Car Lease Calculations - Help I'm An Idiot

mtnagel

Member
Feb 19, 2004
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So I'm looking to lease a car and whenenver I get a quote from a dealer, I make sure to get every number that goes into that calculation so I can confirm that the monthly payment is correct for the total cost they gave. Well, I can't figure this one out (and it works in my favor). Can someone help me.

Base Price (MSRP) = $23890
Cap cost = $23071
Options = $1890 (which, I calculate as the total cost to be $24961 = 23071+1890)
Title registration costs = $50
Money factor = 0.00042
Acquisition fee = $595
Security Deposit = $0
Residual value = $12786.80

He then told me that for 36 months/15,000 miles it would be $317 + tax (he didn't know my tax rate) and I would need to bring in $367 + tax at signing.

So I go to the lease calculator on edmunds.com and I type in all that information (I use 0% for tax and 12787 for residual since you can't enter a decimal, and the $367 down in the down payment spot and it makes me keep $400 as the security deposit, so I put $195 in the acquisition fee spot to make the total of the security and acquisition fee = $595). With all that, the lease payment comes out to $360.73 (a savings of $43.73).

So should I jump at this or am I an idiot and making a mistake.

Matt
 

mtnagel

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Feb 19, 2004
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This a specific question that I can't figure out. Reading an entire website on leasing isn't going to answer my question. I already know all I need to know about leasing.
 

kermalou

Diamond Member
Jun 22, 2001
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what you think you is not enought knowing, you should know some more so that the more you know is enough to know, which is never enough to know
 

mtnagel

Member
Feb 19, 2004
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Originally posted by: kermalou
what you think you is not enought knowing, you should know some more so that the more you know is enough to know, which is never enough to know
Say What??? Ha Ha
 

mtnagel

Member
Feb 19, 2004
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Originally posted by: Telgin
go to leaseguide.com
Okay, so that site did explain exactly how to calculate the monthly payments, which is handy because I can't take the internet calculator into the car dealer (well, I guess I could with a laptop). Now, as the saleman goes off to the back room to "run the numbers" (i.e. get a cup of coffee or take a piss), so can I.

Matt