Coupe 2.0T Lease Pricing

[JohnnyK]

Hey all!

Been following the genesis coupe since early December and am really excited to own this car. Now my Boss wants me to get a car and he gave me $450 a month to go lease one (I'll probably buy it at the end of the lease). My choice of course is the Genesis Coupe as I am a HUGE 240sx fan (My current car.) I have been working with my Hyundai dealership and doing my research. On Friday my dealership called me up and said they didn't have the car yet but it is inbound and they had the pricing.

So I went down there and after about 2 hours this is what they offered me.

The car is:
2.0T
Silver
Premium Package
Dealer Installed Leather (Black with Blue Stripe)

The Offer is:
$2145 Down incl all Fees
$445 a month incl tax
36 Month lease
15k a year

Money Factor is .00375
Residual is 58%

What do you all think? Good deal? Should I go for it?

 

[bluetwo]

No! At least not just yet. First look into Hyundai's Special lease offers which are about to come out if not already out now.

I'm no lease expert, but from what I've heard you can do better than what you just posted. Look at this thread: http://genesisowners.com/hyundai-genesis-forum/showthread.php?p=996&posted=1

And see if you can't do better on your 2.0T Premium because honestly I think you can. You might even be able to get a 3.8 Grand Touring for better.... point is read that thread and/or PM EdVoylesHyundai.

 

[Dimitry]

Unless your boss wanted you to purchase it HERE AND NOW, I would definitely wait for a better quote. What's your final negotiated price?

The main problem I see is the 9% interest. Also, I'd aim for no money down. Have them factor any remaining TTL+ Dealer fees into the monthly payment. HMAC should have a lease special for the Coupe, as they generally subsidize totally new models, from my experiences. Touch base with them and see if they have any of those lease specials going on right now, if not, I'd really wait for one to come around.

Good luck!

 

[John]

I heard a 3.8 premium would be $2500 down and $359 a month, why would a 2.0 be so much higher?

 

[bluetwo]

Yes, to the last two posts. They seem to agree with me.

A salesman at Ed Voyles mentioned leasing to me last Friday (Feb. 27th) and although I didn't pay attention to 100% of what he was saying I do remember the numbers being a LOT more delightful, and we were talking about a 2.0T and possibly even the 2.0T Track.

That's not to say the 2.0 Premium that the OP talked about should be in any way excluded from the lease special that will inevitably the lowest for the lowest model. In fact I'm sure the salesman meant to insinuate that the lease specials should be applicable to all Genesis coupe trims. The indication was that these lease specials will be out very soon, basically as soon as the cars can hit the lots.

Which brings me to my next point, and my own personal conumdrum. The fact that the car I want, in the color and trim I like, is probably NOT at all likely to hit a dealership close to me, therefore I'd have to "order" the car I want and/or wait for it to come to me, that is unless of course I didn't mind driving to wherever the desirable car is and purchasing it there. I know a dealership would be glad to add a 700 dollar destination charge on top of it all... and I know it's off track in a way, but it may apply to people who want to lease as well; so my question is: how do you keep from getting screwed on a car that isn't sitting on the lot already?

 

[JohnnyK]

Thanks for all the replies! Makes me feel welcome haha

"What's your final negotiated price?"

$24900

$24250 + $750 delivery + $1000 custom leather - $1100 rebate.

"The main problem I see is the 9% interest."

Yea all 3 lease calculators agree with the numbers I was given give or take $5. What pissed me off was that the dealer told me the best money factor I can get is .00375 (9%) even with Tier 1 credit (781 credit score). That just doesn't sound right to me and looking back I don't know why I let him convince me that was true lol.

I'm not sure what to do now, I let them put a hold on my card and now I'm no longer sure. They can't legally keep that hold if I haven't signed any paperwork can they?

 

[Dimitry]

Nothing wrong with helping a prospective owner save a few bills!

I assume you're going off the premium package, which matches the $24,250 MSRP.

The dealership gains significant kickback with each higher percentage point they get from interest, that is why they will generally push bank loans on you that are around 6-9%. I would never purchase a new vehicle at those rates.

Another issue I see is you're sticking to MSRP - Call around local dealers. See if a friend has a Costco card for the auto program, and get as close as you can to invoice price, and keep the salespeople running back to their sales managers. Again, I would never buy retail - I get PISSED when I pay retail on anything. I was able to get a 38000+ttl on the 4.6 Sedan with Tech package, while other dealers were only willing to take 500 off the MSRP. You will find some dealers are more willing then others to move inventory.

The "let us put/charge something on your account" is just another capture ploy. You will win in any credit card chargeback against them in the scenario they hold onto it.

 

[JohnnyK]

Awesome!

I actually have a Costco card so I will have to give that a try.

I feel like I really got taken advantage of with the interest rate, I guess that's what happens when you forget to research every aspect of the lease (>_<)

It's great to know the credit card companies don't put up with the dealer's BS. I'll have to have a chat with the Manager when he calls me today, thanks for the confidence Dimitry.

