Anyone in Cali do the lease buyout in 2 different payments. I got a buyout quote good till 5/19. Made first payment last week did rest this week already went up $400? Figured that quote was good till 5/19
$7500 HMF Lease Cash Available Today - 2/18
Didn't see this mentioned yet, so wanted to bring it up to see what others are doing/seeing. I took another family member in to get their I5 Limited that I negotiated and changing to the lease to get the $7500 rebate is now an option. This made sense to me since you can purchase before the maturity date. We went ahead and filled out the paperwork while we wait for the downpayment check to arrive from the bank; wanted to make sure all of the terms were accurate.
Residual Value is 61% with a .00361 MF. I am trying to make sure the Purchase before Maturity (Section 23, subsection B) process only charges you interest on the months the lease is open vs the entire lease. Anyone worked through these with HMF before?
Residual Value is 61% with a .00361 MF. I am trying to make sure the Purchase before Maturity (Section 23, subsection B) process only charges you interest on the months the lease is open vs the entire lease. Anyone worked through these with HMF before?
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I just did it online in 2 payments, but within the same day. Got an email confirmation on buyout within 2 business days.
Did you request a new quote after the first payment?
Did you request a new quote after the first payment?
Yea I did.I just did it online in 2 payments, but within the same day. Got an email confirmation on buyout within 2 business days.
Did you request a new quote after the first payment?
but didn’t think it would change that quickly within a week. I’ll call and see why the buyout quote changed less than a week.
**called and the rep said there’s a $325.25 purchase fee. Not sure what that is but I guess so
That sounds right, I see that in my payment history breakdown. I believe it is the $300 lease buyout + tax.Yea I did.
but didn’t think it would change that quickly within a week. I’ll call and see why the buyout quote changed less than a week.
**called and the rep said there’s a $325.25 purchase fee. Not sure what that is but I guess so
The puzzling part is that you saw the buyout price go up on a 2nd quote. I guess you could try paying the balance from the 1st quote since its valid til 5/19, and see if it initiates the buyout process on their end.
I just paid the new quote. Balance updated to $0 now. Worse thing they can reimburse me if I overpaidThat sounds right, I see that in my payment history breakdown. I believe it is the $300 lease buyout + tax.
The puzzling part is that you saw the buyout price go up on a 2nd quote. I guess you could try paying the balance from the 1st quote since its valid til 5/19, and see if it initiates the buyout process on their end.
Any thoughts of whether the $3750 financing incentive will still be in place in June? We have a reservation on a SE RWD that may come either end of May or beginning of June, though trackers suggest June. Dealer is offering $1000 off MSRP in addition to the financing incentive. Auto broker found another vehicle that is available now, but at MSRP.
Not sure what part of the US you are in, but over here in Southern California, there is literally a glut of SE's and SEL's. Many dealers have 50 or more on the lot. THey are discounting heavily off MSRP before any incentives.Any thoughts of whether the $3750 financing incentive will still be in place in June? We have a reservation on a SE RWD that may come either end of May or beginning of June, though trackers suggest June. Dealer is offering $1000 off MSRP in addition to the financing incentive. Auto broker found another vehicle that is available now, but at MSRP.
But I get it if you are in a part of the country where I5's are still scarce. In northern California, some dealers still have $6,000 markup on the Limited's whereas down here I got my Limited for $3000 off MSRP.
I'm in the SF Bay Area. Lots of inventory for AWDs but we want RWD for the increased range. I don't know if the dealers/brokers are just trying to pressure me to buy now or if they really think the incentive will go away in June.Not sure what part of the US you are in, but over here in Southern California, there is literally a glut of SE's and SEL's. Many dealers have 50 or more on the lot. THey are discounting heavily off MSRP before any incentives.
But I get it if you are in a part of the country where I5's are still scarce. In northern California, some dealers still have $6,000 markup on the Limited's whereas down here I got my Limited for $3000 off MSRP.
It's hard to say about the discount. When I bought ours in April, I thought they would continue the $7500 lease cash through May, as did many other people. I was shocked when they reduced that to $5200 in May. (I guess too many people were doing the lease immediate buyout thing like me.) Whereas Kia didn't have any incentives in April for the EV6 and sold very few cars. So in May they added the $7500 lease cash incentive.I'm in the SF Bay Area. Lots of inventory for AWDs but we want RWD for the increased range. I don't know if the dealers/brokers are just trying to pressure me to buy now or if they really think the incentive will go away in June.
Also, I also wanted a RWD for the added range, but RWD Limited's are pretty much non-existent. However after finding out that ECO mode doesn't use the front motor I thought that was a good compromise. Yes, you don't get the same range as the RWD, but after getting the ECO mode fix TSB, we were able to drive it in ECO mode almost 100% of the time. Now our range estimate is about 290 miles on 100% charge on our Limited AWD.
Almost certain the lease buyout has nothing to do with this. Kia just added the $7500 for the EV6 and Genesis for the GV60. Hyundai also is on record by their CEO that they wanted to reflect more leases this FY, so this actually helps their goal.It's hard to say about the discount. When I bought ours in April, I thought they would continue the $7500 lease cash through May, as did many other people. I was shocked when they reduced that to $5200 in May. (I guess too many people were doing the lease immediate buyout thing like me.) Whereas Kia didn't have any incentives in April for the EV6 and sold very few cars. So in May they added the $7500 lease cash incentive.
