miles said:
02 RSX 26,000 miles
Zip 07012
Pay off, not sure what that means if its what the RSX will be worth at the end of the lease is $13,000 thought that was residule tho. Currently paying $282 on a 48 month lease on the RSX
05 TSX 12,000 miles a year, the rest I don't know
I got the deal over the phone so I don't have all the details. Maybe waht I need is a lesson in purchasing a car.
I checked a couple of websites to see the trade in value of your car, and I came up with wildly varying results.
Kelly Blue Book showed $14,575, while
NadaGuides showed $16,375.
I'll use $15,500 for calculation purposes; obviously if you can get them to give you more for your trade, you would need to bring in less.
You obtain the payoff from the leasing company, I'm assuming AHFC? Call them up and they will tell you how much $$ are needed to end the lease. This number is the same if you wanted to sell it to a private party, but in many states you would have to pay tax on it; the dealer wouldn't. Since you don't have it, I'll guess again- I'm going with $17,000 based on your initial term, time left and your payment.
So, you're starting out let's say -$1500 in the hole, which is not that far off from what the dealer quoted; I would just double check what you actually owe and what they're actually giving you for the RSX so you know exactly where you stand with the trade-in; that way, we can work on the TSX with "real numbers" as well.
TSX lease: You'll have to get money factor and residual and selling price in order for this to be accurate, but here's an example of what you might expect to see for a TSX this month.
Money factor = .00190 which is 4.56%
Residual Value = 57%
Invoice = $25,172
I don't know what kind of deals you can get in your area; around CT, you can pretty much pay invoice.
So, a lease would calculate out like this:
Selling price $25200 - Residual Value ($27,560 x57%) $15,709 = $9491 /42 = $225.97 monthly depreciation +
SP + RV = $40,909 x MF .00190 = $77.73 monthly interest
So, your monthly payment would be $303.70 (plus tax if your state charges it)
Then, there's the money that you need to bring in. Generally, the fees look like this:
First month's payment: $303.70
Lease aquisition fee: $550.00
Dealer conveyance fee: $299.00
Registration Fee: $180.00
Depending on your state, there could be tax on some of these as well.
So, $303.70 + tax /$1332.00 + tax due at signing. And $1500 give or take to get rid of your car.
You could roll some or all of that up front money into the new lease to reduce your cash outlay, depending on your credit. And, IMO, you are better off bringing in as little cash as possible on a lease. I fthe vehicle got stolen or totaled early into the lease, gap insurance wouldf pay off whatever insurance didn't cover, but you'd be out any cash you laid out.......
Feel free to ask any question about this................
