@Anonymous wrote:
I've never leased before and though I've done a lot of research here (great info) and elsewhere I'm not entirely sure if this is a good lease structure or not. Let me know if more info is needed but any insight would be greatly appreciated.
36 month / 12k miles per year and .001 money rate
Capitalized cost: 59,000
Bank Fee: 695
Cap Reduction: 1913
Net Cap: 57,873
Residual: 33,080
Base Payment: 779
Monthly Sales Tax: 58
Monthly Payment: 838
Total drive off costs would be 3500 ($1900 cap reduction) which includes:
$1913 cap reduction
$150 tax on credit
$518 license fees
$838 advance payments
$80 other fee
The money facor calculates to 2.4% interest which is decent. Without knowing the car it is hard to say if the residual makes sense but it looks about right, of course you want the residual to be as high as possible to reduce your payment so it is always good to fact check that to be safe. I am not a fan of cap reduction payments because if the car is lost due to theft or totaled you lose that totally. Depending on the manufactuer some have the ability to have security deposits that are refunable that have the same effect in reduceing the payment but are insured so if the car is lost you get your money back. BMW does this so if you are leasing a BMW consider that option, they call it MSD. As a first time leaser just make sure you know what the manufactuer charges for any damage, BMW makes the process very transparent they even provide a template to measure dings or chips and determines if they will result in a charge. Also know what your mileage use is going to be and what the charges are to go over. Other than that it looks like a decent offer overall. Might check a forum for the type car you are leasing to verify what others are getting.
Best of luck
