Is this a good deal?
01-05-13, 08:52 AM
#61
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01-05-13, 01:30 PM
#62
Lexus Fanatic
Well, I feel much better about my lease now. Got a '13 F-Sport with Mark Levinson (Sticker was $60,200+accessory package bringing the total to $60,518). Terms of the deal was true zero down, payments of $596.06/month for 36 months, 15,000 miles a year. Money factor was .0007 and I think selling price was around $53,700. Residual was 57% if I'm not mistaken. Literally picked mine up on Dec. 31, 2012.
I ran these numbers, and the payment comes out to be $595.21...with nothing rolled into the lease and no monthly use taxes. In order for the MSRP to be $60,518, the capitalized cost to be $53,700, the money factor to be .0007, and the residual to be 57% (all those figures are the correct figures, the MF and residual mine was the same) you must have either:
1. Paid the taxes, tags, aquisition fee and dealer fees out of pocket.
2. Had a trade that they undervalued by enough to absorb those costs, giving you the appearance of nothing out of pocket.
3. You had a trade that paid you more than $53,700, in which case you would have owed no sales tax, but we're still missing the $1,000 somewhere, the $700 and the $250.
A lease payment with $0 down based on the numbers you provided here is not possible, I've attached the worksheet.
I looked up the TX rules, it seems you pay sales tax on the full price of the vehicle with a lease like we do in MD. So, we're missing part of the story here.
Texas sales tax is 6.25%, LFS Aquisition fee is $700, and assume $250 for taxes, thats $4,306.25 If we add that into the lease, then it brings the payment to $717.83. I've also attached that worksheet.
Last edited by SW17LS; 01-05-13 at 01:44 PM.
01-05-13, 01:46 PM
#63
Instructor
I'm going to have to throw a challenge flag on this one.
I ran these numbers, and the payment comes out to be $595.21...with nothing rolled into the lease and no monthly use taxes. In order for the MSRP to be $60,518, the capitalized cost to be $53,700, the money factor to be .0007, and the residual to be 57% (all those figures are the correct figures, the MF and residual mine was the same) you must have either:
1. Paid the taxes, tags, aquisition fee and dealer fees out of pocket.
2. Had a trade that they undervalued by enough to absorb those costs, giving you the appearance of nothing out of pocket.
3. You had a trade that paid you more than $53,700, in which case you would have owed no sales tax, but we're still missing the $1,000 somewhere, the $700 and the $250.
A lease payment with $0 down based on the numbers you provided here is not possible, I've attached the worksheet.
I looked up the TX rules, it seems you pay sales tax on the full price of the vehicle with a lease like we do in MD. So, we're missing part of the story here.
Texas sales tax is 6.25%, LFS Aquisition fee is $700, and assume $250 for taxes, thats $4,306.25 If we add that into the lease, then it brings the payment to $717.83. I've also attached that worksheet.
I ran these numbers, and the payment comes out to be $595.21...with nothing rolled into the lease and no monthly use taxes. In order for the MSRP to be $60,518, the capitalized cost to be $53,700, the money factor to be .0007, and the residual to be 57% (all those figures are the correct figures, the MF and residual mine was the same) you must have either:
1. Paid the taxes, tags, aquisition fee and dealer fees out of pocket.
2. Had a trade that they undervalued by enough to absorb those costs, giving you the appearance of nothing out of pocket.
3. You had a trade that paid you more than $53,700, in which case you would have owed no sales tax, but we're still missing the $1,000 somewhere, the $700 and the $250.
A lease payment with $0 down based on the numbers you provided here is not possible, I've attached the worksheet.
I looked up the TX rules, it seems you pay sales tax on the full price of the vehicle with a lease like we do in MD. So, we're missing part of the story here.
Texas sales tax is 6.25%, LFS Aquisition fee is $700, and assume $250 for taxes, thats $4,306.25 If we add that into the lease, then it brings the payment to $717.83. I've also attached that worksheet.
01-05-13, 01:49 PM
#64
Lexus Fanatic
Absolutely.
I don't mean to be a jerk about it to the poster, but people rely on this information to determine whether or not they are getting a good deal. If somebody is going to post numbers...post the whole story. We're missing a big part of the story here...$4,300 worth.
I don't mean to be a jerk about it to the poster, but people rely on this information to determine whether or not they are getting a good deal. If somebody is going to post numbers...post the whole story. We're missing a big part of the story here...$4,300 worth.
01-05-13, 01:55 PM
#65
Instructor
Absolutely.
I don't mean to be a jerk about it to the poster, but people rely on this information to determine whether or not they are getting a good deal. If somebody is going to post numbers...post the whole story. We're missing a big part of the story here...$4,300 worth.
I don't mean to be a jerk about it to the poster, but people rely on this information to determine whether or not they are getting a good deal. If somebody is going to post numbers...post the whole story. We're missing a big part of the story here...$4,300 worth.
01-05-13, 01:58 PM
#66
Lexus Fanatic
As do I...
01-11-13, 02:31 PM
#67
Sorry, I don't log on to the site every day. The sales tax was low because of some tax credit that was offered when I purchased the car. I was prepared to do an "In and Out" on my Lamborghini for tax savings, but when I saw what sales tax was, and the fact they would charge $400 to do it, it didn't make much financial sense. Whether you believe it or not, it doesn't matter to me, as I'm driving the car with zero out of pocket.
