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Prices Paid: Buying & Leasing Experiences Saab 9-7X Lease Questions
83 messages, Last post on Aug 26, 2008 at 8:18 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: mister_mark (Aug 16, 2006 12:28 pm) 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 12:43 pm) 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 1:03 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 1:15 pm) Most people do focus on the monthly payment. It's understandable. |
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Replying to: kyfdx (Aug 16, 2006 1:18 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 1:33 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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Replying to: kyfdx (Aug 16, 2006 1:42 pm) Since the interest rate I calculated on my lease was so close to what they told me it would be, I'm sure there's just some little quirk about GM leases that causes them to arrive at a different number from mine. |
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Replying to: sbr3500 (Aug 16, 2006 12:17 pm) after all is said and done - rolled over all fees - except the tire tax of $7.50 I will be paying 417 a month. I don't think I can get much better. Is that alright for a 2006, when the 2007 are right around the corner?
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Riddle me this... I am about to lease a 2006 Saab 9-7X 5.3i with Nav and DVD. The MSRP is $44,535 but I negotiated a price of $38,178. What’s more, Saab is providing $2000 cash to put towards the capital-cost reduction. The term of the lease is 27 months (15K miles/year) with a residual of .67 ($29,833). This means, in plain English, that I have to pay $6345 over a term of 27 months ($235 X 27 = $6,345) PLUS the interest rate and taxes. Here is where I get lost. They claim my “rate” is 4.2% (for those of you who like the term “money factor” - 4.2% is equivalent to 0.00175). If this were the case, my fee for that rate would equal $115 per month. I know my depreciation fee is exactly $235. I also know my tax (on the payment) is exactly 6%. However, I have been quoted a monthly payment of $399.54 (X+Y is not equaling Z). $235 + $115 = $350 AND $350 + 6% equals $371 How did GMAC come up with $399? I have also determined if my interest rate were actually 5.2 % (which happens to be exactly one percent higher than my quoted 4.2%), my payment comes out to $400 (which is essentially what they quoted me). Here is my question. Does anyone know if GMAC has a fee of 1% hidden behind their advertised rate, or is my dealer (who knows I have a great deal) trying to sneak some profit back into his end of the deal?
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