Lozzy

Someone check me on this (!)

Rent charge is the total of your finance costs. Per month it equals the money factor x (residual + capitalized cost)

So for you

MF x (31815+19862) = 1542/36
MF = 42.83 / 51677 = 0.00082888 or 1.99% (APR)

So your interest rate is okay.

Your cap cost is odd.

Mine is agreed upon value of car plus acquisition fee ($595).

Mine is over $1000 less than yours and I'm not sure why.

Did they charge over $1600 acquisition fee or did they talk you into perma plate (LOL) or something else ?

erik

The funny thing is, I know how leases work, I know how to calculate them, etc. I'm pretty sure, I had this all figured out before I went to the dealer, but now I can't find my spreadsheet. And I'm pretty sure that my payment jived with these numbers.

I know the residual isn't negotiable. It's a standard lease, 36 months, 36k miles. If anyone has their paperwork handy, does the agreed upon value of the vehicle = your gross cap cost - destination? My destination cost isn't here either, but I'm pretty sure it was $595.

I'll definitely be heading to my dealer to get some answers. I know I'm screwed, but I want to know that it was done intentionally so I can warn others, and know myself that I'll never be going back there.

Thanks for the help guys. Learning some lessons here today.

Lozzy

I think you negotiate the agreed upon value. The destination cost seems to be fairly standard. So:

The gross cap cost = agreed upon value + destination + anything else they care to add (which is your case was another $1k or so)

And then any deposit etc. drops the gross cap cost to adjusted cap cost.

erik

Yep, that's what I figured. Thanks for the help guys. This should be fun.

erik

What was invoice pricing for the 2005? Anyone know?

aerialcam

I think it was $29820 earlier in the year and went up later on. I remember it being more when I got mine in May of 2005 but could only find this number online.

What's interesting is the difference between your agreed upon value and the gross capitalized cost. My agreed value is $30000 and the gross cost is $30595 which is just the agreed value and the acquisition fee.

Rent charge looks right - mine is $1505. That's just the interest on the lease. Your payment of $373 works out based on those numbers. But your payoff should be only $27782 if you've had the car a whole year. Your payoff should be the number of months remaining x $330 plus the residual of $19862.

erik

Thanks aerial and everyone. I'll talk to my dealer and AHFC to see what's what.

aerialcam

No worries. By the way, invoice was $30335 when I bought mine in May of last year.

erik

That sounds right. Thanks again.