Leasing a Vehicle. If a lessee goes over the allowed number of kilometers he/she is required to pay for each kilometer. Example: a km at 8 each
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1 Leasing a Vehicle A lease agreement is a contract between the lessee and dealer. It includes information about the lease including: The length of the lease Number of kilometers the lessee is allowed per year The monthly and total costs of the lease The residual value of the lease ** When you lease a car you do not pay taxes on the cost of the car. Instead you pay taxes on each monthly payment. If you buy the car at the end of the lease you pay taxes on the residual value of the car. If a lessee goes over the allowed number of kilometers he/she is required to pay for each kilometer. Example: a km at 8 each x 0.08 = $ b at 12 each x 0.12 = $
2 Example #1 Matt plans to lease a new car. His lease agreement allows him to drive km per year. Matt s monthly payment will be $ for four years. a) When leasing a vehicle, there is always some money due upon delivery. Matt has to pay a delivery fee of $ plus the first month s payment. What is the total cost Matt has to pay before he can take the car home? First Month's Payment + Tax $ x 1.15 = $ Total Amount Due on Delivery = 1 st month payment + delivery fee + licence fee $ $ $140 = $ b) If Matt drives more than km per year, he will pay 12 per kilometre. Matt drives km over the four-year lease term. How much does Matt owe when he returns the car to the dealer? Total km Matt is allowed to drive = km x 4 years = km Extra km Matt drove = = 7248 extra km Cost of extra km = 7248 x 0.12 = $869.76
3 c) Since he has gone over his allotted kilometres, Matt decides to buy the car at the end of the lease instead of returning it. This way, he does not have to pay for the extra kilometres. The residual value of the car at the end of the lease term is $ To buy the car, the interest rate is 7%, and Matt takes the loan out for two years. How much will Matt pay in total for this car? Total Residual Value = residual value + tax = $ x 1.15 = $ Monthly loan payment = $ Total amount paid for loan = $ x 24 months = $ Total amount paid for the lease = $ x 47 payments = $ Total amount paid to own the car: upfront cost + lease payments + loan payments $ $ $ = $
4 d) If Matt had bought the car instead of leasing it, he could have had an interest rate of 1.9% over 60 months. Would it have been cheaper to lease-toown or to buy the car? Costs to buy the car are in the table. Total cost of the vehicle + tax = ($ $1395) x $140 = $ Monthly payment for the loan = $ Total in monthly payments = $ x 60 months = $ Total Cost to Lease = $ Total Cost to Buy = $ It was cheaper to buy the car from the beginning.
5 Example #2 Karen wants to lease a new car. Details of the costs are in the table. a) Karen s monthly payment is $ After taxes are calculated, what will be her actual monthly payment? $ x 1.15 = $ b) Karen has to pay a licence fee of $140 (which is non-taxable) plus the first month s payment. How much does Karen owe before she can take the car? $ $140 = $462.83
6 c) Karen leases the car for 36 months. At the end of the lease, Karen decides to buy the car. The interest rate is 5.9%, and she takes the loan out for three years. How much will Karen pay in total for this car? The residual value of the car is $ Residual Value + Tax $ x 1.15 = $ Monthly Payment on the loan $ Total Residual Payment $ x 36 = $ Total Lease Payments $ x 35 payments = $ Total Cost to Own the Car Total Residual Payment + Total Lease Payment + Upfront Cost = $ $ $ = $
7 d) If Karen had bought the car ini3ally, she could have had an interest rate of 1.9% for five years. How much would she have paid in total? Total cost of car = ($ $1390) x = $19916 x = $ = $ Monthly loan payments = $ Total paid on loan = $ x 60 months = $
8 Example #3 Dan plans to lease a Toyota Camry with a sticker price of $ He has a monthly lease fee of $ plus tax for 3 years. At the end of the lease the residual value of the car will be $ a) What will be Dan's total monthly payment with taxes? $ x 1.15 = $ b) Dan must pay the first month's payment, a delivery fee of $ (including taxes) and a licence fee before taking possession of the car. What is the total upfront cost of this car? $ $ = $ c) Calculate the total cost of the monthly payments. $ x 35 = $
9 d) Dan decides to purchase the car at the end of the lease. He will finance the car for 3 years with a 3.9% interest rate. Calculate the total cost to buy this car. Residual Cost + Tax = $13776 x 1.15 = $ Monthly Cost on loan = $ Total in Monthly Payments = $ x 36 months = $ Total Cost to Buy the Car: Upfront Costs + Total Lease + Total Loan $ $ $ = $
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