Help with a lease calculation

[asimba2]

Hi all,
A Leaf SV with the LED/QC option and floormats has an MSRP of $34,470 including the $850 destination fee. The car I want is also listed at the same price of $34,470 on the dealership's website.

Local dealership is offering 11% off MSRP. 11% off $34,470 is $30,678. Using a money factor of 0.00024, 7.5% sales tax, $1,300 drive-off, I calculate a base payment of $258.56 + $19.39 in monthly sales tax for a total of $277.95 on a 2 year, 15k mile lease. The dealership, using those exact numbers is coming up with a payment of $301 PLUS tax. (First warning sign, they won't show their figures.)

Can someone do a quick calc and see what you come up with? If I back-calculate, it seems like they are charging almost exactly $850 more for the car, which makes me wonder if they are attempting to double-charge the destination fee. The destination fee should already be included in the $34,470 MSRP.

Thank you!

 

[CoolerThanICE]

From http://www.mynissanleaf.com/viewtopic.php?f=23&t=1640 - there is this spreadsheet you can use.

 

[asimba2]

Right, I am attempting to fix that spreadsheet as there are some known problems. It isn't consistent with any of the real leases posted here on MNL and it doesn't compare favorably with online lease calculators. You'll note that cells B16 and B17 reference a value in cell B2, but there's nothing there, which throws off the cap reduction values. There are other issues, but for now, I'm hoping someone can run my numbers and see what they get.

 

[biggsy]

There are other issues, but for now, I'm hoping someone can run my numbers and see what they get.

Here is an offer from WA, from another thread, I believe they have no sales tax on EVs:
http://www.mynissanleaf.com/viewtopic.php?f=23&t=11245&start=1790#p347631

Are you negotiating or is this just an offer from the dealer? If it is negotiations, what do they say when you ask to see how they get their numbers? If it is just an offer, why would you expect them to send you all the details? Most people they deal with don't really care to see/hear all the details, all they want to know "How much down and how much a month" end of discussion.

 

[arobincaron]

I come up with the following:
Residual: 34,470x.48=16,546 (I am going off memory that 48% is the correct residual for 2yr/15k)
Cap cost: 30,678-7,500-1,300+595=22,473 (595 is NMAC acquisition fee)
Rent charge 22,473-16,546=5,927.30 => /24 = 246.97
Int : (22,473+16,546)x.00024=9.36
Lease monthly= 246.97+9.36=256.33
Tax : 256.33x.075=19.22
Total: 256.33+19.22=275.55

Best of luck!

 

[asimba2]

I come up with the following:
Residual: 34,470x.48=16,546 (I am going off memory that 48% is the correct residual for 2yr/15k)
Cap cost: 30,678-7,500-1,300+595=22,473 (595 is NMAC acquisition fee)
Rent charge 22,473-16,546=5,927.30 => /24 = 246.97
Int : (22,473+16,546)x.00024=9.36
Lease monthly= 246.97+9.36=256.33
Tax : 256.33x.075=19.22
Total: 256.33+19.22=275.55

Best of luck!

arobincaron--thanks for taking the time. I like your style, doing it by hand. I made a couple of changes to your calcs...let's see what you think
Residual: 34,470x.51=17,579 (changed to the current residual value of 51%)
Cap cost: 30,678-7500-1,300+595+562 (tax on $7500 rebate) +307 (CA license fees)=23,342
Rent charge: 23,342-17,579=5,763 => /24 = 240.13
Int: (23,342+17,579)x.00024=9.82
Lease monthly=240.13+9.82=249.95
Tax: 249.95x.075=18.75
Total: 249.95+18.75=268.70

Going through that exercise helped. And the total is much closer to what I calculated than the $301 + tax my dealer calc'd. Now the question is, why the difference?

Are you negotiating or is this just an offer from the dealer? If it is negotiations, what do they say when you ask to see how they get their numbers? If it is just an offer, why would you expect them to send you all the details? Most people they deal with don't really care to see/hear all the details, all they want to know "How much down and how much a month" end of discussion.

biggsy--I am shopping for prices. Because the dealership won't let me see the numbers, I'm trying to figure out why my calcs come out so different than theirs. When you have the MSRP, agreed upon price, money factor, sales tax rate and downpayment, you have all the info you need to determine cost. When it doesn't add up, I have to ask questions.

I can take other people's lease numbers from the "2013 lease information thread" and get it within a few bucks. I can't get within $40/mo of my dealer's numbers. Trying to determine why.

Thanks for everyone's help. Does anyone disagree with how I modified arobincaron's numbers? I added the tax on the $7500 rebate as well as CA tax and license.