This, very much this. For-profit does not and should not equate to predatory practices. This is, at best, shady. I feel for the OP.
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Instead of shitting on you, I am going to say I empathize and feel bad that they ripped you off to this level. Over sticker and then only a 7500 rebate with that MF just hurts to read. The amount of negative equity in that car is just going to mean you have to ride it out unless you go to an SE Ioniq 5 RWD to just lower the payment.
Moving forward, I would suggest never walking into a dealer until you know what a good deal is and instead of wasting hours at the dealer, spend a few hundred bucks on a broker to get a better deal and savings in the long run and avoid the significant amount of time these bloodsuckers wasted.
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Oh boy. Totaling your car would probably be your best option right now. Assuming you have good Gap insurance too.
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$20k negative equity will make any super duper deal extremely bad.
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OP seems to be doing great in life otherwise and committing a crime isnāt a good long term solution.
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It will be hard, but not all is lost.
I rolled ~10k neg equity on a 60k EV into a 80k EV and actually dropped my monthly payment by a bit more than $100.
Quick math tells me If OP can find a EV deal that throws in like 30k in incentives on s similarly priced vehicle, they could still come out ahead with the neg equity. For example, some of the ioniqs right now can go below $300/mo.
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Canāt get rid of the negative equity, but if you roll it into a lease with a lower MF than your current 0.00268 at least you wonāt be paying above market interest on the negative equity. As an example, the current MF for a 2023 EQB is 0.00033.
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That was my deal back in the spring of 2023 for the same car basically but back then Hyundai was offering ZERO incentives except the newly introduced $7500 rebate on the lease. My monthly payment was $930/month also but I only kept the car briefly as my Rivian R1S arrived in June 2023 and so I sold the Ioniq 5 back to the dealership for $51K. I escaped with barely a scratch. Sadly, used values have tanked and you canāt just sell your Ioniq 5 back to the dealer and not be $10-15K underwater.
Iāve been in your situation before. i.e High pressure tactics to get you to sign a bad deal. Youāve learnt to walk away next time and not sign anything without understanding all the numbers. Donāt fall for the āit will be sold before you returnā BS either.
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actually pisses me off that you got screwed on this plus its a 23ā not even a 24ā is wild AF to me. Best of luck OP and now u know what to do on ur next lease to not be taken advantage of.
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It has nothing to do with the sticker.
Weāve all made bad deals before. The key is how you learn from your mistakes and I can see that you are dedicated on doing better for your next deal.
Let me give you some tips, although Iām just an amateur.
- Figure out what the goal/market rater is for the car you want. Within 10 minutes, you can get a decent idea thanks to Leasehackr.
1a. Go to the āMarketplaceā section of this forum and browse pre-negotiated broker deals. Youāre stuck in the āWestā region like me, so youāll be drooling over the deals that California gets. No worries, weāre just trying to set goals. I often browse other regions if I donāt see enough data. For Hyundai, The West region has nothing, but I found a post by āAuto Ninjasā advertising Hyundai deals in an online spreadsheet. Within minutes, Iām able to see that someone is able to get a $49k Ioniq 5 SEL for $279mo at 24/12k. Or a $47k Ioniq 5 SEL for $344mo at 36/10k. With just this knowledge alone, it will be mentally impossible for you to walk into a dealership with a payment over double that.
1b. Go the the āSigned Deals & Tipsā and search for Ionic 5 and open every thread you see. Log all the deals in a spreadsheet for comparison later.
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Negotiate everything before setting foot in the dealership.
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Try to start negotiations during the last week of the month or even better, last week of a quarter.
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Itās your first car now you know weāve all been burned at some point. Wait til the lease ends then move on. Easiest way to remember is if I put zero down and the lease payment is 1 percent of msrp then itās a good deal. Anything under the better but it at least gives you a starting point. Example this should have been $590 a month. But you could have done even better with the lack of demand for Evs now. Walk it off weāve all been there.
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holy hawkeye.
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I guess a couple of pieces of good news that you gotta concentrate on:
-
You like the car! - the Limited trim is my fav as it has all the niceties I want but I could never get because it leases so poorly compared to the SEL so enjoy it!
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You found Leasehackr! So this will be your first, but more importantly last awful deal. Only upwards from here my friend!
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Yeah focus on the bright sideā¦ whats done is done
Yupā¦ the Ioniq 5 Limited is still one of my favorite EVs along with the BMW i4.
Being stuck with itā¦ would not be so bad compared to being stuck with a EQS or 4xe lol.