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Prices Paid: Buying & Leasing Experiences Saab 9-7X Lease Questions
85 messages, Last post on Sep 12, 2008 at 2:15 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: sbr3500 (Aug 16, 2006 10:15 am) Did you calculate your rent charge to the penny as I did? (I know I'm more interested in precision than a lot of people. I think I drove my salesperson nuts.)
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Replying to: mister_mark (Aug 16, 2006 10:38 am) The rent charge was 3.7% and the car price was just a hair over $39,000 (I think). I called my salesman (same one as other Saab I had) and told him 2 things: 1.) sharpen the pencil on the numbers as tight as possible so I don't get tempted to call other Saab dealers in the area & 2.) If I don't like the deal I am going to wait until my lease is up and drive everything before making a decision(MDX, Tourag, Etc.) I had 5 payments left and the dealer paid the last 2 and Saab pulled ahead on the other 3. After that, I felt confident I was getting a good deal based on information on the internet and I trust the guy. My sales guy spent 10 minutes on this deal. I am in Greenwich, CT ... they got the car from a dealer in Mass ... was the only left in the northeast. It's a cool car, I like it so far. I drove it 1.2 miles to the train this morning!
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Replying to: sbr3500 (Aug 16, 2006 11:17 am) Yeah, I was told the rent charge was 3.7% too, but the only way to really know what you got is to calculate it yourself. It's a little complicated, but certainly doable. Here's the formula to use according to leaseguide.com (the info can be found at http://www.leaseguide.com/lease08.htm): Rent Charge ÷ ( (Adjusted Cap Cost + Residual) x Term ) = Money Factor To convert the money factor into your interest rate, multiply the money factor by 2400. This is the only way to make sure their math is correct. If you calculate it, let me know if it looks correct to you. Mine appears to be more like 3.79%. If you need help, let me know. 
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Replying to: mister_mark (Aug 16, 2006 11:28 am) What I care about is that I forget to ask of the NAV replaces the 6 disc DC and I think the car only has 1 CD ... Am I wrong??? ... Need to play with it tonight on my 1.2 mile drive home.
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Replying to: sbr3500 (Aug 16, 2006 11:43 am) I'm not "living in the past". I just like to understand the contracts I sign, not only for my own benefit, but so I can help others in the future. Even the finance manager told me that she didn't understand how the lease was put together! Something's wrong with that. I think a business should be able to explain their charges. About your question, yeah, the NAV can only hold 1 CD at a time. The NAV replaces the 6-disc player.
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Replying to: mister_mark (Aug 16, 2006 12:03 pm)
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...is just a rough calculation... It doesn't come out exactly the same... Generally, when converting from the money factor and multiplying by 2400, you will overstate the interest rate charged... The conversion assumes that the same amount is subject to interest over the life of the lease, but if it were a true loan, the balance would be higher in the early part of the lease, and lower later... Of course, leases don't work exactly like that, so the conversion isn't exact. regards, kyfdx
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Replying to: sbr3500 (Aug 16, 2006 12:15 pm) Most people do focus on the monthly payment. It's understandable. |
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Replying to: kyfdx (Aug 16, 2006 12:18 pm) So, is there any way to really know what your rent charge should be on a lease? And if so, how do you calculate it? I was told my interest rate would be 3.7%, so I assumed the money factor would be 3.7 ÷ 2400 = .0015417. If I wanted to know the exact rent charge ahead of time, should I have asked them for the money factor instead?
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Replying to: mister_mark (Aug 16, 2006 12:33 pm) Possibly, there is a formula that takes the cap cost and residual, and applies that exact interest rate over the life of the lease... Just as if you were doing a balloon note... (this is my guess).. So, it is possible that they add up the payments calculated this way, and divide by the number of months to get an average payment... In other words, you may not be able to calculate it using a simple formula, like a money factor.. Sorry I can't be of more help...
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