I used THIS SITE to fake my way though calculating a lease. I've never done a lease before, so I don't know much about them; someone please correct me if I'm wrong.
I started with the car's "advertised" price of $27,200, and used the current $5500 rebate to come up with the sale price of $22,700. I said the sticker price was $33K, and my down payment would be $7000, which is what the dealership offered for my trade in. I also wagged an interest rate 0f 5.5% for 36 months. I have no idea how close that is, I just guessed.
It came out with the payment being only $26/month. How is that right? Can someone please help me figure this out?
As you may recall from my other thread, I test drove a GTO yesterday, and also had some words with the Internet Sales Manager. Well, I talked to him again this morning and he just faxed me over some lease terms. I don't know too much about leases, other than many people recommend that you lease cars because they depreciate so much.
Anyway, here's all the figures he sent me. I don't know what all of them mean, but maybe some of y'all can help me out. Basically, he gave me the car at the GMS price ($32,729), minus the current $5500 facotry rebate, and $7000 for my trade. Bottom line: $146/month for 36 months.....
GRS CAP COST = 32729
SALES TAX = 385
LAH PREMIUM = 0
CAP REDUCTION = 12500
NET CAP COST = 20614
ADJ RESIDUAL = 17747.05
TOT TERM DEP = 2866.95
MONTHLY DEP = 79.64
MO LEASE CHG = 57.09
BASE PAYMENT = 136.73
MONTHLY TAX = 9.57
MO PROP TAX = 0
TOT MO PYMT = 146.30
TOT OF PYMTS = 5266.8
EST FEES/TERM = 72
TOT TAXES = 1983.40
1ST PAYMENT = 146.30
CAP RED = 12500
SEC DEPOSIT = 150
TOT INIT PMT = 12796.30
TERM = 36
So, is this a good deal? Can I get a slightly better deal? Any suggestions, please?
LOL! Yes, true, when you put it that way! But I have to consider increased insurance and gas costs, too. Right now, I pay NOTHING a month for my Cavalier, and it gets over 30 mpg on 87 octane gas. I switch over to the GTO, and I'm already adding a monthly payment, plus now more fill-ups, with 93 octane to boot......so there are other considerations....
I think we are going up to the dealer after work today. It may be for nothing because I am not sure if I can get a 24 month lease for around 250 a month considering I have to tack on 2100 for early lease termination. However, i do remember there being a lease special a coupel months back for 229 a month and that was without the 5500 rebate. I think they had the 3500 back then. We shall see.....worse case scenario is I get to at least test drive a GTO.
And I just got off the phone with my insurance (USAA, the best inthe world!!), and keeping all my deductibles the same, etc., etc., my 6-month premium would only go up approximately $57. That's much less than I suspected it would be.....
Actually, I just researched my trade online and they are low-balling me by about a grand. I think I'll pick up the car for an overnight test, and ask them to reconsider how much they're giving me on my trade. I want $8000 for it instead of $7000.
I may still go and talk to the dealer but I don't know if it's going to work. My wife wants to pay only about 250 a month. If the GMS is 29,865 and I add on my lease termination penalty it will be 31965 (approx). Then I take off the rebate and I get 26465. I doubt that I can get a 24 month lease for 250 with that price. What are these coupons people are talking about?