FutureStarr

Calculate Good Lease Deal

# Calculate Good Lease Deal

Planning on buying a car or truck? It’s easier than you think.

### Lease

via GIPHY

In the example above, we take the advertised down payment (\$2,399), subtract the first-month's payment (-\$199), then add the acquisition fee (\$595), which totals a real down payment of \$2,795. We then divide this by the term of the lease (36 months), which calculates out to \$77.64. This figure is the "hidden" cost of this lease deal, which we need to add to the advertised monthly payment of \$199/month. So, the "real" monthly lease payment is equivalent to (\$199 + \$77.64) = \$277 per month (I rounded up). The good news is that you can usually beat most advertised Lease Deals when you start shopping around. For the example I used on the 2017 Hyundai Sonata, you may be able to get that deal down to the 110 range simply by shopping around (the advertised lease rates assume a minimal discount from the dealer, but a lot of dealers will go way below this, you just need to shop around, I recommend you get quotes from TrueCar and Edmunds to quickly see some good deal.

I get a lot of people asking me to review their lease deal or check to make sure they're getting the formula right. Unfortunately, I'm finding I don't have the time to answer each one, so I created this simple calculator. Just enter the MSRP, monthly payment, down payment (if any), and acquisition fee to come up with the lease score. Make sure taxes and other dealer fees such as doc fee, registration, etc ARE NOT INCLUDED! (Source: www.realcartips.com)

### Fee

via GIPHY

Auto leases enable people to drive new cars for a short term while under warranty, and without the financial burden associated with new car purchases. However, it generally costs more to lease a new car for a specific time period than it does to own it (assuming the cost of ownership is prorated over its expected life). Leasing used cars is possible, but not as prevalent. There are many factors to consider in an auto lease, such as the initial down payment, the amount of the monthly payment, the term of the lease, and the average accumulated miles in a year. One characteristic that is unique to car leasing is something called the money factor, which is an alternative method of presenting the amount of interest charged on a lease with monthly payments. Money factor, sometimes called "lease factor" or "lease fee," can be translated into the more common annual percentage rate (APR) by multiplying it by 2,400.

Transfer the lease—A car lease swap involves the legal transfer of a leased vehicle from an initial lessee to a new lessee. The new lessee takes over the lease on the same terms as the original, which includes making the same monthly payment for the remaining duration. However, there are typical administration fees for transferring leases, which can amount to several hundred dollars. There are specialist lease swap websites available to get the process started. They are helpful not only in that they can match up buyers and sellers of leases, but are transparent about the administrative costs. Make sure this is permitted within the terms of the lease agreement, and that it is legal in the respective U.S. state. (Source: www.calculator.net)

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