G70 Lease Comparisons and Discussion (USA)

[Mcc]

You are looking at the wrong end of the deal. In Virginia the sales tax on a lease is based on the sales price of the vehicle and not just the payments for the lease. So in the beginning the person pays tax on the full price of the vehicle. When they purchase off the lease they may be responsible for paying the sales tax on the residual amount just like you noted in your bold statement. There are conditions for the sales tax exemption from what I remember reading.

Edit: I found some info on that, it looks like it is from the source you quoted but perhaps forgot to include:

• Motor Vehicle Sales and Use Tax (MVSUT) is normally collected when titling the vehicle in the lessee's name; however, if the lessee is the original person who paid Sales and Use Tax (SUT) on behalf of the lessor he may be exempt from paying it again. The lessee must present proof that the payment was made. Additionally, the vehicle must be either acquired directly from the lessor or from the selling dealer who leased the vehicle to the lessee initially. Purchases made through another dealer will disqualify the lessee from receiving the exemption from Motor Vehicle Sales and Use Tax (MVSUT). The title must include an individual named on the lease. The lease must be to a person or persons, and it shall not include any commercial entity as a lessee.

https://www.dmv.virginia.gov/vehicles/leased.html

Yes I understand and agree. I just figured that would be the typical case.

 

[Tonester]

Pretty much what I’m doing. Pay off balloon lease at 30 days, no acquisition fee, no re-tittle name change, don’t have to monkey with nothing basically and cost me roughly $80 or so for one month finance charges on the price of the car. An electronic payment to Genesis Finance and done. I love the car and did not want monthly payments.

What do you mean 'no acquisition fee'? Are you saying HMF will refund the $750 lease fee if you buy it out at 30 days and convert your lease to a purchase? Even if that's the case, I'd still rather have a low subsidized .00008 MF (0.25% almost free loan) for 3 years than get my $750 back. If you could earn just 3% over the 3 year period on the payoff amount, you'd make over $3K; better than $750, right? Agreed that it would be simpler not having to deal with re-title at lease end, but otherwise I'm not seeing the benefit unless having no payments is worth that to you.

 

[pulsar]

What do you mean 'no acquisition fee'? Are you saying HMF will refund the $750 lease fee if you buy it out at 30 days and convert your lease to a purchase? Even if that's the case, I'd still rather have a low subsidized .00008 MF (0.25% almost free loan) for 3 years than get my $750 back. If you could earn just 3% over the 3 year period on the payoff amount, you'd make over $3K; better than $750, right? Agreed that it would be simpler not having to deal with re-title at lease end, but otherwise I'm not seeing the benefit unless having no payments is worth that to you.

I did not pay a acquisition fee. Paid my tax, title, doc fee and inventory tax fee up front. Amount financed was only the agreed upon car price, nothing more. I had a payment schedule for 36 months at a low interest rate and I could have just made that payment monthly but the dealer knew my plan so not exactly sure what they did on their end but I got all my lease cash so don’t really care. Had there been no lease cash I would have just paid outright for the car. Residual was also showing. I plan on retiring at age 57 next year and want to be debt free. I could of done a lot of things, made investments (already have many) and what not, but elected not to. My choice. Never claimed a benefit at all and did not want monthly payments. Only explained what I did for others to hear for we each have our methodology that works for us.

 

[TurtleBoy]

Never claimed a benefit at all and did not want monthly payments.

That is a benefit, the psychological return of not having any payment can be great.

 

[Tonester]

I did not pay a acquisition fee. Paid my tax, title, doc fee and inventory tax fee up front. Amount financed was only the agreed upon car price, nothing more. I had a payment schedule for 36 months at a low interest rate and I could have just made that payment monthly but the dealer knew my plan so not exactly sure what they did on their end but I got all my lease cash so don’t really care. Had there been no lease cash I would have just paid outright for the car. Residual was also showing. I plan on retiring at age 57 next year and want to be debt free. I could of done a lot of things, made investments (already have many) and what not, but elected not to. My choice. Never claimed a benefit at all and did not want monthly payments. Only explained what I did for others to hear for we each have our methodology that works for us.

That's awesome that you were able to get the lease cash without having to lease! If it weren't for the low MF, I would have likely done the same myself. True there can be value in all of these choices, monetary and non-monetary. I was not trying to knock what you did, but wanted to highlight a different path for others to consider. It's up to each person's situation and needs to pick what's right for them. Sounds like you're doing well for yourself, congrats!

 

[jwalkingjon]

MSRP $48,840 G70 3.3L AWD with Elite package
$39,800 after rebates
$3449 down including tax fees and first month
$449 a month
this a good deal?

 

[mandwer]

MSRP $48,840 G70 3.3L AWD with Elite package
$39,800 after rebates
$3449 down including tax fees and first month
$449 a month
this a good deal?

Do you have a breakdown of dealer discount versus incentives?

 

[jwalkingjon]

Do you have a breakdown of dealer discount versus incentives?

Sadly not as they're closed today, I'll try to get that tomorrow. I'm scheduled to pick it up Tuesday. Didn't know if anyone has general lease numbers that are decent. Because I saw someone say $375 a month with $0 down for the same car which is insane to me. From memory I think the dealer was giving it for 46k around then incentives was around 7k with competitive

 

[mandwer]

Sadly not as they're closed today, I'll try to get that tomorrow. I'm scheduled to pick it up Tuesday. Didn't know if anyone has general lease numbers that are decent. Because I saw someone say $375 a month with $0 down for the same car which is insane to me. From memory I think the dealer was giving it for 46k around then incentives was around 7k with competitive

Personally I think there is a bit more on the table. ~$46,500 is the invoice price. I've seen similar discounts advertised before negotiation and we are coming up to end of month and year. But if you are happy with it then go for it!

