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Hyundai Genesis Lease Questions

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Comments

  • tjc78tjc78 South JerseyPosts: 10,450
    mgott23,

    Reference Car_man's posts 144/145 I think the MF the dealer is quoting you is a bit high. Also, there is a rebate available on leases as well.

    2017 Buick Enclave / 2019 Volvo S60 T6 Inscription

  • newsernewser Posts: 4
    thanks for the reply car_man....I am gonna try to get a fully loaded V6 genesis...another question is should I wait until december for a better deal on an 09? I know the pickins will be slim but who knows???
  • Hi Carman,
    I just joined after going to a dealership today in search of a Genesis Coupe. I have got an offer for the Genesis Coupe 2.0 Premium Automatic for 3500 Down and $329/month for 36 months with 15K miles.

    Is that a good offer or should I be paying less. I have already put down a deposit on the car as someone else almost purchased it. Please advice.
  • kingpcgeekkingpcgeek Posts: 1,051
    $3,500 is too much to put down on a lease. One purpose of a lease it to invest as little of our own money in the car as possible since you are renting it. It is also a bad idea to put that much down.

    Perfect explanation from leasecompare.com:

    Because you pay for the use of a vehicle during a lease, you should put as little money down as possible, up front. Although putting money down can lower your lease payments (by reducing your capitalized cost) in most cases it cannot be regained in the event of early termination due to a loss.

    For example, a customer once leased a Toyota 4Runner and put $3,000 down as a cap reduction. Five months later the vehicle was totaled in an accident. The client's insurance paid its portion of the lease payoff and Gap Insurance paid the balance. Our client walked away with only paying his insurance deductible but he did not get reimbursed for his initial down payment of $3,000. It was lost.

    The moral of this true story is to put as little money down as possible,ideally no money down. Here are some other things to consider:

    - Money down is taxable
    - Take the money you would have put down and invest it
    - Put your down payment in a savings account and use a portion each month to help make your lease payment
    2005 G35 Sedan
    2007 G35 Sedan
    2008 G37 Sedan
    2010 G37 Coupe
    2012 G37 Sedan
    2014 Q50 RWD

    2017 Q60 3.0t RWD
    2018 QX60 RWD
  • No problem newser. I don't think that the lease deals on the 2009 Genesis are going to get much better than they are right now. While manufacturers' cash incentives often increase as the model year progresses to help dealers unload their leftover vehicles, leases do not always become more attractive very late in the year. Vehicles' residual values, which are used to calculate the depreciation portion of lease payments, gradually fall as the model year progresses. At some point late in the model year vehicles' residuals have dropped by so much that manufacturers' usually find it too expensive to provide attractive lease programs on them and they pull the plug on their lease support. It is difficult to say exactly when this will happen, but I don't personally anticipate Hyundai's lease program on the Genesis Sedan getting much better than it is right now.

    Having said this, keep in mind that this is just an educated guess and no one knows for certain exactly what manufacturers will do with their future incentives programs.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi chipster2. I completely agree with kingpcgeek's helpful assessment that $3,500 is way too much money to put down when leasing.

