Check a lease
lease_checkRead-onlyIdempotent
Works a lease quote from MSRP, selling price, residual and money factor (or the lease's APR): the depreciation and rent charges, the payment with tax (and a state lease tax on top where there is one, such as Pennsylvania's 3%; Alabama's 1.5% and West Virginia's 5% lease-payment rates in place of their sales rates; in states that tax a lease once at the start, such as Texas and Ohio, the payment carries no tax and the result says so), the money factor as an APR, and the total cost. With a loan APR and term, it also compares leasing with buying the same car over the lease's months (on a labelled depreciation assumption).
Input Schema
| Name | Required | Description | Default |
|---|---|---|---|
| city | No | City or county in the state's rate table (23 states; state_rules says which), like Pittsburgh or Allegheny County: sets the combined rate from the state's own rate file. Where a city is in several counties (Chicago, Milwaukee), give county too. A place name only, never an address or ZIP | |
| fees | No | Acquisition and other fees rolled into the lease | |
| msrp | Yes | MSRP (sticker price) | |
| state | Yes | Two-letter state code (DC included), like PA | |
| county | No | County from the state's list (Pennsylvania, Nevada, Wisconsin; state_rules lists them), like Allegheny County: sets the combined rate. A county name only, never an address or ZIP | |
| buy_apr | No | A loan APR, to compare with buying | |
| doc_fee | No | Doc fee when buying, for the estimated out-the-door; leave out to assume the state's cap, or a typical $450 where there is none | |
| buy_down | No | Down payment when buying | |
| tax_rate | No | Combined sales tax rate as a decimal (state and local); leave out to use the state's rate. A state lease tax (Pennsylvania's 3%) is added on top either way; Alabama's and West Virginia's own lease-payment rates replace their state sales rate; where the state taxes a lease once at the start (Texas, Ohio), this is that tax's rate and the payments carry none | |
| lease_apr | No | The lease's rate as an APR, instead of the money factor | |
| term_months | Yes | Lease term in months | |
| money_factor | No | Money factor, e.g. 0.0025 | |
| selling_price | Yes | The negotiated price the lease is built on | |
| due_at_signing | No | Cash down, lease rebates and trade equity that lower the price | |
| buy_term_months | No | Loan term, to compare with buying | |
| disposition_fee | No | Turn-in fee at the end | |
| buy_out_the_door | No | Out-the-door price when buying; leave out to estimate it | |
| residual_percent | Yes | Residual as a percent of MSRP (58 for 58%) |