$7500 back on a lease??

[virtualjack]

I managed to work out the lease and should be picking up my car next week. There is a recall on a seat belt bolt that they need to fix first.
The lease deal on the GV60 is legit but you have to take delivery before the end of this month (April 2023). A wrinkle with the lease deal is that the ~$7500 goes to Genesis and when you crunch the numbers on the deal, you wind up spending about the same as if you had purchased it in cash. The difference is that Uncle Sam is paying your capitalization costs (interest) and you just aren't paying for all of it up front as a result. The arrangement works well for me but might not for everyone.

From here my tale weaves a tangled web. My wife does not a black interior and neither of us care about the color of the exterior. At the dealership, they could not find a Standard GV60 that did not have a black interior that wasn't already spoken for. The sales person then asked me, "are you sure you don't care about the exterior color?". After I said yes, they made a good offer on a lease for a GV60 Performance that they were having trouble selling because of the ugly San Paul Lime color that includes the ~$7500 rebate from. At the end of the day, I'll be spending $72k net for the GV60 Performance including all of the costs including the taxes and garbage fees. It is way more car than I need, sick in more ways than one, but it is a good deal and within my budget.

 

[sakerror]

Certainly --- Keep us posted, if we can track down someone at corporate for you to chat with, I'll be looking for that info too!

Today's call with Genesis Finance resulted in nothing as well. They keep telling me the same; "some dealerships takes more time to process paperwork" and they advised me to file a claim with the "Consumer Relationship Department", i did and i have a case number now but they couldn't reach the dealership by phone because "as usual" no one answer calls there.

I know that sooner or later the account will be opened but what i don't want now is to deal with the DEALERSHIP finance office, because i would really hit the guy there on his face, what an incompetent and unprofessional person.

I live in CA, So i hope i will be able to finalize the buyout online through genesis finance account.

 

[sakerror]

Certainly --- Keep us posted, if we can track down someone at corporate for you to chat with, I'll be looking for that info too!

Finally i have access to my account. I have a question for you, 1st time i requested a buyout i got a 54,520$, now i am getting 54,014$. The difference was around 6hours apart.

Do you know anything regarding this?

 

[virtualjack]

Finally i have access to my account. I have a question for you, 1st time i requested a buyout i got a 54,520$, now i am getting 54,014$. The difference was around 6hours apart.

Do you know anything regarding this?

It sounds like you pulled the Monopoly card “The Bank made an error in your favor”.

Financial Services companies have an end of month closing of the books. My hunch is that the EOM close will detect that something is out of whack and they will adjust to what is hopefully the right value.

 

[ATL_GV70]

Ok, so when I reach out to Genesis finance, is there any special department to ask for to get payoff and how should I phrase the request?? Am I just asking what is the current pay off amount?

 

[Sev]

Ok, so when I reach out to Genesis finance, is there any special department to ask for to get payoff and how should I phrase the request?? Am I just asking what is the current pay off amount?

If you have access to your Genesis Finance online account, there is a section under Payments where you can request to get a Buyout Quote and it will auto generate one for you. You can also just call the customer service line and request a buyout quote from one of the reps and they should be able to create one for you with no hassle.

 

[RSuperman]

I will be picking up a GV60 Advanced tomorrow on lease and buy-out at the earliest opportunity. New to leasing, but can one of the experts comment on the deal sheet attached?

 

[2450NW]

I will be picking up a GV60 Advanced tomorrow on lease and buy-out at the earliest opportunity. New to leasing, but can one of the experts comment on the deal sheet attached?

 

[2450NW]

I can't find the attachment....

 

[virtualjack]

I will be picking up a GV60 Advanced tomorrow on lease and buy-out at the earliest opportunity. New to leasing, but can one of the experts comment on the deal sheet attached?

The money factor works out to 7.2% interest. If you have good to excellent credit you should be able to negotiate a lower money factor/interest rate. They might ask for a higher deposit to get that rate.

Otherwise looks pretty standard.

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[Sev]

I will be picking up a GV60 Advanced tomorrow on lease and buy-out at the earliest opportunity. New to leasing, but can one of the experts comment on the deal sheet attached?

I'm not a lease expert by any means, but this actually looks pretty close to what I agreed to. I pulled the trigger thanks to the help from this forum but I think this looks reasonable.