Here is a copy of the sheet the dealer provided when I was negotiating the car. I've hidden my deal information as that's personal.
Here is a copy of the sheet the dealer provided when I was negotiating the car. I've hidden my deal information as that's personal.
01-11-13, 02:39 PM
#68
Lexus Fanatic
I responded in your other thread:
Its not about believing you or not, its about having accurate pricing information on the site for members to know what others are paying. The printout you show me right there says "Tax Less Trade? Y" that means you traded a car in and the amount of that value has come off the taxable basis of the car.
If I had only paid $516.50 in taxes my lease would have been not too dissimilar from yours. I'm zero out of pocket too.
Even if it is "some sort of tax rebate thing" thats something unique to Texas, and not something those of us in other places can replicate. Everybody in the 41 states that charge monthly use taxes on leases instead of sales taxes has lower monthly payments too...doesn't mean their deals are better.
You've got to compare apples to apples.
Like I said in the other thread, we're not getting the whole picture.
See where it says "tax less trade", then "Y"? That means you had a trade which defrayed much of your sales tax, took it from $3,630.25 to $516.50. Thats pretty significant when comparing your deal to another deal that is "zero out of pocket". You essentially put that $3,113.75 down...
If I add that $3,113.75 back into the deal it brings the payment to $684.74/ While still good, is hardly as excellent a deal as it would appear here at first glance.
See where it says "tax less trade", then "Y"? That means you had a trade which defrayed much of your sales tax, took it from $3,630.25 to $516.50. Thats pretty significant when comparing your deal to another deal that is "zero out of pocket". You essentially put that $3,113.75 down...
If I add that $3,113.75 back into the deal it brings the payment to $684.74/ While still good, is hardly as excellent a deal as it would appear here at first glance.
If I had only paid $516.50 in taxes my lease would have been not too dissimilar from yours. I'm zero out of pocket too.
Even if it is "some sort of tax rebate thing" thats something unique to Texas, and not something those of us in other places can replicate. Everybody in the 41 states that charge monthly use taxes on leases instead of sales taxes has lower monthly payments too...doesn't mean their deals are better.
You've got to compare apples to apples.
01-11-13, 02:49 PM
#69
I responded in your other thread:
Its not about believing you or not, its about having accurate pricing information on the site for members to know what others are paying. The printout you show me right there says "Tax Less Trade? Y" that means you traded a car in and the amount of that value has come off the taxable basis of the car.
If I had only paid $516.50 in taxes my lease would have been not too dissimilar from yours. I'm zero out of pocket too.
Even if it is "some sort of tax rebate thing" thats something unique to Texas, and not something those of us in other places can replicate. Everybody in the 41 states that charge monthly use taxes on leases instead of sales taxes has lower monthly payments too...doesn't mean their deals are better.
You've got to compare apples to apples.
Its not about believing you or not, its about having accurate pricing information on the site for members to know what others are paying. The printout you show me right there says "Tax Less Trade? Y" that means you traded a car in and the amount of that value has come off the taxable basis of the car.
If I had only paid $516.50 in taxes my lease would have been not too dissimilar from yours. I'm zero out of pocket too.
Even if it is "some sort of tax rebate thing" thats something unique to Texas, and not something those of us in other places can replicate. Everybody in the 41 states that charge monthly use taxes on leases instead of sales taxes has lower monthly payments too...doesn't mean their deals are better.
You've got to compare apples to apples.
LOL, I don't know what to say man. I've showed you the deal I was given, I own the car and am driving it. I didn't trade anything in, as I kept my GS430, and I sold my Lamborghini to a friend of mine. I contemplated doing an "In and Out" to save money, but the dealer said they charged $400 for it, and they were only charging me ~$500 for tax, so it didn't seem worth the hassle.
Unless you are a Lexus dealer that knows all the money available for these cars, I don't see how you think you could know my deal. I was at the dealership last night and asked my sales person if I could get a similar deal for a friend of mine that fell in love with my car. He said it would be almost impossible as the residuals and money factors changed, loyalty went from $1500 to $1000, and the biggest thing was that there were no more TAX CREDITS.
Unless you are a Lexus dealer that knows all the money available for these cars, I don't see how you think you could know my deal. I was at the dealership last night and asked my sales person if I could get a similar deal for a friend of mine that fell in love with my car. He said it would be almost impossible as the residuals and money factors changed, loyalty went from $1500 to $1000, and the biggest thing was that there were no more TAX CREDITS.
01-11-13, 08:39 PM
#70
Lexus Fanatic
Even if you were Jesus Christ himself, the dealer would have to charge you sales tax, unless there were some process going on with the state of Texas, which there obviously was in the form of the "tax credits" you mentioned.
The dealer cannot just waive the sales tax. If they were giving you an additional rebate somewhere they would have charged you the sales tax, then rebated it back to you on that printout. It must have been some sort of tax holiday or something in your area. Good for you that you got to take advantage of that, but the other members who look at your deal need to know the real story, under normal circumstances that deal would be impossible.
The dealer cannot just waive the sales tax. If they were giving you an additional rebate somewhere they would have charged you the sales tax, then rebated it back to you on that printout. It must have been some sort of tax holiday or something in your area. Good for you that you got to take advantage of that, but the other members who look at your deal need to know the real story, under normal circumstances that deal would be impossible.
Last edited by SW17LS; 01-11-13 at 08:49 PM.
01-26-13, 02:46 PM
#72
Lexus Fanatic
HAHA, got me there!
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