thoughts on deal here in norcal

[mcreston]

got this quote for both a 24 month lease and a 30 month lease. thoughts?

24 mont lease
MSRP=55,345
Cap Cost=48,852
Adjusted cap=39,148
Residual=63% for 24 Months / 10,000 miles/yr
Money Factor=.00175

24 Month:
Down=4995
Monthly=305+tax
One pay=12098

30 months lease
MSRP=55,345
Cap Cost=48,852
Adjusted cap=39,148
Residual=30 Months with 10,000 miles/yr
Money Factor=.00175

30 Month:
Down=4995
Monthly=359+tax
One pay=15690

thoughts?

 

[johnnylingo]

Money factor seems a bit high, but that number relates to credit score and I don't know what yours is or how exactly they calculate it.

Where you lost me is figuring out the adjusted cap. That number should be gross cap - (cash down + factory rebate). The factory rebate would be a $7500 federal tax credit so unless I'm missing something there's about $3,000 missing here.

As a reference point here's what I was quoted in Monterey for a base i3 w/ REx.

MSRP: $48,795
Gross Cap: MSRP - $5,160 discount = $43,635
Factory Rebate: $7,500
Cash down: $3,000
Adjusted Cap: Gross Cap - Rebate - Cash down = $33,135
Base Residual: 63% of MSRP = $30,740.85
Money factor: .00154
Monthly payment: $98.37 charge + $99.76 depreciation + $17.34 tax = $215.47
Total payments: monthy payment x 24 = $5,171.28
Total due at signing: $3,000 cash down + $925 acquisition + taxes + dmv fees + first payment, etc = $5,629.16
Total pay in: $10,800.44

Of course I realized later I should have asked for a 30 or 36 month duration so I could get the $2500 CA rebate.

 

[mcreston]

agreed on the MF. I've got 780 credit so i should be getting a better setup. in all fairness all of these numbers have just been from back and forth emails with the web sales dept. I've also asked for clarification if there's the $1000 options credit in there. will relay details when i get them

b

 

[mcreston]

editing this as i'm working with a new dealer who's got a better deal so far. thoughts? thinking about pulling the trigger this weekend.

Northern California

2015 REX
MSRP $55,895
Selling Price $47,100 (14% discount off list and then $1000 options credit)

Lender: BMFS
Term 30 months
Mileage 10,000/year
Money Factor 0.82
Residual Factor: 59%
Selling Price $47100
Bank Fee $925
Total Capitalized Cost $48025
Residual Value $32,978.05
Total Depreciation $7,546.95
Capital Reduction $7,500.00
Monthly Depreciation $251.56
Monthly Rent $60.27
Monthly Payment $311.84
Tax (8.75%) $27.29
Monthly Payment + Tax $339.12

Capital Reduction $7,500.00
Cap Reduction Tax (8.75%) $663.25
License & Registration $425.00
Documentation Fee $80.00
First Payment $339.12
Security Deposit $2,450.00
Drive Off $11,457.37

Rebate $7,500.00
Due at Signing $3,957.37