So I did a one pay lease on 7/31/23 for a Hyundai Ioniq 5 Limited in SoCal. From my understanding this was the dealer’s first time doing a one pay lease. The one pay lease total they quoted me and what a I had calculated was pretty close for a 24/12K lease. So I went in and signed the deal and drove off. Then like end of last week they called me and told me that there was a glitch with the contract and that HMF kicked it back to them since I had done a one pay lease, but they had filled it out on a regular monthly lease contract. So they told me they would Fedex a new contract for me to sign and everything was still the same, but the deal is on a “California Single Pay” Motor Vehicle Lease Agreement now instead of the previously agreement. So today I received the new set of papers to sign again, but I am still not sure they got it right. The day I signed the contract I paid by check $11941.61 (This was the amount we had agreed upon and was what I calculated for the one pay lease too) for the one pay lease for the 24/12K lease. Does the “Box 3” Single Payment should reflect this 11941.61 instead of the 18,668.42 instead? . I am attaching Page 1 and Page 2 of the new agreement they sent me, but it seems there is an mistake on page 2 where they have the “lease term” as “1” and maturity date of lease as “08/30/23”. That should show “24” months and maturity date of 07/31/2025…is that correct?. I would like to get feedback if the numbers are fine on Page 1 and just the Page 2 needs to be corrected by them and how to proceed?
Looking at the lease I took out with Hyundai, the first page looks fine but the 2nd page needs to be corrected to show the correct terms (24 months) and maturity date of the lease. I would ask them to revise that and resend you the document before signing.
Did you do the one pay lease as well or just regular lease? Is Box 3 and Box 2 on page 1 the amount they have there the correct amount before the $7500 rebate is applied? Does yours look the same?
I did a one pay and it looks the same for me where the values of box 2 and 3 lines up with amounts prior to the rebates.
Man, that’s pretty good for a Limited. Congratulations and thanks for posting the first ever one-pay for an Ioniq 5 in California. I was beginning to think that it was impossible to do a one-pey for an Ioniq in California. Would you mind sharing the dealer info with the community, unless of course, the dealer asked you not to?
Line B3 is the amount you paid then for your one pay lease correct? Did you make out the check to the dealership for that amount or to HMF? I recall they had me make out the full one pay amount to the dealership.
I am sure others were able to do a one pay as well in this state. Probably did not post their deals. Ya if you take out the drive off fees which I would have paid anyways if I did monthly the monthly comes out to $405/mo with 8.75 tax.
Correct. I was able to split the total payment with a credit card and a check to the dealership.
While I can’t speak to Hyundai, in my experience with one pays, the check is always made out to the dealership. They will then subtract their profit and send payment to HMF or however it is invoiced between the dealer and HMF.
So they attempted to revise and got me a new contract, but again the lease term is at “1” and maturity is off by 1 month now…instead of 7/31/2025 they have it at 08/30/25. I guess I have to get them to revise once again and resend.
Quick question for you. In Section 7 line H of your one pay lease contract where it says “Lease Payments. The number of payments in your Lease”…is yours showing a “1” since it is a single pay?
Why not take the free month? Unless you will be over mileage, no harm done.
I don’t think it will approve with HMF if they did that…they might kick back the contract again. It is already becoming a headache for me going back and forth with them this many times.
Would love to know the dealer info/location as well if possible thanks!
I did the one pay with Nissan and local Nissan was not sure as he was doing for first time and they kept doing too and fro for two months and after two months they figured out the right way to do, so I got 2 month’s extension. So maturity date gets calculated based on when the contract get into the system.
Yes it shows 1 since it’s a one pay lease.
What was the issue with yours that they were getting it wrong? Was it getting rejected by Nissan and getting kicked back to dealership or were you discovering errors on their end?
Seems dealer was not knowing how to do one pay lease so they kept submitting the documents to Nissan and Nissan kept rejecting. I don’t know the specifics, but it took 2 months to figure out and I got updated contract after 2 months to sign
One pays do need an F&I person to be a little more ‘smarter’ than normal. And some are not.
The only line you care about is line 3 and that’s what you already paid, sign it and move on. The extra month is irrelevant since it’s a one pay, can always turn it in early. If it gets rejected again whatever…I’m assuming the finance guy talked with HMF to make sure it’s right this time or HMF told them what needs to be fixed. Again it’s a one pay so does the maturity date really matter?
They seem to have fixed the lease term and maturity now (i told them to send me pics before they sent the revised contract again) and will get it tomorrow or next day. Yes I paid them the full amount on line 3 back on 7/31/23 so that amount is the same 9n the revision. Like you said I will sign it and move on.