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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: 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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Replying to: kyfdx (Aug 16, 2006 12:42 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 11:17 am) 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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"sneak some profit back into his end of the deal?" But, that is the way the smart money would bet... |
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Replying to: frykman (Aug 28, 2006 12:51 pm)
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Replying to: pegasus17 (Aug 28, 2006 12:25 pm) Take care and thanks for the reply.
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Replying to: frykman (Aug 29, 2006 4:09 am) Well, it turns out the figures my dealer quoted me were dead on. The reason my numbers failed to add up is this: GMAC charges interest, not only on the vehicle itself - but on the depreciation value as well. Nevertheless, I was happy when my dealer informed me (today) that Saab just added an additional $1500 cash off incentive as part of a Labor Day special. As a result, my payment dropped an addition $60 Vehicle stats are in my post above: $670 down (includes first month payment) for Drive Off $368 per month 18000 miles/year (I added $25 per month to the $342 payment quoted for 15000 miles/year) 27 Month lease.
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Replying to: sharonnj (Aug 28, 2006 12:04 pm) Car_man Host Prices Paid Forum |
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