phantom10
New Member
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- #1
I am having some trouble understanding how this dealer came up with my lease payments and hoping I can get some help from more knowledgable people.
I placed a 1000$ deposit on Touring a couple months ago to have this dealer order the car in the color I wanted and we negotiated an OTD price of 26.5k. I know it's not the best offer but I was happy with this price. I am supposed to pick up the car in the next few days. I originally was going to purchase the car but things changed and now I want to lease. The dealer gave me the following lease terms:
Selling price 25,250
Doc fee 596
Acquisition fee 595
License fee 40.75
Cap fee 64.75
Cap taxes 1134 (Virginia)
Gross cap cost 26,505
Deposit 1000
Amount applied upfront 712
Total cap reduction 287
Net cap cost 27,352
Residual value 15,580 (.57)
Money factor 0.00083
Security deposit 350
Advanced payment 362
Base monthly payment 362.64
36 months
I don't understand how they came up with the net cap cost. They said they added the deposit to the gross cap cost to get the net. Shouldn't it be gross minus deposit equals net??
The monthly payment (362) also seems awfully high. I would expect it to be closer to 300.
Unfortunately I can't just walk away right now. They initially told me he deposit is refundable if I change my mind but now they're saying it's not. I've already called my bank to possibly dispute this if we can't work out a deal. I will also be calling Honda corporate.
Any advice would be greatly appreciated. Thank you all.
I placed a 1000$ deposit on Touring a couple months ago to have this dealer order the car in the color I wanted and we negotiated an OTD price of 26.5k. I know it's not the best offer but I was happy with this price. I am supposed to pick up the car in the next few days. I originally was going to purchase the car but things changed and now I want to lease. The dealer gave me the following lease terms:
Selling price 25,250
Doc fee 596
Acquisition fee 595
License fee 40.75
Cap fee 64.75
Cap taxes 1134 (Virginia)
Gross cap cost 26,505
Deposit 1000
Amount applied upfront 712
Total cap reduction 287
Net cap cost 27,352
Residual value 15,580 (.57)
Money factor 0.00083
Security deposit 350
Advanced payment 362
Base monthly payment 362.64
36 months
I don't understand how they came up with the net cap cost. They said they added the deposit to the gross cap cost to get the net. Shouldn't it be gross minus deposit equals net??
The monthly payment (362) also seems awfully high. I would expect it to be closer to 300.
Unfortunately I can't just walk away right now. They initially told me he deposit is refundable if I change my mind but now they're saying it's not. I've already called my bank to possibly dispute this if we can't work out a deal. I will also be calling Honda corporate.
Any advice would be greatly appreciated. Thank you all.
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