 

[JohnnyK]

Does anyone know the Inventory price for the 2.0T with the Premium package?

 

[JohnnyK]

Haha answered my own question! Thats what I get for being wide awake at 4am lol

FYI

"Price:

2010 Hyundai Genesis Coupe:
2.0T, manual: listed retail price: $22,000, invoice price: $20,930
2.0T, automatic: listed retail price: $23,250, invoice price: $22,106
2.0T Premium, manual: listed retail price: $24,250, invoice price: $23,046
2.0T Premium, automatic: listed retail price: $25,500, invoice price: $24,220
2.0T Track, manual: listed retail price: $26,750, invoice price: $25,396
R Spec: listed retail price: $23,750, invoice price: not yet available
3.8, manual: listed retail price: $25,000, invoice price: $23,500
3.8, automatic: listed retail price: $26,500, invoice price: $24,895
3.8 Grand Touring, manual: listed retail price: $27,500, invoice price: $25,825
3.8 Grand Touring, automatic: listed retail price: $29,000, invoice price: $27,220
3.8 Track, manual: listed retail price: $29,500, invoice price: $27,685
3.8 Track, automatic: listed retail price: $31,000, invoice price: $29,080"

http://www.auto-broker-magic.com/2010-hyundai-genesis-coupe.html

The article is actually good as well!

Looking at the Invoice Price for the 2.0T Premium I would say I didn't do to bad with the final neg price, just got screwed on Money Factor.

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[bluetwo]

Thanks for puttin up the invoice prices too mang. If you happen to hear what the invoice on the R Spec is going to be I'd come back and update your thread for other readers.

Stay firm with this sales manager person when you talk to him. It helps me to think about how mad I was the last time some douchebag salesman tried to fill me with a load of crap. Frikin amatures....

 

[Dimitry]

Here's another tip: Don't actually show up to the dealership, use the phone. Call up, and ask for the lucky salesperson that's going to sell you a coupe today. Then, inform whoever picks up that you've got a wad of cash, and if you were to come in now, what's the best price they can give you? Give them two chances, if the first price is bad, ask them if they're aware that there are other local dealers that have a lower price than them. Don't give out the "price", but tell them they have one more shot to secure your business and move inventory through the door and not to waste any time.

bust balls, and have fun in the new (upcoming) coupe

 

[JohnnyK]

Okay, first off, to everyone who responded and gave me tips:

THANK YOU! YOU'RE ALL AWESOME IN MY BOOK!

Today I had to commute to the other side of New Jersey for work (Yes I was driving in the middle of the snowstorm and saw 17 accidents, thanks job!!) After I got out I decided to swing by the local Hyundai dealer. I sat down with the salesman and somewhat explained my situation. I explained that I had a Neg price I was happy with at another dealer but I didn't like the Money Factor (.00375). When I told him this number he gave me a rather shocked look and proceeded to take out the Genesis Coupe leasing program and pointed to the Money Factor which was only .00170 (It varies by style and I will post full list in another thread for prospective buyers.) I told him that sounded more reasonable and I wanted to talk numbers on the 2.0T Track, he asked what I wanted to pay and I said, "Well your invoice is $25,396 I think $26,000 is fair." He took it to his manager and eventually came back, his manager agreed!!!

Here are my final Numbers: (I didn't sign anything but they gave me a sheet with the Neg price signed by them)

Genesis Coupe 2.0T
Mirabeau Blue or Silverstone
Track Package

$26,000 Neg Price
56% Residual
.00145 Money Factor (Not a typo, Track package has lower MF)
$0 Cash on Delivery
$431 per Month (Includes all Fees and Taxes rolled in)
36 Month Term
15k Miles per Month

Again, thank you all so much, I'm excited to get the Track package for less than I was going to pay for a Premium package.

The salesman gave me copies of the leasing program, I will scan them and post them for all prospective buyers along with the Dealer Invoice prices. I think we should get a thread going to arm prospective Genesis Coupe owners with all the info they need!

 

[itsme4g63]

thanks for the invoice pricing! Althought I kind of find it hard to believe they are only making a grand on base model coupes and 2 on track model v6's.

 

[JohnnyK]

No Problem itsme,

Glad to give something back to the forum that saved me several Gs lol

 

[bluetwo]

Congrats on the progress man and nice choice with the Track. That's my personal favorite even though it's not as hard core and just slightly heavier than the R Spec. It's better than the Premium in so many ways that I'm sure anyone who isn't an all out racetrack tuner would be glad they got the extra frills.

 

[p nut]

Nice! When did they say the ETA is?

 

[JohnnyK]

The dealer I ordered the Track from expected a full inventory (I.E. both 2.0Ts and 3.8s) by the end of March. Probably the way the 3.8 GTs popped up around Feb 26th