2010 LEASE Paid?

[Viking]

Okay, hopefully this isn't duplicative of the "price paid" thread, but I would like to focus on deals that folks are getting who lease the 2010 sedan..

I was one of the early leasers in August of 2008 and I am coming up on my 24 month expiration. I originally planned to buy the vehicle, but this lease thing has grown on me so I am considering re-upping on a new 36 month lease for a 2010 model.

For the benefit of your Genesis brethren that have yet to lease, please list the terms you were able to negotiate (including call-outs on if your down-payment included Tax, title, first month payment, etc..).

Thanks!

 

[Disaster]

Okay, hopefully this isn't duplicative of the "price paid" thread, but I would like to focus on deals that folks are getting who lease the 2010 sedan..

I was one of the early leasers in August of 2008 and I am coming up on my 24 month expiration. I originally planned to buy the vehicle, but this lease thing has grown on me so I am considering re-upping on a new 36 month lease for a 2010 model.

For the benefit of your Genesis brethren that have yet to lease, please list the terms you were able to negotiate (including call-outs on if your down-payment included Tax, title, first month payment, etc..).

Thanks!

Comparing leases can be more difficult unless you understand every charge and the actual months of leases...otherwise you are comparing apples to oranges.

Keep in mind, it is cheaper to keep a purchase a car for 5 years, especially a car that is covered by a warranty, then it is to lease two cars. The turn around point, between leasing and purchase is close to two years...everything else being equal.

 

[sandy]

Comparing leases can be more difficult unless you understand every charge and the actual months of leases...otherwise you are comparing apples to oranges.

Keep in mind, it is cheaper to keep a purchase a car for 5 years, especially a car that is covered by a warranty, then it is to lease two cars. The turn around point, between leasing and purchase is close to two years...everything else being equal.

It is so true that comparing leases is a tough job. There are many variables such as amt of money down, term, mileage, dealer fees etc. To simplify, I compare by adding up the total costs. Money at signing, monthly payment x #of months, disposition fee if applicable = total cost for lease term.

 

[Disaster]

It is so true that comparing leases is a tough job. There are many variables such as amt of money down, term, mileage, dealer fees etc. To simplify, I compare by adding up the total costs. Money at signing, monthly payment x #of months, disposition fee if applicable = total cost for lease term.

That is the best way to do it, but so many people aren't as smart as you are about it. I've had people tell me they were leasing a car for only $250 a month, only to find they put $3000 down when they signed up (effectively adding $125 a month to the cost on a two year lease.) Then people forget to include the the disposition fee which is usually at least $400 (another $17/month.)

At minimum you need to add the acquisition and disposition fees which together range from $700-$1200 ($30-$50 per month.)

Finally, lease term and mileage are very important factors. Extending a lease from two to three years had better make a significant improvement in the monthly cost because the depreciation is considerably less in the third year vs. the first. Mileage differences also can cause a big difference in residuals, and therefore rates.

P.S. One should also keep in mind the hidden costs. Some lease companies (usually banks vs. captive companies) charge for every little scratch or dent and use this as a source of increased profits...this on top of the dispostion fee. Many cars will need new tires in two years and they charge for that. I've seen charges from $400 to $2500 at lease end depending on how aggessive the leasing company was.

 

[sandy]

One nice thing about leases from Honda Finance (Honda and Acura) is no disposition fee and a generous $1500 wear and tear allowance. I'm not current on GMAC but when I leased my 2006 Saab there was no disposition fee either. Of course this is no help if you want a Genesis.

 

[4.6]

Viking -
I'm currently leasing my 2010 Genesis, and like the car so much I'm thinking about buying it when the lease expires. This is my 3rd leased car in the last 5 years, and so far I think it's my favorite. Last two were an Acura TL, and an Infiniti G35xS.

When doing research on leases, I found a good calculator that allows you to input the variables mentioned in previous posts. Check out: www.carbuyingtips.com/finance.html for a free excel spreadsheet tool. There are a lot of ways to get to the price you want - paying more up front, extending the term, decreasing miles, etc. but one of the most critical figures i've found is the residual value - the turn in value.

I plan on taking advantage of the currently low Hyundai residual when the lease ends, so I can own this car for ~$20K at the end of the lease. I think that's a good value. Meanwhile, I treat it like I already own it - gave it wings and plan on putting on a new exhaust next month.
Hope this helps!

