Best Way to Buy/Lease a 2016 Genesis 3.8

[williakz]

My son is interested in leasing a 2016 Genesis 3.8 (before the big G80/G90 changeover), and I was wondering about the best way to go about it. I'm hearing 0.4% on the lease interest rate (OK by me), I'm assuming a factory non-negotiable residual based on term, so the only "give" is in the purchase price (or the lease equivalent).

I purchased a 2013 Sonata 2.0T Limited Premium a few years ago and also did a lot of research on a 2014/5 Sante Fe Sport 2.0T a couple years back, but never bought it (plans changed).

Back then, I used a combination of Hyundai Circle, buying programs (PenFed, True Car, etc.), and BoostUp (matching down payment) to whittle dealers down to where they howl and cry REAL tears (but STILL make money). Have the rules of the road for buying/leasing Hyundais changed at all? What do you guys find is the best combination of programs/techniques to get the best price?

Thanks in advance for any guidance provided.

 

[Mark_888]

I believe that the money factor (rate) will be based on credit rating to some degree.

The new G80 should hit the dealers by September, and if he can hold on that long then there should be some incredible deals on a 2015 or 2016. I would look at some threads that discuss prices people are paying now for these cars.

 

[williakz]

Thanks, Mark.

He needs the car pretty quick (turned in his previous lease last week), and it seems like they're dealing pretty aggressively on the 2016s. His FICO is mid-700s, so he makes their 725 threshold for minimum MF.

With Circle pricing, (Inv - 3% -$250), $3,500 Leasing cash, $1,000 Competitive/Loyalty, $1,000 Uber, $500 BoostUp, and $400 Graduate, that's a total discount of around $10,500 off Factory sticker of just under $44k for the model he wants (3.8 RWD Sig). The MF (.4%) and residual (56%) are already set at minimum for 3yr/36k, so is there anything more to be got?

 

[penga25]

looks like based on what you have said, you should be looking around a $200 payment with no money down. checkout leasehackr . com there is a very very long thread specifically about the genesis lease deals in the last month, they even did a feature article.

 

[williakz]

I was quoted some numbers from a local dealer; I plugged them into leasehackr's calculator, and it produced the EXACT same monthly quoted (unlike other lease calculators). Nice.

With Circle pricing and all incentives (on 3.8 RWD Signature, 3/36k), I come up with $300/month with $1445 drive off (1st month, doc, TTL). A little more work on pricing to zero out acquisition/disposition fees, and the monthly should go down to $285. My boy will be loving on that.

Thanks for your help.

 

[volnedan]

June is the PERFECT time to lease a 2016 Genesis. You are on the correct path: I just leased my base 2016 AWD ($42,345 MSRP) for $283/mo and $1000 due at signing for 36 month term with 12k mi/yr.

Detroit area dealers are offering employee discount, but I ended buying from a dealer on complete other side of the state (Grand Rapids) because I wanted a base white/black model, and no one was willing to dealer trade.

On top of employee discount, I qualified for $6,750 in rebates, and used top tier money factor of 0.00035. The dealer also included the Safe Lease wear & tear package ($499 retail) because they found a small scratch on the hood, even though they touched it up the best they could.

If your son can lease a $44k RWD model (with Signature package?) for $300/mo, then tell him to snatch it up ASAP.

I've been shopping for a great lease deal for 6 months, and nothing could beat my deal. I've been leasing Infinitis for ten years because I get employee discount, and I've even had a 2014 Q50 for $280/mo. But even now the best deal I could get was $366/mo, and the Genesis is a much better value for the price I got.

Good luck with the lease and keep us posted on the deal.

 

[williakz]

Thanks for the vote of confidence. And thanks to all for the good advice.

We inked the deal a few hours ago on a 2016 Sig/Tech 3.8, no miles. Seems to me like the Sig/Tech is the way to go: lots of value in the two packages, less so in the Ultimate, IMO.

