My lease for a 2019 Genesis G70 (3.3T; AWD; Advanced) is up in August, and I am considering exercising my option to purchase given a nice chunk of equity still left in the car and the current state of the market. Was wondering if anyone was familiar with the Genesis lease buyout process (or if not, generally familiar with what’s required to buyout a lease in NY).
Similar 2019 models with similar or even greater mileage (mine has ~28000 miles) are currently selling around $35,000-$42,000. My lease buyout amount (incl. remaining lease payments and sales tax) is only $29,000.
I will not be using a secured auto loan to finance the purchase and plan instead to tap into an unsecured line of credit which has a 2.5% interest rate, so lender’s lien won’t be on the title.
I was wondering whether anyone knows how this works in NY (searched through the forum and didn’t see a clear answer). Once I exercise the option to purchase and pay the purchase price, I believe the finance company then sends me the title release. What then has to happen (at the DMV or otherwise) in order for me to title the car in my name?
So if you are needing to sell this car right away, there’s a post around here somewhere about using a ‘service’ to get it faster. NY is horribly slow to get the title, and Hyundai is horribly slow to give you the released title. It’s a bad situation for you timing wise. Maybe see if one of the local Hyundai Genesis (Maybe Kia?) dealers can give you a good price for it directly.
Thanks for the reply. I am actually going to continue driving the car, not resell it. Are you allowed to drive around before title is received from NY DMV?
