Great forum! Questions about how to lease without getting the worst of it. (my butt permanently red from years and years of buying/leasing cars
My trade in: (purchased)
2010 CTS Sedan, Performance, Crystal Red, Nav, Ultraroof, 18" polished wheels.
Excellent condition w/ approx 33K miles. Current payoff (ally) $19,888.30 Dealer trade-in value $24,000
It's my wifes birthday and also our anniversary, so I want to get her a new Coupe.
2013 Coupe, Premium, White, tan/wood interior., sunroof. ... MSRP $50,740
(On a purchase), Dealer says ...... sticker $50740 less $2386 discount to invoice, $2000 rebate from Cadillac, Trade value of 2010 CTS $24000,
Payoff is $19888.50.
This ends up at $42242.50 plus 6% sales tax and fees of $1731.46 (you pay 1% additional in Indiana plus excise tax)
Total amount financed $43973.90. 72 Months @2.9% (ally rate subsidized by Cadillac) Monthly payment is $673.00/month.
Well, needless to say, purchasing is out of the question. So, could someone possible help me figure out (or guess) the residual and moneyrate?
for a 36 mo lease 15K per year.
I'm 66 and have excellent credit score (high 700's)
In the above case, would the cap cost be $50,740 less dealer discount ($2386) less GM rebate ($2K) = $46,354 ??
and where do I apply the down payment of approx $4100? to the cap cost? if so, then cap cost is $42,242.30
Residual? is it about 55% nowadays? if so then ... well, now I'm getting lost as I dont know whether to figure residual against cap cost, or cap cost with down payment (trade-in) I'll use cap cost with no down payment. .. $46,354 x .55 = $25,494.70
Remainder is $20,859.30 (less $4100 trade-in ) = 16,759.30 / 36 months = $465 /mo plus tax (7%) = $498
AND.... I haven't even figured in the Money Factor !!! Yet if I go to the Cadillac.com site and firgure a lease on the same car ... they calculate $429 / mo for 36 months???????????
Needless to say, any help with this is greatly appreciated!!!!