Leasing 370z offer

GraphiteZ · 11-09-2011, 12:59 PM

Thay are basically charging you 15% APR

on your lease. You are basically paying more than $4k of interest in 39 months. I've never leased a car before. Is that normal?

somatic · 11-09-2011, 01:09 PM

Quote:

Originally Posted by GraphiteZ

Thay are basically charging you 17% APR

on your lease. You are basically paying more than $4.5k of interest in 39 months. I've never leased a car before. Is that normal?

....where on earthe do you see that?

the Money factor is .00210, there isnt an APR on leases lol

GraphiteZ · 11-09-2011, 01:22 PM

Quote:

Originally Posted by somatic

....where on earthe do you see that?

the Money factor is .00210, there isnt an APR on leases lol

It is actually 15%. I don't quite understand how the money factor work.

Here is how I got my number.
Total cost of the car: 31,151+1,967+699+298 = 34,115
Residual of the car after 39 months = 18,984
That means the total depreciation of the car is 15,131

The deal requires him to pay 496 x 39 = 19,344

That means total interest in this deal is 4,213
With an Excel spreadsheet, that is 15.46% APR

Did I do it correctly?

PasswordJDM · 11-09-2011, 01:40 PM

Quote:

Originally Posted by GraphiteZ

It is actually 15%. I don't quite understand how the money factor work.

Here is how I got my number.
Total cost of the car: 31,151+1,967+699+298 = 34,115
Residual of the car after 39 months = 18,984
That means the total depreciation of the car is 15,131

The deal requires him to pay 496 x 39 = 19,344

That means total interest in this deal is 4,213
With an Excel spreadsheet, that is 15.46% APR

Did I do it correctly?

Interest Rate = Money Factor x 2400

So MF of .00210 = 5.04% Interest Rate

somatic · 11-09-2011, 01:41 PM

Quote:

Originally Posted by PasswordJDM

This is how you calculate what the money factor is equal to in interest rate

Interest Rate = Money Factor x 2400

somatic · 11-09-2011, 01:40 PM

Quote:

Originally Posted by GraphiteZ

It is actually 15%. I don't quite understand how the money factor work.

Here is how I got my number.
Total cost of the car: 31,151+1,967+699+298 = 34,115
Residual of the car after 39 months = 18,984
That means the total depreciation of the car is 15,131

The deal requires him to pay 496 x 39 = 19,344

That means total interest in this deal is 4,213
With an Excel spreadsheet, that is 15.46% APR

Did I do it correctly?

youre not accounting for projected mileage

GraphiteZ · 11-09-2011, 02:00 PM

Quote:

Originally Posted by somatic

youre not accounting for projected mileage

Is that the 12000 miles / year?

somatic · 11-09-2011, 02:16 PM

Quote:

Originally Posted by GraphiteZ

Is that the 12000 miles / year?

should be

GraphiteZ · 11-09-2011, 02:38 PM

Quote:

Originally Posted by somatic

should be

I think the residual value of $18,984 has already accounted for the 36k miles projected miles by the time the lease end. Think about it this way, $18,984 is more like the price for a 3-year-old Z with 36k miles, than a 3-year-old Z with 0 mile.

Money factor is more like a sugar coated number. At the end of the day, he will be paying $4,000 of interest in 39 months. That doesn't look like 5% to me.

11-09-2011, 12:59 PM	#1 (permalink)
GraphiteZ Base Member Join Date: Nov 2010 Location: Northern VA Posts: 96 Drives: 05 Elise and 13 GTI Rep Power: 33	Thay are basically charging you 15% APR on your lease. You are basically paying more than $4k of interest in 39 months. I've never leased a car before. Is that normal? Last edited by GraphiteZ; 11-09-2011 at 01:11 PM.

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