Discrepency Between Lease Sheet + LH Calculator? (Ioniq 6, first time leaser)

Ask the Hackrs
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1

Hi all,

First time leaser here trying to work through the steps of securing my own lease. Made a proposal to a dealership, and received a counteroffer (had requested 12%, got back 9% offer). However, the monthly payment calculated on LH calculator ($442) and the lease sheet ($398) is over $40 (and my excel proposal puts it somewhere in the middle).

I was honestly expecting the actual figure to be higher than my excel sheet because I only included the big registration tax charge and not numerous other fees that minnesota requires. I am trying to figure out how the proposal I received has a lower monthly payment calculated. The relevant numbers that were sent to me:

LH Calculator: Calculator Link

Lease Sheet:

Retail Price $51,485.00
Discount $4,685.00
Sales Price $46,800.00
Rebates $15,900.00
Fees $2,174.25
Taxes (8.125%) $913.49
Monthly Use Tax (8.125%) $0.00
Amount Financed $34,385.87

Out Of Pocket Cash $0.00

$0.00 Customer Cash —> $398.13 Monthly

For reference, Doc fee is 399 and Acquisition is 650. I am in Minnesota. MF and RV were identical between the two (.00219, 48%, 36 months/10k miles). I think the tax number they have is fairly low, and I believe they are not including tax on the CCR/rebates. Does this account for the disparity on the price sheet? I just have asked multiple times about charges not on the sheet and they have said there are none.

If anyone has any insight into this, I just don’t want to get caught by any surprises and feel like I’m not 100% certain on where they are getting the number.

2

Have you checked MF here as super supporter or Edmunds lease forums? If an EV (from all the rebates) that MF seems pretty high…

Found this:

Manufacturer car rebates and dealer incentives are not taxed in Minnesota. [1]

You do not pay the state’s 6.5% Motor Vehicle Sales Tax (MVST) on the rebate amount. Instead, the rebate is deducted from the vehicle’s total selling price before the sales tax is calculated, saving you money on the overall tax. [1, 2]

3

Oh damn that’s pretty nice. So basically all my taxed incentives move to untaxed! Thank you! And yea MF is correct, bit of a bummer of a MF/RV but the rebate is pretty huge.

4

I don’t know what typical I6 discounts off MSRP are so if you haven’t I would search here for that model or Marketplace to see what others have been getting.