Hello Leasehackr experts! Requiring some info on this IONIQ5 SEL AWD lease in SF Bay area in California. This lease is not through HMF but is from USBank. MSRP was 52495 and I could only negotiate 3k off MSRP to make it 49495. Added about 952$ worth of some protections that made the gross capitalized cost 51142 (49495+952+695 acquisition fee). Did not put any downpayment - only had to pay taxes on the 7500 rebate, licence, doc fee and 1st month payment
Looking at the Early Buyout option - I do not see any mention of adding the 7500 to the Residual value in my contract. Is my understanding correct that my immediate buyout price would be the Adjusted Capitalized cost (and not the adjusted capitalized cost plus 7500) ? Below are the numbers
MSRP : 52495
Agreed value : 49495
Gross Capitalized cost. : 51142.00. (Agreed value + aquisition fee + some add ons)
Cap cost reduction : 7500
Adjusted capitalized cost. : 43642
Residual value : 39521.95
Depreciation and any amortized amounts : 4210.05
Rent charge : 6386.91
Number of payments : 24
Base monthly payment : 437.79
Monthly Tax : 39.95
Total monthly : 477.74
Purchase option at lease end : 39871.95 (Residual value of 39521.95 + 350 purchase fee)
Lease contract says “Purchase option price” at any time prior to end of lease term would be : 39871.95 plus the “lease balance”
Lease balance is calculated as -
(a) Base monthly payment times the number of monthly payments not yet due minus
(b) Unearned rent charges included in the base monthly payment not yet due
Any help here is very much appreciated! Thank you!!
CarsDirect posted that Hyundai is offering zero interest on one pay leases on Ioniq 5 and Ionia 6. If correct, this could make for a really nice lease - especially at the the low MSRP level with the $7,500 credit.
I have already signed the lease wanted to check if anybody had an experience where US bank added the 7500 to residual value for a buyout. If they do that I will just keep the lease itself
Thanks for the info! I don’t have so much cash on hand for 1 pay lease though - my goal was to get as much discount on MSRP as possible. I could take 10000 off MSRP (3k discount plus the 7500 as cap cost reduction). The lease wordings do not state anywhere that this cap cost reduction will be removed if I do a buyout. Wondering if I missed anything
I read somewhere on Leasehackr where somebody posted that US bank did not pass the EV credit to the consumer and added 7500 to residual value for the buyout
Thanks! So you’re saying that once the EV credit is applied as a cap cost reduction - its already passed on to the consumer and cannot be reversed by the lender?
True… USBank kept close to 80% due to 10k miles. But for immediate buyout it will not matter is my understanding - please correct me if my understanding is wrong since I’m doing this for the first time
I am new to leasing and was wondering if the above deal is good ? If I can pay the entire lease amount upfront as Leasefan pointed out . What will the numbers be?
Those US Bank buyout rules… yikes. Definitely not as friendly as HMF.
HMF uses the adjusted cap cost as the buyout price then subtracts a few things. It’s simple to understand.
US Bank starts with the RV value then adds 22 (C) (2,3,5) - 22 (C) (5) is the lease balance which is [monthly payment x remaining payments] minus [Unearned rent charges included in the … ]
So I think that’s $39521 + ($10506 - $6386) → $43K ish and assuming you paid the next day (if possible - which it is not).
Honestly… driving an Ioniq 5 for 24 months for $10K is a decent deal to me. Depreciation is horrible on EVs and if you bought it… you’d instantly be underwater $10K.
If you’re saying they added it to the residual - it is also applied as a capital cost reduction too that brought down the adjusted capitalized cost. So if I were to buyout immediately - you say they will add the 7500 to the residual value?
wanted to check if anybody had an experience where US bank added the 7500 to residual value for a buyout. If they do that I will just keep the lease itself
