$7500 back on a lease??

[sakerror]

Have you checked with Genesis to ensure that the maintenance warranty will still be valid. I read somewhere that if you buy out a lease, you are not the ‘first owner’.

I checked it before. It's not true, If you were leasing the car and you do a buyout, so you are considered the same owner of the car. Warranty will still be valid.

 

[2450NW]

Great. Thanks for that info.

 

[RSuperman]

i feel you! I leased my car on 29th of March and couldn't open an account until April 22nd! The finance guy at the dealership was unprofessional and lazy to an unacceptable degree! He had this irresponsible and igaf behavior. Hopefully you will be able to open your account in the next 2days.

The frustrating saga continues... Spoke to Genesis Finance this morning and they said they don't have the papers from the dealership still. Sent a message to the dealership and got a reply saying they will check and see. Then, got a call just now saying that there is a correction to the leasing contract and I need to sign a fresh set of papers which they are overnighting. While I had hoped to do the buyback in the first month itself, it is getting closer to the next monthly payment. Wondering what would be the difference between buyback in the first month against second month.

 

[sakerror]

The frustrating saga continues... Spoke to Genesis Finance this morning and they said they don't have the papers from the dealership still. Sent a message to the dealership and got a reply saying they will check and see. Then, got a call just now saying that there is a correction to the leasing contract and I need to sign a fresh set of papers which they are overnighting. While I had hoped to do the buyback in the first month itself, it is getting closer to the next monthly payment. Wondering what would be the difference between buyback in the first month against second month.

WoW. Genesis/Hyundai Dealers never fails to disappoint their customers! When did you lease your car?

The difference would be the Rent charge, it depends on your downpayment, residual, etc...
Search for your RENT charge total, divide it by 36months or the length of your lease.

Where are you located? depends on your location you can pay everything online, it takes maximum 2days to get approved.
But mailing a check would take up to 5 business days.

 

[sakerror]

The frustrating saga continues... Spoke to Genesis Finance this morning and they said they don't have the papers from the dealership still. Sent a message to the dealership and got a reply saying they will check and see. Then, got a call just now saying that there is a correction to the leasing contract and I need to sign a fresh set of papers which they are overnighting. While I had hoped to do the buyback in the first month itself, it is getting closer to the next monthly payment. Wondering what would be the difference between buyback in the first month against second month.

Btw, this is the 2nd time they ask you to sign a new contract no?! This is totally UNACCEPTABLE, either they are bunch of incompetent a$$holes or they are doing it on purpose.

 

[acadapter]

Btw, this is the 2nd time they ask you to sign a new contract no?! This is totally UNACCEPTABLE, either they are bunch of incompetent a$$holes or they are doing it on purpose.

The $7500 lease credit is still available. My discussions with HMF would be a long the lines of ensuring my buyout number is based on a specific date of your choosing, or them not establishing the official contract date of inception prior to your new signature.

Point, I'm not paying interest on a contract that has to be rewritten due to an error not attributed to me.

 

[RSuperman]

The $7500 lease credit is still available. My discussions with HMF would be a long the lines of ensuring my buyout number is based on a specific date of your choosing, or them not establishing the official contract date of inception prior to your new signature.

Point, I'm not paying interest on a contract that has to be rewritten due to an error not attributed to me.

I raised the 'point' yesterday and told them clearly that any additional out of pocket due to these delays will have to be borne by the dealership. The dealership is saying that the increased tax (about $750) in the latest contract has been set off as a deduction to the selling price and it would only benefit me. Will wait for the papers to arrive and meantime I intend to call Genesis and raise the issue with them also.
Here is the follow up email from them.

 

[RSuperman]

I raised the 'point' yesterday and told them clearly that any additional out of pocket due to these delays will have to be borne by the dealership. The dealership is saying that the increased tax (about $750) in the latest contract has been set off as a deduction to the selling price and it would only benefit me. Will wait for the papers to arrive and meantime I intend to call Genesis and raise the issue with them also.
Here is the follow up email from them.

View attachment 53339

Got the new contract and signed and sent back. Here is the difference between the first correction and the recent correction. Plus a Red Lobster gift card!!

 

[JjSoCal]

Yeah here in CA they charge you taxes on each monthly lease payment. I'm pretty sure I will have to pay the taxes if I do the Buyout. So in my case the various rebates/discounts I am receiving will more than offset the taxes so effectively when I do the buyout I will be paying less than MSRP including everything, so that seems like a good deal and significantly less than running out the lease and paying the residual at that time. Only giving up the right to give the car back at the end of the lease.

Exactly.
I live in CA too. Car price plus destination charge etc. came to 61500.
Paid 25k down and 35k at buyout. Total 60k including all taxes, fees etc.
Tax on the buyout was 2500. Tax on the down payment + rebate was 2200. Overall, I paid the tax on the entire car value.

 

[SaratogaLefty]

Exactly.
I live in CA too. Car price plus destination charge etc. came to 61500.
Paid 25k down and 35k at buyout. Total 60k including all taxes, fees etc.
Tax on the buyout was 2500. Tax on the down payment + rebate was 2200. Overall, I paid the tax on the entire car value.

So yesterday we finally received the signed off Pink Slip (title), Congratulatory Letter, and Bill of Sale. Signed the Lease for the car late March, paid the Lease Buy Out first week in April. Total out of pocket payment including everything wound up being about $1000 below MSRP.

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[sakerror]

So yesterday we finally received the signed off Pink Slip (title), Congratulatory Letter, and Bill of Sale. Signed the Lease for the car late March, paid the Lease Buy Out first week in April. Total out of pocket payment including everything wound up being about $1000 below MSRP.