 

[tarpumn]

I may be wrongbut when I leased my 09 last year thru Hyundai, there was not much wiggle room on the lease end fee and money factor. I guess because Hundai was setting these rates. Was able to get dealer to adjust price used. Was not smart enough to not put anything down. Ended up with $2,500 down, 15K miles a year for a total payment to $430 a month, 36 months.
Love the car, will lease an Equus when I can and HAVE LEARDED A LOT FROM THIS FORUM AND MY GEN.BROTHERS HERE, THANKS

 

[Disaster]

I may be wrongbut when I leased my 09 last year thru Hyundai, there was not much wiggle room on the lease end fee and money factor. I guess because Hundai was setting these rates. Was able to get dealer to adjust price used. Was not smart enough to not put anything down. Ended up with $2,500 down, 15K miles a year for a total payment to $430 a month, 36 months.
Love the car, will lease an Equus when I can and HAVE LEARDED A LOT FROM THIS FORUM AND MY GEN.BROTHERS HERE, THANKS

Disposition fees (due when turn car in) are usually $450. You will probably also need a set of tires ($800.) That brings the additional costs up to $3750, or another $104 per month. Which makes the actual lease rate $534.

 

[tarpumn]

You are so right. Should never have put money down.
Knew about the tires, so at 3,000 miles, I replaced the tires with a summer rated rain directional so I could get the enjoyment of the added performance. I have the originals stored and they will go back on at turn in.
Love the car, looking at lesing an Equus in a year unless thay offer a good buy out up grade early. What do you think?

 

[Dimitry]

If you live in a state, or are willing to drive to a state where there is additional incentives available (1500 Competitive/Current owner rebate) - you will get a better deal on a lease. Right now, a good deal would be about 520-535 pre-tax a month per lease, with nothing down. Hyundai is still subsidizing the lease to provide better rates and get more people in the cars.

I think they will do likewise with the Equus, I think the residual will be around 50% and a similar buy rate. I would estimate 600-700 a month for it, maybe a little more or less.

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[Genesiswannabee]

How do you find out what states have additional incentives?

 

[Dimitry]

Enter the zip codes into hyundaiusa.com - they'll show you the available incentives in the area.

 

[C-Russ]

How to you go about finaincing the purchase of it AFTER your lease is done? Do you go through the dealor and can you get new car finacing terms? Or is it used car finaincing and better off bringing your own financing to the table?

 

[sandy]

How to you go about finaincing the purchase of it AFTER your lease is done? Do you go through the dealor and can you get new car finacing terms? Or is it used car finaincing and better off bringing your own financing to the table?

Assuming you leased from HMFC (Hyundai Finance), I would contact them directly before talking to the dealer. There number is on your monthly statement. In my previous leasing experience, with many different brands, you usually get a letter about 30-60 days prior to lease termination outling your lease-end options. There is even a chance (slight) you may be able to negotiate a more favorable buy-out price.

 

[sandy]

Ad in today's paper from a Brooklyn, NY dealer:

2010 Genesis 3.8, MSRP $38,100
36 months/12k miles per yr
$325/ month with $4915 due at signing. (this included $4000 cap cost reduction or down payment, 1st month payment and $595 Bank Fee)

So, if you were to skip the up front $4000 cap cost reduction and fold that money into the payments at $30 per thousand you would add $120 to the 325 for $445 before state sales tax.

Sounds like a deal

 

[Disaster]

Ad in today's paper from a Brooklyn, NY dealer:

2010 Genesis 3.8, MSRP $38,100
36 months/12k miles per yr
$325/ month with $4915 due at signing. (this included $4000 cap cost reduction or down payment, 1st month payment and $595 Bank Fee)

So, if you were to skip the up front $4000 cap cost reduction and fold that money into the payments at $30 per thousand you would add $120 to the 325 for $445 before state sales tax.

Sounds like a deal

On top of that you need to add $450 disposition fee and another $1000 for tires...which will not make it through the lease period unless you drive way less than 36K miles (which would make the lease an even worse deal.) So the actual cost is $40 bucks more, or $495/month.

From what I've seen, if you trade a car in every two years, leases are the way to go, but at three years the math starts to favor purchases. Huge lease incentives, of course, can change the equation.