Never leased a vehicle before. Looking to do so on a 2023 Genesis GV70. Leasing company has identified a new GV70 that is $55,000. I would trade in a car with $10,000 of equity that I thought would serve as the down payment. Leasing company wants another $4000 to serve as a down payment. The term would be 36 months, at 12,000 miles per year and a monthly payment of $736 with a 53% residual value. Seems to be a lot down between the down payment and the $10,000 equity. Or should I buy the GV70 outright. What does everyone think?
Do NOT lease a Genesis GV70.
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This “leasing company” is offering you a horrible deal. All in of ~$40k to rent a $55k car for 3 years??
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I can probably guess the leasing company.
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I think the leasing company is trying to get you to buy them a new boat.
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Im guessing there might be a D and/or an M involved.
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Over $40k to lease a $55k vehicle for 3 years. That’s a hard pass.
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That’s It !!!
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Absolutely right. Any suggestions besides running away?
From what I gather on here, Genesis just doesn’t lease well…period. Are you married to Genesis or are you willing to try other brands? Are you shopping for a good deal or a particular car? If your heart is set on Genesis, you are probably better to just buy it.
Also, DO NOT put all $10k of your equity into a lease down payment. Multiple Security Deposits maybe, but don’t use it as “down payment.”
Hard pass. Any other brand or model of interest?
If you want a Genesis, buy it, but go through someone not trying to screw you over.
No matter what you do, lose this leasing company’s number.
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Appreciate your help. Recently retired and looking for 1 last vehicle. Have driven Genesis cars over the past 10 years with no issues so confident with the brand. GV70 is a hot looking car but at the end of the day looking for the best deal on a SUV. Either though, I never leased before the deal just didn’t sound right especially with all of the money down. Everyone’s input has helped me see that.
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What should a typical deal look like in today’s financial climate?
Unfortunately you picked a vehicle that already leases poorly and then ended up with a travesty of a company trying to further separate you from your money. We have seen lots of people come through here with numbers from them that are criminally bad.
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For context, a 36/10 on a $55k msrp gv70 in texas, with $14000 due at sale (dont do this, but just matching their numbers) would be about $600/mo.
At $737/mo, theyre basicslly marking this up by about $5000 over msrp
BMW may be your best play right now for a luxury SUV. Talk to @IAC, he’s done several for me.
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What is your credit score?
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Credit score is 800+
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