After negotiated a while, here what I got for BUY & LEASE...
04-08-2008, 11:45 AM
#1
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After negotiated a while, here what I got for BUY & LEASE...
MSRP $44445
Sales $ 41387
Invoice $40387
------------------------BUY---------------------
Deal offered: 63 month, 2.9%
Will change: 60 month, 2.9%
----------------------LEASE---------------------
39 month, 59% residual value, 0.00185 Money Factor
$625/mth
The financing is simple loan calculation. I'm still not very familiar with lease. I kinda tried to do my own calcualtion but it came out different. Does the lease sound right?
Sales $ 41387
Invoice $40387
------------------------BUY---------------------
Deal offered: 63 month, 2.9%
Will change: 60 month, 2.9%
----------------------LEASE---------------------
39 month, 59% residual value, 0.00185 Money Factor
$625/mth
The financing is simple loan calculation. I'm still not very familiar with lease. I kinda tried to do my own calcualtion but it came out different. Does the lease sound right?
04-08-2008, 12:26 PM
#2
I found the following equation online.
Legend
CC = Capital Cost (sales price after downpayment ect.)
RV = Residual Value (MSRP*Residual%)
MF = Money Factor
Months = Lease term
Monthly Depreciation = (CC - RV)/Months
Mothly Interest = (CC + RV)*MF
Monthly Rate = (Monthly Depreciation + Mothly Interest )*State car tax
Legend
CC = Capital Cost (sales price after downpayment ect.)
RV = Residual Value (MSRP*Residual%)
MF = Money Factor
Months = Lease term
Monthly Depreciation = (CC - RV)/Months
Mothly Interest = (CC + RV)*MF
Monthly Rate = (Monthly Depreciation + Mothly Interest )*State car tax
Last edited by ecn113; 04-08-2008 at 12:30 PM.
04-08-2008, 01:25 PM
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The lease numbers you gave comes up to a monthly lease payment of 558.22, assuming your sales tax is from NY, 8.625%. So theres something definitely not right here. use http://www.leaseguide.com/calc.htm, its a lease calculator that gives you a step by step on how the payment is derived.
04-08-2008, 02:02 PM
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The lease numbers you gave comes up to a monthly lease payment of 558.22, assuming your sales tax is from NY, 8.625%. So theres something definitely not right here. use http://www.leaseguide.com/calc.htm, its a lease calculator that gives you a step by step on how the payment is derived.
04-11-2008, 03:48 PM
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I'm getting $513.90 + tax with those figures with zero down, however I'm in California and inception costs (DMV fees) are different here vs. other states. The money factor is right on Tier 1 Equifax FICO credit with 15k annual miles (59% of MSRP residual), but I'm thinking that you might have included a trade-in, accessories, or something to raise the cap (amount financed).
04-11-2008, 04:25 PM
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I'm getting $513.90 + tax with those figures with zero down, however I'm in California and inception costs (DMV fees) are different here vs. other states. The money factor is right on Tier 1 Equifax FICO credit with 15k annual miles (59% of MSRP residual), but I'm thinking that you might have included a trade-in, accessories, or something to raise the cap (amount financed).
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