Hello! I’ve been a longtime lurker, but this is my first post. I was wondering what you guys think about this quote I received from a dealer for a 2020 Genesis G70 3.3T Sport.
I told the saleswoman who I’m working with that I’d like to be in the low 500s (as close as I can to achieve that 1% number). She said she may be able to apply a college grad incentive (I graduate from grad school this May) which could be worth somewhere between $500 and $1000. She hasn’t gotten back to me yet though.
That look pretty terrible, research the MF on Edmunds and ask what they’re using and what’s the residual. I’d also ask for a real lease sheet and/or a screenshot of the actually numbers.
You need to step back from talking to dealers and spend some time researching what goes into a good lease.
First major red flag is using 1% as a metric for anything. Yes, it’s in the leasing 101 section. No, it shouldn’t be. Any reading on the forum would highlight that.
You’re missing some important information in evaluating this. Most importantly, however, is that before you EVER talk to a dealer about pricing, you should know what the vehicle should lease for. Talking to the dealer about numbers is for you to find a dealer willing to do the deal you want, not for finding out how a vehicle should lease. If you don’t know the answer to all the questions before you talk to them, you’ve set yourself up for failure.
Here’s my suggestions:
Stop talking to this dealer.
Read through the leasing 101 sections on how to get a good deal, how to read a contract, etc. When you get to the part about the 1% rule or using the LH score to evaluate, forget they exist. Maybe even chuckle a little bit about how silly they are.
Go to edmunds and get the rv/mf/incentive information for this vehicle.
Research as many G70 deals as you can find on here to determine an appropriate pre-incentive discount percent to target
Plug that in to the LH calculator to determine what your target deal should actually be
Look at this deal and chuckle at how far away it is from the number you determine you should be targeting
Then consider reaching out to dealers with the numbers in hand of what you want
Thanks guys. I’ll admit, I’m nearly useless when it comes to numbers. Couple that to the fact that my temperament is way too agreeable, and I’m basically a salesperson’s dream customer.
If you know what the numbers should be (which requires you making yourself not useless with them) and then negotiate only via email, an agreeable temperament shouldn’t ever be a problem. Knowing what you want and then sticking to that is very different than going in person and trying to fight off high pressure sales tactics.
There are also a bunch of really good brokers here that should have no issues getting you a much better deal.
Just asked Edmunds for the MF and residual (36/12 - .00018 and 50%, 48/12 - .00123 and 43%, plus $3000 lease cash in zip 28078, in case anyone’s interested). Plugging that into the lease calculator (with a selling price of $40,520, or at least I think that’s the price the dealer is offering, according to that sheet I posted), I should be at $508/month w/ zero drive off! Not too mention these numbers are for 12k miles/year and not 10k like I was quoted (if my math is correct–again, math isn’t my forte).
Any tips on how I should proceed with this dealer? I really liked this woman’s attitude and very quick response time when it came to replying to my emails.
I should also note that I would be having a car ordered since they don’t have a spec I like on the lot. Not sure if that makes much of a difference…
Genesis is tricky. That initial quote is similar to one I procured - which I thought was insane, since the lease was basically equivalent to an okay lease on a loaded Audi S4. I walked.
From my conversations with a Genesis dealer, I would’ve gotten away with probably $575/mo, 0 down. But that’s with no research like these gentlemen are suggesting (other than a very faulty Edmunds quote). Even so, that’s still much too high - $575/mo is M340i territory.
To simplify your research, I’d say look up what some of the brokers are asking. Copy the picture, and ask a dealer directly, can you beat this? Make sure to get the RF and rebates on the Edmunds forums too, lots of dealers like to mark up the RF as a way of screwing you on the backend.
Won’t be as good of a deal as the one mllcb42’s suggesting, but it’s a much easier time to justify to a dealership.
I’d certainly ask for a real lease sheet, but dealers hate giving those out until they’re almost 100% sure they’ve got a deal. That generally means going in person, saying no I’ll come back tomorrow, and taking a picture of that sheet. They hate this, so it’s a bit like walking ou.t of a timeshare convention in terms of the social pressure. Don’t ever give in to it.
Always be prepared to walk. It’s a luxury car, a toy.
tl;dr: Copy and paste a broker image, ask if a dealer’s going to beat it, tell them the MF/RV you found on Edmunds, get a quote, verify it here, and then make your decision. If not, go through with the Broker.
Funny you mention the S4, my two options boiled down to that and the G70. Liked the G70 more after test driving them back to back. I’m also partial to the underdog. That, and there’s a stereotype associated with Audi…
Anyway, I actually haven’t the slightest clue in terms of hiring a broker, but I wouldn’t be opposed. Where do I find one? How does he get paid? I’m assuming that this is a pursuit that requires being on the lookout for scams? Sorry for these amateur questions.
I closed on a 2019 G70 3.3T Prestige for $545 / mo for 12k/36mo after tax just over a month ago . Not a unicorn deal by any means but I love the car so I was fine with it.
Nothing to be sorry for, there’s a lot of elitist know-it-alls here who brag about deals that don’t exist. (Or deals that they manage to get by playing a game where it’s 7500 miles and 10X MSD -so basically a $6000 refundable deposit-, and they’re best friends with the dealer. “Oh look my Audi S4 is only $399/mo u puny mortals are dumb dumbs”)
Leasing is difficult. For finding Brokers, I’d go to https://forum.leasehackr.com/c/marketplace/7 and search for Genesis. Look for a broker in your region. Alternatively, one of the more helpful hackers can point out dealers that browse these forums - the dealers that browse here don’t give you ridiculously bad offers like you’d get in person.
Some brokers post spreadsheet pictures of their deals with a contact number.
$545/mo is pretty good with tax, especially considering the RV of these cars is poor.
OP: If you like the G70, try the M340i. Might even be cheaper, and you get a much more special car. An example is this broker’s spreadsheet:
toolatejake: I’d sign the line with those numbers. Glad to hear your enjoying the car!
doctorfail: Thanks for the help. Is there a reason why there isn’t a single thread that shows up when I search Marketplace > South > Genesis? Am I searching correctly?
I’ve heard great things about the M340i. May test drive it, but I really did fall in love with the G70. We’ll see what numbers I can land…
Not everyone uses tags correctly. Try broadening your search by searching for just Genesis and then manually sifting thru the results to see who could potentially get you a car.
