G70 Lease Comparisons and Discussion (USA)

[Kodiak]

Thanks again Steve. I feel prepared to get a fair deal this time around after my last 2 vehicle purchases. No rush my current lease is paid in full and is not due to turn in until last day of October. If the 3 dealerships where we are going Wednesday won't budge I'll just expand the search. The beauty of living in the sticks half my life a little drive does not bother me. Especially for a 10 year vehicle. You guys are great yo help out a newb not to get ripped off.

 

[Flycaster]

From your MSRP, this looks like a Prestige to me. For that car, Circle A price is ~$45,150. Take another $3K off for lease cash and you're down to $42,150 which is just slightly higher than what you got. Assuming you have no other incentives (Conquest, Military, etc.)? Looks like your rebate is $4500? That should be $3000 unless you actually did qualify for an additional $1500 in rebate? And if so, price should be $1500 lower.

@FornicatorSteve just got his car and negotiated another $700 below Circle A plus incentives. So I would try to match what he got if you can. Best to put as little down as you can and have all your fees and taxes wrapped into that ultra low cost lease. Unless you have compelling reasons not to do that and need a lower payment... Good luck!

Yes, I am military and conquest, but I don't understand just what price (and why) should be $1500 lower. Could you please explain. Thanks.

 

[Flycaster]

Ran figures on Lease Hackr and they differ a bit from what the lease sheet had.

The only assumption I made in doing the figuring was to distribute the up front fees (items 16 and 17) into Fees, Taxes, Rebates, which equaled $1554.50. I then calculated Zero Drive Off vs non-Zero DO. Came up with:

LH Sheet..............$0 DO, $536/mo $1794 DO, $483/mo

Dealer Sheet.........$735 DO, $535/mo $2000 DO, $497.65/mo

Given these figures, and their differences, what do you think would be my counter offer?

 

[TurtleBoy]

Ran figures on Lease Hackr and they differ a bit from what the lease sheet had.

The only assumption I made in doing the figuring was to distribute the up front fees (items 16 and 17) into Fees, Taxes, Rebates, which equaled $1554.50. I then calculated Zero Drive Off vs non-Zero DO. Came up with:

LH Sheet..............$0 DO, $536/mo $1794 DO, $483/mo

Dealer Sheet.........$735 DO, $535/mo $2000 DO, $497.65/mo

Given these figures, and their differences, what do you think would be my counter offer?

I'm not coming up close to their amount. I assumed there was a total of 1,554.40 in fees and you would be putting them into the lease. With no money down, you payment would be 511 and 826 would be due at signing (first months payment and tax on the 4500 rebates). If you put $2k down, your monthly payment would be 452 and 2,907 would be due at signing. This assume a 7% sales tax and it paid monthly on the payment.

 

[TurtleBoy]

You should have them list out each fee and and how they are handling it. I don't agree with the adj cap cost they have. If you look it says only 650 in fees are included in the cap but with 4,500 in rebates and only 650 in fees your cap should be 45,480.10 - 4,500 + 650 which is 41,630.10 not the 42,079.52 they show so something else is in play.

Here are my hand calculations for zero down and just first payment and taxes on rebates due at signing.

Selling price: 45,480.10
Fees 1: 112.00
Fees2: 1,442.50
Gross Cap: 47,034.6

Lease Cash: 3,000
Conquest: 1,000
Military: 500
Cap Reductions: 4,500

Adj Cap Cost: 42,534.60

Depreciation: 16,979.20 (42,534.6 - 25,555.40)

Dep payment: 471.64

Monthly Interest: 6.13 ((42534.6 + 25555.40) * .00009)

Pretax Payment: 477.77

Sales tax: 33.44

Monthly Payment: 511.21

Have them list out the deal in this format and you should be able to see where the differences are.

Here is the link to a leasehackr calculation that matches.

leasehackr.com/calculator?make=Genesis&miles=10000&msd=0&msrp=49145&sales_price=45480.1&months=36&mf=.00009&dp=0&dealer_fee=0&acq_fee=1554.5&taxed_inc=4500&untaxed_inc=0&rebate=0&resP=52&reg_fee=0&sales_tax=7&demo_mileage=0&memo=&monthlyTax_radio=true

 

[Flycaster]

I'm not coming up close to their amount. I assumed there was a total of 1,554.40 in fees and you would be putting them into the lease. With no money down, you payment would be 511 and 826 would be due at signing (first months payment and tax on the 4500 rebates). If you put $2k down, your monthly payment would be 452 and 2,907 would be due at signing. This assume a 7% sales tax and it paid monthly on the payment.

"I assumed there was a total of 1,554.40 in fees and you would be putting them into the lease." Correct. Not looking to put money down. So, if I use your figures (511 and 826) vs their figure with no money down (535 and 735), what do you think would be a reasonable counter offer? BTW, I did use LH calc, but can't understand why I came up with figures different from yours? Here's my LH worksheet:

 

[TurtleBoy]

You are coming up with different numbers because you are not putting all of the fees into the lease. Look at your drive off and you will see that their calculator puts the dealer and government fees there rather than in the lease. You will want to put all of the fees under acquisition since that will add them to the lease.

