$7500 back on a lease??

[acadapter]

Does anyone know when HMF will send me the email to access their website? I've started the lease last Wednesday March 29th

Took 72hr or less. Also, check your spam.

 

[Sev]

I signed on 3/31, but was able to access my account as early as 4/2 even though I still haven’t received an email. I just registered myself on Genesis Finance using the VIN and it was self serve from there.

 

[acadapter]

I signed on 3/31, but was able to access my account as early as 4/2 even though I still haven’t received an email. I just registered myself on Genesis Finance using the VIN and it was self serve from there.

Echo this. I didn't wait for my email either. You just need your account number and last 4.

 

[sakerror]

Echo this. I didn't wait for my email either. You just need your account number and last 4.

Yeah i tried it but it seems the dealer didn't sent the contract yet so the registration failed. I called Genesis Finance and they asked me to wait for about a week because they didn't receive the contract.

 

[Sev]

Yeah i tried it but it seems the dealer didn't sent the contract yet so the registration failed. I called Genesis Finance and they asked me to wait for about a week because they didn't receive the contract.

That is pretty bizarre to me especially because you closed during the last week of the month. I would imagine that as a sales rep, they would be incentivized to get their contracts processed before the end of month in order for it to count towards their quota.

 

[sakerror]

That is pretty bizarre to me especially because you closed during the last week of the month. I would imagine that as a sales rep, they would be incentivized to get their contracts processed before the end of month in order for it to count towards their quota.

Exactly! you're hundred percent right, but still i called the dealer and the finance guy told, it might take 2weeks! told him, how is that? he kept on saying the same thing! But isn't this thing automated? in a system?!

 

[Docrad]

right, this is what I was thinking. I'm not a lease guy either, but if I could lease it and then do the buyout--and save the 6500--that seems like something worth pursuing.

now if only I could find a GV60 nearby...

I dont know wher you are but there are tons of GV60 in NJ and its 7500 off on the lease not 6500

 

[RSuperman]

I live in Denver, CO and I will be getting a GV60A this month end from a dealer in Salt Lake City (since the local dealer does not have the Advanced trim). Wondering how a lease on this out of state deal would work out. Any insights? I would like to do an immediate buyout too.

 

[RSuperman]

I live in Denver, CO and I will be getting a GV60A this month end from a dealer in Salt Lake City (since the local dealer does not have the Advanced trim). Wondering how a lease on this out of state deal would work out. Any insights? I would like to do an immediate buyout too.

Just spoke to the dealership in UT and they confirmed/recommended that I go the Lease/buyout route.

 

[sakerror]

Well it seems my dealership is still in the 70's era! Genesis Finance still didn't receive the contract, they told me, some dealerships take longer times to send the contracts/documents by courier. Other dealerships send the contracts by emails and messages first and then they send the papers to Genesis.

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[chrmnxpnoy]

Forgive my ignorance as I have never leased a vehicle before. My wife and I are in the market for a GV60 Perf. This whole lease and buyout is intriguing since it still qualifies for the tax credit.

How does the buyout work with financing? Is it possible? I have already been pre-approved for a new car auto loan but not sure if I can use that for a buyout lease.

 

[SaratogaLefty]

Forgive my ignorance as I have never leased a vehicle before. My wife and I are in the market for a GV60 Perf. This whole lease and buyout is intriguing since it still qualifies for the tax credit.

How does the buyout work with financing? Is it possible? I have already been pre-approved for a new car auto loan but not sure if I can use that for a buyout lease.

Your loan financing will probably be irrelevant. You will have to fill out a full credit application with Genesis/Hyundai. Then you need to agree on the all the terms of the lease agreement with your sales person. If you really are going to move forward with the "buyout" then the money factor and the residual are less important. The basis for your Buyout will be the Adjusted Cap Cost so anything you can do to get them to discount the MSRP will contribute to a lower Adjusted Cap Cost as will the $7500 rebate. I'm not sure how much longer the $7500 will be applicable??

 

[acadapter]

Forgive my ignorance as I have never leased a vehicle before. My wife and I are in the market for a GV60 Perf. This whole lease and buyout is intriguing since it still qualifies for the tax credit.

