(Pre-Script: I encourage everyone trying to figure out how to deal with lease offers and get a good deal to read through the entire set of posts. This shows real time evolving discussions and conversations with key members of the LH forum, and their demonstrated wisdom to help me ultimately secure an incredible deal much better than the Heading of this post. Enjoy and I hope it is helpful to you in your pursuit!)
Hello Group:
I’m just getting the hang of this, and learning as I go. Would love to get your feedback, as I’m not exactly sure what the next steps might be. Here’s what I know so far, please correct any errors in my thinking, as I’m learning the terminology on the fly.
Year, Make, Model, and Trim: Hyundai Kona EV Limited 2021
MSRP: $43,550
Selling Price: 32,686.85
Monthly Payment: $341.22
Drive-Off Amount: $0
Months: 36
Annual Mileage: 12K
MF:0.00070
Residual: 50%
Incentives: $12,750
Region: East Coast/NY
Leasehackr Score: 11.2 (9.6 is original calculation, but see ElectricEliminator’s correction below)
Leasehackr Calculator Link: CALCULATOR | LEASEHACKR
I don’t know what the 'upfront fees of $235 represent. And I asked for $0 DAS. The offer says it is $341.22/month… but the Leasehackr calculator had it at about $420… so I know I’m missing something here. Can anyone tell me what it is?
Can’t wait to learn what you think are my next steps… I have no idea.
It looks legit? $1,000 dealer discount, $10,750 in lease cash plus the $2,000 Drive clean NY rebate. No money factor markup, no crazy hidden or marked up fees either. Maybe push for more dealer discount but that’s tricky at the moment with the current market conditions.
Greatly appreciated! So the $12,750 goes under ‘taxed incentives’. And your leasehackr output showed a monthly rate of $363, which is much closer to the $341.22 that I was quoted, all for a total leasehackr score of 11.2.
ElectricEliminator: as you see the lease info. there are no specific follow up questions (besides possibly seeing if I can secure more on the dealer discount) that I need to ask? It’s all rolled into the Monthly Payments, it seems?
So how do I try to finalize the numbers, or make sure I am getting all of this correct? Should I ask about total OTD (and assume it’s $12,750)… and that all of the costs are simply rolled into the monthly plan of $341.22?
Everything is laid out on the sheet. As long as they honor everything there you shouldn’t have any issues. Adjusting the “up front fees” (NY doc fee of 75 and I’m guessing 1yr registration and tire tax of $160, you’ll have to handle renewing registration in NYS for subsequent years) I get to $345 with zero DAS using those numbers. CALCULATOR | LEASEHACKR
That could be some sort of slight discrepancy with the calculator, I wouldn’t worry too much about a couple of dollars. The question is whether another dealer would be willing to beat that quote. We’ve seen 5% off pre incentive recently in NJ so it might be possible. That would be about $317 a month with zero DAS.
I needed that reassurance. And to consider other dealerships (which will be much closer) and see if they are willing to follow in NJ footsteps with the 5% off of MSRP: Golden idea, EE… and thanks for doing the math for me on the lowered monthlies.
If this all goes through, you can tell me where to send the whisky (or rum, or … your beverage of choice.)
Just keep in mind that NYS dealers like to pretend that the extra $2,000 in incentives from the state are coming out of their pockets when they aren’t. NJ has started that habit too. There’s still some good dealers out there but low inventory is currently a big obstacle. It’s not always worth passing on a “good” deal to chase a “great” deal that might not exist. As for this dealer, if you can’t find anyone else willing to play ball that’s closer I don’t see anything wrong with offering $320 a month, zero DAS and say you’ll sign today at that number.
Got it. I am thinking I will call a few local dealerships and see if they can offer something better by noon tomorrow. If they don’t, I’ll plan to do exactly as you suggested, offering $320 to the existing dealership and see what happens.
When it comes to seeing if a dealership can ‘beat’ another offer, how do you suggest I go about that exactly? (My idea was: tell them I’ve got $0 DAS and monthly payment of $341.00 with terms of 12/36… and ask them if they can do better.) Is this direct approach the way to go, or what would be better?
I’d tell them that you’re looking to be at 320 with zero DAS and see if they will go for it. No sense in telling them exactly what you have in hand because then they will just come back at you with a quote thats only a dollar or two less a month. If it comes up you can tell them that you have a quote in hand that’s about 340 a month with zero down, zero due at signing and you are looking to beat it.
As a follow-up for anyone tracking this conversation: I asked dealership (per EE’s suggestion) for $320/month with $0 DAS, and was ‘read the riot act’ and shown a document via email that suggested they were losing $109 on this sale. No doubt they are not losing $ in total, but as evidence towards this initial offer as one that is a very, very good deal (during this particular time) other dealerships come nowhere near these numbers in NY… and some dealerships have refused to call me back, once I’ve given them the #s and they’ve run them with their manager. (Even a sales person from Healey Hyundai in Beacon NY, whom I have a working relationship with… didn’t call me back!) I’m taking all these as positive signs, and hope to talk with finances person from dealership today to finalize all numbers!
Yah, same here in So Cal, I have the same numbers I want to pay ($320 / 0 DAS) on a '21 Limited Kona EV but all of them either laughed or ignored me.
Of the ones who did respond:
Some dealerships were actually keeping the $10,750 factory to dealer money and not passing it along.
Others were keeping the $1500 CA CFP money.
Interesting how some dealers do business taking monies off the table themselves instead of allowing customers who know about them to keep it.
Reminds me of an old western movie poker game complete with hidden cards & 6 shooters pointed at you…
That’s a little hard to apply deals and suggestions meant for a NY resident into a CA resident. that’s why your $320 /month is unreasonable in a CA setting completely. A $350 deal should be doable but still iffy.
Keep in mind that $320 payment would be based on the best recent deal we’ve seen (5% off msrp in NJ) using the available incentives in NY, fees, taxes, etc. There’s no guarantee that a dealer in NY will do it but there’s no reason that 5% off is totally out of the question. It’s worth targeting at least.
You’re making the same mistake. Unless you know where @4sallypat lives and what their taxes, rebates, etc are you don’t know what X% discount off MSRP should yield for their monthly payment.
Not really.
4sallypat said SoCal, and the only difference is 2% in the sales tax.
The prices should be fairly stable in the whole region. Especially with 3 different dealers in the region sitting on 4+ cars of this model.
Got it!