$7500 back on a lease??

[Grayson]

I did the lease and buyback. Here is my timeline from Genesis Chantilly:

7/24/23 Lease car
7/25/23 Login to New Account on GenesisFinanceUSA.com and request buyout
7/28/23 Get cashier's check from bank and mail to Genesis Finance. I didn't do this on 7/25 because I was waiting for the first month lease payment to be reflected. I'm glad I did, because not only did the amount change, but there was also a $300 fee added (not the lease buyout fee).
8/1/23 Payment was posted to my account
8/5/23 Received e-mail from Genesis Finance saying my payment has been processed
8/12/23 Received vehicle title certificate

I still haven't received my plates from Genesis Chantilly, so I'm waiting on that before I go to the DMV.

I ended up paying $57,421 all said and done for a $61,660 MSRP GV60 advanced.

 

[acadapter]

I did the lease and buyback. Here is my timeline from Genesis Chantilly:

7/24/23 Lease car
7/25/23 Login to New Account on GenesisFinanceUSA.com and request buyout
7/28/23 Get cashier's check from bank and mail to Genesis Finance. I didn't do this on 7/25 because I was waiting for the first month lease payment to be reflected. I'm glad I did, because not only did the amount change, but there was also a $300 fee added (not the lease buyout fee).
8/1/23 Payment was posted to my account
8/5/23 Received e-mail from Genesis Finance saying my payment has been processed
8/12/23 Received vehicle title certificate

I still haven't received my plates from Genesis Chantilly, so I'm waiting on that before I go to the DMV.

I ended up paying $57,421 all said and done for a $61,660 MSRP GV60 advanced.

See, told you it would be pretty seamless! Good stuff!

Did the send your title certified mail/FedEx/UPS or just in the envelope that had your paid-in-full letter?

 

[Grayson]

See, told you it would be pretty seamless! Good stuff!

Did the send your title certified mail/FedEx/UPS or just in the envelope that had your paid-in-full letter?

I got two documents in the envelope.

The first one says "Action is Required by YOU" and says "Congratulations on the purchase of your off-lease Genesis vehicle. Your original vehicle title certificate is enclosed".

The second one says "Genesis Finance*, as Servicer of the Hyundai Lease Titling Trust ("HLTT"), no longer claims any right, title, or interest in the following vehicle:" and it's notarized. I assume this is the vehicle title certificate?

 

[acadapter]

I got two documents in the envelope.

The first one says "Action is Required by YOU" and says "Congratulations on the purchase of your off-lease Genesis vehicle. Your original vehicle title certificate is enclosed".

The second one says "Genesis Finance*, as Servicer of the Hyundai Lease Titling Trust ("HLTT"), no longer claims any right, title, or interest in the following vehicle:" and it's notarized. I assume this is the vehicle title certificate?

Yeah, you should be able to use the notarized letter at the MVA.

 

[berkeleysquirrel]

I got two documents in the envelope.

The first one says "Action is Required by YOU" and says "Congratulations on the purchase of your off-lease Genesis vehicle. Your original vehicle title certificate is enclosed".

The second one says "Genesis Finance*, as Servicer of the Hyundai Lease Titling Trust ("HLTT"), no longer claims any right, title, or interest in the following vehicle:" and it's notarized. I assume this is the vehicle title certificate?

Depends on the state. I got that exact letter from Genesis Finance as well. However in California, I have to wait for the actual physical title in the mail, which it seems that my dealer just signed off and released since I got an email from HCA's title services reflecting this happening, 2 weeks after I got those letters. If your state does electronic titles, then yes you should be good to go to the DMV.

 

[Grayson]

I went to the MVA (Maryland DMV) with the notarized lien release letter and they told me I need the title and bill of sale. I called Genesis Finance and they said that I did the lease buyout before the title was created, so they need to request a duplicate title that can take 6-8 weeks.