 

[jwalkingjon]

Personally I think there is a bit more on the table. ~$46,500 is the invoice price. I've seen similar discounts advertised before negotiation and we are coming up to end of month and year. But if you are happy with it then go for it!

What have you seen it marked down to so I have an idea is $440 with 3k down a bit more than others are paying? I've tried to have them budge but they won't move so I'm trying to get a circle a discount. I might try Wayne Genesis tomorrow to see what I can workout.

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[Pockets]

Does this sound a little high to anyone?

2020 3.3T Sport 36 months/12k

Market Value 53,520
Discount Savings -3,104
Vehicle Selling Price 50,416
Down 3,000
Rebate 3,000
Net Cap 44,248

Monthly payment 495.95

Down/Cash cap reduction 3,168
Document Prep 379.50
License/Title 304.50
Tire/eReg fee 12.83
Acquisition Fee 750
Tax on collected items 1,617.82
1st payment 495.95
*Due on Delivery 6,728.60*

Rate 0.00035
Residual 51%

I really wish the lease cash was a little higher but I guess 3,000 is the standard amount.

Thanks for any input!

^ Why are you putting down the $3k for the cap reduction? With the relatively low MF you probably should not put anything down and just pay the fees, if anything, at signing.

That was a number we threw out there to try and get the payment down a little, but you're right. I think it would be best to just not put anything down and pay the fees.

 

[TurtleBoy]

That was a number we threw out there to try and get the payment down a little, but you're right. I think it would be best to just not put anything down and pay the fees.

One other thing, what state are you in and what is the tax rate? I would imagine they have it correct but the tax amount seems high unless you are in a state like NJ, NY, GA, etc. where the tax on the total lease payments is due upfront.

 

[jwalkingjon]

Does this sound a little high to anyone?

2020 3.3T Sport 36 months/12k

Market Value 53,520
Discount Savings -3,104
Vehicle Selling Price 50,416
Down 3,000
Rebate 3,000
Net Cap 44,248

Monthly payment 495.95

Down/Cash cap reduction 3,168
Document Prep 379.50
License/Title 304.50
Tire/eReg fee 12.83
Acquisition Fee 750
Tax on collected items 1,617.82
1st payment 495.95
*Due on Delivery 6,728.60*

Rate 0.00035
Residual 51%

I really wish the lease cash was a little higher but I guess 3,000 is the standard amount.

Thanks for any input!



That was a number we threw out there to try and get the payment down a little, but you're right. I think it would be best to just not put anything down and pay the fees.

Seems a little high, Get a Circle A discount from r_spec and you can probably get that to 440

 

[Pockets]

One other thing, what state are you in and what is the tax rate? I would imagine they have it correct but the tax amount seems high unless you are in a state like NJ, NY, GA, etc. where the tax on the total lease payments is due upfront.

Unfortunately, high taxes are one of the perks of living in NJ

 

[TurtleBoy]

Unfortunately, high taxes are one of the perks of living in NJ

Yes but you have Wildwood, spent many summers there as a kid.

 

[KyJoe340]

OK here's mine

2019 G70 Advanced AWD 3.3T Casablanca White MSRP $46,895
0 Down
3 year lease,10k miles per year
$337.89 a month
(Includes sales tax, also 1st month included so I make 35 payments)
MF .00014
Residual $22,564.80
Also they threw in some mud guards. If I go over on the miles it's .15 cents a mile.

If anyone wants to know the dealer and my salesman PM me, they have several but you have to hurry. Located in central Ky.

 

[TurtleBoy]

OK here's mine

2019 G70 Advanced AWD 3.3T Casablanca White MSRP $46,895
0 Down
3 year lease,10k miles per year
$337.89 a month
(Includes sales tax, also 1st month included so I make 35 payments)
MF .00014
Residual $22,564.80
Also they threw in some mud guards. If I go over on the miles it's .15 cents a mile.

If anyone wants to know the dealer and my salesman PM me, they have several but you have to hurry. Located in central Ky.

Congratulations. Good luck, enjoy and be safe.

 

[Pockets]

Super Thanks to @r_spec for the circle a certificate.
We ended up 0/2 trying to negotiate a little under that pricing this weekend on a 2020 3.3T AWD Sport and were a little late trying to find a comparable 2019 in the area.

Will definitely try again in a few months (and keep an eye on the lease incentives)

 

[Bninja]

Super Thanks to @r_spec for the circle a certificate.
We ended up 0/2 trying to negotiate a little under that pricing this weekend on a 2020 3.3T AWD Sport and were a little late trying to find a comparable 2019 in the area.

Will definitely try again in a few months (and keep an eye on the lease incentives)

Hi, were you able to get the dealer to match the deal at all?

 

[Greed1]

OK here's mine

2019 G70 Advanced AWD 3.3T Casablanca White MSRP $46,895
0 Down
3 year lease,10k miles per year
$337.89 a month
(Includes sales tax, also 1st month included so I make 35 payments)
MF .00014
Residual $22,564.80
Also they threw in some mud guards. If I go over on the miles it's .15 cents a mile.

If anyone wants to know the dealer and my salesman PM me, they have several but you have to hurry. Located in central Ky.

I would like this information. Not sure how to PM you I'm in Indiana