2. Is the 500.00 including tax? Remember you pay tax with each payment on a lease.
3. You say 0 down, but it does not look that way, if you have to come with 2100.00. Yes, 500 first payment and 500 security. I assume the MV is motor veh.(tag) fees? If so that should only be around 100.00 bucks or so. So it looks like you are putting down about 1k.
4. What is the cap cost on the lease?
5. What residual are they using.
Once you provide the answer to these questions, I will be able to tell if it is a good deal or not.
Dealers often try to use monthly payments as the end all be all to get you to sign the deal. Watch out...ask all the questions that are listed above..find out what the price of the vehicle is (although not many are doing better than MSRP). I plan to to put a 2-3K down and lease for 3 years (@12K/per year) to get a better rate..then pay cash at the end It all evens out - they will screw you so just accept it and try to minimize your squeal. Leasing is nice if you are tight on upfront $ and HAVE to have it...
Thanks for the advice.
Here is what I know.
Term: 39 months
Monthly payments: $500/month
Due at signing:
$500 First Month
$595 Bank Fee
$436.50 BS Fees(Some were "hard coded" on order form)...MV($93.50),DocumentaryFee $199.00 Credit Inquiry $15, Vehicle Protection $129, Glass Etching ~$100
Selling Price: $33,244(everything but luxury wood trim)
Residual Price: $22,859 (after 3years 3months)
Sh*t...forgot to ask if tax was included...I hope this info is good enough for you to make a call on.
[This message has been edited by Blue4Me (edited September 07, 2000).]
Shoot, one more thing. I have a 36 month lease. Do not fall for that extra 3 months. They are just getting more from you. Instead of cap reduction they added 3 months to the lease to keep your payment where you probably wanted it.
I would also bet that your 500.00 does not include tax. You could count on your payment being around 30.00 to 40.00 more depending on the tax in your state/county.
I'll let you know tomorrow...I'm going for delivery and will see if they can do a better deal before I sign papers. By better deal I mean $500 including 6% tax, If that is not already the case. I think tax is included because I specified it when I made my offer and it was not in the calculation of my upfront payments.
I think they approved my credit through the recent college graduate program which allows no security deposit...so nix 500 from the 2000+ upfront in payment and fees.
Anything I should look out for when signing papers? Hidden, hidden, hidden costs when signing? Like chair,table,pen use fee.
They'll probably label that "Administrative Fees".