Hi All. Went to the one Genesis dealer in the Denver metro area today to check out an electric GV70 (with prestige package). Wanted to get peoples thoughts since it honestly came in much lower than I expected.
Couple disclaimers since I am having hard time getting matching numbers in the calculator:
Tax rate for my address is 8.81%
CO is offering $5k tax credit for EV leases to anyone. Assuming that the rebate listed includes both the $16k Genesis is offering and then the additional $5k from state (would have to sign that rebate over to dealer at paperwork time)
There are the $2196 is added âaccessoriesâ (dealer added protection, etching, etc) but seems like I shouldnât care since they are taking $3200 off MSRP
I feel like I am missing something here. Also, cannot for the life of me get to the est. cap taxes which they list on this.
I was expecting about $100/month higher. Having trouble with the tax number however as the calculator gives a much lower amount of total taxes on the lease. So again, asking for input on lease deal as a whole. Dealer added stuff is mandatory and they will not take it off. I can ask about MF.
So here is as close I can get on the calculator (had to inflate MF from published 0.00218 to 0.00279 to get to estimated monthly payment; also added back dealer âaccessoriesâ after the $3200 rebate off MSRP): calculator link
Yes, I do get an extra $5k or so from my state. But I am still putting all that in the calculator. Getting a score over 10 years. Based on what I have read quickly on the forum, Genesis rebates in some of the mid-atlantic region were $17.5k versus the $16K in Colorado.
Having the calculator gives you the ability to make an educated offerâŚGet rid of the accessories and your cash down payment with no mark up on MF and wya.
You can continue with this dealer or reach out to another local Genesis dealer with your educated offer. Having the ability to sign today will make it happen.
For what itâs worth, Genesis dealers in CO are brutal. First, thereâs only 3 so they think they have customers by the balls. They treat their inventory like itâs godâs gift to the automotive world. 2/3 have mandatory adds and one of them (listed in this thread) does rate mark-ups for all deals even for broker deals. No exceptions.
If OP really wants a deal worthy of LH praise, heâs gonna have to look outside of CO most likely. The problem there is the CO state tax credit assignment that customers sign off on transferring the rights to the dealership (form DR 0618). I donât know if an out of state dealer can use that form or if they would even entertain that for a resident of CO (could be brain damage theyâre just not willing to engage in for a one-off deal). Iâve never tried to test those waters myself so I cannot comment on experience. If not, then it âforcesâ OP to buy from a local dealer so he can get the $5350 tax credit applied as a cap cost reduction.
Iâm not stating what OP should do (itâs a tough situation if you really want a Genesis here), just sharing what I know about the brand offerings locally and the CO EV credit.
Yes, thank you for this. Reiterating what Drew_CentennialLease said, there are literally only 3 Genesis dealers in the state, one of them doesnât even carry their electric vehicles, and there are only 4 electric GV70s sitting on dealer lots right now with the prestige package.
People are quick to criticize (apparently even here) without even doing their due diligence on what the landscape looks like in the area. And as pointed out also, not sure how the Colorado tax credit would even work if you bought out of state. It may just nullify it completely. There is literally only one other deal posted for an electric GV70 under the signed deal which is better and it comes from the east coast (can almost guarantee that there is much more competition out there, better selection, and easier to get a great deal).
One would simply claim it on their taxes rather than have it rolled into the payment as a cap cost reduction. Assignment to the dealer or lessor is optional, but not required.
Here is essentially a calculator link for the deal I ended up with. Probably not amazing but again, considering the inventory on these in Colorado (only 2 dealers, there were only 4 prestiges on the lots), I donât think it is awful to end up at $543/month and $3000 DAS ($3k included my first month).
Your offer sheet says âadvancedâ package. Neat little switcheroo unless Iâm missing something. Be careful. Thereâs a lot of extra tech in the PRESTIGE.
An out of state dealer who is already filing a Colorado state income tax form for whatever reason would probably be willing to do the assignment at POS because theyâd make a couple extra hundred on it, right?
Personally, I looked at leasing one of these from out of state and, even with shipping and applying the rebate on your taxes next year, I was coming out ahead. However, it is a big hassle that might not be worth it to many people to save a couple thousand dollars.
Definitely leased the Prestige. Not a huge amount more tech but we have the HUD, 3D instrument cluster, Lexicon audio, etc. I found that some dealers were listing the Prestige as the Advanced with âprestige packageâ. Could have sworn I saw it listed this way on the Genesis website at some point.
And regarding out of state lease/purchase, there is a good possibility that I could have still received the credit, either at POS if a dealer was willing or just claiming it at the end of year (I didnât read through all the terms in detail). However, the nearest Genesis dealers outside of Denver are about 500 miles in either direction. So that likely would entail buying a plane ticket (probably a few hundred dollars), spending some time at dealership, and then driving all the way back to Denver with no less than two recharging stops. In terms of the total sunk time and actual cost (i.e. plane ticket, etc), that alone is worth about $2-3K for me. I completed the lease deal at $543/month, I never even stepped foot into a dealership, they dropped of the vehicle at my doorstep, and I signed the remaining paperwork in person which took about 10 minutes.
