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Lease offer in Florida - Good or bad?

2257 Views 13 Replies 8 Participants Last post by skandlerdc, Oct 13, 2021

mfmangan

Discussion Starter · Apr 30, 2021

Hello everyone, my moonstone gray ID.4 Pro just arrived at my local dealership. Here are the terms I've been offered for a lease. They seem high to me but I feel I have basically no leverage because they know I want the car (I ordered it last September) and I just can't go to another dealer.

With a 3,500 down payment...

10k miles, 39 months, $475/mo
12k miles, 39 months, $486/mo

I've asked what MF they're using to quote me and the only response I've gotten is "Tier 1 which is the top tier and best money factor" but they haven't told me the exact number. Everything I've read here suggests .00143 should be the target as my wife and I both have excellent credit and are well qualified. Am I off base in thinking this is too high?

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TT97

· #2 · Apr 30, 2021

It's hard to say without additional info. Few questions:

Does the down payment include the $500 you previously paid to reserve the car
Are you paying other fees at signing in addition to the downpayment (taxes, registration, dealer prep, etc.)?
- Did they itemize the other fees?
Does the quotes include sales tax? What is the sales tax percentage?
Is your MSRP $41,190, ($39,995 + $1,195 for destination)? Are you getting other options?

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mfmangan

Discussion Starter · #3 · Apr 30, 2021

TT97 said:
It's hard to say without additional info. Few questions:

Does the down payment include the $500 you previously paid to reserve the car

Are you paying other fees at signing in addition to the downpayment (taxes, registration, dealer prep, etc.)?

Did they itemize the other fees?

Does the quotes include sales tax? What is the sales tax percentage?

Is your MSRP $41,190, ($39,995 + $1,195 for destination)? Are you getting other options?

I'm new to the lease process, you'll have to forgive me. Yes, the $3,500 includes the $500 I've already put in. I did not select any additional options.

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TT97

· #4 · Apr 30, 2021

mfmangan said:
I'm new to the lease process, you'll have to forgive me. Yes, the $3,500 includes the $500 I've already put in. I did not select any additional options.

View attachment 3126

The residual seems in line (48%/46%/41% for the three options). The MF is a little high - it looks like it's roughly .0026 for 36/39 mo. and .0030 for 48 mo. (assuming the rates do not include sales tax). The Doc fees look high but don't know typical fees for Florida (fees are capped by law in CA).

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mfmangan

Discussion Starter · #5 · Apr 30, 2021

TT97 said:
The residual seems in line (48%/46%/41% for the three options). The MF is a little high - it looks like it's roughly .0026 for 36/39 mo. and .0030 for 48 mo. (assuming the rates do not include sales tax). The Doc fees look high but don't know typical fees for Florida (fees are capped by law in CA).

I appreciate your insight. Thank you!

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BradPat

· #6 · Apr 30, 2021

mfmangan said:
I'm new to the lease process, you'll have to forgive me. Yes, the $3,500 includes the $500 I've already put in. I did not select any additional options.

View attachment 3126

I was quoted an acquisition fee of $699 as part of leasing in Florida. I don’t see this in your quote. Can anyone provide insight on this? They don’t include this fee on an outright purchase

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SunWizard

· #7 · Apr 30, 2021

The non-tax fees of $950 looks a little high, I would ask what is included there. Doc fee also seems higher than most at $797.50. your sales tax in FL is high at 7-7.5% (not included.) Everything else looks standard.

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SunWizard

· #8 · Apr 30, 2021

BradPat said:
I was quoted an acquisition fee of $699 as part of leasing in Florida. I don’t see this in your quote. Can anyone provide insight on this? They don’t include this fee on an outright purchase

VW Credit acquisition fee is $699 for everyone, its probably buried on one of the other Fee lines on his quote.

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WhiskeyJava

· #9 · Apr 30, 2021

Use lease hacker to figure the deal out (CALCULATOR | LEASEHACKR). Start with negotiating the out the door price first. You lost some ground by asking about leasing first. Just tell them you're thinking of buying it too. See if you can get pre-approved from your bank with a low apr. Then go in there with that and negotiate everything down. Look through the forum there is a lot of good info about negotiating with the dealership.

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EVRunner

· #10 · Oct 3, 2021

Hey @mfmangan. I'm a fellow Florida resident preparing to receive my ID.4 Pro (Also Moonstone Gray, I see we both have great taste

). It'll be my first time leasing a vehicle too, so I was wondering what your final values came down to. Would you mind sharing them?

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BradPat

· #11 · Oct 3, 2021

EVRunner said:
Hey @mfmangan. I'm a fellow Florida resident preparing to receive my ID.4 Pro (Also Moonstone Gray, I see we both have great taste ). It'll be my first time leasing a vehicle too, so I was wondering what your final values came down to. Would you mind sharing them?

I leased mine with nothing down no money out the door. Monthly payment is on the high side but remember if you unfortunately total your car for any reason, your down payment is lost. You would have to lease a new car with another down payment. Gap insurance only protects the dealer on a lease. I took the five K that I was going to put on the car and invested in the stock market. That worked for me!

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fireboy92k

· #12 · Oct 3, 2021 (Edited)

mfmangan said:
I'm new to the lease process, you'll have to forgive me. Yes, the $3,500 includes the $500 I've already put in. I did not select any additional options.

View attachment 3126

Wow, I made a big comment on a 5month old thread. Duh.

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fireboy92k

· #13 · Oct 3, 2021

BradPat said:
I leased mine with nothing down no money out the door. Monthly payment is on the high side but remember if you unfortunately total your car for any reason, your down payment is lost. You would have to lease a new car with another down payment. Gap insurance only protects the dealer on a lease. I took the five K that I was going to put on the car and invested in the stock market. That worked for me!

Yep, or at least if you are going to put anything down don't do more than the 'fees' if you can stomach the higher prices. (i.e. keep the lease to no less than the actual cost of the car)

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skandlerdc

· #14 · Oct 13, 2021

mfmangan said:
I appreciate your insight. Thank you!

.0030 is over 7% … that is bananas! We should not be paying over 4.5%(.00188) … and that is still high

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