Genesis GV70 Electric Lease SoCal

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1

I’m in SoCal looking to lease a GV70 Advanced EV. The Genesis deal on the official website is $3999 down plus $399/month not including tax. Sales tax rate for me is 10.25%. I asked for 36 months, 7500 miles per year. I believe the guy was using 59% residual when it should be 61% based on another deal I saw.

Selling Price $68625
Rebate $18,500
Doc Fee $85
Tax $2265.25
Non Tax Fees $1602.75 (registration ~$800 per DMV site)
Balance $54,078

Cash down $3600 (I asked for $3999)
Drive off $7223
Monthly $420

I get that the $18.5k is taxed which adds $50 a month but I can’t even get in the same ballpark using the lease calculator. Can anyone tell me what the monthly payment should be assuming $4k down?

2

That’s 7k due, not 4k drive off, but an easy calc is
Take Off $3000, add $100

So this is more like $520 or closer to $550

3

Ok, but what should it be assuming a 61% residual?

4

I don’t do that, use the calculator to figure that out. (Upper right of forum)

5

HMF’s residual isn’t 61% this month for GV70 Electrified. Is this lease through a non-captive leasing company?

6

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7

When you say $4K down, do you really mean $4K DAS? As forbs said, add about $100 a month for the extra $3K. Is that monthly payment before taxes?

8

Messaged someone from the same auto group who posts here in the marketplace. The numbers should be $4k DAS (the official Genesis deal) and $509 a month including all taxes. There’s an extra ~$50 a month coming from the $18.5k incentive being taxed at 10.25% in my case. It’s 59% residual BTW. Someone else claimed in the signed deals forum that they got 61% from Genesis in SoCal but I think they were mistaken.

9

Which bank are they using?

10

The lease is through Genesis Financial (whatever it’s called) in order to get the $18.5k incentive.

11

The official genesis deal isn’t $4k das. It’s $4k das*

Cant forget the thousands tied up in that pesky asterisk.

Also rv on this for 36/7500 is 58%, not 59% or 61%

Please post your attempt at the calculator.

12

The deal offers so far are just MSRP less the $18,500 incentive with $4000 drive off. $4k is just what I requested so I think you can put as much or as little as you want down. In the signed deals forum I think somebody got another $4.5k off from a dealer but was asked not to identify which one it was. They seem to moving a lot GV70 EVs with that $18.5k so I don’t know how many dealers are willing to discount. Here’s the best I could do for the calculator. My guess is the incentive gets taxed at the LA county rate (~7.75%) and the sales tax rate for me is 10.25%. That might get it down to the $509/month I was quoted. I confirmed with a salesman who posts in the marketplace 36/7.5k residual is 59%.

13

Fixed a few things:

14

Yes, that’s basically what they initially quoted me but it’s $420 a month with $7225 drive off. MSRP was $68,625 and residual 59% which gets me to $417 a month on the calculator. I asked them to run it with a $4k drive off.

15

Your mf is marked up in your calculator.

The incentives get taxed at your rate, not the county rate.

You’re missing gov fees.

Both ratefindr and mdesking show 58%.

1 Like
16

What should the MF be?

17

58% rv, .00212 buy rate

18

See my calculator for MF, RV and all the other fees.

19

Which coincidentally matches the dealer offer when the correct rv/mf are used.

20

A Genesis salesman here confirmed the residual is 59% for 36/7.5k. It’s 58% for 36/10k. Anyways, that gets me to $507 a month with $4k down which is close enough.