Did I do OK with my Genesis lease?

[esulto]

I just leased 2010 Genesis 3.8 Sedan with premium and tech. Negotiated back and forth and settled for $520.00 a month for 3 years with 12,000 miles. I don't know if I did good or bad after reading some of the other threads.

 

[TJPark01]

I just leased 2010 Genesis 3.8 Sedan with premium and tech. Negotiated back and forth and settled for $520.00 a month for 3 years with 12,000 miles. I don't know if I did good or bad after reading some of the other threads.

Does that number include tax? Did you put any money down or have a trade?

 

[esulto]

The payment of $520.00 a month. tax is included....but I did put $2000.00 down to cover fee's, etc.etc.,ect., The sticker price was $41800.00 I just came out of a 2007 335i bmw,which I really enjoyed....but I was really impressed with this genesis v6-3.8 with premium pkg. and tech pkg.....plus I lowered my payment by $60..00 per month....Thanks so much for your reply.(Esulto)

 

[esulto]

I forgot to mention one month payment of $520.00 was also part of the $2000.00 down....thanks

 

[Sayantsi]

Are you in Canada?

 

[esulto]

No...New Jersey

 

[TJPark01]

The payment of $520.00 a month. tax is included....but I did put $2000.00 down to cover fee's, etc.etc.,ect., The sticker price was $41800.00 I just came out of a 2007 335i bmw,which I really enjoyed....but I was really impressed with this genesis v6-3.8 with premium pkg. and tech pkg.....plus I lowered my payment by $60..00 per month....Thanks so much for your reply.(Esulto)

Did you have any issue with the Fuel pump in the 335?

 

[esulto]

The 2007 335i, that I had was a twin turbo....I can honestly say I had no problems with the car at all....I really enjoyed the car....the car had everything except nav....I wanted to go into another bmw,but the 2010 335i with nav, would brought my payment up to $621.00 per month....My son had suggested to test drive the genesis....so just to please him....I did....I never expected the car to be as good as It was....(going from a bmw to a hyundai) ????......I've had bmw's since 1989...and very pleased with everyone...totally a different type of car.....So here I am in a hyundai(genesis)....Only had It for a few days has a very simular feel as the bmw and also the quality......So my payment is a $100.00 less per month....and I'm sure I'll enjoy as much as the bmw.....(maybe more with all the new toys)

 

[TJPark01]

The 2007 335i, that I had was a twin turbo....I can honestly say I had no problems with the car at all....I really enjoyed the car....the car had everything except nav....I wanted to go into another bmw,but the 2010 335i with nav, would brought my payment up to $621.00 per month....My son had suggested to test drive the genesis....so just to please him....I did....I never expected the car to be as good as It was....(going from a bmw to a hyundai) ????......I've had bmw's since 1989...and very pleased with everyone...totally a different type of car.....So here I am in a hyundai(genesis)....Only had It for a few days has a very simular feel as the bmw and also the quality......So my payment is a $100.00 less per month....and I'm sure I'll enjoy as much as the bmw.....(maybe more with all the new toys)

Yeah I am a BMW convert as well. That is why I ask you about the 335i HPFP, which has been notorious for failing in that car, I'm sure you know all the horror stories. I guess you were one of the fortunate ones that never had any problems with the N54 engine. The Genesis does have that rock solid feel of Bimmers. The steering is not as precise, but BMW has that down to a science. The ergonomics and user friendliness of the car is much better than BMW's. And as far as pricing goes, no brainer.

 

[Disaster]

The payment of $520.00 a month. tax is included....but I did put $2000.00 down to cover fee's, etc.etc.,ect., The sticker price was $41800.00 I just came out of a 2007 335i bmw,which I really enjoyed....but I was really impressed with this genesis v6-3.8 with premium pkg. and tech pkg.....plus I lowered my payment by $60..00 per month....Thanks so much for your reply.(Esulto)

The bottom line is what you ended up financing and over what time period. To really figure out the price of a car you need to separate everything. What was the new car price? What did they estimate for the residual? How many years is the lease?

Here is a good way to estimate what a lease should cost.

1. Find out the bottom line price...should be around invoice (considerably below sticker)...some are getting below invoice on 2009 models.

2. Calculate the residual value when you turn it in. This will have to be a guestimate unless you have a friend at a bank...or you can ask the dealer. To guestimate take a previous version of the car...or similar car and see what percent it depreciated versus the same length as your lease.

3. Find out the lease interest rates...usually between 4-5%...depending on your credit rate and the Federal interest rate.

4. Add up the fees, delivery, license and registration, and tax.

5. Take into account the turn-in fee...usually between $300 and $600 dollars and due at the lease termination.

All this should give you a good idea of what a lease should cost you. Here is an example.

Lets say the Genesis is $35,000 and you are leasing it for 3 years. On top of that there would be roughly a $400 delivery fee, $300 in registration and $1000 in taxes (only taxed on the part of car you used.) For sake of simplicity, lets say it is worth $20,000 after three years. That means you are getting a three year loan for $16,700. That would yield about a $490 payment per month. Including an average $400, turn-in fee it would cost about $500 a month.

By the way, We paid about $30,500, for our 2009 V6 with the Premium Plus package.

The truth is, whatever you paid, it is hard to make the Genesis not to be a good value compared to it's competitors.

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[sandy]

I'm a long time leasor and over time I've found the best way to determine if you are getting a fair deal is to get bids from several dealers. Then add the upfront fees (and back-end fees if any) to the total of the monthly payments...and compare.

In your case, based on my own Genesis lease and what I've seen on this site plus Edmunds on pricing, you got a fair lease deal.