Monthly Car Lease

Lease Payment Calculator

iLeaseMyCarPro Lease Payment Calculator

As a Car Leasing Geek with an iPhone, I am always interested in the latest car financing gadgetry. The other day I thought to myself, “Surely, there must be some kind of cool car financing app. or car lease calculator to use on the iPhone." To my delight, I discovered, iLeaseMyCar Pro. Before I spent the reasonable some of $2.99, I decided to read some of the reviewers by end-users of the product. I was not surprised to learn that at least half of the users reviewing the product were car salesmen. What a natural fit that iLeaseMyCarPro would be for any car salesman with an iPhone. Because of the complicated calculations that go into leasing, car salesmen are usually not real good at estimating lease payments for potential customers on the fly. I can’t tell you how many times I was curious about a car, but didn’t want to walk into a sales office and be taken through the ringer just to get a payment estimate. iLeaseMyCar Pro is an excellent tool for both salesperson and customer.

What Can you do with iLeaseMyCarPro?

iLeaseMyCarPro

By inputting some information into your iPhone; such as residual value, money factor, lease term, trade-in, downpayment, retail and sales price, any customer or sales person can very quickly come within a few bucks of getting a reasonable monthly payment estimate on a car lease. iLeaseMyCar Pro takes the accuracy level several steps farther by allowing you to input the sales tax rate for any state in the U.S, as well as other taxes and fees pertaining to the lease, i.e  Bank Fee, Title Fee, Doc Fee, Security Dep., License Fee and Dealer Fees. When you’ve entered in all your numbers, simply press the ‘Calculate’ key and you are presented with your monthly payment. With the input of the taxes and fees, you should be able to come within pennies of your actual payment. Pressing the ‘Summary’ key will bring you to another screen which summarizes your costs and payments. This is where you can also save or email your results. If you’re a car salesman, you can save it in your results with a customer name and phone number. This single application, alone is worth the price of  an iPhone for someone in car sales.  Both customer and salesmen have got to appreciate the convenience this tool offers while shopping for car financing.  Many times, I want  to know what effect an additional $200 down, etc., might have on the monthly payment and this program not only makes it possible, but quick and effortless. But, iLeaseMyCarPro is a little bit more than just a lease payment calculator.

Additional Features

Another impressive feature with this application is the Reverse Calculation Screen which lets you calculate the sales price, cap reduction, money factor or residual value based on your desired monthly payment.  In other words, let’s say you have $350 a month in mind for your budget on a new Honda Accord EX. This feature allows you to play around with the numbers to see what is required to make that payment possible.  iLeaseMyCar Pro also includes the application iBuyMyCar Pro for calculating loan payments for a car purchase.  The Reverse Buy feature for the iBuy application is very handy for determining the interest rate and down payment needed to reach your desired monthly payment on a car purchase. If you are curious how a lease factor translates into an actual loan interest rate, iLeaseMyCarPro will tell you that too - just click on the (i) next to the Money Factor field.

Shortcomings of iLeaseMyCarPro iPhone Application

Is it perfect? No. It is certainly nice to be able to input numbers and get quick lease calculations on the fly, however what if you don't know what data to enter? The key figure missing from being able to calculate your own car lease payment is the Residual Value. There are services that you can subscribe to which offer up-to-date residual values on the current model cars for the most recent two years. It is too bad that you cannot tap into this database with iLeaseMyCarPro. While I realize the dealership can provide this information, it is probably not something the car sales person is going to have at his fingertips.  This greatly diminishes the independence and convenience I'm looking for in calculating my own car lease.  While the money factor or interest rate is somewhat more readily available than residual value, that is also something you will need to know. iLeaseMyCarPro, currently, cannot provide these two pieces of data for you. Perhaps a future upgrade will allow tapping into a subscription for these all-important financial figures. Shortcomings aside, iLeaseMyCarPro is worth more than the $3.00 I paid for it. If you're even thinking about leasing or buying a car, this valuable iPhone Application will pay for itself several times over as you plug in figures and analyze what it takes to finance a car and achieve your desired monthly payment/s. At the very least, iLeaseMyCarPro is the best C ar Lease Calculator you can buy for your iPhone.