Here is what the calculator comes up with but the dealership wants $853 a month vs. what the calculator came up with. Where is the difference being made up on the dealerships side?
Msrp $69,540
Selling $68,040
Proc/Doc $367.70
Gov Fee $351.00
Rebates $14,250
24 months
12k miles
First months lease payment due at signing.
What is making up the difference and how would I find it on their paperwork if I moved forward?
For starters your calculator doesn’t have an acquisition fee or any of the dealer/government fees included. And are you sure the 5.5% tax rate is correct, that seems low for IL?
im taking the info the salesman sent to me, literally.
I live in Wisconsin but buying from an IL dealership, 5.5% is accurate.
Acquisition fee is built into the MSRP price. If it needs to be presented again in the calc where would that be?
The destination fee is included in the MSRP but the acquisition fee is not. Many dealer quote sheets will not specifically list out the acquisition fee but they are for sure charging it.
You would add it in the calculator in the acquisition fee section, same with the government and dealer fees.
Even after adding those things in it’s likely the dealer is just marking up the MF which is what gets them to $853.
is there a way to figure the acquisition fee? and I apologize for my ignorance, but they provided the money factor of .00228 or 5.47% apr. Which i used in the calculator.
As a super supporter you can use RateFindr to capture all of the correct terms. It shows the Genesis acquisition fee at $750 and base MF at .00249.
Updating your calc with everything above brings it to $829/mo. Much closer.
Ultimately you just need to take a look at some broker deals and what others have signed for and build a target deal. Then tell the dealer you’ll be in to sign tomorrow if they can get to $X payment with $Y DAS.
That’s going to be a garbage lease.
Forget about reverse engineering someone else’s numbers.
You need to know what your target for percent discount is. Look through Signed Deals & Tips and Marketplace
is this telling me that the dealer discount is only the diff between msrp and selling? The rest is manufacturer incentives?
Yes. The pre-incentive dealer discount on this deal is only $1500 (2%), everything else is manufacturer incentives ($14k in rebates).
Search the marketplace and signed deals section to see what pre-incentive discount brokers are offering on similar Genesis models and what others have signed for. Then just make the dealer an offer based on that, as max mentioned.
.228 is right for 24. They could just be marking it up and telling him the base figure.
This is a pretty crap deal.
dealership sent me a screen shot of their internal software. It reflects a markup of only 1%. There cost was slightly more than the price they are offering me. Where else are they making the money?
Hyundai Genesis hold back can be as high as 3%
Nobody here cares. They’ll look after their own interests, you look after yours.
Steps:
Which step are you at?