Any update for you? I faxed HMF twice and sent snail mail to request the tax abatement for the excise tax a few weeks ago. I called HMF again today and they finally received it last week! So they are now waiting on my town to do the abatement, which took about 6 weeks last time I did one. I just got billed $891 excise tax as the new owner, so I should get a refund for that amount.
$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?
341 - 349 of 349 Posts
Looks like as of 5/25 (until 5/31), Hyundai brought back its $7500 lease cash.
Update and conclusion of my very slow lease buyout process in Texas:
March 27 - Leased vehicle from Huffines Hyundai in Plano, TX
March 31 - HMF account was active and I requested my buyout quote.
April 4 - requested a second buyout quote. This one was about $100 lower than the previous, still not sure why, but I went with it.
April 5 - Sent buyout payment and odometer statement via cashier's check
April 7 - Buyout payment applied to account
April 10 - Legal purchase date recorded by HMF
April 24 - Received a letter from HMF recording the sale, but no title
May 6 - Texas issues title to HMF
May 24 - Fiiiinally received my title
May 26 (today) - submitted title transfer to tax office
One thing woth noting is there is a lot of misinformation out there about sales tax obligation for lease buyouts in Texas. While you can end up being taxed twice if you're not familiar with the rules, it's pretty easy to avoid. When purchasing a vehicle off lease, Texas allows you to receive credit for sales tax paid at the beginning of the lease if a few conditions are met: you are the original lessee, the lease terms specify a purchase option with a predetermined price, and you have records to prove you paid sales tax on the lease up front. The person I worked with at the tax office today was not familiar with the rules, and fortunately I had emailed them prior to getting the car to make sure I knew what docs were needed and showed her the email.
All in all, things were slow, but not too terribly difficult. Certainly worth it for netting $6500 off MSRP on an I5 Limited.
HMF reps had no idea what was going on with the lease the whole time, though. Calls for status updates got answers ranging from "you have to get the title from the dealer" to "you have to give the tax office the lien release we sent you and they'll transer the title." Needless to say, there was no lien since it was a lease, and they certainly didn't send me a lien release. Texas' slowness issuing the title was the real holdup, though.
My biggest complaint is I had to pay a $25 penalty because I took longer than 30 days to transfer the title after purchase (literally unavoidable since the title was only issued to HMF 26 days after I bought the car from them and I didn't have the title in hand for another 18 days after that).
Overall review of the process: 1 out of 5 stars, but I'd still do it again.
March 27 - Leased vehicle from Huffines Hyundai in Plano, TX
March 31 - HMF account was active and I requested my buyout quote.
April 4 - requested a second buyout quote. This one was about $100 lower than the previous, still not sure why, but I went with it.
April 5 - Sent buyout payment and odometer statement via cashier's check
April 7 - Buyout payment applied to account
April 10 - Legal purchase date recorded by HMF
April 24 - Received a letter from HMF recording the sale, but no title
May 6 - Texas issues title to HMF
May 24 - Fiiiinally received my title
May 26 (today) - submitted title transfer to tax office
One thing woth noting is there is a lot of misinformation out there about sales tax obligation for lease buyouts in Texas. While you can end up being taxed twice if you're not familiar with the rules, it's pretty easy to avoid. When purchasing a vehicle off lease, Texas allows you to receive credit for sales tax paid at the beginning of the lease if a few conditions are met: you are the original lessee, the lease terms specify a purchase option with a predetermined price, and you have records to prove you paid sales tax on the lease up front. The person I worked with at the tax office today was not familiar with the rules, and fortunately I had emailed them prior to getting the car to make sure I knew what docs were needed and showed her the email.
All in all, things were slow, but not too terribly difficult. Certainly worth it for netting $6500 off MSRP on an I5 Limited.
HMF reps had no idea what was going on with the lease the whole time, though. Calls for status updates got answers ranging from "you have to get the title from the dealer" to "you have to give the tax office the lien release we sent you and they'll transer the title." Needless to say, there was no lien since it was a lease, and they certainly didn't send me a lien release. Texas' slowness issuing the title was the real holdup, though.
My biggest complaint is I had to pay a $25 penalty because I took longer than 30 days to transfer the title after purchase (literally unavoidable since the title was only issued to HMF 26 days after I bought the car from them and I didn't have the title in hand for another 18 days after that).
Overall review of the process: 1 out of 5 stars, but I'd still do it again.
