tyboulder@hotmail.com

I found a good lease deal, $299/mo and 0 down on a base model 6-spd. What other fees should I expect to pay to acquire the car and what do these typically cost? I don't want to get stuck with some BS "bank fee" or "aquisition fee" that isn't part of the standard proceedure. Can anyone help me? I'd really appreciate it! BTW, I live in LA.

Thanks,
Tyson

Aesculapius

The lease is based on the base model of the 8. The more features you have, the higher the lease.

I checked into a lease with a 6MT GT and the 24month payment was about $350

The initiation fees or whatever you call them are around $900 up front.


Hope that helps

Leadfoot27

Find out whether the dealer is asking for a security deposit and bank fee. Also most leases have a "disposition" or "termination" fee that you pay when you turn the car in at the end of the lease. Those fees are typically around 500.

flatso

don't you also have to pay tax?

Murph

Yep, you pay your state's sales tax rate on each month's payment. So if your state is 6%, a $300 lease payment becomes $318. Some states also charge a "usage" tax (Pennsylvannia does) which is another 3%, so lucky PA residents get to tack 9% on top of their lease payments.

Things that can hike up the lease payments:
- States Taxes
- Options on the car aside from the model that is advertised (as was pointed out above)
- The milage restrictions... most advertisements go with 12k miles per year, but leases can be adjusted to 15k or even 18k if you will be doing more driving... however, as you drive more, the value of the car goes down, so your lease payment goes up.

Things that you can be expected to pay up front:
- "Cap Cost Reduction" i.e.: Download payment - just a dollar amount to reduce the amount of money being finance (leased). This number can be adjust by you, if you want to put more down and have a lower payment.
- Bank Fee/Aquisition Fees - these fees are legit, as long as they are around 500-ish. Just about every lease has them. The only difference is that some dealers "hide" them in the cost of the car, and others list it seperately. Either way, you're gonna pay it, so it's better to know what the amount it.
- Deposit - usually the amount of 1 payment, and it turns into your final payment.
- First payment - with loans you pay at the end of the month, but with a lease, you pay for the upcoming month, so your first payment is almost always due right away. However, once you make your last payment, you still have a month to drive before turning it in.
- The usual motor vehicle and dealer service fees.

Things to expect to pay at the end:
-"Disposition Fee" - usually around 500 bucks (as mentioned above) that pays for the costs of "disposing" of your car at the end of the lease. (cleanup/maintenance/transportation costs). Some leases (the good ones) do not have this fee.
- Early termination Fee - if you sell out of the car early, sometimes there is an extra fee tacked on to the disposition fee.
- Milage fee - dollar amount calculation based on any milage that you went over the allowance. For example, if you lease a 12k miles per year for 3 years, that's 36k miles... you turn it in with 40k miles... that's 4k miles over times 0.15 per mile.... $600
-Excess damage fee - any damage to the car beyond "normal wear and tear". Oh yeah, and don't turn in a car with tires so worn down that they won't pass inspection, or you'll find a bill for four brand new Bridgestones...

Lastly, ask if the lease is a fair market value lease or a fixed buyout. Fix buyout is as it sounds, they set a number today that is what you can buy the car for at the end. On a fair market lease, the buyout price is set at the end of the lease based on what the car is when at that time. Let's says the RX-8 holds it's value better than any expected for some unforseen reason (like - they suddenly stop bringing them here like the RX-7), in a Fix Value lease, you could stand to profit even if you don't keep the car. On a fair market value lease, your buyout would increase with the demand and you wouldn't come out ahead.

Hope this helps.

heh8me

In Illinois, you do not pay sales tax on the amount of the monthly payment. You pay the full sales tax on the cost of the car. That number is amortized over the term of your lease. Be sure to check your state's sales tax laws.