G70 Lease Comparisons and Discussion (USA)

[Chark]

MF of .00118 x 2400 = 2.78%. That's not as terrible as you make it out to be.

 

[TurtleBoy]

So today I did some shopping via the phone with Circle pricing in hand. Check it out MSRP $50575, price $46495, Rebates $3500, Residual 52%, MF 00006, Cap reduction $2032.17 Payment 36 mo. 0 down $574.94 1st payment due at signing.

Looks good, when are you getting it?

 

[TurtleBoy]

Ah. What's the base rate for that term? 36 month terms are .00010 or less. Are 48 month terms really 10 times that?

I did get verification that he is getting the base MF, for May it is .00116.

 

[Riley]

Looks good, when are you getting it?

Maybe tomorrow the dealership is about 60 miles from me. I have been thinking Casa Blanca white did see a Himalayan gray today. Definitely do not want black red blue and probably not silver because my last car was Silver for 12 years. So I may take one more look before I decide

 

[sethsquire]

So today I did some shopping via the phone with Circle pricing in hand. Check it out MSRP $50575, price $46495, Rebates $3500, Residual 52%, MF 00006, Cap reduction $2032.17 Payment 36 mo. 0 down $574.94 1st payment due at signing.

Where does the cap reduction come from? I ran your numbers through the lease calculator (though I don't know your state tax) and came out to around 569/month for true zero down.

www.leasehackr.com/calculator?make=Genesis&miles=10000&msd=0&msrp=50575&sales_price=46495&months=36&mf=.00006&dp=0&dealer_fee=85&acq_fee=595&taxed_inc=3500&untaxed_inc=0&rebate=0&resP=52&reg_fee=400&sales_tax=9&demo_mileage=0&memo=&zero_driveoff=true&monthlyTax_radio=true

 

[Riley]

Where does the cap reduction come from? I ran your numbers through the lease calculator (though I don't know your state tax) and came out to around 569/month for true zero down.

www.leasehackr.com/calculator?make=Genesis&miles=10000&msd=0&msrp=50575&sales_price=46495&months=36&mf=.00006&dp=0&dealer_fee=85&acq_fee=595&taxed_inc=3500&untaxed_inc=0&rebate=0&resP=52&reg_fee=400&sales_tax=9&demo_mileage=0&memo=&zero_driveoff=true&monthlyTax_radio=true

I'm not all that savy on leasing. I will say that 2 dealers came up with the same figures. It seems loike a pretty good deal.

 

[sethsquire]

I'm not all that savy on leasing. I will say that 2 dealers came up with the same figures. It seems loike a pretty good deal.

If the numbers match up to the calculator it is. You mentioned a 2k cap reduction so I didn't know if you meant you were putting money up front or just straight sign and drive. If those numbers are correct you shouldn't be putting anything up front.

 

[Riley]

I'm not putting anything up front, but I am making the 1st monthly payment. Does this sound right

 

[sethsquire]

I'm not putting anything up front, but I am making the 1st monthly payment. Does this sound right

What's your state and tax rate? It seems pretty close.

 

[Riley]

California 9.5% Two dealers quoted me aproximately the same rate and a 3rd was like $22 higher. I don't know if they want the 1st months payment. If they do I am going to try to grind them down as they are the closest to me that actually has the car.

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[FLnak]

I think he’s referring to that ~2k you had listed as cap cost reduction which could be anything that lowers the lease cost like a down payment. Not sure how they are figuring that into the deal.

 

[TurtleBoy]

I'm not putting anything up front, but I am making the 1st monthly payment. Does this sound right

You will want to get the details on that since in many instances zero down does not mean you will not be paying anything besides the first payment. It could mean you are paying the fees (act and doc) and taxes up front.

What many dealers do is roll all of that into the lease amount and then when you pay those fees/taxes it counts as a cap reduction. That is how my dealer calculates leases.

 

[sethsquire]

You will want to get the details on that since in many instances zero down does not mean you will not be paying anything besides the first payment. It could mean you are paying the fees (act and doc) and taxes up front.

What many dealers do is roll all of that into the lease amount and then when you pay those fees/taxes it counts as a cap reduction. That is how my dealer calculates leases.

True, some dealers do it differently. I'm not super familiar with the laws in California (and there might be dealer fees I'm not taking into account), but that 572 calculates right for a true sign-and-drive (i.e. 35 payments of 572).

 

[Riley]

Thanks Gentlemen, I couldn't have done it without you. I'll let you know how it turns out.

 

[TurtleBoy]

True, some dealers do it differently. I'm not super familiar with the laws in California (and there might be dealer fees I'm not taking into account), but that 572 calculates right for a true sign-and-drive (i.e. 35 payments of 572).

Ok good, I hadn't run the numbers but just wanted to make sure he gets all of the info beforehand so there are no surprises. I'm curious about that cap reduction so hopefully he is able to provide details once the deal is done.

 

[Throat Yogurt]

MF of .00118 x 2400 = 2.78%. That's not as terrible as you make it out to be.

It looks like that's the base rate for a 48 month lease, so debating it is a moot point - it is what it is. I questioned it because while 2.78% is a good rate compared to a loan, it is not good for a lease, and is a lot higher than the rates for Genesis 36 month leases. All else being equal, on a $40,000 car, the difference between a MF of .00118 and .00008 (the base Genesis 36 month rate on a 2.0T) is $70 a month on a 36 month lease. To me, that's a big difference.

 

[danygenesis]

It looks like that's the base rate for a 48 month lease, so debating it is a moot point - it is what it is. I questioned it because while 2.78% is a good rate compared to a loan, it is not good for a lease, and is a lot higher than the rates for Genesis 36 month leases. All else being equal, on a $40,000 car, the difference between a MF of .00118 and .00008 (the base Genesis 36 month rate on a 2.0T) is $70 a month on a 36 month lease. To me, that's a big difference.

This is an usual behavior from Genesis/Hyundai (between other manufacturers) Giving a very low MF for 36 months compared with 48 months lease. Sometimes they give you higher incentives (lease cash) for 36 months than for 48. For some reason they prefer you to lease for just 36 months instead of a longer period. The reason? IDK.

 

[nellie1289]

This is an usual behavior from Genesis/Hyundai (between other manufacturers) Giving a very low MF for 36 months compared with 48 months lease. Sometimes they give you higher incentives (lease cash) for 36 months than for 48. For some reason they prefer you to lease for just 36 months instead of a longer period. The reason? IDK.

Totally agree. Go to 36 months and save money !!!

 

[Terdbath]

Happy to see 3.3's leasing for under $600. 15 months of current lease cant end soon enough!

I let a local salesman take me for a ride in a 2.0 automatic a couple weeks ago. I can definitely see a 3.3 AWD Silver Sport in my future.

 

[Riley]

Still working on it today. My local dealer which has no cars on the lot is at $572. La quinta dealer is at $576 but again has to get the car and the last dealer which has the car on the lot wants $597 and won't deal.