You should document and list the rules/laws for others. I read on Leasehckrs that double Texas sales tax could be avoided but wasn’t always approved (like you said tax office doesn’t even know their own rules) and that manufacturers have sales tax credits to simplify the leasing situation.One thing woth noting is there is a lot of misinformation out there about sales tax obligation for lease buyouts in Texas. While you can end up being taxed twice if you're not familiar with the rules, it's pretty easy to avoid. When purchasing a vehicle off lease, Texas allows you to receive credit for sales tax paid at the beginning of the lease if a few conditions are met: you are the original lessee, the lease terms specify a purchase option with a predetermined price, and you have records to prove you paid sales tax on the lease up front. The person I worked with at the tax office today was not familiar with the rules, and fortunately I had emailed them prior to getting the car to make sure I knew what docs were needed and showed her the email.
I also rate 1/5. The buyout was easy but registering the title again and dealing with double taxes in MA was a huge pain. I picked up my car on 3/3 and I have to wait another 1-2 months to get reimbursed for prorated tax abatement.Update and conclusion of my very slow lease buyout process in Texas:
March 27 - Leased vehicle from Huffines Hyundai in Plano, TX
March 31 - HMF account was active and I requested my buyout quote.
April 4 - requested a second buyout quote. This one was about $100 lower than the previous, still not sure why, but I went with it.
April 5 - Sent buyout payment and odometer statement via cashier's check
April 7 - Buyout payment applied to account
April 10 - Legal purchase date recorded by HMF
April 24 - Received a letter from HMF recording the sale, but no title
May 6 - Texas issues title to HMF
May 24 - Fiiiinally received my title
May 26 (today) - submitted title transfer to tax office
One thing woth noting is there is a lot of misinformation out there about sales tax obligation for lease buyouts in Texas. While you can end up being taxed twice if you're not familiar with the rules, it's pretty easy to avoid. When purchasing a vehicle off lease, Texas allows you to receive credit for sales tax paid at the beginning of the lease if a few conditions are met: you are the original lessee, the lease terms specify a purchase option with a predetermined price, and you have records to prove you paid sales tax on the lease up front. The person I worked with at the tax office today was not familiar with the rules, and fortunately I had emailed them prior to getting the car to make sure I knew what docs were needed and showed her the email.
All in all, things were slow, but not too terribly difficult. Certainly worth it for netting $6500 off MSRP on an I5 Limited.
HMF reps had no idea what was going on with the lease the whole time, though. Calls for status updates got answers ranging from "you have to get the title from the dealer" to "you have to give the tax office the lien release we sent you and they'll transer the title." Needless to say, there was no lien since it was a lease, and they certainly didn't send me a lien release. Texas' slowness issuing the title was the real holdup, though.
My biggest complaint is I had to pay a $25 penalty because I took longer than 30 days to transfer the title after purchase (literally unavoidable since the title was only issued to HMF 26 days after I bought the car from them and I didn't have the title in hand for another 18 days after that).
Overall review of the process: 1 out of 5 stars, but I'd still do it again.
A dealer in Buffalo NY offers $2500 discount on top of $4750 discount for financing with HMF, so $7250 discount to buy and no lease buy out red tape to jump through. I wish that was available when I got mine. I estimate I would have saved $1170 more than the lease cash deal and also $2857 on sales tax with my trade in, so basically $4k cheaper than I got and way less headache with the RMV and tax abatement.
I5 Lease Buyout in CO UPDATEI wouldn't sweat this too much --- let's say it does take 4mo. The payments you make will actually reduce your ACC, the first month's payment does that immediately which is what's reflected on your loan paperwork. This is broken up between your RC and your depreciation pieces so you will still benefit from a good portion of those funds.
I did receive a Title Complete notice in the mail from the DMV eventually. I was able to register my leased vehicle and even get some cool, new, custom CO black plates. I eventually moseyed in to the dealership today to get a free detail and get the Buyout Quote to take to my CU of choice. I have a buyout number. I’m not sure it’s right.
The “price” is only ~$800 less than my original ACC when I leased it back at the end of March.(I’m thinking that’s okay? Or, should it be closer to ACC minus prorated Rent and Depreciation?)There’s a $752 fee that includes title transfer, temporary tags.(Somewhat unavoidable dealer fees at this point? Although, I feel like I had paid them once already.)- Lease cash was just explained to me as only reducing monthly payments over the lifetime of the lease, not the price. (I don’t think this is right at all because that $7500 literally lowered the price down to it’s GCC that I leased it for.)
