Lease Form

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					                     Lease Worksheet based on Federal Consumer Leasing Act (Regulation M)
                                                           Jeff Ostroff Version 1.4 Last Update 7/1/2002
                        Click "INSTRUCTIONS" tab at the bottom.                         For illustrative purposes only, no guarantees of any kind.
                            This spreadsheet is from the free Consumer Advocate site CarBuyingTips.Com TM
                                                              http://www.carbuyingtips.com (For Buying Cars)
                                                        http://www.carbuyingtips.com/lease.htm (For Leasing Cars)

                                         Read our Articles on Extended Warranties and Financing:
                                    Car financing tips and buying extended warranties, pitfalls, shopping tips, avoiding scams.
                                                                 http://www.carbuyingtips.com/warranty.htm
                                                                  http://www.carbuyingtips.com/finance.htm
                                                                                                        Negotiated Selling Price of Vehicle:                           $0.00
                                                                                                                       Dealer Acquisition Fee:                         $0.00
Enter the Money Factor here:               Enter # of Months in the Lease:        Tax Rate:      Outstanding prior lease/loan amounts:                                 $0.00
                     0.003333                         36                           0.00%         Other:……………………………………                                                  $0.00

Equivalent APR:         8.00%                                          Gross Capitalized Cost                    $0.00
                      FEDERAL CONSUMER LEASING ACT DISCLOSURES (Bottom Line Information Required By Law)
                                  Your First Monthly Payment of: $0.00   Other Charges (not part of your Total of Payments:
   Amount Due At Lease Signing           Is due                , followed by the remaining         monthly payment). Some leasing         (The amount you will pay by
                                                      35        payments of :       $0.00        agents charge a disposition fee if you lease end if you do not choose
(Your total from yellow section below)   due on                of each month.                       don't buy the car at lease end.           to buy the vehicle)
                                                                                                         Disposition Fee:                   $0.00                     $0.00
                $0.00                    Total of all monthly payments is:          $0.00         New Tires/Excess wear:                    $0.00          Total Spent on lease if
                                                                                                    Purchase Option Fee:                    $0.00          you buy vehicle at end.
                                                                                                             Other Fees:                    $0.00             Tax not included.
                                                                                  TOTAL:     $0.00          $0.00
                                ITEMIZATION OF AMOUNT DUE AT LEASE SIGNING
     Amount Due At Lease Signing (Itemized expenses for closing a lease) How The Amount Due at Lease Signing will be paid
Capitalized Cost Reduction (Your cash down)                                              $0.00 Credit For Net Trade-In Allowance
    Sales Tax on capitalized cost reduction                                  +                          Make_________________
                                                                                         $0.00 Year______                                                              $0.00
Capitalized Cost Reduction (Credit For Net Trade-In Allowance)               +           $0.00   Rebates:                                             +                $0.00
    Sales/Use Tax on Credit for Net Trade-In Allowance                       +           $0.00 Noncash Credits:                                       +                $0.00
Advance First Monthly Payment (paid up front)                                +           $0.00 Amount Paid By:                                        +                $0.00
Refundable Security Deposit (paid up front)                                  +           $0.00 Amount to be Paid in Cash:                             +                $0.00
Initial Title Fees                                                           +           $0.00
Initial Registration Fees                                                    +           $0.00   TOTAL:                                                                $0.00
Other:                                                                       +           $0.00   This section tells you how the total amount calculated in the yellow section to the left will
                                                                                                 be paid. It may be in cash, Trade-In value, rebates, credits, or other forms. Whatever
Other:                                                                       +           $0.00
                                                                                                 methods you use to pay these inception costs, they all add up to the total above. The
TOTAL:                                                                       $0.00               above total must match the total from the yellow section.

                                          YOUR MONTHLY PAYMENT IS DETERMINED AS SHOWN BELOW
Gross Capitalized Cost                            $0.00 Sum of the negotiated vehicle price: $0.00 ,
                                                               plus any items you pay for over the Lease Term (such as service contracts, insurance, rustproofing,
                                                               taxes, dealer acquisition fees, bank fees, and any outstanding prior loan or lease balances). Some
                                                               dealers may require some of these fees to be paid at inception instead.