The only thing that sticks out to me is the doc fee @ $450?! That seems abnormally high to me but I'm not sure if that is because of your dealership. For reference, my doc fee was $85. I think you might be able to negotiate the MSRP a bit more to get your net cap cost down if your main goal is to do a lease buyout since that is what's most important. After adjustments, my net cap cost was $53.7k but it may not be worth the headache of having to further negotiate with them on that. I was able to get them to agree on an MSRP of 60,120 for my GV60A. With it getting to closer to month end, they will probably be willing to do that if not more.

 

[SaratogaLefty]

Money factor is of little significance if you are going to do the Lease Buyout. You will only be paying interest for the first month or two depending on how quickly you pay off the Buyout amount. Should be your adjusted cap cost plus taxes.

 

[RSuperman]

I'm not a lease expert by any means, but this actually looks pretty close to what I agreed to. I pulled the trigger thanks to the help from this forum but I think this looks reasonable.

The only thing that sticks out to me is the doc fee @ $450?! That seems abnormally high to me but I'm not sure if that is because of your dealership. For reference, my doc fee was $85. I think you might be able to negotiate the MSRP a bit more to get your net cap cost down if your main goal is to do a lease buyout since that is what's most important. After adjustments, my net cap cost was $53.7k but it may not be worth the headache of having to further negotiate with them on that. I was able to get them to agree on an MSRP of 60,120 for my GV60A. With it getting to closer to month end, they will probably be willing to do that if not more.

I did compare your deal sheet and the only thing that stood out was the document fee. I will try and negotiate, but not keeping my hopes high about it. Thanks.

 

[Sev]

I did compare your deal sheet and the only thing that stood out was the document fee. I will try and negotiate, but not keeping my hopes high about it. Thanks.

It might be all relative since I just noticed your lic fee is only $200 whereas mine was $732, so I think your total fees are actually better in comparison. I would still try to negotiate the MSRP a bit. Good luck!

 

[RSuperman]

It might be all relative since I just noticed your lic fee is only $200 whereas mine was $732, so I think your total fees are actually better in comparison. I would still try to negotiate the MSRP a bit. Good luck!

I really do not have any means to negotiate with this dealer. I have paid a non-refundable deposit of $1k against this specific car. Can't walk out without losing the $1k and, the Advanced trim is still in short supply. Let's see how it goes tomorrow.

 

[ATL_GV70]

Guys, new to leasing here so the numbers are just not making sense in my mind. Using the 7500 plus 500 military but it looks like they want to apply it to the doc fees and not the price of the vehicle. Can you give me your thoughts on this?? Model is the performance model.

 

[SaratogaLefty]

Guys, new to leasing here so the numbers are just not making sense in my mind. Using the 7500 plus 500 military but it looks like they want to apply it to the doc fees and not the price of the vehicle. Can you give me your thoughts on this?? Model is the performance model.

The Gross Cap cost of $75307 looks about $5000 higher than what I would have expected. Should be close to MSRP so it looks like they have added some stuff??

 

[ATL_GV70]

The Gross Cap cost of $75307 looks about $5000 higher than what I would have expected. Should be close to MSRP so it looks like they have added some stuff??

I was told wheel and tire coverage and sales tax

 

[virtualjack]

Where I live, county and state sales taxes are 9.75%.

I was told wheel and tire coverage and sales tax

I would go to the dealer and say that you don’t understand the numbers and it isn’t adding up to you (because they don’t add up ) .. People make addition and subtraction errors all the time. My recommendation would be to use phrases like (I don’t understand, I can’t make the numbers add up - can you help? Could we have make a mistake?). Make it a “we” problem.

The price appears to be above MSRP.. is it meant to be?

They are showing the sales tax as 1800. Delivery fee varies and is non negotiable but 1200 isn’t unheard of. There are misc fees that should add up to 500-1000. That works out to roughly $4k so assuming the price is MSRP there seems to missing $4k. Now $1800 seems low to me for sales taxes - mine were around $6k - but ever state, county, and city are different. The numbers could be because of a mistake, a markup, or they forgot to show sales taxes.

The bottom line is that you should be persistent until you understand every penny and where it is going. It is your money.

Please let us know how it goes.

 

[dxtra196]

Guys, new to leasing here so the numbers are just not making sense in my mind. Using the 7500 plus 500 military but it looks like they want to apply it to the doc fees and not the price of the vehicle. Can you give me your thoughts on this?? Model is the performance model.

Run, terrible lease deal