I got a leased car yesterday, but something is not right, help!

A

adamjohnson

New Member
#1
#1
Got a 2016 Carolla LE got the price down to 16,661($18,500MSRP), put 6,000 down. Interest was quoted at 18% (wife is new to the country, no credit.) $1100 in sales tax, $299 doc fee, $299 for window tint.

It should be roughly a $170 over 36 months, with $12,000 left.

Signed for $257 a month for 36 month, with $12,000 left.

Something doesn't add up, either he changed the price of the car in the lease, or gave a higher interest rate, or pocketed some of the down payment. I cant say for sure which yet, I dont have a copy of the lease because they needed a paystub and proof of residency before finalizing it.

I am going back in today to see what went wrong, but I have already signed the initial agreements. Any advice on what I should say or do?

Tags: toyota yaris 2017, hyundai hd700 dong vang, toyota vios 2017
 
echarleswhyte

echarleswhyte

New Member
#3
#3
adamjohnson said:
Got a 2016 Carolla LE got the price down to 16,661($18,500MSRP), put 6,000 down. Interest was quoted at 18% (wife is new to the country, no credit.) $1100 in sales tax, $299 doc fee, $299 for window tint.

It should be roughly a $170 over 36 months, with $12,000 left.

Signed for $257 a month for 36 month, with $12,000 left.

Something doesn't add up, either he changed the price of the car in the lease, or gave a higher interest rate, or pocketed some of the down payment. I cant say for sure which yet, I dont have a copy of the lease because they needed a paystub and proof of residency before finalizing it.

I am going back in today to see what went wrong, but I have already signed the initial agreements. Any advice on what I should say or do?

Tags: toyota yaris 2017, hyundai hd700 dong vang, toyota vios 2017
Click to expand...
If it is signed then it is a bound contract. Check the details. Check to see if there was any "optional insurance" added or extra warranty added. To be fair just punching in the numbers in a calculator will not properly calculate payments. Also, there are taxes to bear in mind. Usually the price quoted is NOT the out the door price. Just my experience.
 
D

David Peters

New Member
#4
#4
On average, the out of pocket cost on a lease or buy is 10 to 15 dollars a day for 5 years. In your case, you were not informed of what is known in the world of leasing, as a "cap cost reduction". It is also known as a down payment. Take the difference between your "$ 170" figure, and your actual monthly payment. Multiply by 36, then double it. Now add the sales tax on the vehicle's sticker. It should approach the $ 6K you put down. So in other words, the seller pocketed at least half of your down payment. I know it hurts to write that check every month, but don't think of it that way. Think about having one of the most economical to operate and reliable cars ever built, knowing it will return your beloved wife home safely to you every day. Making the payment on time every month will build credit score, and make buying your next vehicle easier. What most people who lease don't realize, is that you must always pay the sales tax on the vehicles full price as part of the down payment. Enjoy the car, they're awesome.
 
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