Lease Price Check (Help!!!)

[WAGunner]

Hi Folks,

Current owner of a 2009 Genesis 4.6 with 38K Miles on it (Lease). The residual on it is 19K. Car is imaculate.

Here is the deal. I've been offered the following as a new lease:

2011 Ultimate Equus. 65K List....they will lease at $50,400
0 down, 3 year lease at 15K miles a year.
$762.31 a month plus tax
$25,506 residual
Take turn in of my Genesis at dealership as is

Free Maintainance, Free Service and Pick-up & Delivery for the 36 months.

What say ye friends? Something is making me think this is NOT the best deal I could get. Help please!!!

 

[BacktoHyundaibychoice]

Edmunds says your trade in value is about $24,300. You mention residual value of $19,000... Is that your purchase price on your lease? If so, you have about $5000 positive equity (as I had on my '09 Gen). (Btw, Edmunds was based on Tech package, I guessed at that.)
Bottom line, a $15K discount from MSRP on the Ultimate is pretty impressive to me. I'm assuming new? Though monthlies of $700 sound a little high.
I'd jump at it though, assuming this is the car you want. You already know the engine and tranny, right? The rest is gravy.
I too look forward to other opinions.

 

[WAGunner]

Edmunds says your trade in value is about $24,300. You mention residual value of $19,000... Is that your purchase price on your lease? If so, you have about $5000 positive equity (as I had on my '09 Gen). (Btw, Edmunds was based on Tech package, I guessed at that.)
Bottom line, a $15K discount from MSRP on the Ultimate is pretty impressive to me. I'm assuming new? Though monthlies of $700 sound a little high.
I'd jump at it though, assuming this is the car you want. You already know the engine and tranny, right? The rest is gravy.
I too look forward to other opinions.

Thanks for the input sir! Yes, my vehicle is the 4.6 Tech pkg. I'm just trying to figure out why the monthly is so high if they are pricing it at a 15K discount and you say I likely have a 5K positive equity.

 

[sandy]

what was your lease payment on the '09? and how does that compare with the $762? sounds like a good deal to me.

 

[Vlad92]

I think I see the problem... the residual on the Equus is way too low. Residual is always based off of MSRP and it should be in the 51% range (give or take). 51% of $65,000 is $33,150... not the $25,506 you were given. It almost looks like they computed the residual off of the selling price... which is NOT right. That's an extra $7000+ you are paying over the term of the lease!

As far as your trade me sure they are factoring in your Genesis as a trade-in and NOT a lease return. If you simply return the car you do not get any positive equity. I sold my first Genesis to CarMax making $2000 the month my lease matured. If I would have returned the car I would net nothing.

Hope this helps...

 

[MercedesOwner]

money factor a bit high and residual a bit low. Not great but not bad

 

[bnajack]

I did a quick and dirty amortization on your deal. It is not exact, but close. You can decide if it is a good deal. It seems fair to me.

Loan Amount- $50,400
Interest Rate- 3%
Payment- $765.76
Payoff at month 36- $26,332

 

[rgarret2]

Go to edmunds.com lease calculator and plug in your #'s. That'll tell you whether their basis is correct. Residuals should be lower as your assuming an additional year of depreciation for a 2011 vs 2012 which increases your pmt. As a guide, your proposed pmt is what you could pay for a 2012 Sig, not Ult, with same terms. My guess, without using a lease calc, is your pmt may be less than what you were quoted.

 

[Seth]

Maybe you can me understand my options with my 2010 genesis 3.6 lease. I absolutely love the car and will probably buy it when the lease is up at the end of april 2013. You mentioned that you sold your car to carmax during the lease. How did that work? Can you help realize the equity that. I may have in the genny before buying it or turning it back in? I appreciate your help. -Seth

 

[PMCErnie]

God bless America. Payin' close to $800/mo to lease a car. Never could figure the logic of leasing. ???? Oh, well, economic reality catches up to everyone at some nasty point.

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[Vlad92]

Maybe you can me understand my options with my 2010 genesis 3.6 lease. I absolutely love the car and will probably buy it when the lease is up at the end of april 2013. You mentioned that you sold your car to carmax during the lease. How did that work? Can you help realize the equity that. I may have in the genny before buying it or turning it back in? I appreciate your help. -Seth

Not much to it really... just take your car to CarMax (make sure it is clean inside / out) and they will give you a quote to buy the car good for 7 days. Then go to Hyundai Financial (or whoever you leased the car from) and get the payoff amount for your lease (your residual value plus all remaining payments). If the quote paid to you by CarMax is MORE then you owe to buy out your lease you pocket the difference (if not you make up the difference if you choose to sell). CarMax pays off your lease and the title of the car is transfered from the leasing company to CarMax. No sales tax, fee's, or anything. Worked like a charm... and I made close to $2000 on my 2009 3.8 (base model) a year ago (the month my lease matured).

Obviously with a year of lease payments left you many not pocket anything if you did this now, but you never know... the used car market is way over valued at the moment. I like to track the value of all my cars so I take them to CarMax annually to update my numbers.

 

[WAGunner]

God bless America. Payin' close to $800/mo to lease a car. Never could figure the logic of leasing. ???? Oh, well, economic reality catches up to everyone at some nasty point.

Take a chill pill Ernie, and stay in the Genesis forum.

So I pulled the trigger a week ago. LOVE MY EQUUS! Can't believe how much more quiet it is on the road then my genny was.

 

[salstacy]

I have had two 4.6 and am now looking to get a 5.0 (not trac). Purchased other two but will lease this one. They quote a lease factor of.00183 - says that is the Hyundai buy rate. Its a 36 month, 15,000 lease. Is the .00183 set by Hyundai finance or does it vary.
Any help appreciated.
Lee