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Calculate Your Own Car Lease Payment

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  • DumonicDumonic Member Posts: 1
    My 5 yr lease is up February 2021. 2014 Dodge Journey. I just hit 240k km and my lease agreement says only up to 250k km, anything over I have to pay per km. Should I bring it back and get a new lease? Is that possible? What will be the consequences? Or should I keep driving it and buy it out at the end of the lease (around 4-5k$). I love the vehicle, and would really like to save $600/mth in payments. But I also don’t mind getting a lower mileage vehicle and continuing monthly payments if it’s lower than what I’m paying now because my credit has improved!
  • kyfdxkyfdx Moderator Posts: 272,908
    Dumonic said:

    My 5 yr lease is up February 2021. 2014 Dodge Journey. I just hit 240k km and my lease agreement says only up to 250k km, anything over I have to pay per km. Should I bring it back and get a new lease? Is that possible? What will be the consequences? Or should I keep driving it and buy it out at the end of the lease (around 4-5k$). I love the vehicle, and would really like to save $600/mth in payments. But I also don’t mind getting a lower mileage vehicle and continuing monthly payments if it’s lower than what I’m paying now because my credit has improved!

    We don't have much advice for you.

    Seems like you might be in Canada. We don't have any experience in Canadian transactions, or 60 month leases.

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  • pechinezupechinezu Member Posts: 8
    Hello, when dealerships multiply the MSRP with the residual percentage, they take the MSRP before or after the taxes?
  • MichaellMichaell Moderator Posts: 269,291
    pechinezu said:

    Hello, when dealerships multiply the MSRP with the residual percentage, they take the MSRP before or after the taxes?

    The MSRP is the bottom line number of the factory window sticker - inclusive of options and the destination fee.

    Taxes are factored into a lease payment based on where you live.

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  • PragneshPragnesh Member Posts: 5
    Hey Guys,
    I Live in Troy, MI and wanted to see the numbers for a Dodge Challenger GT leasing.
    Can anyone help me with the math for it?

    Thanks in advance!
  • kyfdxkyfdx Moderator Posts: 272,908
    Pragnesh said:

    Hey Guys,
    I Live in Troy, MI and wanted to see the numbers for a Dodge Challenger GT leasing.
    Can anyone help me with the math for it?

    Thanks in advance!

    Please post in the
    2021 Dodge Challenger discussion

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  • PragneshPragnesh Member Posts: 5
    @kyfdx thanks
    I have posted in the recommended discussion.
    Looking forward to it!
  • am1729am1729 Member Posts: 2
    Is it okay to assume that this is how all leases are calculated? I am asking this because I was recently quoted two very different monthly payments by Kia dealers and one of them aligns with this calculation but the other doesn't. Upon asking the one who didn't (and that was around $150 higher per month) they justified themselves as the genuine lease calculators and not relying on online calculators for estimates. They said that they are confident that I miscalculated. Upon asking why my numbers might be really low they attributed it to sales tax not being correctly included. They said that the sales tax on the rebates and the down payments are on the lessee and those can easily add up to $150 or so.
  • kyfdxkyfdx Moderator Posts: 272,908
    am1729 said:

    Is it okay to assume that this is how all leases are calculated? I am asking this because I was recently quoted two very different monthly payments by Kia dealers and one of them aligns with this calculation but the other doesn't. Upon asking the one who didn't (and that was around $150 higher per month) they justified themselves as the genuine lease calculators and not relying on online calculators for estimates. They said that they are confident that I miscalculated. Upon asking why my numbers might be really low they attributed it to sales tax not being correctly included. They said that the sales tax on the rebates and the down payments are on the lessee and those can easily add up to $150 or so.

    Without specifics, it's hard to say. If you have all the numbers from the two quotes, it would be easy to see where the differences might be. There is only one way to calculate a lease. But, if you use an on-line lease calculator, you can't always see the assumptions the programmer might make.

    We just use math, according to the formula.

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