This is my first lease and EV. 12k in rebates, $5,200 downpayment (using previous car canceled warranties). What could I have done differently to get a better deal whilst having huge negative equity rolled over? I’ve seen people with similar (sometimes more) negative equity roll over on higher Prologue trims, averaging $700 or less a month for their lease. Kinda bummed I’m paying that much on a basic trim but it is what it is…
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This is a terrible deal. You’re paying nearly $40k over 3 years for this. Even w/o the negative equity, you’re at over $700/mo. People are paying less than half that for the higher trim version.
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I know, but getting into this lease deal seems way better than being stuck with a car I no longer wanted. The APR on my previous car, which I was financing, was 15%, $730 for 72 months. If I had kept the car for the entirety of the loan, I would have paid $52k. With this lease, my monthly may be high but I’m only paying it for 3 years and then I’ll have a clean slate. I still wish I got a better deal on the Prologue though.
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Out if curiosity what was the trade?
(Year, Make/Model/Trim and miles)
Certified Pre-owned 2021 Hyundai Veloster N with about 20k miles. Got it in October. Only made 1 payment before I traded it for the Prologue.
The point I think @Jon is making is not that the negative equity made this deal bad, it’s that just the base deal alone is horrendous. These cars are not selling, we are doing roughly $3-$4K dealer discounts in CA. Your rate has to be marked up as well. Finance & the sales person definitely went to a nice steakhouse to celebrate this deal, which in our world, we call a “pounder”.
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Ah I figured. Maybe I should’ve just kept the previous car but I wasn’t happy with it. Now I’m starting to feel the same way after getting the Prologue. Let’s hope 3 years go by quick 
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Any active volcano flows nearby?
In roblox of course.
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You’ve had the car for like a day?
Agree with proximity to active volcanoes, snowy off ramps, tsunamis, F3 and above tornadoes, Brown Bear costume beatdown, Tunguska meteor or Mayfly slick.
Of course - all Roblox.
Just think - three years ago was only 1,095 days ago. Ever see Platoon? Just count backwards….
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Oh man lol
I would love to work at the dealerships you frequent
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In the Hawaii tag correct?
Hawaii is a terrible place to cycle through cars frequently afaik. Dealers are basically monopolies and the discounts are terrible. Trade-in values are often worse.
The only saving grace is that private party values are good, so buying new and owning for a few years is generally the way to go.
This was a series of mistakes and they compound every time you repeat them. Overpaid on the Veloster, traded it in after only a month, got lowballed on the trade (hence the massive negative), and then overpaid on the Prologue.
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How much did you pay for this car to be that negative? What was the total OTD purchase price? How is it $730 * 72 month payment resulting in $52k for a car with a retail value of no more than $23,000?
I think it’s a combination of paying insanely over market on a car and then another dealer buying it back for less than fair trade value. My guess is OP sale price (pre tax and warranties) was $30K. Then they probably bought it for sub $21k.
Paying $5,200 in warranties just really highlights that once again, the original dealership also had an amazing steak dinner. Please make sure you cancel any and all warranties you bought on this prologue. Honda insurances come with GAP built in so thankfully you’re saved there.
Key take away as a friend from the internet: do some research before purchasing or leasing a car. In your case, I would pay a broker (even out of state) to at the very least review your deal before you touch the pen to paper. Also, don’t beat yourself up over this too much. Don’t think about the $40k, just think of it as $30 something bucks a day 
Also, if you ever move to CA, please call me the day you need a car. I will make reservations the same night at Mastros 
/joking
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The finance manager is gonna be eating so much steak, RIP all the 
in Hawaii.
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MMR with a 5.0 CR is $22k with transactions in the 19s. Used case manager got his wife a new necklace that day too.
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Congratulations and enjoy your Prologue! We’ll see you back here in a few months.
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The veloster was 26k but with gap, service contract, and tire&wheel protection, came out to 33k. I said 52k initially because if you factor in the 15% APR, that’s how much I would have paid at the end of the loan if I had kept it. The dealership cancelled all warranties equaling to about 5k and put that as my “cash down” towards the prologue.
I was told to at least add the Wear & Tear warranty onto the prologue for peace of mind. Hawaii drivers can be pretty crappy. Didn’t want to risk paying out of pocket at the end of the lease if something were to happen…
Just this alone is enough to walk away.
The guy who told you this also makes money if you buy it
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I’ll look into canceling the 1k excess wear & tear warranty on Monday. Hopefully I don’t need it in the long run lol