How to Read a Ferrari 296 GTB Lease Worksheet

The payment is the last line, not the first

A lease quote usually arrives as two large numbers: the monthly payment and the amount due at signing. Neither tells you whether the negotiated vehicle price is fair, whether the lender marked up the rent charge, or whether cash and trade equity are being used to make an expensive lease look inexpensive.

For consumer leases within its scope, federal Regulation M requires a disclosure showing the amount due at signing, payment schedule, total of payments, and a mathematical progression from gross capitalized cost to the periodic payment. It also specifies residual value, depreciation and amortized amounts, rent charge, other periodic charges, and purchase-option terms where applicable.

The scope limit matters on a 296 GTB. For 2026, Regulation M defines a covered consumer lease only when the total contractual obligation does not exceed $73,400. The CFPB says that legal measure is not necessarily the same as total payments: it includes nonrefundable amounts contractually owed to the lessor, while excluding the residual or purchase-option price and amounts collected for third parties such as taxes, licenses, and registration. In this model, the $34,200 nonrefundable capitalized cost reduction plus 36 pre-tax base payments alone total about $188,102, already above the threshold. This article therefore uses the regulation's progression as an audit template rather than claiming that Regulation M compels these disclosures for this transaction; state law and the lessor's documents may differ.

The FTC gives the same practical warning in plainer language: compare total cost rather than the monthly payment alone, review every fee and add-on, and make sure the agreement at signing matches what the dealer sent beforehand. That is the purpose of this worked example.

The numbers below reproduce Luxemetry's August 2026 296 GTB model. They are not a Ferrari Financial Services program, an offer, or a prediction of the residual a bank will quote you. Replace every modeled input with the figures on the actual lease worksheet before making a decision.

The 296 GTB payment, reconstructed line by line

The model assumes a 36-month closed-end lease, 10,000 miles a year, a 5% market adjustment over the site's $342,000 MSRP assumption, a 66% residual, a 0.00270 money factor, $1,095 of capitalized fees, $1,200 of other upfront fees, and 7.25% tax on the monthly payment. It uses $34,200 cash—10% of MSRP—as a capitalized cost reduction and no trade equity or rebate.

Start with the disclosure's numbers in this order. Rounding each line for presentation can move the final result by a few cents; the calculator carries the unrounded values through the whole progression.

• Agreed vehicle value. $359,100. This example applies the site's modeled 5% market adjustment over the $342,000 MSRP input. On a real deal, this is the negotiated value to inspect first, not a number that has to equal sticker.

• Gross capitalized cost. $360,195. The $359,100 vehicle value plus $1,095 of fees rolled into the lease. Ask for the separate itemization of anything included here.

• Capitalized cost reduction. $34,200 cash. Subtracting it from gross capitalized cost produces a $325,995 adjusted capitalized cost. A rebate or net trade allowance would also appear as a reduction, but it is not free cash from the deal.

• Residual value. $225,720, equal to 66% of the $342,000 MSRP. Residual is calculated from MSRP, not from the negotiated price or adjusted capitalized cost.

• Monthly depreciation. $2,785.42. The adjusted capitalized cost less the residual is $100,275; divide that amount by 36 months.

• Monthly rent charge. $1,489.63. Under the model's standard lease formula, add adjusted capitalized cost and residual, then multiply $551,715 by the 0.00270 money factor.

• Base and taxed payment. $4,275.05 before tax. A modeled 7.25% monthly tax adds $309.94, producing $4,584.99, displayed as about $4,585 a month.

The line to challenge first is usually agreed vehicle value, followed by every capitalized add-on and the money factor. The bank's residual for a given term and mileage is normally a program input rather than a dealer discount.

$4,585 a month is really $200,460 over the term

The modeled amount due at signing is $39,984.99: the $34,200 capitalized cost reduction, $1,200 of upfront fees, and the first $4,584.99 payment. Thirty-five remaining payments follow. Total modeled cash paid is therefore about $200,460, excluding insurance, fuel, maintenance, registration changes, excess mileage, excess wear, disposition charges, and any decision to buy the vehicle.