For my lease the $7500 was taken off the cost of the car along with the trade (the Capitalized Cost Reduction line item on the lease agreement) so that is definitely not right. Your buyout amount should be close to the Adjusted Capitalized Cost line item on the lease agreement. My buyout was about $400 higher which is due to the buyout fee.I5 Lease Buyout in CO UPDATE
I did receive a Title Complete notice in the mail from the DMV eventually. I was able to register my leased vehicle and even get some cool, new, custom CO black plates. I eventually moseyed in to the dealership today to get a free detail and get the Buyout Quote to take to my CU of choice. I have a buyout number. I’m not sure it’s right.
Also, this dealership has partnerships with most CU’s so, they said they’ll take care of all the legwork once I choose which to go with. Does any of this sound okay? I’m so sick of trying to think through whether or not I got a good deal. I guess that’s what they are hoping for.
The “price” is only ~$800 less than my original ACC when I leased it back at the end of March.(I’m thinking that’s okay? Or, should it be closer to ACC minus prorated Rent and Depreciation?)There’s a $752 fee that includes title transfer, temporary tags.(Somewhat unavoidable dealer fees at this point? Although, I feel like I had paid them once already.)- Lease cash was just explained to me as only reducing monthly payments over the lifetime of the lease, not the price. (I don’t think this is right at all because that $7500 literally lowered the price down to it’s GCC that I leased it for.)
Of course all my lease buyout was done in MD where I can just deal with HMF directly. I think while in CO you need to buyout your lease with a dealer, it doesn't have to be the dealer you got the car from. Maybe take your lease agreement paperwork to another dealer and see what they say
Congrats.I5 Lease Buyout in CO UPDATE
I did receive a Title Complete notice in the mail from the DMV eventually. I was able to register my leased vehicle and even get some cool, new, custom CO black plates. I eventually moseyed in to the dealership today to get a free detail and get the Buyout Quote to take to my CU of choice. I have a buyout number. I’m not sure it’s right.
Also, this dealership has partnerships with most CU’s so, they said they’ll take care of all the legwork once I choose which to go with. Does any of this sound okay? I’m so sick of trying to think through whether or not I got a good deal. I guess that’s what they are hoping for.
The “price” is only ~$800 less than my original ACC when I leased it back at the end of March.(I’m thinking that’s okay? Or, should it be closer to ACC minus prorated Rent and Depreciation?)There’s a $752 fee that includes title transfer, temporary tags.(Somewhat unavoidable dealer fees at this point? Although, I feel like I had paid them once already.)- Lease cash was just explained to me as only reducing monthly payments over the lifetime of the lease, not the price. (I don’t think this is right at all because that $7500 literally lowered the price down to it’s GCC that I leased it for.)
#1 - what you said can vary because your RC and Depreciation could be $800 which would then make the second half of your statement accurate. Mine was only $462ish difference.
#2 our fee in MD was $600. Make sure you definitely only payed it once.
#3 is IF the lease is taken to term (because the RC and Depreciation eat it up). The money comes off up front, then is chipped away for every month you stay in the lease.
The lease deals are posted on Slickdeals now.
slickdeals.net
IONIQ 5 SE Standard Range $332/ month for 36-Months w/ $5,008 due at lease signing
IONIQ 5 SE $399/ Month for 36-Months w/ $4,999 due at lease signing
IONIQ 5 SEL $414/ Month for 36-Months w/ $5,001 due at lease signing
IONIQ 5 Limited $513/ Month for 36-Months w/ $4,913 due at lease signing.
Does anyone know how they are getting these low numbers? My SEL AWD monthly payment is almost $900/mo. Even with the 5k down payment it's way lower, than $900.
2023 Hyundai IONIQ 5 SE Standard Range SUV Lease w/ $7,500 EV Lease Bonus $332/ Mo. for 36-Mo. w/ $5k Down Payment
Hyundai USA is offering 2023 Hyundai IONIQ 5 SUV Lease from $332/ Month for 36-Months with $5,008 Due at Signing after $7,500 EV Lease Bonus. Thanks community member DC13 for sharing th ...
slickdeals.net
IONIQ 5 SE Standard Range $332/ month for 36-Months w/ $5,008 due at lease signing
IONIQ 5 SE $399/ Month for 36-Months w/ $4,999 due at lease signing
IONIQ 5 SEL $414/ Month for 36-Months w/ $5,001 due at lease signing
IONIQ 5 Limited $513/ Month for 36-Months w/ $4,913 due at lease signing.
Does anyone know how they are getting these low numbers? My SEL AWD monthly payment is almost $900/mo. Even with the 5k down payment it's way lower, than $900.
341 - 349 of 349 Posts
Hyundai IONIQ Forum
A community of Hyundai Ioniq enthusiasts discussing the electric acceleration & reliability of the Hyundai ioniq hybrid.
Full Forum Listing
Recommended Communities