Congrats. Well i am still waiting for the Pink Slip (title), you received it from Genesis or from the DMV?

To be honest i am not understanding the whole procedure and Genesis Customer Service is terrible, every time they give me different details.

 

[SaratogaLefty]

Congrats. Well i am still waiting for the Pink Slip (title), you received it from Genesis or from the DMV?

To be honest i am not understanding the whole procedure and Genesis Customer Service is terrible, every time they give me different details.

It actually came from Hyundai Finance. I believe they received it from CA DMV (it is in both Hyundai’s and my name) and then an official at Hyundai signed off releasing their ownership. They also provided a Bill Of Sale. Now I will just take it over to AAA (they provide DMV services and are much easier and quicker then the actual DMV)) and get a new Pink slip in just our name. Easy peasy! Just be patient; I suspect the holdup was primarily the DMV.

 

[sakerror]

It actually came from Hyundai Finance. I believe they received it from CA DMV (it is in both Hyundai’s and my name) and then an official at Hyundai signed off releasing their ownership. They also provided a Bill Of Sale. Now I will just take it over to AAA (they provide DMV services and are much easier and quicker then the actual DMV)) and get a new Pink slip in just our name. Easy peasy! Just be patient; I suspect the holdup was primarily the DMV.

I only received the Bill Of Sale after multiple phone calls with Genesis Customer Service! And once they said they will send everything all together, and last time they said that the DMV will send me the "Released" title.

What a mess! What's disappointing that every customer service representative says something different.

 

[JjSoCal]

It actually came from Hyundai Finance. I believe they received it from CA DMV (it is in both Hyundai’s and my name) and then an official at Hyundai signed off releasing their ownership. They also provided a Bill Of Sale. Now I will just take it over to AAA (they provide DMV services and are much easier and quicker then the actual DMV)) and get a new Pink slip in just our name. Easy peasy! Just be patient; I suspect the holdup was primarily the DMV.

Before you head to the dmv or aaa you need to get GmReg 256 section G from Hyundai, stating that they collected the sales tax. This takes Hyundai a while.
The bill of sale is unfortunately not sufficient for that.
I had CA DMV ask me to pay the sales tax *again* on my Kia lease buyout.

 

[sakerror]

Before you head to the dmv or aaa you need to get GmReg 256 section G from Hyundai, stating that they collected the sales tax. This takes Hyundai a while.
The bill of sale is unfortunately not sufficient for that.
I had CA DMV ask me to pay the sales tax *again* on my Kia lease buyout.

Wow thanks for that info! now it gets more complicated lol

 

[RSuperman]

After exactly one month, I got access to my lease account today. Tried getting a buy-out quote and got this response:
" *Buyout Information: You must visit a Genesis dealer to complete your purchase due to regulations in your state.This Buyout Amount is based on the Vehicle Registration Address and may include, but is not limited to the purchase price, past due amounts, taxes, and other amounts set forth in your lease agreement. "

 

[SaratogaLefty]

Before you head to the dmv or aaa you need to get GmReg 256 section G from Hyundai, stating that they collected the sales tax. This takes Hyundai a while.
The bill of sale is unfortunately not sufficient for that.
I had CA DMV ask me to pay the sales tax *again* on my Kia lease buyout.

So did you have to request the GmReg 256 form from Hyundai or did they send it automatically? How long after you received your Pink Slip did the DMV form 256 arrive?

 

[JjSoCal]

So did you have to request the GmReg 256 form from Hyundai or did they send it automatically? How long after you received your Pink Slip did the DMV form 256 arrive?

It did not arrive together. I had to call Hyundai (even though that was a Kia) and ask for it. They called it something else (board of equalization?), but they sent me both the Reg256 form the DMV asked for, and another form related to sales tax collection which I did not use.
The whole thing has been going on for 7 weeks now, but mostly at the fault of the DMV. I went with the online option, and submitted the title I got from Kia. Then started a long exchange with the DMV of them asking for one thing at a time over email: This signature, that signature, Reg256 section B explaining why you do not need a smog test (for an EV!), payment request for the DMV fees and then a payment request for nearly $2000, which I recognized as sales tax, so I challenged that. At this point they asked me for the Reg256 section G from Hyundai. Hyundai took 2-3 weeks. Once I had everything the DMV asked me to send the originals to them. It'd have been much nicer if the DMV had listed everything they needed up front. I'm yet to receive the title in my name from the DMV.
Once I get my GV60 title, I'm going to ask for the Reg256 section G, and take everything to the DMV or AAA. It'll be much faster.

 

[RSuperman]

Finally i have access to my account. I have a question for you, 1st time i requested a buyout i got a 54,520$, now i am getting 54,014$. The difference was around 6hours apart.

Do you know anything regarding this?

How many days since the account creation were you able to request the buyout quote? My account was created on the 22nd and I cannot see the buyout quote. It is still giving me the following message:
*Buyout Information: You must visit a Genesis dealer to complete your purchase due to regulations in your state.This Buyout Amount is based on the Vehicle Registration Address and may include, but is not limited to the purchase price, past due amounts, taxes, and other amounts set forth in your lease agreement.

 

[JjSoCal]

Out of curiosity which dealership was this? I leased mine from Genesis of Irvine earlier this month without any markups or dealer installed add-ons.

Was this an advanced or performance model?
I drove up to Cerritos to get the $500 costco discount, and also because there weren’t any Advance near me (I’m in OC).