$7500 back on a lease??

[Aphemic man]

Got a quote over the phone for 52,705 plus taxes, valid till Jun 21. So far paid $2,880 out of pocket. Will have to go to any licensed dealer (need not be even a Hyundai/Genesis dealer) and get the buyout done. Considering the $780 tax error that the dealer deducted from the cost, this is a straight 7,500 savings.

I am also looking to first lease and then quickly purchase 2023 GV60 Advanced edition to take advantage of the $7500 tax loop hole. I traded in my used car for 20K. I have attached my lease agreement screenshots. I would like any feedback from senior users well versed in this matter. The MSRP of the vehicle is listed 2K above due to some dealer installed options, but the manager made up for it by giving more value for the trade. This is the first time I am leasing and none of these numbers make any sense to me. I would like any feedback from senior users well versed in this matter.

 

[Donkyhooty]

I used the AAA office on Prospect between Lawrence and Saratoga. Problem is they told me that office will be closing soon if not already.

Thank you. I will try the AAA in Los Gatos. Just trying not to get double taxed due to Hyundai internal issues.

 

[berkeleysquirrel]

Hi! I am about to try the leasing a GV60 as discussed in this thread. Can I ask which dealership you purchased from in CA? I am in the Bay Area. Thank you so much for that info...
-LCS

I completely agree with SaratogaLefty about Genesis Stevens Creek. Just picked up a GV60 advanced from them this weekend. Everyone from the salesperson to the sales manager to the finance manager were all super professional and no one was pushy about extended warranties or other add ons. They asked me only 1-2 times if I wanted them and after I said no, they moved on. Honestly it was probably the easiest/straightforward car lease I've ever done. We agreed on a price by email ahead of time and then it was just signing paperwork and politely declining the extended coverages. I'd definitely go with them again.

 

[krikorr]

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?

Yes, I received $7,400 of the rebate for my GV70 Prestige EV. See invoice below.

 

[LimeGV60]

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 got it. It was listed in Genesis US offers last month.

 

[JjSoCal]

I am also looking to first lease and then quickly purchase 2023 GV60 Advanced edition to take advantage of the $7500 tax loop hole. I traded in my used car for 20K. I have attached my lease agreement screenshots. I would like any feedback from senior users well versed in this matter. The MSRP of the vehicle is listed 2K above due to some dealer installed options, but the manager made up for it by giving more value for the trade. This is the first time I am leasing and none of these numbers make any sense to me. I would like any feedback from senior users well versed in this matter.

View attachment 54136View attachment 54137View attachment 54138

This is not a good deal in my opinion.
Your “agreed upon value” is $2000 more than mine, and your total is about $3000 more. I’m attaching my cost so you can compare. In addition to the “dealer installed options” (do you want/need them?) you have a $999 doc fee.
I agreed to pay $1000 for “tire and wheel” because I felt I was getting a good enough deal and didn’t want to haggle. There’s a lot of room for improvement on your quote.

 

[Aphemic man]

Thank you for your quick reply. My MSRP is 3K higher, but that amount was made up by the dealership by giving me more amount in my trade value and I also did not pay the first month's lease payment/taxes (typically due when you walk out with the lease).

I will have to approach the dealership in 1-2 months after I get the lease invoice from the Hyundai Motor Finance to get the pay off value for the car.

 

[Grayson]

In case you need more information, I am that "guy." . My handle is the same in all 3 forums, and yes, we have a GV60, EV-6, and I5s (3; this lease purchase was our last pickup). Our first two I5s were purchased on reserved when the credit was still accessible before IRA kicked in.

1) Yes, the lease translates to a pass through now for the $7500 credit since we wouldn't get it due to the IRA changes

2) Yes, Hyundai Motor Financing has an early purchase clause where you can immediately buyout and basically just pay the Adjusted Cap Cost (more on that later) + $300 for the lease fee.

2a) Yes, some states will make you pay taxes on a secondary purchase transaction but this is not the norm.

2b) Maryland (where I live) has the same clause as Texas, but for some reason Texas' implementation is all over the place. In MD, if the purchaser is the same person(s) as the original leasee, no second tax charge.

3) We bought the i5 on the 4th and had the buyout quote on the 9th; mailed the check on the 10th.

Questions, feel free to ask. Happy to help anywhere I can.

Where in Maryland did you lease the GV60, what was the MSRP, and what did you end up paying with cash buyout? Also, what happens to the $5,999 due at signing?

The Genesis offer is “GV60 Advanced starting at $599/month for 36 months with $5,999 due at signing (AWD) after application of $7,500 EV Lease Bonus.”

 

[Grayson]

Which of these is a better deal for lease and immediate cash buyout? I assume the 1st because it has a -$1500 dealer discount and $809 fees vs. $1502 fees ($307 + $750 + $422 + $23)?

I'm confused because the two do not show exactly the same information. If ACC is what to look for, is the ACC $51,990 in the first example?

#1:


#2:

 

[lcs]

I completely agree with SaratogaLefty about Genesis Stevens Creek. Just picked up a GV60 advanced from them this weekend. Everyone from the salesperson to the sales manager to the finance manager were all super professional and no one was pushy about extended warranties or other add ons. They asked me only 1-2 times if I wanted them and after I said no, they moved on. Honestly it was probably the easiest/straightforward car lease I've ever done. We agreed on a price by email ahead of time and then it was just signing paperwork and politely declining the extended coverages. I'd definitely go with them again.