I called my dealership and they said Genesis Finance must have lost my title which is why they're requesting a duplicate one from the MVA, so I do have to wait 6-8 weeks to receive my title and then go to the MVA.

 

[Grayson]

These are the steps I ended up taking:

1) Get price of car with no add-ons. (Negotiate MSRP price as low as possible)
2) Ask for the HMF Lease Cash Offer (-$7500)
3) Wait for lease to be transferred to Genesis Finance
4) Sign HMF Lease
5) Secure your Financing for payoff if you need financing. Otherwise, skip this step
6) Create account with Genesis Finance once they've received the lease
7) Request Buyout on the Genesis Finance website. If the numbers don't reflect the first month payment, wait a few days until they do. Note that there is a $300 buyout fee
8) Give your financing the buyout quote (if you did step #5), or get a cashier's check from your bank. Follow mail-in instructions (or take to dealer if your state requires in person payoff)
9) Wait for check to be cashed
10) Request Plate Transfer if transferring existing plates. Otherwise, skip this step
10) Wait for Genesis Finance to mail you the title. Once received, go to the DMV

 

[skiingj]

Thought I would share my lease details. I am in NorCal. GV60 Performance. MSRP $70,320. 15k miles, $5k down, $685 a month for 35 months.

 

[Grayson]

These are the steps I ended up taking:

1) Get price of car with no add-ons. (Negotiate MSRP price as low as possible)
2) Ask for the HMF Lease Cash Offer (-$7500)
3) Wait for lease to be transferred to Genesis Finance
4) Sign HMF Lease
5) Secure your Financing for payoff if you need financing. Otherwise, skip this step
6) Create account with Genesis Finance once they've received the lease
7) Request Buyout on the Genesis Finance website. If the numbers don't reflect the first month payment, wait a few days until they do. Note that there is a $300 buyout fee
8) Give your financing the buyout quote (if you did step #5), or get a cashier's check from your bank. Follow mail-in instructions (or take to dealer if your state requires in person payoff)
9) Wait for check to be cashed
10) Request Plate Transfer if transferring existing plates. Otherwise, skip this step
10) Wait for Genesis Finance to mail you the title. Once received, go to the DMV

Update. This is what I needed to do:

1) Get price of car with no add-ons. (Negotiate MSRP price as low as possible)
2) Ask for the HMF Lease Cash Offer (-$7500)
3) Wait for lease to be transferred to Genesis Finance
4) Sign HMF Lease
5) Secure your Financing for payoff if you need financing. Otherwise, skip this step
6) Create account with Genesis Finance once they've received the lease
7) Request Buyout on the Genesis Finance website. If the numbers don't reflect the first month payment, wait a few days until they do. Note that there is a $300 buyout fee
8) Give your financing the buyout quote (if you did step #5), or get a cashier's check from your bank. Follow mail-in instructions (or take to dealer if your state requires in person payoff)
9) Wait for check to be cashed
10) Request Plate Transfer if transferring existing plates. Otherwise, skip this step
10) Wait for Genesis Finance to mail you the title.
11) Request Bill of Sale from Genesis Finance. They sent it to me via e-mail.
12) Take Title, Bill of Sale, and Lease Agreement to DMV. I had to pay $162 to register in MD.

 

[therealnkp]

Update. This is what I needed to do:

1) Get price of car with no add-ons. (Negotiate MSRP price as low as possible)
2) Ask for the HMF Lease Cash Offer (-$7500)
3) Wait for lease to be transferred to Genesis Finance
4) Sign HMF Lease
5) Secure your Financing for payoff if you need financing. Otherwise, skip this step
6) Create account with Genesis Finance once they've received the lease
7) Request Buyout on the Genesis Finance website. If the numbers don't reflect the first month payment, wait a few days until they do. Note that there is a $300 buyout fee
8) Give your financing the buyout quote (if you did step #5), or get a cashier's check from your bank. Follow mail-in instructions (or take to dealer if your state requires in person payoff)
9) Wait for check to be cashed
10) Request Plate Transfer if transferring existing plates. Otherwise, skip this step
10) Wait for Genesis Finance to mail you the title.
11) Request Bill of Sale from Genesis Finance. They sent it to me via e-mail.
12) Take Title, Bill of Sale, and Lease Agreement to DMV. I had to pay $162 to register in MD.