    As far as the rest of this lease goes, it is difficult to tell how attractive this deal is without knowing what this car's MSRP and selling price are. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Let us know what these numbers are and I'm sure that either myself or another helpful community member will tell you what they think.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • jjonesjjones Posts: 5
    I have been working on a lease for the last 2 weeks. I live in Columbus, Oh. there are 3 Hyundai dealers in the area. The best offer I have received is $525.00 down and $525.00 per month for 36 months. The car is the V6 with Premium and Teck packages, stickers at $40150 also getting 15,000 miles per year and the Wing Badges for wheels and trunk. The last dealer I went to said get back to whoever gave you that offer and grab it. What do you think Car_Man
  • Hi jjones. If another dealer told you that they couldn't touch this deal, chances are that it's pretty good. I would be happy to give you my opinion on it, but it would be easier for me to do so if you provided us with this car's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how much of a discount the dealer is providing you with. I probably could back into an approximate selling price, but I don't know if the payment that you mentioned includes sales tax. It would be much easier if you told us the selling price. Once we have it, I'm sure that either myself or another knowledgeable community member will gladly tell you what they think.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • jjonesjjones Posts: 5
    Car_Man,
    I didn't talk price to the sales manager the car stickered for $40150.00 and all I was interested in was my down payment and monthly payment. The deal they gave me was $525.00 down which included my 1st month payment tax, title, etc and 35 more lease payments of $525.00 including sales tax. The lease is for 15000 miles per year. I did talk them into putting the wing badge kit on the wheels and trunk as part of the deal they said that the badge package was a $400.00 plus option. I have given them a deposit of $525.00 while they get the car from another dealer but I have not seen any of the lease paper work to know the selling price, money factor, etc. I won't see that until they get the car and I'm ready to take it home. The sales tax rate in my county is %6.75 Thanks for any advice you can give me.
  • kingpcgeekkingpcgeek Posts: 1,051
    As Car_man already said, one cannot evaluate a lease deal without knowing the selling price of the car.
    2005 G35 Sedan
    2007 G35 Sedan
    2008 G37 Sedan
    2010 G37 Coupe
    2012 G37 Sedan
    2014 Q50 RWD

    2017 Q60 3.0t RWD
    2018 QX60 RWD
  • jjonesjjones Posts: 5
    kingpcqeek,
    I would think that Car_Man or someone out there could say if they thought this was a good deal based on the sticker price and the monthly lease payments I would be paying for the 36 months and 15000 miles. I was hoping someone could tell me what their money down and monthly payment and mileage was so I could compare before I sign my lease. Thanks if you or someone could give me some input.
    jjjones
  • kingpcgeekkingpcgeek Posts: 1,051
    I would think that Car_Man or someone out there could say if they thought this was a good deal based on the sticker price and the monthly lease payments

    Having read hundreds of posts from Car_Man I can tell you he will not tell you if it is a good deal without knowing the selling price. It would behoove you to find out the selling price and its relation to invoice. MSRP is a worthless number now days except for calculating the residual of a car.
    2005 G35 Sedan
    2007 G35 Sedan
    2008 G37 Sedan
    2010 G37 Coupe
    2012 G37 Sedan
    2014 Q50 RWD

    2017 Q60 3.0t RWD
    2018 QX60 RWD
  • I have been watching lease prices in the columbus market for the last year on the genesis. Great car, your numbers look about as good as i've seen for 15,000. I was quoted 499.00/ month with 1,000 down with 12,000 miles earlier this year; however the internet salesman i was talking too took a position with BMW before i got the deal done. Can you let me know what dealer you are talking to, as i would like to talk with them. Thanks for your help.
  • bwiabwia Boston Posts: 2,452
    Jones, I think this is a very good deal based upon the following estimates:
    MSRP.....................................$40,150
    Residual..................................$18,469 (46% of MSRP)
    Capitalized cost.......................$36,269 (90.3% of MSRP or $1,900 below invoice*)
    Money factor............................0.00019 (4.46% APR)
    Lease term...............................36 months

    Based upon the above, the monthly payment would be approximately $507 (not including taxes and other fees) Calculations assume an ordinary annuity but lease type arrangements normally use annuity due, which would be slightly higher.

    I hope this helps.
  • kingpcgeekkingpcgeek Posts: 1,051
    A MF of .00019 is not 4.46%.

    I get 505 with a MF of .00019.
    I get $598 with 4.46% interest
    2005 G35 Sedan
    2007 G35 Sedan
    2008 G37 Sedan
    2010 G37 Coupe
    2012 G37 Sedan
    2014 Q50 RWD

    2017 Q60 3.0t RWD
    2018 QX60 RWD
  • bwiabwia Boston Posts: 2,452
    A MF of .00019 is not 4.46%.

    My bad, that should have been 4.56%
  • kingpcgeekkingpcgeek Posts: 1,051
    A MF of .00019 is .456% interest, not 4.56%.

