I’m in the process of leasing a 2026 Genesis GV70 2.5T Select AWD (black/black) for 36/10K.
How does this deal look?
**1.**The “Aftermarkets” break out is for the following, which I see listed now in the “preview” contract they made me sign since the finance person left for the day. I’m supposed to go back tomorrow to complete all the paperwork.
I told him I didn’t want to pay for these because I know they are not required but he said his boss would not let him remove these from the system; so instead we just split the difference and he applied it to the dlr discount. However, I see it shows as “optional” on the contract; so should I tell him I want these removed?
**2.**I signed only a “preview” contract; so I’m not locked into this deal yet? I can still try to negotiate?
**3.**The “Cap Fees” he told me were the DMV fees and mentioned that they will probably come in around $300-$350 so based on what he said, they should be adjusting this amount. However, I want to ask him tomorrow for a breakout of these “Cap Fees”.
**4.**Also, I can’t seem to figure out how they calculated the $1,595.96 “Cap Taxes”; if my payment is $608.55 * 36 = $21,907.80 x 6.625% (NJ) I come up with $1,451.39.
**5.**One part that confuses me, is I told them I didn’t want to do a down payment but just upfront pay for DMV, Doc Fee, and Acquisition Fee; that’s were the $1,972 comes from, as my DAS+1st Month. However, why is it showing it as a down payment and then again showing it under DAS?
6.Can someone help replicate this deal on the LH calculator?
Until you sign all of the final paperwork and take delivery of the car, you can negotiate whatever you want. However, it looks like you agreed to split the difference in the junk fees, so they may not want to recalculate the deal.
See my answer above.
Your final paperwork that is done with finance will be the final amount of this. The sales manager may not have had access to the exact calculation.
You have to include the down payment - that is also taxable.
Due on Delivery is essentially the total of what you need to pay to start the lease. That’s why it’s the same amount.
Just verify the rebates; the $3K seems pretty strong on a 36 month lease.
The aftermarket charges should be eliminated. Your salesman’s boss is full of it. You’re not talking to the right people. Speak with a sales manager… a decision maker, not a floor salesperson as they’re often incompetent.
No need to sign a preview copy. I never sign mine. It should be stamped “PREVIEW” which is not binding.
Yes, pay the DMV fees upfront. I always do Some states (not NJ) will tax them if they are capped; especially those states that tax the individual payment streams as they are received.
They correctly calculated the sales tax. If you back out the 434 DMV fee and the 1595.96 tax (which is what you’re trying to calculate) from the net cap, you get a pretax net capcost = 48563.55. Your pretax base payment is .00224 x (48563.55 + 35639.50) + (48563.55 - 35639.50)/36 = 547.62. As such, your tax is 6.625% (547.62 x 36 + 4363.45) = 1595.15. Don’t know how they’re getting 1595.96. A difference of 0.81 which is too large to be attributed to rounding error.
The Doc, DMV, and Acq fees are not where the 1972 is coming from. 1972 = 608.55 + 4363.45 - 3000. 1972 is the DAS, not the cash down. Cash down means the same thing as cap reduction. Desking software developers haven’t figured that out yet. They often use the wrong terminology in their worksheets. However, they do show the 1972 as cash due on delivery.
Forget about the calculator. Suggest you learn how to do all the calcs manually and learn something about leasing. But, since you asked, here is the LH Calc
I did all the worksheet calcs manually and they are spot on except the dealer tax is less than $1 off. Never allow the dealer to control the deal. Bad idea! You need to create a flawless one-page lease proposal and email it to the dealer. Here is an example…
EDIT: BTW, no need to pay 1363.45 of your own money as a cap reduction. Remember, a car is an expense, not an investment. It’s also a depreciating asst. If you total the car, you may lose all or part of the 1363.45. Just pay the first payment upfront. How a lease is structured means everything!
Thanks for the reply and for sharing the template, I’ll definitely be taking that approach on my next lease.
Also appreciate you breaking down the sales tax; I’m in finance, so it was driving me a bit crazy not being able to tie that out. Lol.
Excluding the add-ons (which I’m currently paying half of, I’m going to try to have those fully removed tomorrow), does the overall deal look solid to you?
I can’t say one way or the other as I don’t know sales prices in your local market. Also, be sure that the MF is the buy rate (MF without markup) assuming you have top tier credit. The Edmunds car forum is a good source. Also, suggest you use the 3000 rebate as the only cap reduction.
