Pulling my hair out getting one pay lease quotes on a '23 Ioniq 5 Limited AWD. The best deal I have is on a 2 year lease (24k total miles) at $14,224.88 and 67% residual. This dealer is taking $500 off MSRP and using $7,500 rebate and $2,500 loyalty.
Another dealer claims they are taking $2,000 off MSRP and using $7,500 rebate and $2,500 loyalty but is $545 higher on the one pay. With them taking 2k off MSRP I expected them to be somewhere around $12,500 Both of these are using our Montana address for the lease.
Are dealers allowed to use different money factors on this lease program? Fred Beans quoted me $18,106 for the same lease. They said they couldn’t do our Montana address an used our Missouri Address.
This is the most frustrating car experience I’ve ever had. Trying to replace our '23 I5 Limited which was just totalled.
I believe Hyundai uses multiple banks for their leases at some dealerships (Hyundai Motors Financial and US Bank) so that may be contributing to that. Some dealerships may not want to risk working with somebody out of state that has a Montana address to use due to the propensity of people using that to circumvent taxes. Not implying anything in your case but that’s the reality.
Thanks. We have a house there and have provided all the proof the two dealers need and they had no problem doing Montana. We have only leased one car in our life and that was over 20 years ago. The values of the Ioniq 5 have plummeted and dealing with this insurance claim (went through at fault driver’s insurance) was a nightmare but nothing compared to trying to lease a new one. I’m a highly educated buyer when paying cash but this lease stuff is way over my head and most dealers don’t get it either.
Have you check with AutoCompanions to see if they can service your state? It would be worth buying a 1-way ticket to the Washington DC, and driving it back. Still waiting on my wife to make a large purchase so that I can ask her again if I can have a second EV for two years without another car payment.
Thanks. Yes I spoke with them several times. Incredible deal. I should have jumped on their Gray on Gray SEL AWD while I had the chance but was shopping for Limiteds. All they had as of this morning was a Lucid Blue and the wife hates that color and it’s probably gone by now anyway.
Finally got the deal done without having a stroke. What a pain in the arse. MSRP was $58,860. One pay lease out the door of $13,699.80 About 1k more than I thought it should be but still much better than buying outright. Two hours after I accepted the deal a different dealer called back and offered $12,700 which was 2k lower than what they said their bottom dollar was. Oh well it’s over and we really didn’t want a black one plus it had the front bumper drilled for the plate which we don’t need. So picking up our White on Black AWD Limited tomorrow.
In two years we will definitely use a broker. Shopping leases really sucks.
@hammick - what was your discounted MF for the one pay? Dealers here in TN seem not to know how to properly calculate anything. One says 0.0001 and another says that’s wrong, it’s 0.0014 off the normal rate.
I did a one pay lease about 2 weeks ago in upstate NY for Ioniq 5 SEL AWD. The dealer was not familiar with the one pay and had never done one before. When I told them about it, they reached out to their Hyundai rep, who confirmed it with them. The discount on the money factor was .00140. My final money factor was .00156, even though I thought it was supposed to be .00146. The dealer was great to work with and very helpful. I think I got lucky to work with them.
Yea I am confused by this thread. Also, i’m pretty sure it’s been mentioned multiple times on this forum the Ioniq5 does not qualify for the $2500 loyalty…
We got the 2,500 loyalty and the 7,500 lease incentive. Signed the one pay last Saturday. It took the dealer a week to figure it out. Our loyalty vehicle was our '23 I5 Limited AWD that was totaled. Replacement '23 I5 Limited AWD. Wrote one check for $12,999.24 and done. Montana registration and title included. Loyalty vehicle was also registered in Montana.
I’m guessing some dealers are either clueless on the loyalty or it varies from state to state.
Old programs have ended. Until Hyundai announces new programs, you just have the $7500 fed lease incentive and whatever you can get off on msrp. At $5k off msrp, dealer is not making any money, but for volume, they will get volume bonuses from the manufacturer. That’s how the dealer that autocompanions works with is making money. But if you can find a dealer that just wants to get rid of old inventory, you may be able to get up to $5k off
I don’t know what the money factor was as I was just shopping the drive off amount. Auto Nation didn’t have any Limiteds and I would have to factor in a flight and two hotels plus the possibility of being hostage to a dealer 1,200 miles from home.
After they couldn’t figure out the lease our dealer took off another $700 from the one pay to keep us from buying at a different dealer. If the owner of the dealership hadn’t gotten involved the deal wouldn’t have happened. He let us take the car with a dealer tag with no money paid. Took them 7 days to figure it out.
We will certainly start shopping about 6 months before our maturity date next time. It sucks when you car is totaled and your are in a rush.
I’d talked to dealers with limited awd sitting on their lot since april. Not one budged over $3600 off msrp. I’m not sure how autocompanion’s dealer is taking 5k off.
$3600 off msrp on the limited is pretty good. The limited has low supply and high demand. The sel awd have high supply and low demand. Volume dealers are probably not making money per car, but once they reach certain thresholds, they get big bonuses from the manufacturer. So not every dealer is going to give you a deal at the end of the month, but if they’re close to that threshold to get the bonus from the manufacturer for selling X number of cars, they’ll actually sell you a car at break even, or even at a loss to get that bonus
How is the residucal value of 39,436.20 calculated? I thought it should be 72% for a 24months lease on 57,526.35 which comes to 41,418. What am I missing?