When going through this process, are people upfront with the salesperson about the intention to immediately buy out the lease? It seems to be a piece of information that isn't necessary to disclose as the buyer.

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[SaratogaLefty]

When we bought our GV60 in March we were instructed by the Sales Manager exactly how to use the Lease to get the $7500 "discount" and then how to immediately buy out the lease. When we first went there we weren't aware of this approach at all.

 

[Grayson]

When going through this process, are people upfront with the salesperson about the intention to immediately buy out the lease? It seems to be a piece of information that isn't necessary to disclose as the buyer.

I did not tell anyone at the dealership that I was intending to buy out immediately, since that is with the Genesis Finance. All I did was negotiate MSRP for a 36/10 lease and I didn't care what the lease terms were since I was buying out immediately.

 

[johnco]

Thought I would share my lease details. I am in NorCal. GV60 Performance. MSRP $70,320. 15k miles, $5k down, $685 a month for 35 months.

Is that with or without taxes? Mind sharing the dealer?

 

[skiingj]

Is that with or without taxes? Mind sharing the dealer?

With taxes 7.75%. Dublin. Santa Rosa had the most cars and was way higher. Richmond had no cars. San Bruno and Stevens Creek came close. Roseville where I am only had a couple cars and they were inept...

 

[M1chael]

What does everybody think of this.

Electric car-makers have found a legal loophole to get their customers an extra $7,500 tax credit

Requirements for the new EV tax credits mean a lot of EVs won't qualify. Automakers may look to get their customers a commercial EV credit instead.

www.businessinsider.com

Is anybody doing it?

I took advantage of the $7500 rebate for the lease, and then went to my credit union and bought out the lease. So, I got the $7500 off, plus the purchase.

 

[therealnkp]

In the middle of going through the buyout process!

Does anybody recall seeing the $300 purchase option fee being explicitly detailed in the buyout quote? I was looking for it and didn't see it. I'm assuming it's rolled into the 'Adjusted Unpaid Lease Balance' but figured I would ask.

[Edit] I'm actually reading my contract...it suggests that the $300 fee is only triggered if the vehicle is purchased at the end of the lease term, so maybe that's why it's not explicitly detailed?

 

[deepdeep34]

Hello everyone, I'm considering getting a GV70 instead of a GV60. Although I understand this is the GV60 forum, I'm curious if the lease buyout process for a GV70, specifically the electrified version, is similar.

 

[berkeleysquirrel]

Hello everyone, I'm considering getting a GV70 instead of a GV60. Although I understand this is the GV60 forum, I'm curious if the lease buyout process for a GV70, specifically the electrified version, is similar.

It should basically be the same process as what @Grayson73 outlined above which was first reported by @acadapter back at the beginning of the year, provided you're dealing with Genesis Finance, not a 3rd party bank that is handling the lease.

 

[berkeleysquirrel]

In the middle of going through the buyout process!

Does anybody recall seeing the $300 purchase option fee being explicitly detailed in the buyout quote? I was looking for it and didn't see it. I'm assuming it's rolled into the 'Adjusted Unpaid Lease Balance' but figured I would ask.

[Edit] I'm actually reading my contract...it suggests that the $300 fee is only triggered if the vehicle is purchased at the end of the lease term, so maybe that's why it's not explicitly detailed?

It's not listed as a line item, but it is included in the buyout quote that's generated in your Genesis Finance account (purchase option + sales tax), which is the adjusted unpaid lease balance you saw. If you call Genesis Finance, they can break it down for you.

 

[Grayson]

I actually had 2 $300 fees, but I didn't know what the 2nd one was for. I decided to let it go.