I am trying to decide between financing the car or going on a 36 month/10k mi per yer lease. I am new to a lease and just started doing re-search today so any help would be greatly appreciated.
Now, if I were to finance the car through my bank, I can get a 5.74% interest rate for up to 84 months w/ $0 down. So at the negotiated price of $48,295 + tax & fees at 5.74% interest for 84 months w/ $2113 for a down payment, I am looking at $737.10 monthly vs the lease at $785.71 monthly (see invoice below). So the finance option is cheaper payment wise, but then again, we are talking a 7yr loan
Now I have a few questions...
The montly lease charge of $228.14 listed on the invoice below is equalivent to a percentage rate of 6.34% correct? ** $228.14 / 36 (term)= 6.34% **
With this in mind, is this lease charge / money factor dependant upon my credit approval and/or negotionable? If so, I can potentially lower my payments... As of today, I have a FICO score of 771 (trans) / 759 (exp) / 761 (equ), but am expecting these scores to jump at the end of the month (once reported) since I just put down a little over $4200 to pay off my Acura RSX-S and will be selling the truck within the next week, having no vehicle payments.
Also, can anyone explain the 1st yr fees (Acquisition Fee?) of $374.75 and the other up front fees (Title, Registration & Other Costs?) of $880 listed on the invoice below? I am a little confused on these and didn't find much info describing.
Here is the car w/ the features agreed upon for the $48,295
08 Alpine White w/ black leather upholstery
205 STEPTRONIC automatic transmission
2XA Paddle Shifters
322 Comfort Access system
4AS Gray Poplar wood trim
609 Navigation system
655 Satellite radio
ZPP Premium Package
ZSP Sport Package