LeaseMaker Pro Fields and Switches
To Calculate a Lease
Edit the input fields (tap on a field to edit it) as necessary and then tap the Done button (upper-right corner) to complete the entry and calculate the lease.
For a complete Regulation M Lease disclosure, tap the Compute Lease button at the bottom of the screen. Once the results appear, you can tap the 'Copy' symbol at the upper-right corner to copy the results to the iPhone clipboard, and can then paste it into emails, notes, or messages.
Done Tap Done to complete an entry. This will drop the keyboard and recalculate the lease. For a complete disclosure, tap Compute Lease at the bottom of the screen.
Error and information messages appear here. If there are no errors, the computed Payment or Price will appear here.
When OFF (Find Payment Mode), the Payment is calculated using the entered Price.
When ON (Find Price Mode), the Price is calculated using the entered Payment.
Used to enter the desired Price, or desired Payment (see Mode above). When in the Find Payment mode, this field is labeled 'Price', and when in the Find Price mode, it is labeled 'Payment'.
Term of lease in months. You can tap on the + or - to change the term by 3 months, or you can enter the term directly.
Residual value percentage. You can tap on the + or - to change the percentage by 1%, or you can enter the percentage directly. The percentage is applied to the sum of the MSRP and Hard Adds to calculate the residual amount. You can also enter the actual residual amount directly (must be over $100).
The money factor or interest rate for calculating the lease. Money factors are entered as a decimal (e.g., 0.000825). For Simple Interest leases, the interest rate is entered as a percentage (e.g., 3.49%). The money factor or interest rate are remembered for each of the lease types.
Additional items to be capitalized that are subject to Sales Tax (documentation fee, options, etc.).
Additional items to be capitalized that are not subject to Sales Tax (extended warranties, other insurance products, etc.).
A manufacturer's rebate that is to be applied to the Drive-off Amount. A portion of or all of the Rebate can be applied as a Capitalized Cost Reduction - see Cash Down below.
A cash downpayment that is to be applied as a Capitalized Cost Reduction. If all or a portion of the Rebate is to be applied add that amount to any cash amount. For example, if a $2,000 Cap Reduction is made in cash plus a $1,000 Rebate that is also applied to the Cap Reduction, enter $3,000 in this field. You can tap on the + or - to change the value by $100.
Manufacturer's Suggested Retail Price, used to calculate the Residual Amount.
Options and accessories added to the vehicle that can be residualized.
The Disposition Fee due at the end of the lease if the car is returned to the Lessor.
The amount allowed for a trade vehicle.
The amount owed on a vehicle traded in.
Turn ON a switch below to capitalize the item at the right (see Acq Fee, XX Tax Rate, Reg Fee below). If not capitalized the amount will appear in the Drive Off amount.
Acquisition Fee on the lease. Turn the switch at the left ON to capitalize the fee.
XX Tax Rate
If you select a Sales Tax State to calculate the sales tax, enter the tax rate here. The 2-letter state abbreviation will show in place of the XX, e.g., for New York, NY Tax Rate will appear.
To capitalize the sales tax, turn the switch at the left ON. (In states that tax the payment, only the tax on the downpayment can be capitalized because the tax on the payment is paid monthly. In other states, all sales tax is capitalized.)
Registration & License Fees and/or other non-taxable items. To capitalize these, turn the switch at the left ON.
Waive Advance Payment?
Turn this switch ON to waive the first payment, e.g., a 36-month lease would have no payment in advance and only 35 regular payments that start in one month (this switch has no effect on Simple Interest type leases).
Turn this switch ON to have some additional calculations made which will appear at the end of the full disclosure:
o The Effective Payment per month which spreads the Cap Cost Reduction and other Drive Off items over the lease,
o The Net Proceeds of the lease after deducting fees,
o Equivalent Interest Rates: a) if the vehicle is returned at the end of the lease, and b) if the vehicle is purchased at the end. (These calculations includes the impact of the acquisition fee, disposition fee, and whether the first payment was waived. The nominal interest rate is also shown.)
Set Lease Type
This button brings up the list of available lease types. Tap the desired lease type to select it. Several leasing companies are listed that use the standard Money Factor calculation method and there are also six simple interest calculation methods available.
Set Sales Tax State
This button brinks up the list of states. Tap the desired sales tax state to select it. The selection determines the method of calculating the sales tax.
Load Sample Lease
This button loads a sample lease and clears all remembered settings. This is the lease shown when you first install the app.
Support & Warranty
For support you may email us at email@example.com.
LeaseMaker® is a registered trademark of PROM Software, Inc. All other trademarks used in this program are the property of their respective owners.
This program uses information provided by many sources. Although it is believed to be accurate, we do not warrant its accuracy, and assume no liability to any person or persons in connection with its use.