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
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