Year, Make, Model, and Trim: 2024 Hyundai Kona EV SE
MSRP: $34,440
Selling Price: $34,140
Monthly Payment: $287 (includes taxes)
Drive-Off Amount: -$2,500 (Had to structure it this way to avoid negative depreciation)
Months: 24
Annual Mileage: 12,000
MF: .0056 (Base + .00040 Dealer markup 
)
Residual: $23,419 (68%)
Incentives: $15,350 (Lease Cash and CO Tax rebates)
Effective Monthly Payment: $170/m
7 Likes
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New to leasing, what was the reason for -$2500? Do you mind sharing which dealer this was? Looking for a deal exactly like this
Likely because rebates pushed under residual, though with those rebates it makes me wonder if a trade was involved
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No trade.
This is a Colorado special. You have to be a Colorado resident and have to find an Kona EV SE base with no upgrades.
Rebates:
Lease Cash - $7,500 (Essentially Fed Rebate)
Colorado EV Rebate - $5,000
Colorado EV Rebate Finance Assignment - $600
Hyundai Processing Fee - ($250)
Colorado EV Additional Rebate (under $35k MSRP) - $2,500
Total: $15,350
2 Likes
With the rebates and the dealer discount, the adjusted capitalized cost was lower than the residual cost. So that Hyundai would fund the lease, no finance company will fund a lease with negative depreciation, we took money out of the front end of the deal by writing me a check for $2,500.
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For the 5k Colorado ev rebate is that applied as a direct discount from MSRP, or do you get it back as a tax credit when you file taxes? I have a CO address but do not file income taxes there
I believe you need to be a Colorado Resident, because you have to sign a form at finance which transfers the assumability of the CO EV tax credit to the Finance company. And it requires a CO Drivers license. Since everything is assumed by the finance company, it doesn’t impact personal taxes and is taken at POS.
1 Like