How does the buyout work with financing? Is it possible? I have already been pre-approved for a new car auto loan but not sure if I can use that for a buyout lease.

Your loan financing will probably be irrelevant. You will have to fill out a full credit application with Genesis/Hyundai. Then you need to agree on the all the terms of the lease agreement with your sales person. If you really are going to move forward with the "buyout" then the money factor and the residual are less important. The basis for your Buyout will be the Adjusted Cap Cost so anything you can do to get them to discount the MSRP will contribute to a lower Adjusted Cap Cost as will the $7500 rebate. I'm not sure how much longer the $7500 will be applicable??

This has finally gotta "national" attention. If you all want to read the ins and outs of what we are effectively doing, here's a good write up:

How to bypass nearly every restriction of the EV tax credit by leasing

Last week, the IRS updated the EV tax credit with new battery sourcing requirements set to go into place on...

electrek.co

The biggest thing about specific financing POST lease is if your financial institution a) still treats the loan rates as NEW vs Used and b) how quickly you go through the process to avoid a second credit hard pull and limit any interest paid.

 

[chrmnxpnoy]

The biggest thing about specific financing POST lease is if your financial institution a) still treats the loan rates as NEW vs Used and b) how quickly you go through the process to avoid a second credit hard pull and limit any interest paid.

According to my CU, it still qualifies as a `New` loan so I should still be good on that front. The hard pull though on Hyundai/Genesis finance is something I have to swallow unfortunately.

My credit union's new auto loan disclaimer:

New vehicles are where you are the original owner and the untitled vehicle is model year 2022 or newer with less than 7501 miles

 

[acadapter]

According to my CU, it still qualifies as a `New` loan so I should still be good on that front. The hard pull though on Hyundai/Genesis finance is something I have to swallow unfortunately.

Not quite. If you apply for your CU within 14 days of your Genesis application and they don't require you to fully fund the CU loan immediately (most give you 30 days), the hard pulls count as one.

 

[chrmnxpnoy]

Noticed on Genesis' website that the lease offer is only for the Advance trims. Anyone know if that $7,500 credit can also apply for Performance trims?

GV60 Advanced AWD starting at $689/month for 36 months with $5,999 due at signing after application of $7,500 EV Lease Bonus. 4/1/2023 ~ 5/1/2023

 

[unhookt]

Just spoke with the sales manager at Roseville Hyundai Genesis and he is telling me that I would be on the hook for the money factor for the entirety of the lease period even if I bought out the lease early. Is he incorrect? He seemed pretty confident, but this basically contradicts everything that I'm reading on these forums. Shouldn't the lease buyout be based on the adjusted cap cost of the vehicle after any lease payments made, the rebate, and any down payment are subtracted from the negotiated price?

 

[acadapter]

Just spoke with the sales manager at Roseville Hyundai Genesis and he is telling me that I would be on the hook for the money factor for the entirety of the lease period even if I bought out the lease early. Is he incorrect? He seemed pretty confident, but this basically contradicts everything that I'm reading on these forums. Shouldn't the lease buyout be based on the adjusted cap cost of the vehicle after any lease payments made, the rebate, and any down payment are subtracted from the negotiated price?

No, he is not right. Start here:

$7500 HMF Lease Cash Available Today - 2/18

Didn't see this mentioned yet, so wanted to bring it up to see what others are doing/seeing. I took another family member in to get their i5 Limited that I negotiated and changing to the lease to get the $7500 rebate is now an option. This made sense to me since you can purchase before the...

www.ioniqforum.com

I am the OP and have already finalized my initial buyout and refinance. At least ten people between 3 forums have followed suit without complication.

 

[chrmnxpnoy]

How does this look guys? Was able to get a $400 credit for being a recent college graduate.

 

[SaratogaLefty]

Yeah I got and extra $500 because I'm a veteran. I can't be sure but it looks like your Adjusted Cap Cost is $55,285.88 ($70,165.00 - $14879.12). If that is correct your Buyout should be the $55,285.88 plus your sales tax on that amount.