2023 IONIQ 5 Limited,
36m 10k/yr, 23220, 0 payment with 2018 vw tiguan sel trade in. Everything included. 0 out of pocket.
Edit: per the terms the dealer agreed was that I trade my vehicle in and the lease is considered paid. So the trade in would consider as a single payment. if i may ask, should I have the dealership send me a official lease offer and do I get to stipulate whether this should be a one-pay or a 36M 0/month lease structure?
No one will be able to tell you. No detail about your trade, no detail on the car that you are leasing.
If you paid $23220, via trade in, looks like youre at 635/month. Im pretty sure a broker on here was near half of that recently.
Are you confident you arent getting shafted on your trade either?
Basically they are giving me 23k for my trade in
How does that compare to all the independent purchase offers you got before talking to a dealer about it?
More or less about the same, maybe even a little below since everyone goes to kbb and look it up,
I also hate the process of selling cars privately so in my eyes it was acceptable.
Are they doing an actual one pay, or just a huge cap cost reduction so you have a $0 monthly? There are big differences in those two things.
I guess im not entirely sure the difference, but the terms were no payments at all,
If you total the vehicle, hyundai keeps the insurance overages, so youd be out every penny you paid. A ine pay usually protects against that.
A one pay also usually gets you a big reduction in money factor, lowering your cost significantly
I thought thats what gap insurance is for? Should that be worked into the terms?
You need to read up on leasing and try to plug data into LH calc. Is the MVSP equal to MSRP? Looks like they took 8K off and then added 6250 back. Then 14K off trade which if they are giving you 23K means you still owed 9K on it?
Gap insurance is for when the vehicle is worth less than what you owe, so you would be negative.
In this case, we are talking about the vehicle being worth a lot more than what you owe, but you wouldnt get any of the extra money back. If you total it driving off the lot, you dont get a cent back.
To put things more directly, if the dealer structured this as a $0/mo lease and not a one pay, it doesnt matter how good of a deal it is, you should run away.
Okay, so as long as its still a lease where i make one payment of for the entire amount then it should qualify as one pay instead of me paying 0 dollars for 36 months right?
No, terms are I give them my trade in and the entire lease is considered paid.
You need to clarify whether this is a one-pay or $0/mo lease payment.
So i guess i better get that in writing. Lol. They haven’s really sent me the official lease offer yet.
Selling cars privately is very simple, many places will buy your car, I would separate out the two transactions. And if you think the trade is comparable to selling it yourself, then you are looking at $635 effective which seems high.
Then j guess my question ultimately comes down to is this a good deal then?
I would look here first