A worksheet's total-of-payments line is more useful than multiplying the advertised monthly number because the first payment and capitalized cost reduction may already be buried in the drive-off amount. Confirm which items are refundable, which reduce capitalized cost, which pay fees, and which are simply the first scheduled payment.

Trade equity deserves the same treatment as cash. A $34,200 trade allowance applied to the lease may reduce the bank transfer at signing, but economically you still surrendered a $34,200 asset. Luxemetry counts surrendered trade equity in total lease cost even though it is not cash paid on signing day.

A large down payment changes the optics more than the economics

Run the same example with no capitalized cost reduction. Adjusted capitalized cost rises to $360,195 and the modeled payment rises to about $5,703 a month. The amount due at signing falls to about $6,903 because it contains only the upfront fees and first payment. Total cash paid over 36 months becomes about $206,504.

The $34,200 reduction therefore lowers the displayed monthly payment by about $1,118, but it lowers modeled total cash paid by only about $6,045. Most of the monthly improvement is your own money being paid earlier; the smaller difference comes from carrying a lower balance and paying less modeled rent charge and tax.

That does not make every capitalized cost reduction wrong. It means two offers cannot be compared by monthly payment unless their cash, rebate, and trade inputs are normalized. Ask every dealer to reprint the quote with the same cash due at signing, the same term, and the same mileage.

• Modeled with $34,200 down. $4,585 a month, $39,985 due at signing, and about $200,460 total cash paid.

• Modeled with zero down. $5,703 a month, $6,903 due at signing, and about $206,504 total cash paid.

• What the down payment actually changes. About $33,082 less cash on signing day in the zero-down version, at the cost of about $6,045 more modeled cash over the full term.

Money factor times 2,400 is a shorthand, not the contract

The model's 0.00270 money factor multiplied by 2,400 produces 6.48%. That is a convenient comparison shorthand used by shoppers, not a substitute for the lease worksheet's dollar rent charge and total of payments. Auto lease rent charges are commonly calculated with a money factor rather than disclosed as a loan APR.

The number that can be audited without translating anything is the rent charge. In this example it is about $1,489.63 a month and $53,626.70 across 36 months before rounding interactions. Ask for the lender's base or buy-rate money factor, then compare it with the number on the quote. A difference can be far more expensive than a small documentation fee.

Do not compare the 6.48% shorthand directly with a loan APR and declare one cheaper. A loan amortizes toward zero and may build equity; this lease amortizes only toward a $225,720 residual. Compare total cash, end-of-term value or buyout, fees, and the same holding period.

Seven fields to copy before you discuss the monthly payment

Ask the dealer to email a complete, dated worksheet. Then copy these fields into a blank note before discussing affordability. If one is missing, the quote is not ready to compare.

• Agreed vehicle value. Separate the negotiated price from MSRP and identify any market adjustment or discount.

• Gross capitalized cost itemization. List acquisition, documentation, protection products, accessories, prior balance, and every other rolled-in amount by name and price.

• Every capitalized cost reduction. Record cash, rebate, trade allowance, and noncash credit separately so your own assets do not masquerade as a dealer concession.

• Residual dollars and percentage. Confirm MSRP, term, and mileage basis. A residual percentage without its dollar value is easy to apply to the wrong number.

• Money factor and total rent charge. Keep the quoted factor in its original form and request the bank's base rate rather than relying only on a 2,400-times shorthand.

• Amount due and payment schedule. Identify first payment, security deposit, taxes, registration, fees, and cap reduction; confirm the number and timing of all remaining payments.

• Exit terms. Record excess-mileage rate, wear standard, disposition fee, early-termination method, and the end-of-term purchase price or method.

What this example cannot tell you

The site model cannot know the lender program available on the day you apply, your credit tier, the exact 296 GTB configuration, state and local tax treatment, registration and property tax, dealer-installed products, security deposits, or how an existing trade balance is handled. It also cannot tell whether a lender will use this 66% residual at 10,000 miles, or whether the 5% market adjustment is still the street price on the day you sign.

Those limits are why a modeled payment is useful as an audit baseline and dangerous as a quote. If the real number differs, make the dealer explain the difference one input at a time. A legitimate answer can be a different selling price, residual, money factor, tax rule, or fee. 'That is just the payment' is not an answer.