Post purchase price details here (US $ only)

[tarhoosier]

P. T.
I too had not considered the lease but the subsidies (lease cash) turned my head. The low interest (money factor) also was an enticement. I also considered this a chance to "test" the car and the dealer service model and have an escape after X months if I wanted to sink my money into it as a purchase at some point. Maybe prior to lease end. NC charges road tax (sales tax) on the pro rata amount of the monthly lease value. If a purchase is made then the remaining tax on the residual value is charged. Georgia, dunno. I read the lease thread (scanned it really) and considered it my education. Also this thread.
I chose 36 mo/10k mi just because that was closer to the miles I anticipated driving. There could be a better financial result with different terms but with the other terms in my favor I went with logic on that single point. I was quite close to a decision and chose to limit my overthinking on that issue.

 

[PurpleTurtle]

From my communication with FL Genesis dealers, if you are 100% committed to buying out the lease, then the miles don't matter as if you go over they won't charge you because you are buying the vehicle. In this case it is probably best to max out the yearly miles at 15,000 miles per year in order to lower the Residual so that more of the car is covered under the cheaper MF.

Ok, I guess I just feel like I can't ask the dealer questions about this option because I'm getting a better deal this way. There is a chance that we might put a lot of miles on this car based on other factors, so I just wanted to make sure that it wouldn't be an issue come purchase time. I will ask the dealer when I look at what they're offering.

 

[PurpleTurtle]

Since you are buying at the end of the lease then it doesn't matter how many miles you are putting on the car. It may actually be advantageous to get a 15k/yr lease since the MFs are very low.

You will want to verify how the taxes will work since double taxing could take away most/all the advantage of leasing and then buying.

There is also a balloon financing program that is available, at least in some areas, that offer the incentives similar to lease cash that aren't available when using normal financing. You may want to check with dealers to see if that is available in your area.

Yeah, I will have to do more research on the tax thing because it is probably going to wipe out any savings from this deal. Hopefully a GA neighbor might be able to help here, or I'll just call up and ask the tax office. I'm still learning all this terminology in reference to leases so I will have to check out the balloon financing when I talk to the dealer.

 

[PurpleTurtle]

P. T.
I too had not considered the lease but the subsidies (lease cash) turned my head. The low interest (money factor) also was an enticement. I also considered this a chance to "test" the car and the dealer service model and have an escape after X months if I wanted to sink my money into it as a purchase at some point. Maybe prior to lease end. NC charges road tax (sales tax) on the pro rata amount of the monthly lease value. If a purchase is made then the remaining tax on the residual value is charged. Georgia, dunno. I read the lease thread (scanned it really) and considered it my education. Also this thread.
I chose 36 mo/10k mi just because that was closer to the miles I anticipated driving. There could be a better financial result with different terms but with the other terms in my favor I went with logic on that single point. I was quite close to a decision and chose to limit my overthinking on that issue.

This is very true, having a chance to try out the car on a lease before buying is an attractive option. I just worry that we might have too many miles to be able to make a lease work without the buy, so I think we would have to commit to buy once we lease.

 

[Tonester]

I sure wish we had more info on this Genesis Finance Balloon Loan and associated rebate that is similar to lease cash. I tried to call Genesis Finance and they advise me to talk to the dealers. Talking to dealers in CA and AZ, they say they either don't offer it or it is an old program that they no longer use. Anyone know of other options to get info about this?

 

[TurtleBoy]

Yeah, I will have to do more research on the tax thing because it is probably going to wipe out any savings from this deal. Hopefully a GA neighbor might be able to help here, or I'll just call up and ask the tax office. I'm still learning all this terminology in reference to leases so I will have to check out the balloon financing when I talk to the dealer.

While I was out getting the mail I thought about this and I don't think you have anything to worry about but check. GA changed the tax laws a couple of years ago so that the tax was based on the lease amount rather than the total amount of the car at least I think that is how it works now.

 

[PurpleTurtle]

While I was out getting the mail I thought about this and I don't think you have anything to worry about but check. GA changed the tax laws a couple of years ago so that the tax was based on the lease amount rather than the total amount of the car at least I think that is how it works now.

Ok good. I'll look into it, but I was worried that tax law change was what doubles the taxes. Thanks.

 

[Mcc]

I sure wish we had more info on this Genesis Finance Balloon Loan and associated rebate that is similar to lease cash. I tried to call Genesis Finance and they advise me to talk to the dealers. Talking to dealers in CA and AZ, they say they either don't offer it or it is an old program that they no longer use. Anyone know of other options to get info about this?

You are in CA and I don’t think there is such a plan here. Just do the lease and buy.

 

[Tonester]

You are in CA and I don’t think there is such a plan here. Just do the lease and buy.

