I’m new into leasing. My credit score is in the region of fair. Hence the extra extension from the $359/month payment for excellent credit. Calculated this deal in their website and they said they’d honor it. But after the credit application they said that the monthly is going to be $499 instead of the $412 shown here. The hyundai deal expires tomorrow. And $499/month is not a problem for me as long as I am not overpaying with my credit score. Do I have any other option?
Compare this deal (using Tier 1) to the deals here to get started:
https://forum.leasehackr.com/tags/c/marketplace/northeast/15/hyundai
From the calculator I see that the money factor for my credit is .004 while for excellent credit it’s .0023. Should there be that much discrepancy between the two? Just contemplating whether I should take this deal as I will not be able to escape the credit problem in any deal right now or wait to improve my credit and find a new deal in few months.
I can’t eyeball the deal and tell you if it’s any good or not, that’s why I suggested that you look in Marketplace and compare your Tier 1 number to what you find (Tier 1 is how deals are advertised there).
If the pre incentive discount you’re currently considering accepting is garbage, there’s no reason to continue the analysis on MF.
I would consider the deal guilty until proven innocent based on how you found it.
Either way, I would encourage you not to take a deal you don’t understand in detail.
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Thanks for that important insight.
Let me ask you something else. They gave me that rate after my credit application was evaluated by Hyundai’s leasing department/bank. I was at the final stages of the deal. If I apply through a different dealership for another ioniq 5, will the same leasing department/bank evaluate my application? Or will there be a different entity giving me rates. What I am trying to understand is, do all hyundai leasing application go through the same bank/leasing department? Or is it tied to a specific dealership? I am again kinda new into leasing. Don’t understand these nuances.
you’re applying with the same bank, so you’ll get put in the same credit tier no matter which dealer submits the app.
What I don’t know about HMF (but someone else here will) is whether HMF permits the dealer to mark up the MF. Many lessors allow this.
A MF markup is additional profit for the dealer, and it’s generally added to whatever MF results from the credit tier you’re bucketed in.
That could mean my ioniq 5 ownership dream in the next few months or so is gone. If the dealer did not markup the mf. 
Gotta improve my credit tier before I go for one.