Capitalized Cost Reduction                   -         $0.00 The amount of any net Trade-In allowance, rebate, Noncash credit, or cash down you pay that reduces
                                                               the gross capitalized cost. These are all added together to reduce the cap cost.

Adjusted Capitalized Cost                    =         $0.00 This amount will be used to calculate your base monthly payment (depreciation).

Residual Value                               -         $0.00 This is the estimated value of the vehicle at the end of the lease. This is also used to calculate your
                                                               depreciation and monthly payments. This amount is given to you by the dealer.
Depreciation and any                         =         $0.00 This is a combination of the amount charged for the vehicle's decline in value through normal use, as
amortized amounts.                                             well as other items that will be paid over the lease term like fees, insurance, warranties, etc. The formula
                                                               is (Adjusted capitalized Cost - Residual Value)

Rent Charge                                  +         $0.00 Total "finance charge" on the lease. This is NOT calculated the same as interest on a loan. The formula
                                                             is (Adjusted Cap Cost + Residual Value) * Money Factor * Lease Term

Total of Base Monthly                        =         $0.00 The total of all your monthly payments, not including tax. This is depreciation, rent charge, and other
Payments (Depreciation + Rent Charge)                        items like fees, warranties, etc. Formula is (Depreciation + Rent Charge)


Lease Term (Months)                          =       36        The number of months in your lease. Beware of 39 month leases on a vehicle with a 36 month warranty.
                                                               In months 37-39, repairs are NOT covered by warranty, and are paid by YOU.
COMPONENTS OF YOUR MONTHLY PAYMENT:
Base Monthly Payment                         =         $0.00 The 1st and 2nd of 3 components of your monthly payment: Depreciation and any amortized amounts,
                                                               and Rent Charge. The formula is (Depreciation + Rent Charge)/ #Months
Monthly Sales/Use Tax                        +         $0.00 The 3rd of 3 components making up your monthly payment: Tax on the Base Monthly Payment. The
                                                               formula is (Base Monthly Payment * Tax Rate for your state)
Other:                                       +         $0.00 Any other miscellaneous fees or taxes. Enter this amount manually.

Other:                                       +         $0.00 Any other miscellaneous fees or taxes. Enter this amount manually.

TOTAL MONTHLY PAYMENT:                       +         $0.00 This is the amount of the check you will send to the leasing company every month.

EARLY TERMINATION: You may have to pay a substantial charge if you end this lease early. The charge may be up to several thousand dollars.
The actual charge will depend on when the lease is terminated. The earlier you end the lease, the greater this charge is likely to be.
EXCESSIVE WEAR AND USE: You may be charged for excessive wear based on our standards for normal use and for mileage in excess of
               of         12000              miles per year at the rate of            15          cents per mile.

How many miles over the limit did you drive?                         0             Your Penalty is:                  $0.00
Instructions for using this lease spreadsheet
  This free spreadsheet is found on my free Consumer Advocate Car
              Buying Advice website CarBuyingTips.Com
             "How To Lease A New Car" http://www.carbuyingtips.com/lease.htm
                "How to Buy A New Car" http://www.carbuyingtips.com
                                        Read our Articles on Extended Warranties and Financing:
                 What to look for when financing your car and buying extended warranties. Gives pitfalls, shopping tips, avo
               http://www.carbuyingtips.com/warranty.htm
               http://www.carbuyingtips.com/finance.htm
This spreadsheet is for illustrative purposes only.
There are no guarantees of any kind, implied or not.

Here's How to use the spreadsheet:

All the items that need to be entered by you have a thick blue underline. The
spreadsheet calculates the rest of the numbers for you. Enter data only where
you are supposed to. All the other cells are locked.

1) Enter the Money Factor in the light blue box at the top left of the spreadsheet.

2) Enter the length of your lease term under "# of Months" in the green section next to the Money Factor.

3) Enter the rate of sales tax for your state in the purple box next to the "# of months" box.

4) Enter the negotiated selling price of the vehicle in the green "Itemization of Cap Cost" section. Also
add acquisition fees, and outstanding prior loan/lease balances and lease penalties.

5) If there is a Disposition Fee, add it to the pink section. Better yet, negotiate it out of the deal.

6) In the yellow "Amount Due At Lease Signing" section enter the amount of cash you have to put down
under the first "Capitalized Cost Reduction" line. The tax will be calculated automatically.

