Can you guys help me!? I'm suppose to be ordering a 14' Limited 4x4 with 8.4A this week and I'm looking at leasing in Ohio.
I negotiated the following:
MSRP - $39,685
-$3,500 off MSRP (just over 4% off invoice)
= $36,185
$36,185 x 6.5% (tax) = $38,537 OTD
Price - $36,185
Down - $1,000
Tax - 6.5%
Residual - $20,575
MF - 0.00117 (2.80%)
Term - 36m
Monthly - $501.69
Total Cost = $19,060 ($6,353/year)
and
Price - $36,185
Down - $1,000
Tax - 6.5%
Residual - $20,575
MF - 0.0006 (1.44%)
Term - 36m
Monthly - $467.84
Total Cost = $17,842 ($5,947/year)
$33.85 (difference) x 36m = $1,218.60 savings
Now...the first two are generate from the Cars.com website, and don't factor in the mileage (15k/year). So...by dropping the MF from 2.80% to 1.44%, I would be saving $1,218.60 over the course of 36 months. Does this sound ok? Is my math good? What kind of Money Factor are you guys getting? I've seen anywhere from ~0.006 (1.44%) to the standard 0.00117 (2.80%) on Cars.com.
The quote the dealership gave me was:
Dealer Quote:
Price - $36,185
Down - $903
Tax - 6.5%
Residual - ???
MF - ???
Term - 36m
Monthly - $494
Total Cost = $18,784 ($6,261/year)
I have no idea what MF they have on that though...I just want a good idea of what I should negotiate going into the dealership. Also, VERY important, did you guys put any money down? I originally was going to put a down payment on the lease, but I've heard that if you total the car, your essentially completely out of the down payment??? I know there's GAP insurance in the lease, but that does NOT cover the down payment, correct?
Sorry for the length, I just have to make a decision soon and I'm not wanting to get screwed!