| PrestigeAuto |
Had this question for a while but since I found this place I figured you guys would know.
About 4 months ago I leased a 2008 MDX 36 months with nav and body molding/Ski rack no cross bars, 15k a year only thing I paid at signing was:
First payment $589
Acura Bank fee $500
NY Tax up front $1749
plates $124
Doc Fee $45
Now here is the strange part. On my acura lease contract they took the 500 bank fee and used it as money down and put a zero for the acura bank fee. When I signed the paper work I asked the salesman but he said his manger did it but he knew that was how he was able to get my lease at 589 which no dealer at the time would touch. So my point is this Acura bank fee the dealer charges must get be complete b/s correct? I mean how else could he not charge the bank fee. I mean the lease is through Honda. I have no clue though someone might no.
So all and all I paid 589 a month 15k 36 month roof rail/molding/Nav plus tax/plates/doc/bankfee or whatever.
Everyother dealer wanted higher the lowest I found was 615 for this deal. Does this sound fair 589? Keep in mind this was late nov. |
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| JeffK |
I have just looked over my lease:
1) I have a line for Capitalized Cost Reduction (amount paid in Cash)
2) There is no line for a bank fee.
Are you talking about the dealer work sheet or the Acura Luxury Lease?
JeffK |
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| PrestigeAuto |
I am at work now so I don't have lease in front of me but it is a acura lease contract (HFS) and I think its printed bank fee maybe under other and it says 0 and under Capitalized Cost Reduction they put the 500 dollars under there instead.
I will take a look when I get in tonight but I had brought this up to him and he told me it was the way they were able to do it. They some how were able to use the bank fee as money down which I didn't understand how. I mean I am area rep for a major car company and I asked a GM who is my friend at a big place and he told me the bank fee the dealer really gets so they just ate it rather then selling it for 500 dollars less so they do look like they sold the truck for more money. But again this isn't acura who I work for so I was curious. |
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| BillHeart |
On a lease the Bank Fee is charged to the dealer by the leasing company, it's nothing we make money off of.
Generally the way a lease is calculated the Bank Charge is added to the Capitalized Cost (Selling price) which is why the bank fee shows on your contract as down payment.
Example: Negotiated selling price of, say, $20,000 and there's a $500 bank fee. Cap cost becomes $20,500.
Now, if you pay the $500 bank fee upfront it's going to show as down payment.
For what it's worth, the bank fee is actually $595 in New York. |
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| PrestigeAuto |
Thanks Bill now I get it. Yea these 2 guy were trying to tell me thats how they bought the rate down. Your prob rite it was 595 I knew it was 5 something or another. I just though it was true because at the time I really shoped this car on the whole east coast and not 1 would even match the price or really come close so I firgured thats what they did and the saleman gave me that idea.
Thanks |
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