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On a lease, you start with the selling price of the car. You don't start with the monthly payment or the downpayment. That is the key. You negotiate that with the dealer no matter what the deal is. I ended up with a much better deal than the advertised deals (I think anyway). It may be MSRP or it may be $500 over invoice. One dealer quoted me 40595 for a car (40k for the car plus 595 acquisition fee). But watch out because I was also paying the acquisition fee in cash at closing. He really just raised the car price or else he didn't know what he was doing which was not possible-trust me.
Once you have the selling price you deduct what ever incentives there are (in my case 3000 Arc vert lease incentive for '04 now gone). Take that number to cars .com. There is a link for calculating monthly payments on that screen there is a lease v. buy calulator. Plug in the selling price after the incentives and the actual downpayment. Then you need the residual. For my car, 12k a year it was .49. For 15k a year it was .48. You multiply that number times the MSRP. Put in that number. Then you need the money factor. For me it was .00038. It may be different for you but your dealer would know. If you multiply the money factor by 2400 you get the interest rate you are paying. For me it was about.91%. Put in sales tax and you have a payment. But at signing you will need cash: your $1000 plus 595 acquisition fee plus licensing fees.
Saab financial will fix the percent of MSRP that determines the residual value and the money factor. You can't negotiate that. You can choose how much to put down. Less is better but I put down more for personal reasons. All you can really do is negoatiate the price and then look at the numbers to make sure you are getting treated right. Ask what the money factor is and what the residual percentage is.
Negotiate the price. Negotiate the price. Negotiate the price. Can't say it enough.
Pat
'91 9000 CD
'99 9-3
'04' Vert (stuck behind a snow storm).
posted by 63.226.19...
, Tue, 4 Jan 2005 14:40:18, Tue, 4 Jan 2005 17:02:08, Tue, 4 Jan 2005 16:54:39, Tue, 4 Jan 2005 16:57:53, Tue, 4 Jan 2005 17:00:25
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