I also agree. I ended up with a GV60 Advanced from Genesis Stevens Creek on 6/27. The salesperson I worked with was very knowledgable, professional and even came in on his day off to finish this deal (We had been emailing, but didn't agree till in person). I did not want a roof rack and they just subtracted the price of them as well as offered additional discounts and the $7500 off on lease. No issues with logging into account on Genesis Finance. Only issue was not receiving completed copies of paperwork (all signed electronically) as promised. But when I asked my sales guy he chased it down asap and got them to me. Working on executing the buy out (purchase before maturity)... whilst still learning about all the awesome features of the car.

Huge thanks to all of you on this thread for sharing your experiences, advice, and expertise. Soooooo grateful.

______________________________

Help support this site so it can continue supporting you!

 

[JjSoCal]

Which of these is a better deal for lease and immediate cash buyout? I assume the 1st because it has a -$1500 dealer discount and $809 fees vs. $1502 fees ($307 + $750 + $422 + $23)?

I'm confused because the two do not show exactly the same information. If ACC is what to look for, is the ACC $51,990 in the first example?

#1:
View attachment 54545

#2:
View attachment 54546

#1 is better.
The purchase price is lower, the sales tax (which is a good indicator of your total purchase) is lower, sum of all fees is lower.

 

[Grayson]

#1 is better.
The purchase price is lower, the sales tax (which is a good indicator of your total purchase) is lower, sum of all fees is lower.

Thanks! Good tip on looking at the sales tax!

 

[Grayson]

Has anyone been able to get below MSRP on a GV60 Advanced? Also, do you think dealers are more willing to discount the vehicle if I go for $0 down since they'd make more money on interest?

 

[JjSoCal]

Has anyone been able to get below MSRP on a GV60 Advanced? Also, do you think dealers are more willing to discount the vehicle if I go for $0 down since they'd make more money on interest?

I went through Costco which gave me $500 off MSRP.
I did pay $1000 for Tire and Wheel protection (that I don't think is worth it), so it's a bit of a price game.
You were offered $1500 off by Genesis of Gaithersburg. This looks quite good to me.

I do not think that the dealership cares how much you borrow or pay interest. Financing is done by Hyundai Finance.

 

[Grayson]

I went through Costco which gave me $500 off MSRP.
I did pay $1000 for Tire and Wheel protection (that I don't think is worth it), so it's a bit of a price game.
You were offered $1500 off by Genesis of Gaithersburg. This looks quite good to me.

I do not think that the dealership cares how much you borrow or pay interest. Financing is done by Hyundai Finance.

Thanks, everyone. I got the car yesterday and was able to create an account on genesisfinanceusa today. Will go to the bank to get a cashier's check tomorrow.

 

[berkeleysquirrel]

We went over to the the AAA office on Monday with our signed off Pink Slip and Bill of Sale. We also had my wife's vanity plates. The gentleman at AAA did everything (including filling out the Reg 256 Section G). The whole process took less than 20 minutes and cost $30 ($15 for reissuing the Pink Slip and $15 for converting to the Vanity Plates). Signed the original paperwork (Lease) on March 26th and everything completely done by May 22nd (nine weeks!!).

Hi, did Genesis Finance mail you the physical California Title that you then took to AAA? I got a letter from them that said important documents enclosed but all it contained was a letter saying "Your original vehicle title certificate is enclosed" along with another letter stating they no longer claim any rights to the vehicle. No actual physical title, so I'm wondering if they forgot or they sent notice electronically to the CA DMV (which I'd find hard to believe, lol).

 

[SaratogaLefty]

Hi, did Genesis Finance mail you the physical California Title that you then took to AAA? I got a letter from them that said important documents enclosed but all it contained was a letter saying "Your original vehicle title certificate is enclosed" along with another letter stating they no longer claim any rights to the vehicle. No actual physical title, so I'm wondering if they forgot or they sent notice electronically to the CA DMV (which I'd find hard to believe, lol).

As I recall we did receive the Pink slip that was signed off by Hyundai releasing any interest and also a signed bill of sale. I paid off the lease in the very first week after picking up the car in March. The reason it took nine weeks to complete was because it took that long for the DMV to send the pink slip to Genesis (Hyundai) finance.

 

[JjSoCal]

Hi, did Genesis Finance mail you the physical California Title that you then took to AAA? I got a letter from them that said important documents enclosed but all it contained was a letter saying "Your original vehicle title certificate is enclosed" along with another letter stating they no longer claim any rights to the vehicle. No actual physical title, so I'm wondering if they forgot or they sent notice electronically to the CA DMV (which I'd find hard to believe, lol).

I got the same document as you. I called Hyundai finance and they said they haven’t received the title from the dealership yet but they’ll send it.
I got the title, and the REG 256 section G I asked for a little later in the mail.
If you’re doing this with the DMV they’d ask for the REG 256 section G signed by Hyundai, Reg 256 section B (smog) from you, the bill of sale and the title.

 

[berkeleysquirrel]

I got the same document as you. I called Hyundai finance and they said they haven’t received the title from the dealership yet but they’ll send it.
I got the title, and the REG 256 section G I asked for a little later in the mail.
If you’re doing this with the DMV they’d ask for the REG 256 section G signed by Hyundai, Reg 256 section B (smog) from you, the bill of sale and the title.

They sent me the rest of the stuff (REG256, bill of sale, vehicle use tax [proof of sales tax paid]) in another envelope, but still no physical title. So you got the title separately later too? Thanks for the help!

 

[JjSoCal]

They sent me the rest of the stuff (REG256, bill of sale, vehicle use tax [proof of sales tax paid]) in another envelope, but still no physical title. So you got the title separately later too? Thanks for the help!

I think I did.
I got multiple envelopes from them. Don’t recall the breakdown.