Oops, sorry fellas'.... I meant 3.75%. Beer impairs my math skills! Especially these good Northwest microbrews! :-)

 

I am paying $540 and my residual value was exactly as you were quoted (51%). There is a $2,000 difference in the price of the car between yours and mine, but that should translate into a close to $100 extra/month. If you are willing to pay that much, more power to you, and sorry for under estimating you as a true G fanatic.

G35 Coupe. Diamond Graphite, Graphite, Premium and wheel and Tire package. Zaino Baby.

 

<blockquote><font class="small">In reply to:</font><hr>

I went to the dealership today and confirmed everything. They are buying my Jetta for $14,000 (and my Jetta buy-back, which is on a lease, is $17,366). I signed the paperwork and all that crap, so on Monday night, the salesman is going to deliver the car to my house in which I give him my Jetta + $3,366 (Jetta buy-back) + $630 (first month's payment) and I'm good to go! I can't freaking wait !!!!!!!!!!!!!!!

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It's great you're getting a G coupe. I know you'll love it. I hate to dampen your excitement though, but I think you should take a hard look at the math on your lease deal...

Your G35C sticker price is $37,500
Minus $14,000 trade in of Jetta (never mind the buy-back diff - that's a separate deal)
Net price of G35 = $23,500
NJ sales tax (not sure of % but I'll guess 6.5) = $1527
Misc fees = approx $250
Total price = $25,277

Your lease payment of $630/mo, x 39 months = $24,570. So aside from interest, which is very low these days, you're paying only $707 less than the total price of the car, and you have to give it back in 39 months!

Interest at, let's say, 3.75% on $25,277 over a 39 month period is about $1540 by my (rough) calculations, so the total cost (if a 39 month loan were available, which they aren't, but 36 or 48 month ones are) would be $26,817, or $688/mo, after which you would own the car outright. After 39 months it might be reasonable to expect that it would be worth about $17-20K.

So, using this math, you're saving $58 a month in payments vs the hypothetical 39 month financed purchase, or $2622 over the 39 month term, but losing the entire $17-20K in residual value at the end. Even if you estimate the resid value at a more conservative $15K you're still over $12K in the hole with the lease plan, and as much as $17K in the hole with the less conservative numbers. Needless to say, neither of those figures are anywhere near trivial.

I hope someone will correct me if somehow my numbers are way off, but this lease deal sounds like nothing short of a cash cow for Ramsey Infiniti and a really lousy deal for you. You seem like a nice guy MrE, and I hate to rain on your parade, but I just felt I had to try to run the numbers for you. I hope your deal ends up turning out well...

 

BMW3toG35C, I don't think he was trading-in the Jetta. That's what I thought at first, and I was trying to figure out why he was paying such a high rate with the trade-in. I think they are buying his Jetta that's still on a lease. His buy-back on the current lease is 17,336. They are paying him $14,000 for the Jetta, which leaves him 3,366 short. As he said, he is giving them the Jetta + $3,366.
MrElussive, I just thought of something: You might be paying such a high monthly payment because of your credit. I have a perfect credit (knock on wood), and got a very low rate on my lease. So, if your credit is bad, then you might have gotten a high interest rate.

G35 Coupe. Diamond Graphite, Graphite, Premium and wheel and Tire package. Zaino Baby.

 

You should change the thread title to:

"I Am Getting Ripped Off..."

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