A lease worksheet is a page full of numbers, and the one the dealer shows you first is usually the monthly payment. This guide walks through the lines you should look for, what each means, and which ones to check against the calculator. Federal rules require a written disclosure of the main terms, so every item below should be on paper before you sign.
Regulation M (12 CFR Part 1013), issued under the consumer leasing provisions of the Truth in Lending Act (known as the Consumer Leasing Act), lists what a lease disclosure must contain. For a motor vehicle lease, the CFPB's published text of the rule includes: the amount due at lease signing, itemized; the number, amount and due dates of the monthly payments, and their total; other charges payable to the lessor; the total of payments; a step-by-step derivation of the payment, covering gross and adjusted capitalized cost, the capitalized cost reduction, the residual value, depreciation and the rent charge; the conditions and penalty for early termination; the maintenance responsibilities and an excess wear and mileage notice with the charge terms; whether there is a purchase option and its price; and the total of official fees and taxes. Rules about the details change, so read the current text at consumerfinance.gov before relying on a summary, including this one.
| Line on the worksheet | What it means | Calculator field |
|---|---|---|
| MSRP | Sticker price; basis for the residual | Vehicle MSRP |
| Selling price / gross cap cost | What you negotiated, plus fees that are rolled in | Selling price + fees |
| Capitalized cost reduction | Down payment, rebates, trade-in credit | Down payment |
| Adjusted capitalized cost | Gross cap cost minus the reduction | Shown in the result |
| Residual value | Estimated value at lease end | Residual value (%) |
| Depreciation and any amortized amounts | Adjusted cap cost minus residual, spread over the term | Depreciation |
| Rent charge | Finance cost of the lease; the disclosure shows it in dollars | Rent charge |
| Total monthly payment | Base payment plus tax | Total monthly payment |
| Amount due at signing | First payment, fees, taxes and down payment, as itemized | Down payment (partly) |
If you can match every line, you can reproduce the payment. If you cannot, ask the dealer which line is different.
Suppose a worksheet shows MSRP $35,000, a selling price of $33,000, an acquisition fee of $795 rolled into the cap cost, $2,000 down, 58% residual, 0.00125 money factor, 36 months, and 7% tax on the payment. Enter those into the calculator, with $795 in the fees field.
The fee is a small part of each payment, but it is paid at an interest-like rate and increases the tax. If the worksheet says $395 instead of $795, you can enter that to see the difference.
A down payment is a capitalized cost reduction. In the calculator example, removing the $2,000 raises the payment from $386.64 to $448.76. The Federal Reserve notes that a cap cost reduction is nonrefundable. If the car is stolen or totaled early, the insurance and any gap coverage settle with the lessor, and the up-front money may not come back. For that reason, many shoppers prefer to put little down and accept a slightly higher payment. That is a judgment about risk, not a rule.
Also check what "due at signing" includes. It often has the first month's payment, registration and title fees, and the acquisition fee, as well as any down payment, so the amount due at signing is not the same as the cap cost reduction.
A good dealer can answer each of these from the paperwork. If the answer is "it is all built into the payment", ask to see the disclosure form before going further.
Suppose the worksheet shows $2,000 down, the first monthly payment of $386.64, and registration and title fees of $400. The amount due at signing would be about $2,000 + $386.64 + $400 = $2,786.64. Only the $2,000 is a cost reduction that lowers your payment. The first payment is simply the first of your 36, and the registration fees depend on your state. This is why a "$0 down" advertisement can still ask for money at signing, and why it helps to read what is included before you compare offers.