7) If you have a trade-in, enter it in the green section under "Credit For Net Trade-in Allowance". This
amount will then be automatically added to the yellow section, and tax automatically added.

8) If there is a rebate, enter it in the green section under "Rebates"

9) Anything else other than cash, rebates, and trade-in, goes in "Noncash Credit" in the green section.
If there's a security deposit, add it to the yellow section. (usually =1 month payment).

10) If you are getting a check from your parents, family or someone else for your purchase, add it to the
green section under "Amount Paid By"


11) Whatever is left in the green section is paid in cash by you. Enter the amount in "Amount To Be
Paid In Cash". Some dealers lump the green section as cash if there is no rebate or trade-in.

12) The dealer will supply you with the residual buyout value. Enter it in the "Residual Value" of the light
blue section.
13) If there are any other little miscellaneous taxes or fees associated with your monthly payment, enter
them at the bottom of the blue section under "Components Of Your Monthly Payment".

See Special Notes about this Spreadsheet Below:


                                 Special Notes About This Spreadsheet


*This spreadsheet closely mimics the Federal Consumer Leasing Act Disclosure Form, but adds features such as
listing the money factor, and state tax. It is crucial that the dealer supply you with an accurate money factor or the
numbers will not be correct. Extra comments and clarifications were also added. I also added a field at the bottom
of the spreadsheet for you to enter how many excess miles you drove on your lease. This will then reflect on your
total cost of the lease in the brown section. This comes in handy at the end of a lease.


*I also included fields for you to add "New Tire Charges" and "Excess Wear", that leasing companies can charge
at the end of a lease. Many people forget about the tires but they must be in good condition, or they'll charge you
full MSRP to replace them. These fields comes in handy at the end of a lease to help you determine your total cost
of the lease.

*There are many ways to calculate the tax for your monthly payment. Different states and dealers vary in their
methods. This is where you may end up with a difference. This spreadsheet assumes sort of a worst case and
calculates tax based on base monthly payment combined with the monthly finance charge.

*As you move from cell to cell, you will see the formula for each amount in the formula bar located up in the status
window. This makes it easier for you to determine how the numbers were generated. The cells are also named so
the formulas are very easy to follow.


*Dealers handle closing costs differently. Some may amortize it into the lease to fool you into thinking there's "Zero
Down" at closing, and you effectively pay interest on these amounts. The best method for you is to pay these costs
at closing, which is what this spreadsheet assumes. If the dealer does not calculate the lease according to this
method, you will get different results, and most likely higher monthly payments.

*Note On Cap Cost Reductions: You might think that all of the amounts in the yellow "Amount Due At
Lease Signing" count as capital cost reductions. The documentation, registration fees, other fees and
security deposit do not reduce the cap cost, they are just closing expenses.

*Try to get out of paying bank fees, security deposits, and dealer acquisition fees. Many dealers offer "0
down" leases. You may be able to convince them to drop the fees if you have excellent credit. If the do
charge these fees, try to have them itemized in the yellow section under "other" rather than amortizing
them into the lease. You don't want to pay interest on top of these fees.

*Try to get out of paying a security deposit. This "refundable" fee is usually equivalent to 1 month's
payment, so don't forget to include this amount in your calculations unless you have negotiated it out.
Again, dealers will sometimes offer "0 down" leases.



                                                  Update Log:
1/13/98:       Initial release

3/27/98:       Version 1.1: Added G32 to the formula in cell G33. It had been left out.

4/28/98:       Version 1.2: Made the 2 fields called "other" in the yellow section editable so users
               can add gas guzzler and luxury taxes, etc.
             Version 1.2: Made the 2 fields called "other" in the yellow section editable so users
             can add gas guzzler and luxury taxes, etc.

6/7/98:      Version 1.2: Widened Cell G33 (Total Amount Due At Lease Signing). It was too
             narrow, causing ##### to appear instead the result.


7/26/98:     Added URL for warranty and finance pages.

6/25/2000:   Made the cell for "Advance monthly payment" unlocked so you can override the spreadsheets calculation.

July 1, 2002 Corrected cell M27 to subtract the mileage penalty. If you buy the car at the lease end, there is no penalty.
Financing:
lls, shopping tips, avoiding scams.
dsheets calculation.

there is no penalty.