HELP! Lease Confusion

[Chris2121]

Hi Guys - I'm new to the board, but I just picked up a 2010 G37x sedan with Deluxe package. Black/Graphite. This is an absolutely unbelievable car!! I've driven hand-me-down Toyota Camrys or Nissan Altimas my whole life, so this car is a really big step up for me. I'm somewhat versed in the various lease forumlas and terms (money factor, residual, etc.), but I'm reviewing my contract after the fact to compare with others on the internet, and I'm a little confused about some numbers. I would have posted this in a general leasing forum, but I'm hoping that maybe you guys can let me know if I got a decent deal or not, in comparison to what you've experienced.

(*All values USD*) I'm paying $459/mo, 12k, 39 months, no money down, but $1,000 conquest cash since I came off a Nissan lease, and taxes in the payment. Also, I had them roll my last Altima payment ($348.99) into the monthly payments on the new G37.

The actual sticker on the window says $39,260 (this includes the Deluxe package, first aid kit, etc.). However, my contract says the "Agreed Upon price" is $36,878.99, with a Total Capitalized Cost of $39,055. When I look at Section 7 (the "New York State disclosure"), it's showing me:

Capitalized Cost: $39,055
Cap Cost Reduction: -$1,000 (the Conquest Cash)
Adjusted Cap Cost: =$38,055
Residual Value: $23,163

And Section 8 (the "Itemization of Gross Capitalized Cost") is showing me:
Agreed upon value: $36,878.99
Up-front Sales Tax: $1,581.78
Acquisition Fee: $595
Total Gross Cap Cost: $39,055.76.

So my questions are:
1 - How do they figure $1,581.78 in taxes when New York State sales tax is 8.875%. What figure is being taxed? The cap, adjusted cap, or agreed upon price? Still, math doesn't seem right
2 - They were rolling my last lease payment on my Altima of $348.99 into this deal. Since I don't see this $348.99 itemized anywhere on the contract, I'm assuming that it's rolled into "Agreed upon value"?
3 - What is the MSRP? That is still the sticker price of $39,260, right?
4 - Is the residual value calculated as a percent of MSRP, "Agreed upon price", gross capitalized cost, or adjusted capitalized cost?
5 - DO YOU THINK I GOT A GOOD DEAL?

Thanks a lot for your time and trying to wade through these figures. Not only was this my first upper-class brand car, but also my first lease that was completely negotiated/signed by me, and not my father. I'm sure you'll be seeing a lot more of me around here.

Thanks!
-Chris-

[telcoman]

Hi Guys - I'm new to the board, but I just picked up a 2010 G37x sedan with Deluxe package. Black/Graphite. This is an absolutely unbelievable car!! I've driven hand-me-down Toyota Camrys or Nissan Altimas my whole life, so this car is a really big step up for me. I'm somewhat versed in the various lease forumlas and terms (money factor, residual, etc.), but I'm reviewing my contract after the fact to compare with others on the internet, and I'm a little confused about some numbers. I would have posted this in a general leasing forum, but I'm hoping that maybe you guys can let me know if I got a decent deal or not, in comparison to what you've experienced.

(*All values USD*) I'm paying $459/mo, 12k, 39 months, no money down, but $1,000 conquest cash since I came off a Nissan lease, and taxes in the payment. Also, I had them roll my last Altima payment ($348.99) into the monthly payments on the new G37.

The actual sticker on the window says $39,260 (this includes the Deluxe package, first aid kit, etc.). However, my contract says the "Agreed Upon price" is $36,878.99, with a Total Capitalized Cost of $39,055. When I look at Section 7 (the "New York State disclosure"), it's showing me:

Capitalized Cost: $39,055
Cap Cost Reduction: -$1,000 (the Conquest Cash)
Adjusted Cap Cost: =$38,055
Residual Value: $23,163

And Section 8 (the "Itemization of Gross Capitalized Cost") is showing me:
Agreed upon value: $36,878.99
Up-front Sales Tax: $1,581.78
Acquisition Fee: $595
Total Gross Cap Cost: $39,055.76.

So my questions are:
1 - How do they figure $1,581.78 in taxes when New York State sales tax is 8.875%. What figure is being taxed? The cap, adjusted cap, or agreed upon price? Still, math doesn't seem right
2 - They were rolling my last lease payment on my Altima of $348.99 into this deal. Since I don't see this $348.99 itemized anywhere on the contract, I'm assuming that it's rolled into "Agreed upon value"?
3 - What is the MSRP? That is still the sticker price of $39,260, right?
4 - Is the residual value calculated as a percent of MSRP, "Agreed upon price", gross capitalized cost, or adjusted capitalized cost?
5 - DO YOU THINK I GOT A GOOD DEAL?

Thanks a lot for your time and trying to wade through these figures. Not only was this my first upper-class brand car, but also my first lease that was completely negotiated/signed by me, and not my father. I'm sure you'll be seeing a lot more of me around here.

Thanks!
-Chris-

Chris

Welcome to NICO

Sorry I can't help you with the lease calculations as I've never leased. The time to go over those figures was before you signed.
Perhaps you should have taken your father?
There are lease calculators on the web. Do a search in google on leasing a vehicle.
There a many variables in a lease and it is easy for a car salesman to bamboozel an excited kid who wants the car.
What you should have done is attempted an outright purchase and negotiated the MSRP down to no more than $500 over dealer cost.
So if you were able to get them down to 33 or $34k it would have made your calculations and understanding a little clearer. Going in a 1/2 hour before closing and demanding to take the paperwork home to read overnight would have helped you also.
Its a done deal now so why eat your heart out.
Enjoy your new G and chalk this up as a lesson learned.
If you have a gf post her picture

Telcoman

[Chris2121]

Haha...I've got a girlfriend, but I want her cleaned up before I take her pic and post it. Have to get rid of those dealer-installed swirl marks

East Brunswick eh? I'm right over the bridge in Staten Island. Can you recommend any really good detailers in the area?

[g's up ho's down]

Not to make you feel bad, but my MSRP was $41,280 and I negotiated it down to $36,936.

[soul_hfk]

i my car car for 38k MSRP was 44k

[spacy9]

2 - They were rolling my last lease payment on my Altima of $348.99 into this deal. Since I don't see this $348.99 itemized anywhere on the contract, I'm assuming that it's rolled into "Agreed upon value"?

I can't help with a lot of this, but I can give some input on this one. You wouldn't see the $348.99 lease payment anywhere on the contract. What they would have done (and you should have the numbers for this somewhere) is to give you a trade in amount on your Altima. If the amount they gave you was less than the payoff amount on the Altima then that negative equity would have been added into the cost of your lease. For a simple example - they give you $15K for your Altima as a trade but your lease payoff is $20K, they would add that $5K negative equity into the new lease.

Do you know how much your lease payoff was and how much they gave you on your Altima as a trade?