Waffleboy. you have not supplied enough information to back into your numbers. A 2003 Wolfsburg Jetta is not enough. Would need description of vehicle either MSRP or list of options auto/manual, moon roof, cold weather, esp, monsoon.
I can tell you that the car is probably not eligible for the Owner Loyalty incentive. Most if not all dealers reported all remaining 2003 models into Service Loaner status at the end of November to capture the maximum incentive available on the remaining cars. The Wolfsburg Jetta had a $2750 November incentive.
So essentially what happened at the end of last month is all remaining 2003 models were put into this status to earn the cash incentive. Our Central Region reported something like 1200 of them during the last couple days of November. Not that they are actually being used for service loaners. It is just a loop hole we use to help sell the vehicles. VW encouraged this to help with their sales figures for the month and year as well. While they did not come out and say do it. It was clear that not doing it would make it very difficult to sell them off as the December incentive dropped to like $1000.
However, due to this status the vehicles are technically sold as far as VW is concerned so no additional incentives would be payable on them. A smart dealer or sales person would not tell you the loylaty incentive was no good on the 2003's anymore. They would simply act as though they were giving it to you by adjusting the price numbers. In other words a base Wolfsburg 5 speed with a 20075 MSRP and a 18799 invoice price is now technically on the books for 2750 less or 16049.
So if they told you they were selling you the car at say invoice 18799 less the December dealer cash of $1000, less your Owner Loyalty of $1000 or 16799. The deal would still be 750 over invoice.
While your deal does not sound terrible without the exact options I cant say for sure. You also said 2600 down? Does this mean 2600 down plus other start up fees like first payment and plate fees, or do you mean 2600 out of pocket?
The car I described above a base 5 speed at 2000 under invoice would lease as follows: with 2600 total due 193.58 including 6% Michigan Tax, or 181.41 with 2600 down and a total of 3002.81 due at delivery in Michigan with 1st payment, title, and plate transfer.
This is not however, through VW Credit they are about $30 per month higher than the best banks. I figured this through Wells Fargo. VW as I said no longer supports 03 models with finance or lease programs.