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Prices Paid: Buying & Leasing Experiences GMC Acadia Lease Questions
210 messages, Last post on Aug 28, 2008 at 3:12 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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I'm hoping someone can figure out what I've messed up here... I'm using the Edmund's calculator to figure a lease payment, but can't get the same payment the dealer is quoting. Here are the details: MSRP 41,410 Invoice 38,307 My Price 38,895 Conquest Rebate 500 Down  signing 2,311 for tax, fees etc (plus 1st month's payment) Residual 62% Money Factor 6.5% (they quote APR, not factor...not sure why it's not the 8% I've been seeing from other posts) Sales Tax (Nassau County NY) 8.625% I plug this all in and get a 471.47 payment for 39 months. Dealer quotes it as $517/mo. So what am I missing? And are those terms considered decent? Thanks....
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I am currently in the the Atlanta Market looking for an '08 Acadia SLT 4SB FWD. I want Carbon Black, Navigation, U3R Stereo, 7 Passenger Seating, and sun roof. I was quoted MSRP of $41,130 and a sales price of $37,986 on a particular vehicle, but I believe the sales person only thought about outright sales vs. leasing on this quote. After calling back to the sales person and asking for a quote on a 39 mos, 15k miles/year lease, I got back a quote of $650 + tax/ month. I need for you to please check my logic on the way I do math in constructing a lease deal. MSRP * Residual (59%) = $24,266 Sales Price - $24,266 = $13,720 $13,720/ 39 = $351 $351 * .08 (Interest) = $379 $379 * .075 (tax) = $408/ month in lease payments. Is it that simple, or am I totally off base in the calculations? I haven't seen a lease payment that low on this board so what am I doing wrong? Thanks.
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Replying to: richwhite34 (Jan 21, 2008 4:21 pm) You pay interest on the outstanding balance of the lease.. more or less, just like a car loan... So, your balance starts with the selling price, and ends with the residual amount. Your average amount financed is the average of the selling price (or cap cost) and the residual. (Cap cost + residual) / 2 = Average balance. Average balance X 8% interest = annual finance charge Annual finance charge / 12 = monthly finance charge That equals about $250/mo.. Add that amount to $351 to get your monthly pre-tax payment. That is a simplified way of looking at it.. the actual calculation is a little different, and will probably result in a slightly higher payment. Regards, kyfdx
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Replying to: kyfdx (Jan 21, 2008 8:29 pm) So..... I now have come up with a payment of about $600.00/month for this vehicle applying .075 in monthly county taxes. Would this be a good deal in your opinion, or could I grind it down more? If I can squeeze more out of the deal which levers do I pull.....Cap Cost, Residual, Interest Rate??? I thank you all for your advice and opinions!
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Replying to: richwhite34 (Jan 21, 2008 8:47 pm) For actual prices paid, not just lease numbers, check out this discussion: GMC Acadia Prices Paid and Buying Experience regards, kyfdx |
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| How to calculated residual value for Acadia? I have one in Smart buy, it SLE 31000 sticker price, trade-in $4300 plus $500 GM rebate my payment $330 a month, 8% intrest rate. So my option to buy after 48 month will be $16,000. So it may be no reason to buy out after 48 month? | |
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Where would I go to on the internet to find GMAC's current Base Lease Rate? I was just told that .08% is in effect. I saw in a recent post that someone had received .0725% Please help. Thank you!
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Replying to: richwhite34 (Jan 22, 2008 5:48 pm)
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Replying to: ilguy (Jan 27, 2008 8:07 pm)
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Replying to: richwhite34 (Jan 29, 2008 10:17 am) |
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