Is200t base model lease in cali
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Driver School Candidate
Joined: Jun 2016
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From: Ca
Is200t base model lease in cali
Hey guys, first post here. I've been thinking about leasing a new is200t and have done my due diligence. I've ran some numbers and I've come up with $290 for my monthly before taxes and added fees. I'm expecting after fees and gap insurance, it will be around $340 to $350. Does this look right based off a msrp of $38949, final cap cost of around $32k, money factor of .0005, and 63% residual. I'm also projecting my drive off to be around $1250 out of pocket. Any input would be appreciated.
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Joined: Mar 2016
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From: California
Doing the math, you take MSRP ($38,949) x Residual (0.63) to get the residual dollar amount ($24,527.87). Then, take your cap cost ($32,000) and subtract the residual dollar amount, to get the total depreciation cost over the life of the lease ($7,472.13). Assuming this is a 36 month lease, divide the total depreciation cost by the number of months to get the base, monthly amount ($7,472.13/36=$207.56).
Then, to determine the monthly money factor, add the residual dollar amount to the cap cost ($24,527.87 + $32,000), and multiply by the money factor (0.0005) to get $28.26. So, your pre-tax monthly payment should be $207.56 + $28.26 = $235.82. Add CA 8.50% sales tax to that to get your total monthly payment - $235.82 x 8.25% = $255.86. This is assuming $0 down, and assuming that tax, title and license fees are rolled into the cap cost. If not, you'll need to either add those and re-do the math, or just pay them upfront.
Why are you purchasing Gap insurance on a lease? If you don't put anything down, then I don't believe you're at risk in the event of a total loss (i.e. car stolen or totaled).
Then, to determine the monthly money factor, add the residual dollar amount to the cap cost ($24,527.87 + $32,000), and multiply by the money factor (0.0005) to get $28.26. So, your pre-tax monthly payment should be $207.56 + $28.26 = $235.82. Add CA 8.50% sales tax to that to get your total monthly payment - $235.82 x 8.25% = $255.86. This is assuming $0 down, and assuming that tax, title and license fees are rolled into the cap cost. If not, you'll need to either add those and re-do the math, or just pay them upfront.
Why are you purchasing Gap insurance on a lease? If you don't put anything down, then I don't believe you're at risk in the event of a total loss (i.e. car stolen or totaled).
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From: California
In CA, for car leases, taxes are paid on a monthly basis. So, you would just add the applicable sales tax rate to your monthly lease payments to get the total amount due.
Other fees, i.e. acquisition fee, tax, title and license, can either be paid up front, or they can be "rolled into" the lease, meaning they get added to the Net Cap Cost.
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The "drive off fee" is typically some combination of tax, title, license, acquisition fees, and 1st months' payment, although I recall Lexus generally waiving the 1st months' payment. There isn't some separate, additional drive off fee. So, in theory, you can roll everything into the lease and walk away paying nothing, although some dealers will (incorrectly) insist that you pay SOMETHING before signing. Make sure you look at the numbers, understand how to calculate the payments yourself, and double check everything to make sure that they aren't adding any mysterious fees or charges.
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From: California
Yep, money factor is based on credit, but the base money factor is assuming Tier 1 credit - it can't go any lower, but can go higher if your credit is worse. You also have the option to put down Multiple Security Deposits, each of which will lower your money factor. Each Security Deposit is typically equal to 1 months' payment, and given your payments are so low, this might make sense.
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Lexus determines the applicable money factor, and it can change from month to month. The dealer has no ability to deviate from the rates. I believe right now, it is 00110. Even with security deposits maxed out, I don't know that you're going to get to .0006.
Driver School Candidate
Joined: Jun 2016
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From: Ca
is that for 10k miles? dealer is giving me 330/mo with 1500 down/drive off fee (need to get a clearer breakdown of how they got this # tmrw) for 12k miles using grad student incentive... not sure if this is the best deal.. maybe i should of negotiated harder...
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Driver School Candidate
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From: Ca
Sorry, this was just a best case scenario type numbers. So far the best offer they have given me is, 375 per month, including ttlr, no money down and no drive off fee. this was for a base model is200t, msrp of about 38959.