We used Circle pricing to bring the sales price to a bit more than 3% under invoice based on MSRP of $47,270. Then we applied $6,400 worth of incentives (everything except Military and Mobility). We went 3yrs/36k and nailed the .408%/56% lease numbers. They threw in wheel locks (which I hate, but along with the key they supplied the four non-keyed lugs - yay!), nitrogen-filled Michelin Primacy MXM4 tires, spare kit, interior/exterior "Polysteel" protectant with 3-yr finish warranty (all together, over $2,300 in packs- Sheesh!). With $500 BoostUp deposit, drive-off was $0 at $331/mo ($318/mo, no tax added). Only the $400 disposition fee on turn-in looms (works out to $11.11/mo).

My son is ecstatic, my daughter with her "old" 2013 Sonata 2.0T Limited is looking daggers at him (and me), and I'm a bit jealous myself!

 

[diyjosh]

Wow, you guys are getting amazing deals. Where are you guys located?

What should I expect in Houston, TX for a 2016 Signature 3.8 leasing wise?

 

[williakz]

Josh,

The numbers are the numbers. I didn't need or ask the dealer to give an inch (he never even mentioned the cost of his packs, which I estimate at next to nothing). Circle pricing, combined with available FACTORY incentives, iron-clad money factor and residual turned what can often be a stressful chore into a pleasurable, completely open transaction.

Give the Circle folks a call and get an access code, then use their inventory search tool to find the EXACT cars meeting your criteria around your state (shows dealer, location, exterior color, and MSRP). Get all your incentives lined up (you'll need more or less documentation for them depending on the dealer). Then have the dealer who has "your" car run the numbers, and make sure there's no funny business going on. All the above is "over the phone" stuff. Once you're happy with the deal, arrange a visit, sign a ton of paperwork, and drive off with a smile on your face.

BTW, on incentives, don't disqualify yourself by trying to interpret fine print or listening to salespeople who don't know what they're talking about. Remember, the dealer is in the business of selling cars to willing purchasers and is NOT about to bounce you out of the showroom because you're missing some piece of paper nobody gives a shit about. I was told by various salespeople that BoostUp account must be open 6 months (actually 30 days), Graduate couldn't be stacked with other incentives (it stacked), had to be with Uber for at least a year (one day was plenty for me), and Loyalty car had to be in my name (it's in my daughter's). I ended up receiving EVERY incentive I asked for.

Let me know if you have any questions. And GOOD LUCK with your deal!

 

[Mark_888]

What should I expect in Houston, TX for a 2016 Signature 3.8 leasing wise?

When you buy a car or real estate, everything is negotiable. You don't "ask," you demand. Otherwise they will steal the shirt off your back.

You should be able to do some research on this forum and figure out the best deals others are getting. We are getting to end of MY 2016 as the 2017 is already arriving at ports of entry.

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[Genesisimo]

Outstanding deal!!! Agree, Tech is the sweet spot. The autonomous emergency braking will get you an insurance discount too, besides saving your bacon when someone stands on their brakes in front of you. That is a crazy low price. And your son has the option to buy it in 3 years if the numbers make sense.

 

[williakz]

You don't "ask," you demand. Otherwise they will steal the shirt off your back.

Good basic point, but it can be finessed a bit.

I generally use at least three dealers: prime, alternate, and throwaway. I'll get them all quoting and use any price/incentive difference to my advantage to work the others lower. When I know they're all pretty much up against it, I'll CAREFULLY burn the throwaway to get a good idea of just where the "NO MAS!" point is. Then I'll put that number to my alternate and prime dealers and let them talk me out of dealing with the throwaway at the rock bottom price.

Usually, sweetening the deal with $50 or $100 (in exchange for oil changes, coffee mugs, t-shirts, etc.) does the trick and I end up with my prime (or, rarely, my alternate).

The autonomous emergency braking will get you an insurance discount too...

Thanks for pointing out that little tidbit. With the typical insurance rates on young male drivers, he needs all the help he can get just to keep those premiums in lower earth orbit!

 

[Mark_888]

Good basic point, but it can be finessed a bit.