    .00019 x 2400 = .456
    2005 G35 Sedan
    2007 G35 Sedan
    2008 G37 Sedan
    2010 G37 Coupe
    2012 G37 Sedan
    2014 Q50 RWD

    2017 Q60 3.0t RWD
    2018 QX60 RWD
  • jongojongo Posts: 1
    I went in today and i believe he offered me the 28,000 3.8 coupe for 299+tax 2000 down. I was wondering if u think i can get him to go down to say 270+tax 2000 down
  • Everything tells me that leasing and buying at the end is more costly than purchasing. However the dealer showed me that I could lease (3.8 loaded w/ tech)for 3 years and then buy at the residual amount for 3 years and my payments for the 6 years would be about $100 less than per month than my payment quoted from the credit union. Is there something I'm missing here. I typically drive too much to lease(25k/mo) but that could always change and I'd just as soon have the opp to switch in three years. This way I can always buy at the residual rate if my miles stay up there. Am I missing something? Some problem at the end of the lease?
  • tjc78tjc78 South JerseyPosts: 10,450
    The reason I think this works in your favor is because the money factor (interest rate) on the lease is so low and there is a rebate on the lease that there isn't on purchasing a Genesis.

    2017 Buick Enclave / 2019 Volvo S60 T6 Inscription

  • eoseireeoseire Posts: 118
    Hi Carman, Do you have the August 36 month 10K rates on a Genesis Coupe 3.8 Track Auto with Nav. Thanks
  • carman56carman56 Posts: 11
    I am looking at the new nissan maxima sv premium and the hyundai genesis 3.6. Has anyone recently leased these vehicles in south florida and if so what was your deal? I have seen numbers in all ranges and am looking to be in the low to mid 4's p/month with as little out of pocket.

    Thanks
  • toyetoye Posts: 351
    Rick Case 3.8 V6 with Tech in April
    2k down 15k miles per year $486 + tax per month 36 mnth. 19k to buy after 36 month.

    Probably better now as they want to move stock before 2010 arrives.

    Love my Genesis...no issues at all so far 7000 miles on it.
  • Was your Genesis base or if not what options?

    Thanks!
  • tjc78tjc78 South JerseyPosts: 10,450
    He said V6 Tech which would be 40K give or take $100 whether or not it has the trunk liner.

    2017 Buick Enclave / 2019 Volvo S60 T6 Inscription

  • toyetoye Posts: 351
    Top of the line V6 including all the goodies GPS 17 speaker Lexion center controller etc... They even had them put on the wings on the trunk, hood and wheels. Looks like a million dollars
  • Thank you for the info. Is there a sales guy you would recommend that doesn't play "games"? I'm looking to get the v6 premium package plus. Save some $, b/c don't need navi, but like the 18" wheels w/ upgraded sound system. Looking to get 12k miles too, maybe will help out the residual as well. Trying to be in mid $4's w/ Tax. I fill you in on the progress.

    Thanks again
  • toyetoye Posts: 351
    Go Rick Case Weston
    2k down 36ms 3.8 tech package (have them throw in the wings front, back and wheels. don't pay over $475 including tax.
    They have 12-15 Genesis on hand as of last weekend
    Good Luck
  • Here is what the internet department offered first:

    Genesis 3.8 premium + package = MSRP 36100.00
    INTERNET PRICE =34453.00

    The lease on the Genesis is a 36/12 with 2999.00 top your payment tax in would be 487.76 tax in on the prem +

    Seems high? I asked him for the residual and MF for this car and waiting to hear back.

    What are your thoughts?
  • kingpcgeekkingpcgeek Posts: 1,051
    You do not want to put $3000 down on a lease. Perfect explanation why from leasecompare.com:

    Because you pay for the use of a vehicle during a lease, you should put as little money down as possible, up front. Although putting money down can lower your lease payments (by reducing your capitalized cost) in most cases it cannot be regained in the event of early termination due to a loss.

