2014 Rex Lease Deal

[i7iceguy]

Hi All,

First I like to say when I initially saw the i3 on the road, I said "Look at that funny looking car". After seeing it more and more on the road, I have aggressively grown to appreciate the curves and color combos of this car. This week, I started researching heavily on the car and I wanted to get everyone's insight on this lease deal I received. Thank you for your time!

2014 Rex MSRP: 52,000.00
Selling Price: 43,600.00

Term 24
Base Payment 409.57
Total Payment 446.43
Purchase Option 32,760.00
MSRP 52,000.00
Est. Miles Per Year 10,0000

Acquisition Fee 795.00
Fees & Insurance 501.00
Upfront Taxes 382.50
Total Inception Fees 2,124.93
Rebate as Cap Reduction 3,375.07
Total Drive Off 5,500.00
How Inception Fees are Paid
Rebate as Drive Off 2,124.93
Total Credits 2,124.93
Remaining Due (Still Owed) 0.00
Total Cash Required on Delivery 0.00

 

[PDXelectric]

While I am confused with some of your rebates, credits, inception, base/total payment; I understand it is a 0 cash down lease with a total payment of $446. I think it is a good deal for a well optioned REX!

 

[i7iceguy]

That is correct. 0 Down at 446 a month for 24 months on a 52k MSRP car.

 

[i7iceguy]

Just to update - I picked one up over the weekend at $0 down and $420 after taxes for a 24 month - 10k m lease.

Loving the car!

 

[nodomo]

Nice! And congrats. You'll love the i3.

 

[barrychan]

What part of the country are you in?

That's a great deal!!

Is 24 months lease a lot less than a 48 months lease?

Is it interest free?

 

[rich]

This forum is just so awesome. Thanks all for contributing. We're about to buy an i3, but the lease terms are just confusing us so I went through your numbers and maybe someone can help me understand what is going on:

Car MSRP $52000
Discount $8400
Sale price $43,600

Lease term 24
Max mileage 10,000/year

It looks like your first payment was:
Acquisition fee $795
Fees & Insurance $501 (I'm confused btw on what insurance you have to buy, why are you paying them for insurance)
Upfront tax $382.50 (Is this because leases include tax in their payments?)
First monthly payment $446.43
Initial payment is the total of the above $2,124.93

However since you get a $5500 credit then you don't have to put anything down

And it seems as if you have $3375.07 which you can apply to lower the lease required

That seems pretty straightforward. Now here is where I get confused:

1. Lease amount: You didn't have this in your little sheet, but by my math that should be $43,600-$3375.07 = 40,224.93
2. Lease payment base: $409 (What does this mean exactly) and what is included in the 446.43 monthly
3. Lease APR. I don't think you posted this, so how much interest were you paying
4. So it looks like your total payments will be $409x24=$10,714.32 for the base, but I don't know how much to dedect for interest
5. I'm assuming that there is little final payment required but what was in your deal.

Finally I was confused by the Purchase Option $32,760.00 means, is that the estimate for actually buying the car at the end. Its confusing because $43K-$11K is more like $29K rather than $33,760.

 

[i7iceguy]

I will try to answer your questions the best I can.

1. Lease amount: You didn't have this in your little sheet, but by my math that should be $43,600-$3375.07 = 40,224.93
A: This is correct
2. Lease payment base: $409 (What does this mean exactly) and what is included in the 446.43 monthly
A: This is the base before taxes are added. 446 is including tax - they used Los Angeles county tax rates to calculate that amount. MY final base price was actually 391.77 + 31.34(taxes) = 423.11
3. Lease APR. I don't think you posted this, so how much interest were you paying
A: I actually do not know the Lease APR
4. So it looks like your total payments will be $409x24=$10,714.32 for the base, but I don't know how much to deduct for interest
A: Not sure about this.
5. I'm assuming that there is little final payment required but what was in your deal.
A: There was no money from my end at all.

Essentially, there was a $5,500 rebate that was used to pay off the "Inception Fees" which include registratoin, license, acquisition, sales tax, document proc fee, california tire fee. The rest were used as Cap cost reduction to lower the monthly lease amount.

If anyone is in Socal - PM me for the dealership and sales person.

This forum is just so awesome. Thanks all for contributing. We're about to buy an i3, but the lease terms are just confusing us so I went through your numbers and maybe someone can help me understand what is going on:

Car MSRP $52000
Discount $8400
Sale price $43,600

Lease term 24
Max mileage 10,000/year

It looks like your first payment was:
Acquisition fee $795
Fees & Insurance $501 (I'm confused btw on what insurance you have to buy, why are you paying them for insurance)
Upfront tax $382.50 (Is this because leases include tax in their payments?)
First monthly payment $446.43
Initial payment is the total of the above $2,124.93

However since you get a $5500 credit then you don't have to put anything down

And it seems as if you have $3375.07 which you can apply to lower the lease required

That seems pretty straightforward. Now here is where I get confused:

1. Lease amount: You didn't have this in your little sheet, but by my math that should be $43,600-$3375.07 = 40,224.93
2. Lease payment base: $409 (What does this mean exactly) and what is included in the 446.43 monthly
3. Lease APR. I don't think you posted this, so how much interest were you paying
4. So it looks like your total payments will be $409x24=$10,714.32 for the base, but I don't know how much to dedect for interest
5. I'm assuming that there is little final payment required but what was in your deal.

Finally I was confused by the Purchase Option $32,760.00 means, is that the estimate for actually buying the car at the end. Its confusing because $43K-$11K is more like $29K rather than $33,760.

 

[nodomo]

For #3, dealers use money factor to calculate the interest rate. The lowest rate for excellent credit buyer is .00125. To calculate the interest rate, multiple the MF by 2400. In this case, .00125 x 2400 = 3%. Most dealers will initially offer MF of .00175 which is about 4.2%. The MF is negotiable and can make a difference of $20-50/month on monthly payments.