Looking at a 2016 Ultimate AWD - Lease Deals?

[zeez]

Hi All,

I'm hoping someone could help me figure out what I am missing in this lease offer for a 2016 3.8 ultimate.

MSRP = 50850 (why 50850 and not 50770 i dont' know)
Residual = 54%
capitalized = 40,000
MF = 0.00029
tax = 6.25% and i'm in Texas, so it's on the full capitalized cost
duration = 36 months
down = $0 (well, first month payment)
mileage = 12k/year

They are telling me it's 500/month. When I try to calculate that I get something in the 400s. Please let me know where I am screwing up because I need to know if I'm an idiot or they're sneaking something in.

40,000 - (50850*0.54) = $12,541 which is what I'm paying for
12541/36 = $$348

40,000 + (50850*0.54) = 67,459
67459*0.00029 = $19.56

40000*.0625 = 2500
2500/36 = $69.4

Acquisition fee of 595/36 = $16.52
Documentation Fee circa $150 /36 = $4.2

348+19.56+69.4+16.52+4.2 = $457 or so.

To make up the shortfall, 50*36 = $1,800 that is missing over 36 months.

ANy suggestions? Thanks so much

 

[danygenesis]

I made my numbers and I get

MSRP: $50,850
Price: $40,000
Rebates: $0
Trade-in: $0
Trade-in balance owed: $0
Cash down: $0
Net cap cost: $40,000
Acquisition fee: $595
Documentation fee: $150
Registration fee: $0
Other fees: $0
Fees Financed: $745
Fees due at signing: $0
Net cap cost: $40,745
Residual: 54%, $27,459
Money factor: .00029
Term: 36 months
Sales tax: 6.250%

Monthly payment: $460

 

[zeez]

I made my numbers and I get

MSRP: $50,850
Price: $40,000
Rebates: $0
Trade-in: $0
Trade-in balance owed: $0
Cash down: $0
Net cap cost: $40,000
Acquisition fee: $595
Documentation fee: $150
Registration fee: $0
Other fees: $0
Fees Financed: $745
Fees due at signing: $0
Net cap cost: $40,745
Residual: 54%, $27,459
Money factor: .00029
Term: 36 months
Sales tax: 6.250%

Monthly payment: $460

Thank you for your help! I'm not sure what the discrepancy is, then. Is it due to the rebates being taxable? Since it is a 50850 car that is being leased at 40,000 do I take the difference and apply tax? On their website the calculation shows 4500 special financing from Hyundai and 1000 valued owner coupon, which still leaves about 5000. What part is taxable? even if 11,000 is taxed at 0.0625 and added to the lease it's only $19/mo.

Based on your 460, $40x 36 = 1,440.

 

[AustinTX]

Hi All,

I'm hoping someone could help me figure out what I am missing in this lease offer for a 2016 3.8 ultimate.

MSRP = 50850 (why 50850 and not 50770 i dont' know)
Residual = 54%
capitalized = 40,000
MF = 0.00029
tax = 6.25% and i'm in Texas, so it's on the full capitalized cost
duration = 36 months
down = $0 (well, first month payment)
mileage = 12k/year

They are telling me it's 500/month. When I try to calculate that I get something in the 400s. Please let me know where I am screwing up because I need to know if I'm an idiot or they're sneaking something in.

40,000 - (50850*0.54) = $12,541 which is what I'm paying for
12541/36 = $$348

40,000 + (50850*0.54) = 67,459
67459*0.00029 = $19.56

40000*.0625 = 2500
2500/36 = $69.4

Acquisition fee of 595/36 = $16.52
Documentation Fee circa $150 /36 = $4.2

348+19.56+69.4+16.52+4.2 = $457 or so.

To make up the shortfall, 50*36 = $1,800 that is missing over 36 months.

ANy suggestions? Thanks so much

My lease deal with 15,000 miles (vs 12k in yours) and a little bit of money down came out to under $450/month on my 2015 Ultimate (same price as yours) - I think your numbers are realistic, and I would simply ask the dealer to put the math in front of you in detail if they come to a higher number.

I had three dealers quote the exact same car between about $430 and $650 per months, same conditions, same down payment, same everything. The $1,800 difference you found is pure profit for the dealer, unless the incentives from Hyundai or different now than they were for my 2015 back in April. Investing a few hours researching the difference will pay off nicely when you save that $1,800.

If the dealer wants you to sign, they should lay out the math for you in detail. They can do that before you come in and sign anything, it actually takes less than a minute to enter all the variables into a form and push a button to get the result, I watched them do that live in front of me when we played through a different scenario with 12k miles (15k miles ended up being a few $ more, so I did that just to be safe).

 

[penga25]

in new jersey the rebate is taxable

 

[danygenesis]

Thank you for your help! I'm not sure what the discrepancy is, then. Is it due to the rebates being taxable? Since it is a 50850 car that is being leased at 40,000 do I take the difference and apply tax? On their website the calculation shows 4500 special financing from Hyundai and 1000 valued owner coupon, which still leaves about 5000. What part is taxable? even if 11,000 is taxed at 0.0625 and added to the lease it's only $19/mo.

Based on your 460, $40x 36 = 1,440.

My numbers are a little bit higher because I added the fees ($595+$150) to the cap cost to get the Net Cap Cost, then adding rent charge (lease) plus taxes I get a couple of dollars more on the monthly payment. Actually what I get is exactly $459.57