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North Chicago, IL Acura Car Consumer Discussions

Re: Chicago North Shore MDX [kyfdx]
by stevem7 on Wed Sep 14 15:18:00 PDT 2005
You may be correct in that I was making it harder than it needed to be. When I first responded, my main message was total payments were much higher than the difference of cap cost and residual (depreciation). $6,000+ seemed very high and at that amount would calc to a higher MF than the indiv stated. Yes, it is not quite as bad once you see the tax situation in IL. That info was absent in the orig question from the requester. Sorry for the over complicating. I just would never finance or lease without knowing the actual implied interest rate (even if stated in a money factor). The only reason the auto industry uses a money factor in the first place is to hide the actual interest rate (in general interest rates are commonly understood and most folks would have a sense of what is good and bad since the whole world works on one, but wouldn't know how to evaluate a money factor since it is a behinds the scenes financial formula factor). Again, I didn't mean to create confussion for the requester.
Re: Chicago North Shore MDX [drnw04a]
by stevem7 on Tue Sep 13 17:59:12 PDT 2005
I understand leasing and let me tell you MF is nothing more than a fancy interest rate term. I understand that the MF did not equal 7.2%, but the payment didn't equal a MF of .0016 or 3.84% either. It appeared as though they had a higher price or effectively were charging a higher MF/interest rate. I was backing into the effective interest rate based on the residual and capitalize cost because the 3 components did not seem to hang together. No that I understand the IL tax rate, yes I would have calculated a lower effective interest rate. As for amortizing the depreciation, that is not what I said. You are paying interest on the outstanding monthly balance which starts at the capitalized cost during the first month and in the last month is basically one payment less than the residual price. A simple way to estimate (for non-financial folks) is to take the avg of the capitalized cost and the residual, this will give you approximately the avg monthly outstanding balance during your lease term. This is not the exact formula, if you want to do that just pull out a HP12C and punch in the data, it will give you the lease amount. But it is true that in a lease your payments are covering the depreciation and the interest on the outstanding monthly balance. It is that simple. I apologize if I didn't do a good job of placing the explanation into words the first time. I can also tell you anyone paying $900/month on a X5 3.0 is making a sales manager and finance manager a very happy person. They will take home a fat paycheck on payday. You can count on that.
Re: Chicago North Shore MDX [stevem7]
by jmrrj2 on Mon Sep 12 18:35:57 PDT 2005
Thanks for the feedback. I should probably clarify. I live in IL where you must pay all of the tax up front-which is then rolled into the 36 months. So, my tax rate of 6.5% is included in that rate. Does that change your opinion of the deal? I went to another dealer tonight who let me walk when I was trying to get only $10/less per month.

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