There is no point in making any counter offers at this time, you will first need to see what they are doing to inflate your payments. Once you have their calculations then you can have them correct theirs to match yours. Then it is just a matter of you deciding whether the selling price is good to you. All the other numbers, including the payment just needs to match what you figure them to be.

 

[tarhoosier]

Turtle Boy knows of what he speaks

 

[Tonester]

Yes, I am military and conquest, but I don't understand just what price (and why) should be $1500 lower. Could you please explain. Thanks.

Just doing simple math, the Circle A price being ~$45150, you then deduct $3K for lease cash, $1K for Conquest, and $500 for military, so that adds up to your $4500 rebate. Now we're at $40,650 after deducting the rebate, so that is about $1500 lower than what they quoted you as $42079 which assumes you're paying the ~$2K tax and fees separate (cash down). That of course does not include all the fees which of course need to be scrutinized.

In evaluating your deal, I'm just comparing to what others have gotten with Circle A and it looks like you have some serious room for negotiating here. I'd recommend going with @TurtleBoy's more detailed numbers. Mine are ball park...

 

[matpal]

So chalk me up to one of the very few that the dealer would not combine Cicle A pricing with the lease cash. They said they could not get their computer to allow the transaction.

Instead, they offered a negotiated lease price very close to Cicle A pricing but still a bit higher.

They also refused to use the base .00009 MF (I have an 830 FICO) and wanted to use 0.00037 instead.

Made it easy to walk out.

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[Scrface]

What's circle a pricing on the 2.0 now?

 

[FornicatorSteve]

So I've had to resign the papers for my lease. (Second re-do)

Apparently, contrary to what everyone has told me, the Genesis Sedan (specifically the 2015 for me, but 2016 for others) DO NOT qualify for the Loyalty Rebate.

Thankfully, my mom has my old Acura which qualifies for the competitive owner rebate.

It's been a little ridiculous on my end to deal with this stuff 3 times now.

 

[TurtleBoy]

Apparently, contrary to what everyone has told me, the Genesis Sedan (specifically the 2015 for me, but 2016 for others) DO NOT qualify for the Loyalty Rebate.

Sorry to hear you have to keep redoing. When they announced the loyalty program last year it was only for 2017s and newer.

 

[FornicatorSteve]

Sorry to hear you have to keep redoing. When they announced the loyalty program last year it was only for 2017s and newer.

Thanks for the clarification. It made sense as it was a Hyundai product at the time. I thought about that going in, so I had asked all the sales people if it would qualify and I was told yes. that group that also said yes included sales managers as well as finance & incentives managers.

Either way, nothing changes on the deal.

 

[matpal]

So I'm being told that if using Circle A pricing, the base MF is 0.00037 instead of the base 0.00009. Anyone know if this is true or n't without speni f a few hours reading this whole thread?

 

[TurtleBoy]

So I'm being told that if using Circle A pricing, the base MF is 0.00037 instead of the base 0.00009. Anyone know if this is true or n't without speni f a few hours reading this whole thread?

Definitely not true but probably not worth arguing over if it is the car you want. That still only equates to .88%.

 

[Tkpoint22]

Definitely not true but probably not worth arguing over if it is the car you want. That still only equates to .88%.

I guess it depends on how you look at it. Rent charge of $6/mo vs $25mo.

If I’m the dealer, you can have the .00009 MF, but I’m adding $750 to the cap cost.

 

[TurtleBoy]

I guess it depends on how you look at it. Rent charge of $6/mo vs $25mo.

True, to me $19 a month is not worth aggravating myself about especially since the Circle A would be saving me a lot of money. Some dealers refuse to give base MF and nothing you can do about it.

 

[matpal]

I guess just more the principle of the thought of them being dishonest.

 

[Tonester]

I guess just more the principle of the thought of them being dishonest.

One thought is that they're being dishonest, but another thought is them choosing a different way to make money. Yeah, a little tricky, but not really dishonest to me.

I recently had a deal on the table and they also jacked up the MF saying they do that to make money. I had already negotiated a $1K dealer discount beyond Circle A and that was enough for me to move forward with lease talk. I would have had to fly out of state and go through the pain of registering an out of state vehicle in CA (not fun) and deal with the risks of the car not being what was described. I told the dealer that the increased MF basically negated the $1K discount and we were back to standard Circle A pricing. They refused to reduce the MF and for that and other reasons, I walked away. It was just enough to make me flip back to waiting for a 2020.

The thing I didn't understand was that if I paid cash for the car or got my own loan, they would not have been able to profit from the MF. Is it that much extra work to process a lease vs a purchase? Enough work that they need to jack up the MF by $1K to make up for it? I don't know... apparently the answer was yes for this dealer.

We are late enough in the model year that I'll need a GREAT deal to get a 2019. True there are not a lot of changes for 2020, but the negatives of these cars sitting on lots for nearly a year or more and some being test driven 100 miles or more (maybe hard miles) just doesn't sit well with me. It's not so bad that I can't be bought, but I need a SWEET deal to accept that!

If it weren't for r_spec and Circle A, I'd have a completely different outlook on getting a 2019 because you can basically negotiate Circle A at this time without even having Circle A. But having Circle A and getting a 2020 at that price, it's much easier to wait and skip the negotiating. Waiting also gets me a 4-button console and a power trunk!