Yeah, but looks like Josh is only 26 years old, and probably not experienced with dealing with sleazy (I mean highly skilled) car salesman. Before visiting a dealership to buy or lease a car, one must get psyched up and mentally prepared for battle.

 

[williakz]

You've been around the block. Agree on having all your ducks in a row BEFORE you enter the lion's den (so the lion can eat the ducks easier? Hmm). I save the bad cop routine for my throwaway dealer, so I can be all sweetness and light to my prime.

 

[volnedan]

Agreed, as I get older the angry bad cop routine just makes me feel silly. When the sales manager was refusing to honor the correct MF of 0.00035, I politely said I would not sign a deal with a marked up MF that my credit qualifies for.

He proceeded to give me the sob story of how he's gotta make money and blah blah blah. But all the discounts they gave me are backed by Hyundai, meaning the dealer gets paid for all those incentives and Circle pricing discounts. In the end, I said "No one is putting a gun to either of our heads, and we can both back out at any time. If you want to sell it to someone else for higher profit, go ahead."

He called me back within 15 minutes and gave me the deal I wanted.

 

[geetee]

what's "in circle"?

 

[Slo cat]

what's "in circle"?

Yes, what is it?

 

[Mark_888]

Yes, what is it?

Hyundai Circle is way for people who are employees, vendors of Hyundai, or members of Hyundai focus groups, etc to get standardized deep discount prices on new Hyundai vehicles. There are different tiers, so employees get better prices than others.

At one time, this was a really good deal, however, HMA is now providing so many discounts to dealers these days that most people can beat those Circle prices with some good knowledge about what others are paying, and some good negotiating skills.

Because the exchange rate for the US dollar vs Korean Wan is very favorable to HMA right now (the US dollar is very strong), if the car is made in Korea like the Genesis is, then HMA can offer a lot of discounts to move inventory when they need to. Over the next few months, they need to move out all the 2016's to make room for the 2017 G80, even though it is basically the same car as the 2016 (although looks like they have some V8's this time).

 

[dsw13]

Didn't do quite as well as williakz, as I did not qualify for a couple of the same incentives, but still got what I consider an excellent lease deal. I posted this in the price paid thread, but as this seems to be more active lately, I'm reposting here so that it can be seen by as many people who might benefit from knowing what deals are out there:

Been lurking for a few weeks so it's about time I contribute something. Leased a 2016 3.8 RWD with tech package (plus a couple of extras like mud guards, key locks, applique bumper, etc.) yesterday. Here are the terms as best as I can break them down:

MSRP: $47,470.00
Adjusted Capitalized Cost (including $595 acquisition fee): $38,299.00

As far as I know, I only qualified for conquest and lease cash ($4,500.00 combined) so I guessed the pre-incentive selling price was $42,204.00 (also deducting the acquisition to get to that). Can't say for sure if they had some other incentive that was applied, but the math works out based on my breakdown so I don't really care if they shifted some numbers.

3 years/36,000 miles
MF: .00017/residual value 56%
$367 per month (including 6% sales tax) with first payment rolled in (would have been $357.22 had I paid it upfront).

Only paid $285 up front for tag and title (but should get some of that back from the DMV as it was just a tag transfer).

I was unsure if I wanted the tech or signature, so took offers on both (I use a method where I take offers rather than make them) and decided that for the approximately $30 per month difference, the features in the tech were a bargain (adjusted capitalized cost on the signature was $35,318.00, also including the acquisition, for a post tax (6%) monthly of $327 without rolling in first payment).

I am in the South Florida area and am hoping this information proves useful to someone.

Loving the car so far. Oh yeah, white exterior, black interior.

 

[williakz]

Nice deal. How'd you get them to come down so far without the Circle pricing? Also, did you get nailed with a disposition charge? Mine is $400 which works out to another $11/month or so.

You never had a shot at Graduate, but Uber and BoostUp is reasonably available to anyone. Just make sure you open a BoostUp account in advance of needing it (it'll keep forever until you're ready to fund it). The Uber people will, from what I'm told, bump me off their system after a month or so of no driving.

Enjoy your new ride; my son LOVES his!