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      12-03-2010, 02:19 PM   #1
boarderman23
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NY Is Costing Me Over Two Grand!!!

I just finished negotiating my deal from Rochester, NY and was about to make the purchase. When finishing up the details the dealer told me that NY doesn't allow MSDs to lower the money factor (they allow a max of $749)! In the end, because NY doesn't allow them, it would end up costing me a little over $2,200 over the course of my 36 month lease.

Now I have to decide if I should travel 6 hours to go out of state so I could use the MSDs (if that is even possible since I would be buying it out of NY - from what I've read it sounds like it does work even though it gets registered in NY).

So I was a little bummed out and now have to make the decision. My guess is that I wouldn't get as good of deal from NJ or CT, so it may be a bit less than 2k to make the trip, which is still a bit of money.

PS - For anyone not familiar with MSDs (as I wasn't until I started researching) - it stands for max security deposits. You can put down a total of 7 security deposits and each one lowers your money factor by .00007 or a total of .00049 (bring the current e93 lease rate from .00130 to .00081), which is where the savings of over $2,200 comes from.
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      12-03-2010, 03:03 PM   #2
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You can buy from NJ or CT and still register in NY. This will allow you to do the MSDs. If you have the cash, MSDs are a no brainer.

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Originally Posted by boarderman23 View Post
I just finished negotiating my deal from Rochester, NY and was about to make the purchase. When finishing up the details the dealer told me that NY doesn't allow MSDs to lower the money factor (they allow a max of $749)! In the end, because NY doesn't allow them, it would end up costing me a little over $2,200 over the course of my 36 month lease.

Now I have to decide if I should travel 6 hours to go out of state so I could use the MSDs (if that is even possible since I would be buying it out of NY - from what I've read it sounds like it does work even though it gets registered in NY).

So I was a little bummed out and now have to make the decision. My guess is that I wouldn't get as good of deal from NJ or CT, so it may be a bit less than 2k to make the trip, which is still a bit of money.

PS - For anyone not familiar with MSDs (as I wasn't until I started researching) - it stands for max security deposits. You can put down a total of 7 security deposits and each one lowers your money factor by .00007 or a total of .00049 (bring the current e93 lease rate from .00130 to .00081), which is where the savings of over $2,200 comes from.
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      12-03-2010, 03:53 PM   #3
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To my understanding, leasing a car is based on your residence.
Multiple Security Deposits is not allowed for NY state. So if you get a car outside of NYS and still register the car in NYS, your MSD is void
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      12-03-2010, 04:44 PM   #4
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Originally Posted by M3 6MT View Post
To my understanding, leasing a car is based on your residence.
Multiple Security Deposits is not allowed for NY state. So if you get a car outside of NYS and still register the car in NYS, your MSD is void
That's what I would have thought, but it appears that's not the case (just going by what others have said or have actually done themselves).
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      12-03-2010, 04:49 PM   #5
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Quote:
Originally Posted by petesamprs View Post
You can buy from NJ or CT and still register in NY. This will allow you to do the MSDs. If you have the cash, MSDs are a no brainer.
Exactly right. I bought my car from Park Ave in NJ but I live in NYC. Because I bought it in NJ, I was able to put down the MSDs which made a very nice difference to the monthly payment - total no-brainer.
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      12-03-2010, 05:09 PM   #6
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We do MSDs for NY residents all the time. It's one of the ways we beat the NY dealers.
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      12-03-2010, 05:37 PM   #7
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Quote:
Originally Posted by boarderman23 View Post
That's what I would have thought, but it appears that's not the case (just going by what others have said or have actually done themselves).
Reading the other post...seems like other people, who resides in NYS have done it. Too bad we can't do the same with paying taxes on the car. (Get it at a different state and pay their sales tax)

G/L to you, hopefully you get the MSD done
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      12-03-2010, 05:47 PM   #8
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I'm about to do the same thing. I'm putting MSD's down by leasing through a NJ dealer and I'm registering the car in NY. Makes good sense to do MSD's.
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Last edited by Raz335; 12-03-2010 at 05:58 PM.
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