    For example, a customer once leased a Toyota 4Runner and put $3,000 down as a cap reduction. Five months later the vehicle was totaled in an accident. The client's insurance paid its portion of the lease payoff and Gap Insurance paid the balance. Our client walked away with only paying his insurance deductible but he did not get reimbursed for his initial down payment of $3,000. It was lost.

    The moral of this true story is to put as little money down as possible,ideally no money down. Here are some other things to consider:

    - Money down is taxable
    - Take the money you would have put down and invest it
    - Put your down payment in a savings account and use a portion each month to help make your lease payment
    2005 G35 Sedan
    2007 G35 Sedan
    2008 G37 Sedan
    2010 G37 Coupe
    2012 G37 Sedan
    2014 Q50 RWD

    2017 Q60 3.0t RWD
    2018 QX60 RWD
  • The money down issue I understand; I will never put that kind of money down on a lease; just 1st month and inceptions. The negiotiated price 34,453 I am concerned about. Payment seems pretty high for this car; I think the residual stinks. the MF is .00019 and residual is .46

    Your thoughts?
  • 36 months / 12000 miles p/a.

    Currently have 4 dealers giving me OTD prices of $320 to $330/month incl tax, with $1500 down (incl 1st month payment) , residual $14782. Just about to do the deal but thought I'd check if anyone else has done any better recently ?
  • I went to lease Hyundai Genesis 3.6 w/ preimum + pkg, but I have 3 months remaining on lease at $400. I qualify for pull through program w/ nissan, but Hyandai says i have to eat the payments which ruins deal. If I wait for 2010 to arrive in October, will the higher residual help my numbers? Do you think they will run a better lease program? The delearship tried w/ a sale price of $33,600, which from my research was a fair price. However to get my payment to $470, the $ down was just stupid. Please advise.

    THanks!
  • Hi eoseire. Hyundai's September buy rate lease money factor and residual value for a 36 month lease of a 2010 Genesis Coupe 3.8 Tack with an automatic transmission, navigation, and 12,000 miles per year are .00152 and 53%, respectively.

    I don't recall ever seeing a Hyundai Motors Finance lease with only 10,000 miles per year, but if it offers that mileage allowance, its residual values for it are likely 1% higher than its 12k resids.

    When negotiating your lease on this car, make sure to take advantage of the $1,000 cash incentive that is currently being provided on leases of it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hey carman56. Nice name ;). The 2010 Genesis Sedan will almost certainly have higher residual values when it is introduced than the 2009 version currently has. The problem is that one really cannot tell whether these higher residual values will lead to lower lease payments because we don't know what sort of money factors or lease cash Hyundai will have on the 2010 Genesis Sedan at launch. I personally doubt that Hyundai will offer more more attractive payments on the '10 model, but at I said it is difficult to say.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • I was speaking with the finance dept over at Rick Case Hyundai and he had mentioned when the Genesis sedan originally came out they had an aggressive program with incentives and higher residuals. I know this is speculation, but in your opinion, do you think they will run programs like this again? When will 2010 come out; end of Sept?

    Thanks,
  • I'd love to understand the math behind that. Assuming the car costs ~$33K, your residual assumes $18K of depreciation. But the total amount of your payments over three years is ~$12K; where are they getting the missing $6K plus interest? Are they really offering this car for a sale price below $30K?
  • I recently saw a lease deal from hyundai. its a 399 a month deal and requires a $2600.00 down and the first months 399 pmt. What it doesn't say is if that includes tax and Lisence. This is a deal in California...so I don't know if you might know if it does include Tax and Lic

    any help would be great....thanks Car man
  • Jim,

    Not sure where the $33k is coming from, are you confusing this with the Track ? Would clarify this is a base Genesis Coupe 3.8 Auto. The purchase option I have is $24,449 on the car ($1600 below invoice, allowing for the destination charges which is being matched by all dealers I contacted).
    Does this answer your question ?

