New Car Leasing Tools
How to use the Basic Car Lease Evaluator:
The basic car lease calculator comes with data already entered just to serve as an example. To evaluate your own lease, you will only need to enter amounts into four of the fields: MSRP, Monthly Payment, Lease Term, and Down Payment. The lease calculator will automatically fill-in the rest of the fields; Average Car Payment, Lease Value Ratio, and your Lease Evaluation. The lease evaluation, which is on the bottom of the form, is based on the Lease Value Ratio. The lower the number the better. Generally, any lease at or below an LVR of 1.0% is considered excellent. Anything above 1.25 is poor. The basic lease evaluator will make it easy for you to determine what your desired payment should be to get a good lease deal on the car based on its MSRP.
The Rate My Lease Advanced car lease calculator will allow you to enter in your actual lease details including the residual value and interest rate. To get started simply enter your amounts. Scroll below the form for complete instructions.
How to use the Advanced Car Lease Calculator
The advanced car lease evaluator takes things a couple of steps over the basic version. In addition to the evaluation tool, the advanced car lease calculator makes it possible to determine your lease payment based on the actual Car Leasing Terms: You will need to know and enter your Interest rate (money factor), Residual Value, Down Payment (Cap Reduction), and Terms Duration.
The highlighted links will help you understand the meaning of the lease jargon. Dealers do not usually disclose this information during your lease negotiation, but they are required by law to provide it at your request. One important consideration to remember is that if you change your lease term, the residual value must also change since residual values are determined by the depreciation amount of years gone by.
Lease Evaluation Ratings
The Lease Evaluation, which is based on LVR, has several different ratings. The most common are Poor, Average, Good, Very Good, and Excellent.
There are a few more ratings, but you may have to enter some very unusual figures to see them all. Have fun using these free tools. I hope you find them useful.
The Basic car lease calculator and evaluator is the fastest and easiest way to find out what kind of deal you are getting on a car lease. To get started simply enter your amounts. Scroll below the form for complete instructions.
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Review on an old Favorite
Here is a car lease calculator you’ll love. As a New 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 auto loan applications 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 this particular auto lease calculator. 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, though they can tell you how many miles that used car might have. 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 on a vehicle. That’s no way to lease a car. iLeaseMyCar Pro is an excellent car leasing tool for both salesperson and customer. In fact, it is the best car financing application there is for any platform, in my opinion.
How to use iLeaseMyCarPro for Car Leasing?
By inputting some information into your iPhone; such as residual value, MSRP, 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 car lease calculator.
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 under the car lease calculator field.
Shortcomings of iLeaseMyCarPro iPhone Application
No Car Lease Calculator is Perfect
Is iLeaseMyCarPro the perfect car lease calculator? 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 with any car lease calculator. 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. It would be great if you could get instant online information on cars from NADA or Kelly Blue Book, but that is probably asking a bit much for a $3.00 iPhone app. However, if you’re even thinking about leasing or buying a car, this is a simple car lease calculator that 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 car lease calculator you can buy for your iPhone.