We leased a car for the first time about a year ago. We didn't know how leases worked. Before we signed the deal we decided to review the lease. We went home and spent a few hours googling and learning how leases work. We then realized how our dealer was sneaking by ~$35/month in cost in our lease (which amounted to $1,500 total over the 3yr lease).
We laid out everything we learned here. And we put together a useful lease calculator that allows you to: 1) Figure out how much your paying in your lease for: the leased value, interest, and taxes 2) Isolate the interest rate your dealer is charging you for your lease (it's buried within the contract and not called out anywhere - you actually have to calculate it yourself).
After you isolate your interest, we provide a model that allows you to change the interest rate to an appropriate one (we tell you how to find what an appropriate one should be). The model calculates what your new lease payment should be. And how much you'll save after making the update.
We've put together a comprehensive Excel file that provides you with everything you need to walk in to your dealer prepared and equipped to save +$1,000!