    Brgds
  • Jim,

    just realised you must be referring to the Sedan and not the Coupe.

    Brgds
  • Car_Man or anyone else, I need your help. I am seriously considering leasing a 2009 V6 Sedan. The breakdown from the dealer is as follows:

    Cash Option
    Vehicle Price: $37,726.50
    DMV Fees: $519.75
    Documentation Fee: $45.00
    Tax: $3,112.44
    Amount Due: $41,403.69
    Rebate: $1,000.00
    Balance Due: $40,403.69

    Lease Options - 15K miles/yr
    Out of Pocket 36 mos.
    $3,000.00 $539.33

    Money factor is .00019 and 15k miles per year is 18,081- residual with $3,000- dwn and $1,000- rebate from factory

    This deal is in SoCal. How does it shape up?

    Thank you!
  • Exactly - sorry about that.
  • Hey Car Man,

    I am looking at helping my local Hyundai dealership offload their last remaining V6 Genesis w/ Tech package in to my driveway :)

    What is the MF and Residual on a 36/mo 15K miles/yr lease?

    Are there any other incentives available for the '09 model? From what I've seen on this board, people are suggesting a negotiated selling price of under $35k for the '09 3.8 w/ Tech.

    - pv
  • Sales of the Genesis must be very slow because all the dealers near me are blowing out base models on a 36 month lease for $369/month.

    It's a no money down sign and drive, too.

    This is for the Sedan, not the Coupe.
  • Mike,

    Thanks for the heads up. I'm going to be traveling quite often so I think I can make good use of the navigation included in the Tech package. That base model lease sounds quite nice though.

    What area are you in?

    I'm in the Bay Area, CA. (coincidentally I know a Mike Martin in the Bay Area who is in the car business)
  • Can anyone tell me the lease rates for a 4.6 w/Tech for 36 mo + 15k Miles? I'm in NYC. By "lease rates" I just was looking for MF and Residual. I just got quoted .7 as my MF and 45% residual. Does this sound right?
  • Mike,

    Thanks for the heads up. I'm going to be traveling quite often so I think I can make good use of the navigation included in the Tech package. That base model lease sounds quite nice though.

    What area are you in?

    I'm in the Bay Area, CA. (coincidentally I know a Mike Martin in the Bay Area who is in the car business)


    PV, right now I'm in LA. If you scour dealer print ads, you'll see Hyundai is trying to move the 09 Genesi with lots of incentives to the dealers on leases.

    They won't deal as much on the tech packag optioned units though.
  • Does anyone know what the current lease incentives on the Genesis that Hyundai is offering now?

    Looking at maybe doing a lease now if numbers are right (especially with my trade-in) or waiting as originally planned until next Summer.
  • Thats a good deal; what and where is this dealership? I have been looking over the past 2 months and the south Florida dealers are not coming anywhere close! They offered on a base model $399 plus tax w/ $3000 down on base model. I said I wanted a premium plus model and they didn't have one on the lot. they have told me there was only 11 left in the U.S? Is this BS?

    I am contemplating waiting for 2010 as I hope they will run a new program on lease. The 2009's in v6 are few and far between.
  • Not sure where you are in SFla, but I just leased an 09 Genesis (black/black) Prem Plus (added wing package/center caps) at Napleton in West Palm Beach this past weekend, they had 1 more 09 V6 Prem Plus model on the lot and a bunch of V8 Techs. I believe Delray Hyundai also has 2 V6 Prem Plus cars on lot.
    Lease details:
    MSRP $36,130 (incl. trunk tray, IPod cable, excludes wing pkg)
    Net Cap Cost $32,708 (after $1200 down pmt, $1000 lease cash, plus the wing pkg)
    Term 36 mo
    Miles 15k/yr
    Resid 45%
    MF .00019
    Total O-O-P $2,700 ($1200 down+dealer fee+tag+1st pmt)
    Pmt $467 + tax
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