Post purchase price details here (US $ only)

[tompass]

I also work few min away from Patrick. Not exactly a luxury experience but they gave me 3.3 AWD Elite for $42k which I thought was a good deal so I took it. It was only Hyundai dealer I visited, I called Elgin but they refused to work over phone w/ me or give me an indication of dropping price. Given what I read about Patrick on forum outside of oil change I will probably go somewhere else for service.

Purchased or leased?

 

[raf1919]

Purchased or leased?

Purchased

 

[raf1919]

That sounds like a pretty good deal if you got 6.5k under MSRP. Was that with incentives applied?

My major beef with Patrick is the fact that they made me wait 30 minutes after my test drive to tell me they didn't have time to give me a lease quote, they'd just email it to me. They never sent me anything so I followed up with them a few days later and never heard back. That was over a week ago. Right now I'm emailing a lot with Pugi in Downers Grove trying to work out a deal.

Yea I inquired twice over internet no response but work down street so just went in. They were pretty unorganized from start to finish..

But gave me a good number so even tho I was unimpressed with them took it anyways. Hoping for stand alone stores to open soon. Not sure what they did but they gave me high price out of the gate. I had a trade in involved as well. They gave me high offer, told them that it was out of my range and I had full intentions on buying a stinger showed them how cheap brand new stinger was with all the current incentives and they basically came back and matched it for me. Granted it was GT2 So didnt get all the options in G70 but I liked G more.

 

[tompass]

Purchased

That is a heck of a price. Well done.

 

[Jgue]

How is $44356 for a 3.3t elite?

 

[Tkpoint22]

How is $44356 for a 3.3t elite?

Out the door? Purchase? What’s the breakdown from msrp?

 

[Jgue]

Out the door. msrp is $48690

 

[Jgue]

And yes purchase

 

[TurtleBoy]

Out the door. msrp is $48690

Without knowing all of the details it seems like a good deal for a purchase. Congratulations. Good luck, enjoy and be safe.

 

[matpal]

Maybe someone can help me out here with some numbers.... They're just not making sense to me. I am a noob with leasing.

When you lease, what is your rent/finance based on? Because running the numbers through an app:

MSRP 52,645 and 51% RV
Net lease price: 44,378
Depreciation: 17,530
Money Factor: .00065 or 1.56%

Gives me a finance/rent charge of $1667. Now 1.56% of the depreciated value would be way, way less, and even 1.56% of the total MSRP is less.

So what basis are finance charges figured for a lease and while in the world are you not just financing the depreciated amount considering most people would not buy out the lease.

______________________________

Help support this site so it can continue supporting you!

 

[Tkpoint22]

Maybe someone can help me out here with some numbers.... They're just not making sense to me. I am a noob with leasing.

When you lease, what is your rent/finance based on? Because running the numbers through an app:

MSRP 52,645 and 51% RV
Net lease price: 44,378
Depreciation: 17,530
Money Factor: .00065 or 1.56%

Gives me a finance/rent charge of $1667. Now 1.56% of the depreciated value would be way, way less, and even 1.56% of the total MSRP is less.

So what basis are finance charges figured for a lease and while in the world are you not just financing the depreciated amount considering most people would not buy out the lease.

Totally agree that 1.56% is not the effective rate. There was discussion before about effective interest rate and a couple guys disagreed. I agree with the guy that says it’s a lot higher than ppl are saying.

The way I look at it, you’re paying interest on only the value of the depreciation in your lease payment. It’s the cost they’re charging you to pay them back the depreciation over 3 years. If you then buy the car out and finance the residual, you’ll pay interest in the remaining $25k of the car too.

So when folks have said the rent charge is interest on the full value of the car, I disagree, it’s just the cost to borrow the depreciation value.

In this case, looks like your effective interest rate is closer to 6%, not 1.56%. Said another way, if you were to get a loan for the $18k depreciation @ 6% over 3 years, you’d pay roughly what you’re going to pay in rent charges at the rate you quoted, about $1,700.

 

[matpal]

Thank you, that makes sense based on the numbers. But still, I'd like to know exactly how they come up with the finance/rent total.... What number is the 1.56% being multiplied by? Because if it was the depreciated value, it would obviously be much lower.

 

[Tkpoint22]

Thank you, that makes sense based on the numbers. But still, I'd like to know exactly how they come up with the finance/rent total.... What number is the 1.56% being multiplied by? Because if it was the depreciated value, it would obviously be much lower.

(Capitalized cost + residual) x money factor = monthly rent charge

Then obviously multiply that by 36 to get your total rent/interest

 

[danygenesis]

(Capitalized cost + residual) x money factor = monthly rent charge

Then obviously multiply that by 36 to get your total rent/interest

(Cap Cost - Residual) x MF

 

[TurtleBoy]

So when folks have said the rent charge is interest on the full value of the car, I disagree, it’s just the cost to borrow the depreciation value.

In this case, looks like your effective interest rate is closer to 6%, not 1.56%. Said another way, if you were to get a loan for the $18k depreciation @ 6% over 3 years, you’d pay roughly what you’re going to pay in rent charges at the rate you quoted, about $1,700.

I brought this up a couple of months ago and it led to some fairly heated posts, for some reason many folks can't seem to grasp the concept of effective interest rates.

I look at it a little differently though. The interest is calculated on the full value but the effective interest is really only applicable if you are buying at the end of the lease. If you are just leasing then it is the cost of leasing but if you are planning on using leasing as a strategy to buying then you need to look at your effective interest rate, and resulting interest, when comparing to purchasing using other financing.

 

[JohnB1]

Hi Folks,

Just joined the forum and have just moved to the US from Canada (In Houston). Looking at buying a g70 3.3 sport. Appreciate all your feedback on prices here. Talking to some dealers today and this will help. Appreciate any advice folks have on purchasing / dealers in Houston area.

John

 

[pulsar]

Hi Folks,

Just joined the forum and have just moved to the US from Canada (In Houston). Looking at buying a g70 3.3 sport. Appreciate all your feedback on prices here. Talking to some dealers today and this will help. Appreciate any advice folks have on purchasing / dealers in Houston area.

John

There is a lot of info on pricing, discounts, incentives, purchase vs lease on this forum as well as what folks actually paid. Suggest you spend some time reading this section and the lease vs purchase section. You will get educated and be smarter in negotiations with your dealer. Really good folks on this forum in helping each other get the best deal possible.

 

[matpal]

I know this is a crap shoot, but what do you guys think about waiting to pull the trigger on something til September 4th when thnew incentives come out? Obviously could work out really well or really bad. Just hate the thought of leaving money on the table because I can't wait another week.

 

[TurtleBoy]

I know this is a crap shoot, but what do you guys think about waiting to pull the trigger on something til September 4th when thnew incentives come out? Obviously could work out really well or really bad. Just hate the thought of leaving money on the table because I can't wait another week.

In my opinion, it is a very remote possibility that they would lower the incentives next month given that want to move the 2019s. If anything, they may raise them. I would say sit tight and see how things play out.

 

[KusaKusa]

Considering the marketing push for the Genesis Summer Sales event, this may be the month they want to sell out the 2019s. However, they can still have separate incentives for 2019s vs 2020s even after the event. Or they may unofficially continue the event incentives after this month, as I've seen Hyundai do that before. They'll want to still sell off the 2019s later, so I think waiting would get you a better deal if they don't run out of 2019 specs you'd want.