expiredDC13 posted Jun 06, 2023 06:25 PM
Item 1 of 7
Item 1 of 7
expiredDC13 posted Jun 06, 2023 06:25 PM
2023 Hyundai IONIQ 5 SE Standard Range SUV Lease w/ $7,500 EV Lease Bonus
for 36-Mo. w/ $5k Down Payment$332/ Mo.
Hyundai
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Any suggestion would be appreciated.
Just ask for an OTD quote first and if there are no mandatory dealer add-ons, you have a reasonable deal.
Purchase Your Tesla Vehicle
If you leased a Model S or Model X before April 15, 2022, you may be eligible to purchase your leased vehicle. Review your lease agreement to see if you qualify.
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All Tesla vehicles delivered on or after April 15, 2022 are not eligible for purchase.
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The residual value on the Ioniq5 has always been very low, so you pay more depreciation each month even though your buyout would be lower vs. a high RV.
The dealer probably marked up the MF by 40 basis points for extra profit.
Always ask for a lease worksheet (not the deal sheet they give out) before you sign a lease. It's the only way to verify the lease structure and avoid hidden fees or markups.
Check:
-The selling Price for the vehicle is actually as agreed.
-The MF is base rate as published by Hyundai Motor Finance (not marked up)
-No added accesories, equipment, or packages.
-Rebates and any cash down (which you shouldn't place) are correctly accounted for.
Out of pocket you end up paying about $36k before taxes, etc, for a $42k car.
The best deal here is to lease it and as soon as you get your account settled, buyout the vehicle by financing it through a credit union at a low APR. That way, you pocket the 7500 credit which is not available by doing a retail purchase.
I wouldn't put any cash down on a lease, just do a basic 36/10k with your first month due at signing and buy it.
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"Lease a 2023 IONIQ 5 SE STANDARD RANGE AUTOMATIC TRANSMISSION RWD(50402REZ) for $332 per month for 36 months with $5,008 due at lease signing (lease offer shown includes application of $7,500 EV Lease Bonus). Excludes registration, tax, title and license. Closed end lease for 2023 IONIQ 5 SE STANDARD RANGE AUTOMATIC TRANSMISSION RWD(50402REZ) available from 6/1/2023 and 7/5/2023, to well-qualified lessees approved by Hyundai Motor Finance. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. Offer shown based on $5,008 due at lease signing (includes $332 first payment and $4,676 capitalized cost reduction). No security deposit required. MSRP $42,785 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Includes application of $7,500 EV Lease Bonus resulting in a net capitalized cost of of $31,259. Net capitalized cost includes $650 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $11,952. Option to purchase at lease end $24,815. Lessee is responsible for third-party fees. Third-party fees vary by state or locality. Lessee is also responsible for insurance, maintenance, repairs, $.20 per mile over 10,000 miles/year, excess wear, and a $400 disposition fee. Disposition fee of $400 applies in all states except in CO, IN, IA, KS, ME, OK, SC, WI, WV, and WY, where disposition fee is subject to state law limitations. CO, IA, KS, ME, OK, WV, and WY: The amount of 2 times the base monthly lease payment or $400, whichever is less. IN and SC: The amount of 3 times the base monthly lease payment or $400, whichever is less. WI: The amount of the base monthly lease payment or $400, whichever is less. Must take new retail delivery on vehicle from dealer stock by 7/5/2023. Special Retail Balloon offer also available in the states of AL, AR, LA, MS, NM, OK, TN, TX. EV Lease Bonus not compatible with other offers unless specified and not available for cash. See your local Hyundai dealer for details."
In my understanding, I will be paying
$332 * 35 + $5000 + $24,815 = $41,435. How is it costing $31,259?
In general, they are difficult to replicate and are just marketing campaigns to get you into the dealership.
But for clarity, attached is a breakdown of how you get to $332 monthly + $5008 due at signing with a Net cap cost of $31,259.
Note: You will still have to pay the Dealer Doc fee ($85), CA Lic/Reg ($562), + sales tax on your monthly payment.
Your total cost to lease this car for 36 months would be ~$24,000 (at 7.75% tax) + $400 disposition fee.
In general, they are difficult to replicate and are just marketing campaigns to get you into the dealership.
But for clarity, attached is a breakdown of how you get to $332 monthly + $5008 due at signing with a Net cap cost of $31,259.
Note: You will still have to pay the Dealer Doc fee ($85), CA Lic/Reg ($562), + sales tax on your monthly payment.
Your total cost to lease this car for 36 months would be ~$24,000 (at 7.75% tax) + $400 disposition fee.
The current lease program for the Ioniq5 SE is not great (low residual, lackluster MF), so the best move is to lease it (capture the $7,500 credit that you can't claim by making a retail purchase) and immediately finance the lease buyout through a credit union.
Some other models that are heavily discounted (10-12% off MSRP before incentives), in addition to the 7500 EV Credit and other rebates, make more sense to lease. But this is not the case with the Ioniq5.
Last year Hyundai Motors Finance wasn't even passing through the 7500 EV credit. They pocketed the money (it is their car, after all), but that changed as soon as Tesla dropped their prices.
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