Good to know you're seeing the same. Yeah, I may do that, but it ends up costing $750 plus $400 term fee, so eats a grand of the lease cash. That is fine when lease cash is $3K for an effective ~$2K savings. But when the 2020 comes out and lease cash is less, may not be good enough to even bother with and so I'll just go with a conventional purchase.

 

[gt5679a]

Also is the state of GA one of the states that charges the tax once at lease and once at purchase? I know the TAVT laws changed recently, but don't know if that's how it works here.

As of January 1, 2018 you only pay tax in GA on the sum of the lease payments. This was a welcome change from the old system where you paid on the value of the vehicle then had to pay again on the residual if you purchased (as I recall).

Under the new system you still pay tax on the residual if you purchase the vehicle, but since you only paid on the sum of lease payments previously it's more fair.

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[Mcc]

Good to know you're seeing the same. Yeah, I may do that, but it ends up costing $750 plus $400 term fee, so eats a grand of the lease cash. That is fine when lease cash is $3K for an effective ~$2K savings. But when the 2020 comes out and lease cash is less, may not be good enough to even bother with and so I'll just go with a conventional purchase.

I don’t believe there is a termination fee if you buy the car. At least there wasn’t for me. I would guess that there is going to be some origination fee whether you finance or lease.

 

[Tonester]

I don’t believe there is a termination fee if you buy the car. At least there wasn’t for me. I would guess that there is going to be some origination fee whether you finance or lease.

I don't believe there is any loan origination fee for the loan; not like a mortgage.
Yeah, there has been some debate on the termination fee; glad you didn't have to pay it. Just ask @nellie1289 about when the dealer forgot to add the term fee to the paperwork!

 

[TurtleBoy]

I don’t believe there is a termination fee if you buy the car. At least there wasn’t for me. I would guess that there is going to be some origination fee whether you finance or lease.

In some (most, all?) leases, Genesis is putting a $300 purchase option fee into them.

 

[Gus23J]

Over the past months a member of this board who is a Hyundai employee or affiliate, and a Genesis fan, has provided Circle discounts when requested. It should be possible to message him when you accumulate 15-16 original posts (not likes, etc). This limit is to prevent bots from creating havoc. As you participate more often others will guide you in this effort. It just takes time. He must be as sure as possible that a person is real and has honest interest. Please understand.

I understand. Unfortunately I found about the circle plan and all a little late and needed it to pull the trigger right away. I was able to find a code on Google for ReMax which worked and the dealership took it! I just purchased a 3.3 AWD G70 Sport for $46,500!

 

[PurpleTurtle]

As of January 1, 2018 you only pay tax in GA on the sum of the lease payments. This was a welcome change from the old system where you paid on the value of the vehicle then had to pay again on the residual if you purchased (as I recall).

Under the new system you still pay tax on the residual if you purchase the vehicle, but since you only paid on the sum of lease payments previously it's more fair.

Thank you, I verified this with the dealer I spoke to yesterday as well. Good to know the new law is helpful in this situation.

 

[Bill_7]

Just in case it's helpful for those searching:

As I was going through the process over the last ~week I asked a couple dealers for pricing without mentioning Circle or anything. Got 1 offer immediately at invoice (roughly $2400 off a Prestige model before taking off lease cash and other incentives). Had another similar but slightly higher offer from another dealer. This was just over email and without doing any further negotiating. So it does seem they are coming off MSRP more now than what was reported earlier in the year. Circle still seems to be unbeatable though.

 

[PurpleTurtle]

I spoke to a local dealer and they are telling me their MF is .00049 with Circle A pricing, instead of the .00009 rate from Edmunds. They're telling me they are allowed to mark it up 40 basis points, which they basically are. Should I try other dealers around me or is this the norm?

 

[Beefer]

^ yes

 

[TurtleBoy]

I spoke to a local dealer and they are telling me their MF is .00049 with Circle A pricing, instead of the .00009 rate from Edmunds. They're telling me they are allowed to mark it up 40 basis points, which they basically are. Should I try other dealers around me or is this the norm?

Lately it seems to be the norm for dealers to mark up the MF when offering Circle pricing. It would be worth it to check with other dealers that have a car you want but even if no one comes down from the .00049 it still isn't a bad deal overall given the large amount of lease cash.

 

[PurpleTurtle]

Lately it seems to be the norm for dealers to mark up the MF when offering Circle pricing. It would be worth it to check with other dealers that have a car you want but even if no one comes down from the .00049 it still isn't a bad deal overall given the large amount of lease cash.

Ok, that makes sense. We have only talked seriously to one dealer. I think I'm going to check with another dealer or two to see what they have to offer.