Also, I also wanted a RWD for the added range, but RWD Limited's are pretty much non-existent. However after finding out that ECO mode doesn't use the front motor I thought that was a good compromise. Yes, you don't get the same range as the RWD, but after getting the ECO mode fix TSB, we were able to drive it in ECO mode almost 100% of the time. Now our range estimate is about 290 miles on 100% charge on our Limited AWD.
It has more to do with the lingo from the IRA changes that proposed the corporation "loophole" be closed (which is not likely to pass).
Not true at all. It was $5000 in April.It's hard to say about the discount. When I bought ours in April, I thought they would continue the $7500 lease cash through May, as did many other people. I was shocked when they reduced that to $5200 in May. (I guess too many people were doing the lease immediate buyout thing like me.) Whereas Kia didn't have any incentives in April for the EV6 and sold very few cars. So in May they added the $7500 lease cash incentive.
I was going to lease an EV6 GT (my Nov 22 order that I declined in Feb ) and picked an Ioniq 5 Limited AWD instead. I have been watching Kia increase the incentive. It was $2500 back in Feb. EV6s didn't sell. $5000 in March/April. EV6s didn't sell. It's now $7500... unsure if they will sell/lease at all.
Hyundai has seen an early sale spike but Ioniqs are beginning to pile up on lots again.
It's interesting to keep watching the market in NorCal to see which dealer will blink first and start offering discounts off MSRP before incentives. If SoCal dealers are doing that now, it should just be a matter of time before the inventory piles up here too. I was all excited about leasing and doing a buy-out, but now that the full $7500 is gone, I'm not in any hurry anymore.
Well there's still the $5000 lease cash. And don't forget about the California CVRP rebate. It's $2000 up to $7500 depending on income level. (I just got approved for the $7500 CVRP rebate!)It's interesting to keep watching the market in NorCal to see which dealer will blink first and start offering discounts off MSRP before incentives. If SoCal dealers are doing that now, it should just be a matter of time before the inventory piles up here too. I was all excited about leasing and doing a buy-out, but now that the full $7500 is gone, I'm not in any hurry anymore.
Yeah that's fair. You can still buy out immediately, right? They haven't changed those terms due to the loophole?Well there's still the $5000 lease cash. And don't forget about the California CVRP rebate. It's $2000 up to $7500 depending on income level. (I just got approved for the $7500 CVRP rebate!)
Dublin Hyundai has 4 Limited RWD. First I've ever seen them show up on the lot, but check em out! They seem to get a lot of allocations.I'm in the SF Bay Area. Lots of inventory for AWDs but we want RWD for the increased range. I don't know if the dealers/brokers are just trying to pressure me to buy now or if they really think the incentive will go away in June.
As far as I know, the immediate buyout still works. It's just less money. Plus you end up paying about $1000 in fees for the lease acquisition and lease buyout so you're really only getting more like $4000 off. But since you can get $3750 off via financing, it's really only $250 more off with the lease. Although for me, the buyout process was super easy.Yeah that's fair. You can still buy out immediately, right? They haven't changed those terms due to the loophole?
Good call on the $3750 - but that's only on the non-Limited trims, unfortunately. If they had kept it $3750 for the Limited (and give some additional discounts off MSRP) then I'd probably buy it straight without jumping through hoops with the lease/buy-out process.As far as I know, the immediate buyout still works. It's just less money. Plus you end up paying about $1000 in fees for the lease acquisition and lease buyout so you're really only getting more like $4000 off. But since you can get $3750 off via financing, it's really only $250 more off with the lease. Although for me, the buyout process was super easy.
how long did it take for you to get the CVRP rebate?Well there's still the $5000 lease cash. And don't forget about the California CVRP rebate. It's $2000 up to $7500 depending on income level. (I just got approved for the $7500 CVRP rebate!)
I applied and qualify for the $7500 as well. Do they send you a check? How does that work
I worried about this at first. But, the actual range difference between RWD and AWD is pretty small on the highway. Like maybe 10 miles in real life. The difference in city driving is bigger, but that's where it doesn't matter as much to me, since I'm always near chargers.I'm in the SF Bay Area. Lots of inventory for AWDs but we want RWD for the increased range.
I like the AWD for the extra power and traction. Still, get what you want, but if you're worried about range between charging stops, it won't matter that much.
I haven't gotten the check yet.how long did it take for you to get the CVRP rebate?
I applied and qualify for the $7500 as well. Do they send you a check? How does that work
I started the pre-approval CVRP application on April 19th, 2023 (before I bought the car).
I had a lot of issues uploading paperwork. Each time I uploaded everything they wanted, they would come back and ask for additional docs. They came back maybe 3 times asking for more documentation. It helped to upload the IRS transcripts for my wife and kids rather than have them wait to get them directly from the IRS.
I received the pre-approval for $7500 on May 11th, 2023.
I then submitted my claim to get the rebate with all my lease paperwork on May 16th, 2023.
As of now I have not heard anything about mailing me a check. The website timeline shows the last step is the date the check was mailed. So far that has not happened.
Anyone in CA receive their title/bill of sale from the lease buyout. Bill of sale states the buyout price and the use tax that was paid. Did anyone have to pay for dmv fees for the title transfer?
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