This is a Costco Auto Program offer. Is it a good deal?
Lease for the full term and return it or purchase immediately after leasing it.
As a super supporter, you have access to Rate Findr, which immediately answers this question: NO
Looks like they aren’t giving you the full 16.5k lease cash offer directly from Hyundai.
The Hyundai site says that the lease cash is 14.5k. This offer, however, is not a lease deal, it is a purchase deal.
Oops, sorry. But I’m still sticking with “NO”. 
Because of the large lease cash offers, you save a lot of money if you lease then buy. This gets mentioned a lot for this model here, but I’m not sure of the exact details of how it happens. I’ve seen people mention doing the buyout within weeks of starting lease.
Lease cash should be 16.5 too (36/12k at least).
You need a better discount and then 
Why on earth would you give up an extra $7000 in incentives by choosing to purchase this directly? If you have to own it, lease it and then buy out the lease.
I’m new to leasing and this is our 1st auto transaction in almost 20 years, so that strategy is brand new to me. Thanks for pointing it out.
Good question. Any recommendation about the homework I should do to make sure I understand how that would work? And are there any gotchas that I should be wary of in that process?
Here is the no money down lease deal that was presented to us at the same time as the purchase offer. When I asked about the “Amount due at start” = $14,500.00, the explanation I got from the dealer was:
“The way the lease works is when no money is out of pocket to you, the rebate is applied as cash down to cover your first months payment and licensing fees, the remaining amount of the rebate goes towards the lease. This means no money out of your pocket on day one but the rebate covers the things that would typically be due at signing.”
Run from this.
I know the PNW market is tough but look at the Ioniq 5N deal that another hacker signed.
Why are you asking the dealer on what they want you to pay? Recommend talking to brokers and pay shipping for much more aggressive out of state deal. Should be way less than the quote you listed.