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How to Calculate Monthly Lease Payments

173 messages,  Last post on Apr 11, 2013 at 2:36 PM

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What is this discussion about? Car Leasing

Dissecting the Deal - How To Spot a Good Lease
 
10 Steps to Leasing a New Car
 
The "Residual Value" of Leasing
 
Calculate Your Own Lease Payment

Messages Page 14 of 18

#126 of 173 First month payment by brooklynaudi

Dec 20, 2012 (7:39 am)

This is probably going to make no sense, but this is the deal I'm trying to work
 
2013 ACURA ILX PREMIUM 6 SPEED
MSRP $30095
NEG PRICE $28402
NY TAX 8.75%
AQUISITION FEE $595
DMV FEES $430.27
RESIDUAL 18057
MF .00024
 
Should come to $299 a month with a $1,000 down. Now since the first months payment is included in the $1,000 in reality I'm only putting $700 towards my cap cost correct? So if I am techincally only putting $700 towards the cap cost then the monthly price would go up by $9 making a grand total of $308 per month...right?

#127 of 173 Re: First month payment [brooklynaudi] by qbrozen

Dec 20, 2012 (7:49 am)

Replying to: brooklynaudi (Dec 20, 2012 7:39 am)
I don't know how many months you are talking about, but what about the acquisition and DMV fees? Sounds to me like, with $1k due at signing, you aren't applying anything to the car itself. If paying first month up front, you are actually adding several hundred bucks to your cap cost, no?

#128 of 173 Re: First month payment [qbrozen] by brooklynaudi

Dec 20, 2012 (8:05 am)

Replying to: qbrozen (Dec 20, 2012 7:49 am)
Ok now I'm officially lost. It's 36 months, 12,000 miles. If I put all those numbers in the lease calculator (including $1,000 down) I get
 
Total Loan Amount $28,427
Monthly Payment (tax included) $299
 
I thought that the DMV fees and the first month had to be paid up front? I would need to put down at least $700 to pay those off to drive off. If I rolled those in wouldn't my monthly payment go up? Or are you saying I should negotiate the price of the car lower?

#129 of 173 Re: First month payment [qbrozen] by brooklynaudi

Dec 20, 2012 (8:18 am)

Replying to: qbrozen (Dec 20, 2012 7:49 am)
Ok I see what your saying. The final neg. price would be $28402. You would have to add DMV ($450) and ACQUISITION ($595) fee to this which would make the cap cost $29,427.
 
I want to pay first month, DMV fees which is $730 and add the $280 as a cap reduction totaling $1000 down. I'm doing this to get my payment to be $300, I don't want to go much higher then that.
 
That's what I'm asking though I want to put $1,000 down, the first month is going to have to come out of that or they are going to roll it into the payments so technically I'm only putting $700 down right? Which means at that negotiated price, my monthly is going to go up by $9 correct?

#130 of 173 Re: First month payment [brooklynaudi] by qbrozen

Dec 20, 2012 (9:09 am)

Replying to: brooklynaudi (Dec 20, 2012 8:18 am)
Well, I THINK you could tack the first month onto the end. I could be wrong. So, in other words, instead of first month up front and 35 payments, you actually make 36 payments, starting 30 days after you get into the car. Again, I could be totally off base here, but worth looking into.
 
In any case, yes, $300 additional cap cost should be roughly $9.
 
I haven't run your numbers through a lease calculator, but don't forget tax on the monthly payment.
 
edit: oK, ran it through calculator. Looks like you are right on the money. It is still telling me, however, that you should be at $300/mo with tax after just $1k down. That's probably calculating like I did above, that you would make 36 payments, not the first payment up front.
 
Heckuva deal on a $30k car.

#131 of 173 Re: First month payment [qbrozen] by brooklynaudi

Dec 20, 2012 (10:25 am)

Replying to: qbrozen (Dec 20, 2012 9:09 am)
Ok great, thanks for the help, much appreciated.

#132 of 173 Can anyone point me to an accurate lease formula? by bluechunks

Dec 29, 2012 (8:31 am)

Getting close to leasing a car, but every calculator / formula I use produces different results... so I figured I'd just ask.
 
I've tried about 5 different ones, as well as creating my own based on formulas found here, on bankrate, and one or two others.... all end up different.
 
So - if anyone can point me to a true formula, that'll really help!
 
thanks,
Andrew

#133 of 173 Re: Can anyone point me to an accurate lease formula? [bluechunks] by kyfdx HOST

Dec 29, 2012 (9:48 am)

Replying to: bluechunks (Dec 29, 2012 8:31 am)
It's pretty much a straight math formula... Check out Post #1 in this discussion for specifics...
 
I do it on a spreadsheet that my then 12-yr-old son made for me...

#134 of 173 Re: Can anyone point me to an accurate lease formula? [kyfdx] by bluechunks

Dec 29, 2012 (10:00 am)

Replying to: kyfdx (Dec 29, 2012 9:48 am)
Thanks Kirstie -
 
Well... that's the one I used just before posting!
 
FWIW that gave me a monthly (including taxes) of 356.92; Edmunds gave me a monthly including taxes of 282.51. Obviously a pretty significant difference!
 
Numbers are 29,625 msrp, 27,625 cap cost, 36 months, .6 res value, .0016.
 
I'm sure I'm messed something up... not sure what it is though!
 
thanks,
Andrew

#135 of 173 Re: Can anyone point me to an accurate lease formula? [bluechunks] by kyfdx HOST

Dec 29, 2012 (10:54 am)

Replying to: bluechunks (Dec 29, 2012 10:00 am)
That's $346.25, pre-tax...

Messages Page 14 of 18

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