP=$30690
Capitalized cost=$30190 with zero down payment
Assume for 36 months/12k, then the resdiual value is 60% and money factor is 0.0025.
My monthly payment excluding sales tax is $448.62
Thanks again for your help.
I'm intereted in leasing a 2002(or 2001) Civic LX sedan for 24/36 months with 15,000 miles. What are the resid and money factor?
Does anyone know of any other leasing sources for automobiles (for individuals -- not small businesses) and how they compare to going through the dealership (e.g., turning in the car, etc.)
Thanks for the info, I guess I will wait it out, as tough at that seems right now. I will probably rent a car for a week as mine is due back
October 4.
Gary
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
Car_Man
Host
Smart Shoppers / FWI Message Boards
36 month residuals: 15K mi=63% 18K mi=59%
MBCC money factor=.00345 (fin guy says I have "Tier 1" credit)
"Acquisition fee" = $895
A few questions: Isn't MBCC's tier 1 money factor .00329, not .00345 (and might this go down further with the drop in the prime rate?)? Isn't $895 really high for an "acquisition" fee? Are there any other legitimate fees I should expect to pay?
If the finance guy is just trying to pad the money factor and acquisition fee, how should I confront the issue with him?
Thanks in advance.
MSRP $30,375
Cap Cost $28,454
Resid 57%
MF .00210
Based on the formula I learned here (thanks!), I came up with:
Resid $ = $17313.75
Deprec. $ = $11140.25
Deprec $ /mo. = $309.45
Cap Cost + resid x MF = $83.15
Lease per month = $392.59
Tax 8.5% = $33.37
Total lease = $425.96
First question - Am I correct?
Second - How is tax, and bank fee applied in New York (assuming 8.5%)? I was under the impression that I should apply the 8.5% to the monthly payment for tax. How much should a bank fee be? Does it get added into the cap cost?
Third - The payment that was quoted was $459.90/mo, including tax and bank fee. This seems high.
I am looking for a reality check - Please help!
Thanks,
Cary