Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
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
|
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?
|
|
|
"sneak some profit back into his end of the deal?" But, that is the way the smart money would bet... |
|
|
Replying to: frykman (Aug 28, 2006 12:51 pm)
|
|
|
Replying to: pegasus17 (Aug 28, 2006 12:25 pm) Take care and thanks for the reply.
|
|
|
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.
|
|
|
Replying to: sharonnj (Aug 28, 2006 12:04 pm) Car_man Host Prices Paid Forum |
|
|
Replying to: frykman (Aug 29, 2006 12:43 pm) Car_man Host Prices Paid Forum
|
|
|
Replying to: Car_man (Sep 07, 2006 2:27 am) Indeed, The Labor Day bonus was a nice surprise (I'll take luck over negotiating skill everyday of the week). Nevertheless, I still do not fully understand the interest rate. It's more complex than I would expect. Even lease calculators I find on the internet don't arrive at the same figures as GMAC. I understand the sales tax (it's just 6% of the payment).
|
|
|
Replying to: frykman (Sep 07, 2006 9:52 am) Car_man Host Prices Paid Forum |
|
|
|
Hey Car Man. Any info on the money factor for 3yr 15K miles in Florida? Also, any reason no one is looking for info on this vehicle? I have not looked at one yet, but it has received pretty good reviews. Thanks.
|
|
You are here:
Forums
Prices Paid: Buying & Leasing Experiences Saab 9-7X Lease Questions
New? Join Now!
Forum Tools
Search Forums
Browse by Vehicle
2009 Saab 9-7X
Browse by Board
Browse by Topic
Today's Chats
