Hi all, I leased (one-pay) a 2024 Ioniq 5 SEL about a month ago, and today the dealership called saying they made a mistake on the depreciation on the old contract and the lease wasn’t able to fund. They sent over a new contract for me to sign. They said they don’t need any more money from me and they will eat whatever difference the mess up caused. Nothing else will change and I can continue using the car per the previous lease, and not pay anything extra.
I have the above stated in writing from the dealership. The broker I used also says as long as they don’t ask me for any more money that it should be fine. Out of abundance of caution I thought I’d post here to get some more opinions.
If I sign the contract will I be on the hook for something?
If I have it in writing that I don’t have to pay any more and everything else stays the same will that help?
What happens if I don’t sign?
New contract and old contract attached below as images. Thank you guys for any help you can provide.
This kind of thing happens from time to time. You’re not going to be on the hook for anything else, just verify the terms on the new contract and save the email from the dealer saying that everything is square.
If you don’t sign the new contract then there is no deal, you need to give the car back or otherwise risk a repo on your credit.
I am trying to understand your old contract. Did you only pay about $3K as signing for a 24 month lease? From the new contract it looks like you would owe $7439 after the rebate.
It looks like the original contract did not fund due to negative equity. Maybe somebody more experienced with these one-pay leases can weigh in. I don;t think the dealer is handling the rebate correctly in the new deal, but maybe it does not matter.
No, it says 74xx DAS on the new one … and we don’t have the original to look at.
Secondly, depending on how they desked the deal and got it to validate, they could be showing additional monies DAS and not collecting them, effectively shorting the deal.
Ok 7.4 cash without rebate at signing now…assuming same rebate his original had single pay of 3 due so maybe another 4 was due then with negative trade equity or other adds?
Buy yeah OP needs to post first sheet on original deal.
What youre seeing is the difference in contract between having rebates applied as a cap cost reduction vs rebates being applied as a single payment and the difference of some fees being capitalized cs paid separate from the payment.
The ~$400 difference in cost on the two contracts comrs from the rebates being applied as part of the payment rather than as a capitalized cost reduction.
I was looking at the original contract which showed 3 for total single payment…but the latest sheet he sent shows 5.7 for the single pay…so looks like 2.7 of something was folded in.
“Single payment” is not necessarily the only cash due.
This is one of those “down payment” vs “due at signing” things
The single payment is ehat is being applied to pay down the difference being the capitalized cost and rv, rent charge, and capitalized taxes. The non-capitalized fees and taxes are paid separately (when there are fees and taxes not capitalized).
