I’m currently leasing a 2023 Genesis G70 32.0T AWD 36mo (through genesisfinanceusa), began January 20th 2023. My dream car is an Audi RS3, and with audi going all electric in the coming years, and the wait times for ordering RS3s being long as they are (most of what I heard being almost 2 years) I spoke to my local Audi dealer this past October to see about ordering one
I was told it’d likely a year and half, so I placed the order and planned on saving up more until it gets here, along with making double payments on my Genesis lease to get the buyout as low as possible when the Audi comes….
I got a text yesterday saying the car is now in factory status, and production will begin soon so it’ll likely be here in ~ 4 months.
before i placed the order, I called Genesis finance USA to ask if they allowed 3rd party buyouts…they said yes…I called a second time to get a different person, another quick “yes”. I called yesterday to make sure it’s still allowed, and they said they don’t provide buyout quotes to third parties, but could provide me with a quote and have the third party pay it…so, I get the quote, show it to Audi dealer, Audi sends the money to Genesis finance, and that’s how it works? Just want to make sure I’m clear on that
I was hoping it would take longer for the Audi to come, so that the buyout on my Genesis would be at least closer to the actual value, and not have too much (if any) negative equity. Any tips here?
sorry for the long winded post. This is my second time leasing, i don’t know much about it, and it’s looking like I’m going to have to take a heavier hit than I wanted to.
If Genesis is the same arm as Hyundai / Kia then what they will do
Provide you a buyout paperwork with Price / Tax / Total
When you call they will only Provide Tax / Total over the phone to confuse the dealer (They don’t provide Price)
Start getting quotes now and see how underwater you are. There’s a post in the Wiki section.
As of right now, buyout is $37,127.65. Vehicle value is $30,060. Someone mentioned that making extra payments on the lease won’t actually make the buyout go down as well, so I guess I’m better off just saving that money to offset the negative equity once the Audi comes in?
The difference it makes is that I don’t have $37,000 in my account to buy the car outright lol. I was just seeing if there was any way to get the buyout price lower by the time the Audi gets to me, but it seems there isn’t, so I’m not going to make double payments anymore. That money is just going to go straight to savings so I can use it to deal with the negative equity when Audi buys the lease out. At least I don’t have another payment due for 4 months since I was making extra payments
I’m an absolute idiot hahahahahah, I’m sorry man. In all likelihood, that’s exactly what I’ll do when Audi buys it out. Either that or just give them cash.
For some reason, I thought you were talking about writing a check to pay the car off, then selling it to Audi.
There’s no reason you have to sell it to the same Audi dealer that you’re buying your RS3 from. Get quotes from lots of dealers and sell to the highest bidder.
