[Chartley2013]

Originally Posted by Cornholio

^^ tell them you want their numbers broken down like you have them and you will find it.

I did. They said they would email me a copy. Still have yet to receive a copy. Lol

[Cornholio]

Yeah they are probably hesitant because they know it will expose where they are trying to go in dry.

[IrishCoffee]

Originally Posted by Chartley2013

Residual Value: $45,700 x 54%=$29,538
Gross Capitalized Cost: $40,192 + $2500=$42,692
Capitalized Cost Reduction: $3000
Adjusted Capital Cost: $42,692 - $3,000=$39,692
Depreciation Amount: $39,538 - $29,538=$10,154
Base Payment: $10,154/48=$211.54
Rent Charge: ($39,692 + $29,538) x 0.00152=$105.23
Pretax Lease Payment: $105.23 + $211.54 = $316.77
Lease Payment with Tax: $316.77 x 1.07=$338.94

So these are the numbers I ran with lease number from GM. I'm still confused on where the dealership got their 720$ monthly payment from for a lease.

Looking at these numbers I am a little confused. Why is the gross capitalized cost 42692? What is 40192 + 2500?

Then an adjusted cap cost with another 3K off? Is that a down payment?

What about bank fees? Sometimes dealers try to sneak destination charge in there as well without quoting it as part of the sale price of the car.

I mean, there is no way you are going to lease a 1LE for $3xx per month without a big down payment. Certainly not with a residual of 54%.

Looking at Ally's rates they have the residual at 60% for a 1SS with 15k miles for 36 months. You might want to see if the dealer will do an Ally lease. The MF might be higher, but I'm not sure.

[Chartley2013]

Originally Posted by IrishCoffee

Looking at these numbers I am a little confused. Why is the gross capitalized cost 42692? What is 40192 + 2500?

Then an adjusted cap cost with another 3K off? Is that a down payment?

What about bank fees? Sometimes dealers try to sneak destination charge in there as well without quoting it as part of the sale price of the car.

I mean, there is no way you are going to lease a 1LE for $3xx per month without a big down payment. Certainly not with a residual of 54%.

Looking at Ally's rates they have the residual at 60% for a 1SS with 15k miles for 36 months. You might want to see if the dealer will do an Ally lease. The MF might be higher, but I'm not sure.

I'm not trying to get my payment in the 300$. That's imaginary number. But I used this link for those numbers. https://www.edmunds.com/car-leasing/...e-payment.html

I'm thinking of payment around 400-450 honestly which is a doable number in my opinion with the GM lease numbers that I have been seeing. If I do the build your own tool on chevy.com and put a down payment of 7,400 which gets me down to 37k it makes my payment at 371 before taxes and other fees. Which my tax rate is 7%. And fees I cant imagine being more than 2500$ but I'm not sure. So my payment goal of 400-450 is not an imaganiry number. If it is please tell me.

[IrishCoffee]

Originally Posted by Chartley2013

I'm not trying to get my payment in the 300$. That's imaginary number. But I used this link for those numbers. https://www.edmunds.com/car-leasing/...e-payment.html

I'm thinking of payment around 400-450 honestly which is a doable number in my opinion with the GM lease numbers that I have been seeing. If I do the build your own tool on chevy.com and put a down payment of 7,400 which gets me down to 37k it makes my payment at 371 before taxes and other fees. Which my tax rate is 7%. And fees I cant imagine being more than 2500$ but I'm not sure. So my payment goal of 400-450 is not an imaganiry number. If it is please tell me.

There are really only a couple of variables for a lease:
The sale price of the car and the MF and residual from the bank.

If the residual is 54% and the MF is .00119 (2.856% apr) then those numbers are set.

I would imagine the sale price of the car should be a couple grand under MSRP at least. So let's say the MSRP is 45700 and you had a sale price on the car of 43700. Let's assume there is a bank fee of 595 which is pretty typical. That means the adjusted cap cost is 43700 + 595 = 44295.

Residual value is 45700 * .54 = 24678

So with nothing down other than first month payment and dmv fees you should be looking at 670.88 with sales tax of 7% included.

It looks to me like they are trying to sell the car to you at MSRP which would put the payment at $732. With 7400 down on that deal you should be closer to $500 per month.

My advice would be to aim for a sales price of 2-3 thousand under MSRP, then with nothing down other than first months payment and drive offs you should be closer to the high 6s. If you want to put money down you can, but I would advise against it. If you total the car you will lose that money you put down. I actually go for zero drive offs meaning everything is rolled into the loan. I generally don't pay a dollar until the 2nd months payment is due. A lot of times they do this through cash incentives etc.

Again, I would ask what the sale price of the car is and ask if they will do a lease through Ally bank and a breakdown of all the numbers. Many times the dealers try to inflate the money factor and hide costs in the leases.

[Chartley2013]

Originally Posted by IrishCoffee

There are really only a couple of variables for a lease:
The sale price of the car and the MF and residual from the bank.

If the residual is 54% and the MF is .00119 (2.856% apr) then those numbers are set.

I would imagine the sale price of the car should be a couple grand under MSRP at least. So let's say the MSRP is 45700 and you had a sale price on the car of 43700. Let's assume there is a bank fee of 595 which is pretty typical. That means the adjusted cap cost is 43700 + 595 = 44295.

