Positive equity at lease end!

[Mr. Hindsight]

Thanks for the replies. I’m guessing it’s the taxes also (which I wasn’t aware of when I posted originally) but I can’t seem to get the numbers she quoted me. My base payment is $382.08 and my taxes are $22.92 for a total of $405.00 monthly.

$29,036.00 residual + $6,480.00 remaining 16 payments= $35,516.00 x .06 % taxes= $2,130.96 + $35,516.00= $37,646.96

$172.12 over what she quoted and still not factoring in a $350.00 purchase option fee.

 

[Eighty]

Does your state have a cap on a portion of the sales tax? IIRC, when I lived in Florida, Sales tax was reduced after the first $5000 of a purchase (the country surtax dropped off). That might explain the discrepancy.

 

[HEMIJAKE]

Thanks for the replies. I’m guessing it’s the taxes also (which I wasn’t aware of when I posted originally) but I can’t seem to get the numbers she quoted me. My base payment is $382.08 and my taxes are $22.92 for a total of $405.00 monthly.

$29,036.00 residual + $6,480.00 remaining 16 payments= $35,516.00 x .06 % taxes= $2,130.96 + $35,516.00= $37,646.96

$172.12 over what she quoted and still not factoring in a $350.00 purchase option fee.

View attachment 98355

I didn't check the math, but it's definitely sales tax (or it would be in Pa, anyway). I bought out my mustang lease a while back when rates were good, and I had to pay sales tax on the remaining payoff. I think it was close to 2k. You are probably aware, but when you lease, you don't pay up the tax up front. You pay it over the life of your payments. So that extra, unpaid tax has to come from somewhere. Pay it upfront, or pay it later, the Government always gets their cut.

 

[PaHydroRam]

I tried a different dealer than my selling dealer when looking into trading my 18 Ram lease. The dealer explained to me the selling dealer has a better payoff on the truck than another dealer. I called CAL Automotive and they confirmed they have higher payoffs for non selling dealers. Went back to my selling dealer. Buy out was cheaper and they offered me more. 38k offer for my 18 1500 Bighorn with 14,300 miles and my buy out for the lease was 25k.

 

[User_3336]

My dealer just paid off the amount of the statement I had. If was less for a dealer payoff, they paid more.
Another dealer I know said it was the same as the customer payoff. Who knows? Wasn't that big of a difference.

 

[User_3336]

Thanks for the replies. I’m guessing it’s the taxes also (which I wasn’t aware of when I posted originally) but I can’t seem to get the numbers she quoted me. My base payment is $382.08 and my taxes are $22.92 for a total of $405.00 monthly.

$29,036.00 residual + $6,480.00 remaining 16 payments= $35,516.00 x .06 % taxes= $2,130.96 + $35,516.00= $37,646.96

$172.12 over what she quoted and still not factoring in a $350.00 purchase option fee.

View attachment 98355

I came up with $154.40 over what was quoted.

Still has something to do with the sales tax.

Your remaining payments were 6113.28 (technically) because you don't calculate the tax YET.
your base payment was 382.08 times 16 payments = 6113.28

Add the residual value of 29036 + buyout fee of 350 = 35499.28 * 6% tax = 37629.23

------------------------

If you did the remaining payments (with tax) 405 * 16 = 6480 + 350 purchase option fee + 29036(30778 taxed)

6480 + 350 + 30778 = 37608

If the option fee is taxed, that would be $371 (another $21 in tax).....Furthermore, the difference between 37629 and 37608, ironically $21.

So, you will NEVER be able to figure out the formula.

BUT, we have agreed, it is something to do with how the TAX is figured.

 

[User_3336]

Does your state have a cap on a portion of the sales tax? IIRC, when I lived in Florida, Sales tax was reduced after the first $5000 of a purchase (the country surtax dropped off). That might explain the discrepancy.

Not applicable here.