fulmitz

Why is it that I can't get the numbers to jive? I have the print outs from my Lexus Dealer with the cost, the monthly payments for lease and purchase, the rate factor, the residual value, taxes, etc. and yet when I put them into the lexus Lease and payment calculator the internet price is always cheaper. Same thing when I use the lease/purchase calculator at edmunds. Is my dealer trying to rip me off? Most payments seem about $50 too much. Otherwise it makes sense to get the 2003 because Lexus.com shows those MSRP prices to work out to cheaper monthly payments than my dealer if offering on the 2002 thru Lexus financing corp.

Fulmitz

SCDreamer

The lease is based upon the depreciation of the vehicle + interest

(Cap Cost - Residual / # months) + ((Cap Cost + residual) * money factor)
Multiply money factor by 2400 for actual rate.

It always seems like the dealers price is higher.
They say this from extra fees added like origination, disposition, acquisition fees, gap insurance etc.

Did the payment quoted by the dealer include tax or are you paying the tax upfront. The Lexus website probably is without tax.

Also, remember the 2003 will have a higher residual value.
Since the lease is based upon the amount used (Cost - Res)
it is possible to have a lower payment on a 2003.

I guess now your really confused???

fulmitz

You can say that again. But why is a purchase more expensive with a lower interest rate, the same money down and a lower price to begin with?

Fulmitz

fulmitz

If the lease factor is the same as the money factor then

money factor i 00.0021
Sale price is $59,980
term is 36 months
Milage is 12,000/yr (gives a 61% residual of base MSRP)
Residual $38,173.80
drive off $5,677.24 (using $4750 as a refundable deposit)
Monthly pmt $927.24

Now for the lease he has fees listed as 765.50 with a CAP preceding it and tax as $3285.36 but in LA the tax is .0875 so I'm getting over $5000 in tax or do they only tax me on 59% of the car?

Fulmitz

letS4nicate

Try an independent leasing company. That rate sounds terrible.
Check out Leascompare.com.
It's a great site and will show you several different leases instantly.

With a price of $60K with $3500 down and 15K per year on a 39 month lease for a 2002 model, payments were in the low to mid 800's.
Lease Compare

SCDreamer

The rate at Lease compare is .00235 which is higher.
And there payments do not include tax and some fees.

To get the actual rate multiply the factor by 2400.

.00235 * 2400 = 5.64%
.0021 * 2400 = 5.04%

Also with Lexus residual of $38K and Lease Compare at 35K
When comparing apples to apples Lexus "should" have a lower payment

fulmitz

Yes, but does the payment $927.24 with a $4750 refundable deposit sound correct with a money factor of .0021, tax of 8.75% etc?


Fulmitz

SCDreamer

Is the tax built into the payment or are you paying it upfront??

$4750 is refundable?

I've never seen this before.

Usually refundable deposit is only $400 or $500
I've never seen it more than 1 months payment.

I think 2003 residual is around 64%

ahnj

genearch, would you share the complete details of your lease?

mspr
cap cost
money factor
money factor - post $5000 deposit
residual
any added fees

i'm looking to arrange a similar deal. thanks!

jim

fulmitz

HEY GUYS! I just got my SC a few hours ago. Decided on Black/Saddle and get nothing but compliments. I'm 31 and married but when I got the car alone, on the way to a wedding 2 sets of young girls in cars tried to "pick me up" and they loved the car. At the wedding everyone I knew made me show them the car and then got their wives to show them

Anyway I was floored when I got back this afternoon after work, haveing faxed the financial info. They told me they did my payments incorrectly.... Instead of a money factor of .0021 I was 1st Tier perfect credit so they gave me a money factor of .0013 which is like 3.14% They also let me give $8500 down in refundable security deposits! My payment went from the estimated $952 per month for 36 months at 12,000 miles to $840/month for 36 months and 12,000 miles. I was exstatic, and best of all I get the $8500 back in 3 years. Saves me $112/month. I could never get $112/month in interest on the $8500 so this is a sweet deal as long as I set the 112 aside and save it!

I didn't have them wash or wax to keep the swirls down. I'll either Meguire it or Zaino it tomorrow. I have both. Well, gonna go play, I have to go to bed soon, I'm performing surgery at 7:30 tomorrow morning!

Cya,

Fulmitz