Hi - I’m looking for some retroactive input on a lease I signed yesterday. Feels like it was a good deal but I have a hard time fully connecting the dots and could use a sanity check!
2023 Genesis GV60 Performance
36 mo / 12k miles
MSRP incl options ($620) and freight ($1125) - $70,035
Gross cap cost - $63,385.05 (selling price $60,510.95 plus $2,124.10 tax and $750 acquisition fee)…$7,500 EV credit included in selling price
Cap cost reduction $1,673.18
Adj cap cost $61,711.87
Residual $38,519.25
Depreciation $23,192.62
Rent Charge $757.82
Total Payments $23,950.44
Monthly payment $665.29
$3,000 DAS ($2,000 cash and $1,000 Genesis bonus)
Dealer also paid off the remaining payments on my previous car (approx 3k), which doesn’t reflect on the lease agreement, so as far as I can tell they absorbed it as additional 3k effective discount off MSRP.
If I’m doing the math right, it seems the rent charge is ridiculously low (like a 0.00021 MF or 0.5% APR), in which case they effectively gave me $5,000 off MSRP in addition to the $8,500 Genesis rebates…and loaned me the money to drive the car for 3 years at basically zero interest.
Is there something I’m missing here, or is this a pretty good deal?. Marketplace had Advanced trim (significantly lower MSRP) with higher DAS and higher monthly, without paying off the 3k on a prior car so it at least passes the marketplace sniff test.