New Jersey GMC Car Dealers

jseinfeld, An acquistion fee is different from a dealer doc fee. The fund provider charges an acquisition fee (ally (GMAC) $795). The dealer charges a negotiable doc fee. In NJ, it should be no more than $275. Do not let the dealer charge you an $850 doc fee as that's outrageous! John

jseinfeld, Actually, I got $413.83 (including tax) which is close to your calculation and is based on the data you provided. I'm assuming no capitalized amounts and no cap reductions and that the $33,937 lease price means the same thing as selling price. NJ computes the tax base as the sum of the taxable payments. Your taxable payment is $386.63 and the sales tax is computed as follows... 0.07 x 39 x 386.63 = $1,055.50 You can pay this upfront or capitalize it. It looks as though the dealer may have capped it which is what I did. Apparently, the dealer must be capping other items as well to the tune of about $2,343. The doc fee is about $250 and Ally Bank's acquistion fee is $795, plus tax is about $240 short of $2,343. The best way to remedy this is to get a copy of their lease worksheet. Also, Ally Bank (GMAC) uses an interest rate and not a money factor. Hence, the 0.3% lease rate. John

Professor, Thank you for your reply. I told them not to include the doc fee or the acquisition fee in the lease amount, but perhaps they have. I will check again. The difference between what I got and they did is $30/month, which comes out to about a $1200 over the life of the lease, so perhaps that is it. The $447 figure I got includes taxes. The cap reduction would lower my lease amount, so that can't be it. I am in NJ, which has a 7% sales tax, and I verified that that is what he was using as well. Here are all the numbers I have: MSRP: 37,490 Lease Price: 33,937 Residual: 51% Money Factor: .3% (which I think is .000125 MF) Lease Term: 39 months NJ Sales Tax: 7% Using all that, I got a monthly price of $412.62. Dealer got $447. Please let me know if that computes. Thank you again.

jseinfeld, Online lease calculators are extraordinarily simplistic and aren't programmed to account for such items as capitalized taxes, capitalized first payment, etc. You haven't provided enough details such as... (1) Amounts capitalized, if any. This could include doc fee, acquisition fee, taxes, negative equity, etc (2) Cap reduction (Cash, Trade equity) (2) Your state- different states compute sales tax differently Lease calculations can be quite complex depending upon how the lease is structured. I suggest you ask the dealer for a copy of their lease worksheet so that you have all the relevant data. The worksheet is a computer generated document that provides detail on how the lease is structured. Every dealer is required to submit their lease worksheet, as well as the lease contract, to the fund provider. So, don't let them act as though they don't know what it is because they most definitely do. I usually don't have any trouble getting them except, on occasion, from Toyota Dealers. If you have accurate data (to the penny- ballpark doesn't cut it) such as sell price, amounts financed, cap reductions, etc, I'll be happy to run the numbers using a program that I created in both Excel and Mathematica which, by the way, is spot on and capable of computing any type of lease regardless of how it is structured. I've actually caught dealers from NJ, NY, and Ohio erroneously computing sales tax as well as lease payments. They don't seem to be inclined to do anything about the flawed software they're using but did agree to compensate my clients. No, I'm not an attorney. I'm a semi-retired mathematics professor and actuary interested in helping people with leases. All the Best, John The AutoLeaseGeek

Signed a lease today for 39 months/12K on an SLT-1 Acadia with sunroof for $1810 down and $499 month. I had been quoted almost identical terms two weeks ago from another dealer but for $2349 down/$499 month (they told me this was as low as they'd go), so was very happy to save the $539 up front. Used Lester Glenn GMC in Toms River, NJ, and the experience was very pleasant and hassle-free. By far it was a better experience than the first dealer I had visited.