Hey Guys, this feels embarrassing but I’m going to post it anyway. I made a impulse buy late at night, and unfortunately it happened to be my first car lease. I signed for a 36mo/15K lease for a Genesis G70 Prestige lease in Pennsylvania. I don’t know anything about cars and I didn’t do much research like a dummy, but it feels like I definitely got screwed. The dealership called a few days ago and said they’d made a mistake on my original lease’s acquisition fee (Which was originally $650) and that Hyundai wouldn’t fund them if I didn’t sign a new lease (The terms of which are below). Apparently the fee was wrong because they used a Hyundai lease instead of a Genesis lease. So far I’ve refused to sign the new one but now they’re saying that it will mess up my Genesis warranties if I don’t sign. I’m very bewildered and upset about all this understandably. Any advice/feedback would be greatly appreciated, thanks!
Car: G70 Prestige AWD
- Demo Vehicle with 5,229 miles on it
Trade In: $5,200
Down Payment: $10,000
Capitalized Cost Reduction: $13,379.59
Sales/Use Tax: $376.15
Gross Capitalized Cost: $50,035.90
- License, Title and Registration Fees: $135
- Dealer Documentation/Service Fee: $144
- Acquisition Fee: $750
Adjusted Capitalized Cost: $36,656.31
Residual Value: $23,080.60
Depreciation/Amortized Amounts: $13,575.71
Lease Duration: 36 Months
Mileage Allowance: 15,000
- Excess Milage Fee: 25 Cents per mile
***Edit: Down Payment was $5,000 not $10,000
Don’t worry about it now, just drive it for 3 years and stop back before signing another lease.
How bad did I get screwed though? Do you think they’ll possibly need to unwind the deal/renegotiate if I don’t sign the new one?
**Edit: MSRP was about $51,000
What was the sale price, MF, and incentives?
If that trade in was positive equity $10,200 Down payment wow.
That’s why i never mix selling a car with a purchase just so u know if car is stolen or totaled you lose that 10,200.
I Can’t find the Money Factor in the lease contract, unless that’s the “Rent Charge” which is $1,105.31. “Rebates and Noncash Credits” was $4,000. The “Agreed Upon Value of the Vehicle” was $49,335.90. The “Monthly Lease Payment” is $444.28
Ok, so do do you suggest I purchase Gap Insurance?
Ouch, so if you havent signed the new Genesis contract can you return the car and cancel the contract?
Not if youre putting 10k down i wouldnt.
GAP insurance is included by Hyundai Financial Services.
You got absolutely hosed. You’re essentially paying $727 a month for this. Because you had a trade in, there is likely nothing you can do but learn from your mistake.
That’s what I figured unfortunately. Well at least I don’t have to worry about Gap. Just for my personal education why does the trade in prevent me from doing anything going forward? What if I refuse to sign the new lease? The GM told me Hyundai won’t finance them due to the error and has been calling me nonstop since he discovered the error, could they possibly need to renegotiate/unwind the deal if I don’t sign the new lease?
Well if its their error, then just tell the GM you dont want the car anymore and you would like to void the contract. Try to fight your way out of it, since if Hyundai wont fund it then you might have a chance. Even talk to free consulting lawyer.
Id push to say youre done dealing with them and you would like all your money back and take back your trade in. Cancel out the deal.
That’s a good idea, I like the sound of a consulting lawyer but what would you say to him/her?
What you said to us, just layout the situation. See if youre legal obligated to re-sign or what your options are.
I would talk to the GM and be stern you want out because of this hassle and pestering.
If you refuse to sign, the car will be involuntarily repossessed. See if you can get your trade-in back and pretend like this never happened. If not, request a check for the agreed upon value of your trade
I have the owner’s contact info, do you think I should appeal to him directly instead of the GM? Should I mention that I got hosed or just stick with the error and the hassle strategy?
Deal hasn’t funded so it may can be Unwinded.
Will that hurt my credit?