Residual value is 45700 * .54 = 24678

So with nothing down other than first month payment and dmv fees you should be looking at 670.88 with sales tax of 7% included.

It looks to me like they are trying to sell the car to you at MSRP which would put the payment at $732. With 7400 down on that deal you should be closer to $500 per month.

My advice would be to aim for a sales price of 2-3 thousand under MSRP, then with nothing down other than first months payment and drive offs you should be closer to the high 6s. If you want to put money down you can, but I would advise against it. If you total the car you will lose that money you put down. I actually go for zero drive offs meaning everything is rolled into the loan. I generally don't pay a dollar until the 2nd months payment is due. A lot of times they do this through cash incentives etc.

Again, I would ask what the sale price of the car is and ask if they will do a lease through Ally bank and a breakdown of all the numbers. Many times the dealers try to inflate the money factor and hide costs in the leases.

Seems like you know your stuff. This will my first lease. Im buying this car as a 2nd vehicle. So it's not a must have. Hints the lease. I don't want to spend no more than 450$ a month for 48 months. 10k miles. I don't want to put a down payment but I have a GM credit card that has build up points that adds up to $3k. That's my down payment. So for me to spend no more 450$ what sale price should I be at???

Thanks in advance. You've been great help.

[1LE caSSper]

Good god I thought mine was rough.. glad I bought instead

[Eric SS]

Originally Posted by Chartley2013

Seems like you know your stuff. This will my first lease. Im buying this car as a 2nd vehicle. So it's not a must have. Hints the lease. I don't want to spend no more than 450$ a month for 48 months. 10k miles. I don't want to put a down payment but I have a GM credit card that has build up points that adds up to $3k. That's my down payment. So for me to spend no more 450$ what sale price should I be at???

Thanks in advance. You've been great help.

Like mentioned above, if you know the MF, residual, and cap cost (price), everything should fall into place.

I would never put money down in a lease. All it does is lower your payment. It does nothing to the actual residual. Say you put $10k down on a lease, drive the car off the lot, and get into an accident and the car becomes a total loss. Your $10k is gone. You're better off putting that in a bank and just taking out the monthly difference to put towards your payment. I generally even roll my acquisition fee into the lease.

[IrishCoffee]

Originally Posted by Chartley2013

Seems like you know your stuff. This will my first lease. Im buying this car as a 2nd vehicle. So it's not a must have. Hints the lease. I don't want to spend no more than 450$ a month for 48 months. 10k miles. I don't want to put a down payment but I have a GM credit card that has build up points that adds up to $3k. That's my down payment. So for me to spend no more 450$ what sale price should I be at???

Thanks in advance. You've been great help.

Im not sure of the 48 month residuals.

I would recommend asking for a quote from Becky here on the forum from Rodgers Chevrolet. She'll give you a no frills quote and will be able to take your GM rewards in to account.

[Chartley2013]

Originally Posted by IrishCoffee

Im not sure of the 48 month residuals.

I would recommend asking for a quote from Becky here on the forum from Rodgers Chevrolet. She'll give you a no frills quote and will be able to take your GM rewards in to account.

HMMMM I've talked to Becky and here number was high. It was like 600$. Like I said earlier. I'm in no rush to get the car. It's a secondary. I have a budget and if it can't fit it than I'll move on and not get one. I guess I'm just confused on why leasing a car is as much a financing it. Lol. Makes no sense.

[Eric SS]

Originally Posted by Chartley2013

HMMMM I've talked to Becky and here number was high. It was like 600$. Like I said earlier. I'm in no rush to get the car. It's a secondary. I have a budget and if it can't fit it than I'll move on and not get one. I guess I'm just confused on why leasing a car is as much a financing it. Lol. Makes no sense.

In a nutshell, the residual is not great on this car and interest rates on a purchase can be pretty low right now even at 72 months.

[Cornholio]

Originally Posted by Chartley2013

HMMMM I've talked to Becky and here number was high. It was like 600$. Like I said earlier. I'm in no rush to get the car. It's a secondary. I have a budget and if it can't fit it than I'll move on and not get one. I guess I'm just confused on why leasing a car is as much a financing it. Lol. Makes no sense.

A 4 cyl might be in your ~400 budget but no way will you lease an SS 1LE for that price with no $ down. As mentioned before the resale (and therefore bank residual values) are very low on these cars right now. That's why you are seeing lease payments as high as traditional financing. There are some cars out there that hold their value very well and they typically lease well as a result. The current Camaro SS, not so much.

[SS 1LE]

Originally Posted by Chartley2013

HMMMM I've talked to Becky and here number was high. It was like 600$. Like I said earlier. I'm in no rush to get the car. It's a secondary. I have a budget and if it can't fit it than I'll move on and not get one. I guess I'm just confused on why leasing a car is as much a financing it. Lol. Makes no sense.

Just save some cash for a nice down payment, and buy it next year. Those lease payments are crazy...granted I put a decent amount down, but my payment (bought, not leased) is like $400 @ 1.9%.

[Chartley2013]

THANKS FOR EVERYONES HELP ON THIS ONE. DIDN'T GET MY DREAM PRICE BUT CLOSE ENOUGH. 500$/MONTH OUT THE DOOR.