True cost of a 2015 Genny lease?

[Marylandrauder]

Anyone have a current lease on a 3.8 or 5.0? Never having leased. what are the costs involved above the obvious posted Hyundai figures?

 

[Alwaysforward]

Anyone have a current lease on a 3.8 or 5.0? Never having leased. what are the costs involved above the obvious posted Hyundai figures?

I leased a car years ago and found out after the fact that the insurance is a lot higher on a leased car verses one you buy. Now that was over 15 years ago so maybe that is not the case now. Maybe someone who has recently been leasing can chime in.

 

[Mark_888]

I leased a car years ago and found out after the fact that the insurance is a lot higher on a leased car verses one you buy. Now that was over 15 years ago so maybe that is not the case now. Maybe someone who has recently been leasing can chime in.

I think that is because of "gap" insurance, not regular liability/collision/comprehensive insurance. Gap insurance is often required by the leasing company and pays off what is still owed on the lease in the event the car is totaled, since many times your insurance company will not pay what is still owed on the car.

 

[jjsC6]

I think that is because of "gap" insurance, not regular liability/collision/comprehensive insurance. Gap insurance is often required by the leasing company and pays off what is still owed on the lease in the event the car is totaled, since many times your insurance company will not pay what is still owed on the car.

Almost all leases now include gap insurance. Leasing has never cost more for the same insurance except that they might require better coverage (just as finance companies do if you finance the car).

 

[ksoze]

Almost all leases now include gap insurance. Leasing has never cost more for the same insurance except that they might require better coverage (just as finance companies do if you finance the car).

^ This.

 

[lsher]

A few weeks ago I just bought a 2015 Genesis 3.8 AWD with signature package using a lease and pay $389 a month for 3 years, no money down, and no security deposit. This was an offer that was advertised in a local newspaper.

 

[allisondbl]

A few weeks ago I just bought a 2015 Genesis 3.8 AWD with signature package using a lease and pay $389 a month for 3 years, no money down, and no security deposit. This was an offer that was advertised in a local newspaper.

With respect, unless there's more involved in this I have to wonder about these figures. A Genesis AWD 2015 signature has an MSRP of $45,450, and while one isn't going to pay MSRP, 36x389 is $14,004 with no money down which leaves an almost 70% residual and I've never even HEARD of a 2015 Genesis where they weren't assuming a residual percent after 3 years of at MOST 60%??

 

[lsher]

With respect, unless there's more involved in this I have to wonder about these figures. A Genesis AWD 2015 signature has an MSRP of $45,450, and while one isn't going to pay MSRP, 36x389 is $14,004 with no money down which leaves an almost 70% residual and I've never even HEARD of a 2015 Genesis where they weren't assuming a residual percent after 3 years of at MOST 60%??

All I can say is that I knew that this was a fantastic advertised lease offer and this helped sway me to trade in my 2013 Lexus ES350. I was not very aggressive on my trade so although my lease deal was better than most people may be able to negotiate, I am sure that the dealer will be making a nice dollar off my Lexus trade.

 

[DRS]

What dealer? And how many miles per year on the lease? Thanks.

 

[ksoze]

A few weeks ago I just bought a 2015 Genesis 3.8 AWD with signature package using a lease and pay $389 a month for 3 years, no money down, and no security deposit. This was an offer that was advertised in a local newspaper.

Hyundai's current lease offer is far more than that for less of a car. Your dealer contribution must of subsidized a large part of that:

Lease a 2015 Genesis 4dr Sdn 3.8L V6 RWD for $429 per month for 36 months with $3,999 due at lease signing.

Closed end lease for 2015 Genesis 4dr Sdn 3.8L V6 RWD(Model # B1402R65) available from August 1, 2014 through September 2, 2014, to well-qualified lessees approved by Hyundai Motor Finance. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. Offer shown based on $3,999 due at lease signing (includes $429 first payment and $3,570 capitalized cost reduction). No security deposit required. MSRP $38,950 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $35,464.31. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment.

https://www.hyundaiusa.com/financial-tools/special-offers.aspx

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[lsher]

What dealer? And how many miles per year on the lease? Thanks.

The ad was in the Chicago Tribune and was placed by Patrick Hyundai. I took that ad to Gurnee Hyundai and made the purchase from them. 12,000 miles per year.

 

[lsher]

Am I the only person in the USA that has leased a 2015 Genesis?

 

[ksoze]

Am I the only person in the USA that has leased a 2015 Genesis?

At that price, probably.

 

[swltf183]

Was the trade in of the 2013 Lexus ES350 part of the deal?

 

[lsher]

Was the trade in of the 2013 Lexus ES350 part of the deal?

In a way yes, I made sure the dealer met the $389 per month price as per the ad then they put my equity that I had in the Lexus and which reduced my lease payments to $87.35 per month for 36 months. Sales tax, license, and reg is also part of the $87.35 payment.

 

[DRS]

Wow. Good deal.

 

[markpoisson]

I would be curious to see the equity that was applied and also the residual. I suspect there was quite a bit of equity.

 

[lsher]

I would be curious to see the equity that was applied and also the residual. I suspect there was quite a bit of equity.

The equity that was applied was $12731.00. The residual value is 28318.50. If you need any other numbers off the lease paper just ask.

 

[bmbutler]

Please tell me I mis-read how old your Lexus ES350! They only gave you $12731.00 trade in equity on a 2013 Lexus ES350? I sure hope this was written wrong. Check out Edmunds or KBB for what that car was worth on trade in.

 

[lsher]

Please tell me I mis-read how old your Lexus ES350! They only gave you $12731.00 trade in equity on a 2013 Lexus ES350? I sure hope this was written wrong. Check out Edmunds or KBB for what that car was worth on trade in.

The dealer is also paying off the loan balance on the Lexus of $17769.00. The equity I have in the Lexus is $12731.00 which went towards the Hyundai and reduced the lease payment from $389.00 per month to $87.35 per month.