For future reference, can anyone confirm what I think I learned today?
If MSRP is X, untaxed incentives (straight to dealer) are Y, and selling price remains X…then the dealer is pocketing the incentive without lowering sales price to reflect the money they get?
Selling price in this case isn’t X, its X + $8500.
This is a dealer being very deceptive with their numbers, which is the real reason they wouldnt send you a breakdown.
Exactly. You would have seen the “Market Value Selling Price” inflated by 8500.
Really glad you stopped by and asked about this.
Random question, is this dealer co-located with a Hyundai showroom or is this a standalone Genesis store?
Collocated with a Hyundai.
What you did right:
-Asked for help before signing
What you did wrong.
-Didnt walk from the table once dealer decided to not present their deal structure.
-Didnt understand the moving parts of a lease structure.
-Didnt then Build your own deal, and go from there.
Dont get discouraged of course, regroup, and then ask before attempting the next go around with another dealer. And of course if doing this is too complicated, brokers exist.
That was my theory when this started looking shady.
As long as they do this they’ll never be able to get the Hyundai stank out of the Genesis brand.
Thank you. These are lessons I will take with me going forward. The community has already given me new tools in just the first few days!
Last time I went in blind and learned some lessons. I’ve reached out to a couple of brokers for alternatives, but we really want to try this particular model if we can at all.
Would love some feedback on my calculator inputs before I send to dealer.
Assumptions:
set tax rate to 0% and added $500 for SC sales tax to fees.
rounded fees to 1,500 to cover sc title registration and ev fee +sales tax +property tax(in SC I think I also owe personal property tax)
set the ev credit to untaxed because it goes to dealer.
set the loyalty credit to taxed because it is to customer.
set sales price to straight MSRP minus incentives.
This represents an “ideal” deal so please tell me what is wrong with it!
What is the basis for your discount goal? Is that benchmarked against other deals?
Why do you want to put down $5k?
I think you’re double-counting the incentives. If it’s an incentive, don’t also list it as a reduction in sale price. If there is also (separately from the incentives) a discount on the car, then you’d list that as the sale price.
That’s a pretty optimistic discount on a electrified GV70 - 11.73%. I just checked inventory, and all the Genesis dealers around me (San Diego) only have like 2 or 3 each.
Thank you. I believe I messed up by counting the incentives as a discount from the sale price. I was trying to reflect the final price being the MSRP minus incentives.
Ok. Yeah, I see that Jon merged the threads. This is one of those - it is what it is. If you really want the car, just make sure that the dealer’s not marking up the MF or adding any useless accessories. Some people will say just finance it, but with EV technology changing so quickly, I don’t know if I agree in this case.
That $7500 EV lease tax credit has always been taxed for me, on my last three EV leases, at least here in California. You don’t have to pay acquisition fee up front. It’s up to you. I don’t know what your government fees are - I’m guessing title and registration. Registration fee is pretty high for EVs in California as well, but not that high.
I incorrectly used the incentives as the discount from the MSRP