I'm having problems back computing my deal to find the money factor. I think the problem stems from the sales tax, which is 6.5% in MN, but a few counties and cities have local taxes (but not me). So I think maybe he computed the tax using the wrong rate. Here is what he emailed to me:
X1 x28
Quote:
36 months
10k miles/yr
Upfront:
+tax - $1,151
+Acquisition fee - $925
+1st Months payment - $418
+Security Deposit - Waived ($0)
+Titling - $55
+License - $448
+Down Payment: $1,750
Total: $4,747
Payment: $418
MSRP: $35,875
Selling price: $34,975
Residual Value: $21,525
12k miles changes the residual to $21,166 which results in a $428 payment.
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Certainly there is room for improvement on the Selling Price and Acquisition Fee, but I can't figure out the money factor. Here is Minnesota's leased sales tax law (paid up front, not monthly unless you roll it into the lease)
https://dps.mn.gov/divisions/dvs/for...edVehicles.pdf
Help and opinions would be appreciated.
Edit: my tax info was outdated, tax in MN is 6.875%. He also gave the MF: 0.00167, plus there as $75 doc fee I didn't have accounted for.
Despite having all this, I still can't get my calculator apps or Xcel spreadsheet to work out properly. This is highly frustrating.