[acadapter]

Took delivery of my Limited today - zero fuss. I just need to find where the lease buyout stuff is on the MyHyundai site (I think?)

View attachment 48805

 

[Turnipsaregreat]

Took delivery of my Limited today - zero fuss. I just need to find where the lease buyout stuff is on the MyHyundai site (I think?)

You should get an email in a few days from Hyundai Motor Finance asking to set up an account on their site. Your lease info should be in there, and you can go to the documents tab and get a lease buyout paper.

 

[mahpsirhc]

I've been running into issues with getting dealers to get lease numbers. What should I ask from them to verify the adjusted capitalized cost and other details like buyout fees? I am likely going to be working with a dealer outside my local area to get the specific trim/color, so I want to be able to commit to the price and everything before coming in (via plane and driving back or shipping the car locally).

Also for any Texas residents, I've been asking for a tax credit from the manufacturer's leasing company but a lot of dealers are confusing it with the 7.5k lease EV rebate. How should I ask for this?

 

[acadapter]

I've been running into issues with getting dealers to get lease numbers. What should I ask from them to verify the adjusted capitalized cost and other details like buyout fees? I am likely going to be working with a dealer outside my local area to get the specific trim/color, so I want to be able to commit to the price and everything before coming in (via plane and driving back or shipping the car locally).

Also for any Texas residents, I've been asking for a tax credit from the manufacturer's leasing company but a lot of dealers are confusing it with the 7.5k lease EV rebate. How should I ask for this?

Your last question muddies the water a bit. I don't know about the former but I think you are looking for the Hyundai Motor Financing $7500 Lease Cash. Don't refer to it as the Tax Credit because it's not that. You want the HMF Incentives for your applicable I5 Trim.

For the ACC, you need that number to be what we laid out a page or so back. Your price of the car, plus any tag/title/dealer sale fees (not bogus markup) MINUS the current incentive, $7500.

Just ask for the itemized lease numbers. You can share them here, we can help.

 

[mahpsirhc]

Your last question muddies the water a bit. I don't know about the former but I think you are looking for the Hyundai Motor Financing $7500 Lease Cash. Don't refer to it as the Tax Credit because it's not that. You want the HMF Incentives for your applicable I5 Trim.

For the ACC, you need that number to be what we laid out a page or so back. Your price of the car, plus any tag/title/dealer sale fees (not bogus markup) MINUS the current incentive, $7500.

Just ask for the itemized lease numbers. You can share them here, we can help.

Ya, it's a bit confusing. What I'm referring to in the second question is a sales tax credit that Hyundai Motor Finance may or may not have on a monthly basis. The lease cash I do understand and most dealers are aware of that promotion going on fortunately.

I do understand what the ACC is, but the documents dealers have provided me so far don't seem to have the details I need so maybe asking for a document with itemized lease numbers would help. Here's an example of what they've given me before. This doesn't really help me figure out what real numbers towards getting the lease then buying it out.

 

[Neptune]

To the folks who have done this process... did you finance your buyout? Did you finance with Hyundai or someone else? What kind of terms? Thank you

You can't finance the buyout with Hyundai because the lease is already financed with them.

I signed the lease papers remotely on a Tuesday, logged into the HMF website for the payoff amount on Thursday, picked up the car on Friday, and walked into my local credit union on Monday. Got approved for an auto loan on the spot and they cut the check and mailed it immediately. Two days later the payment posted. I logged into the HMF website and requested the bill of sale and paid in full letter. A week later I refinanced my loan with another credit union at a lower rate. Easy peasy.

The only thing I'm unsure of is where the title will be sent. It takes a few weeks to obtain in MA. I think HMF will send to the local credit union that did the lease buy out, but they are no longer the lien holder since I refinanced. The original credit union is telling me I need to go to the RMV for the title. I'll find out eventually, I won't need it until I payoff the current auto loan in 60 months.

 

[acadapter]

Ya, it's a bit confusing. What I'm referring to in the second question is a sales tax credit that Hyundai Motor Finance may or may not have on a monthly basis. The lease cash I do understand and most dealers are aware of that promotion going on fortunately.

I do understand what the ACC is, but the documents dealers have provided me so far don't seem to have the details I need so maybe asking for a document with itemized lease numbers would help. Here's an example of what they've given me before. This doesn't really help me figure out what real numbers towards getting the lease then buying it out.

View attachment 48818

The leg work for the ACC you can do from that sheet. However, lines 2/3/4 are dealer add-on fees. Pass on all of those.

After those are removed, the ACC should the number at the bottom minus $7500, minus any cash down I put down. I noticed their sheet shows cash down options; in my case this was optional and they should be unless it's needed to secure the lease.

 

[LeFennecFox]

You can't finance the buyout with Hyundai because the lease is already financed with them.

I signed the lease papers remotely on a Tuesday, logged into the HMF website for the payoff amount on Thursday, picked up the car on Friday, and walked into my local credit union on Monday. Got approved for an auto loan on the spot and they cut the check and mailed it immediately. Two days later the payment posted. I logged into the HMF website and requested the bill of sale and paid in full letter. A week later I refinanced my loan with another credit union at a lower rate. Easy peasy.

The only thing I'm unsure of is where the title will be sent. It takes a few weeks to obtain in MA. I think HMF will send to the local credit union that did the lease buy out, but they are no longer the lien holder since I refinanced. The original credit union is telling me I need to go to the RMV for the title. I'll find out eventually, I won't need it until I payoff the current auto loan in 60 months.

This is very useful (but also sadly a bit complicated), so thank you. I'm assuming the credit union treated it like a new car loan? Do you (does anyone) know how quickly you need to buyout to get new car loan rates / terms? Do the terms smoothly adjust as the car ages/adds miles? Would the second credit union have given you the rate you got if you went to them first, or did your refinance give you different terms?

 

[acadapter]

This is very useful (but also sadly a bit complicated), so thank you. I'm assuming the credit union treated it like a new car loan? Do you (does anyone) know how quickly you need to buyout to get new car loan rates / terms? Do the terms smoothly adjust as the car ages/adds miles? Would the second credit union have given you the rate you got if you went to them first, or did your refinance give you different terms?

Another forum member PMed me these same questions and unfortunately there is no blanket answer. What a credit union does/doesn't do regarding their rate terms is entirely at their discretion. Here is my experience and what I'd do:

A) flat out, ask your CU of choice their requirements. Mine, like the big 3, NavyFCU, PentagonFCU, JusticeFCU - their stipulations about New Car vs. Used Rates are about the model of the car year (within two years), the mileage (less than 5000mi), and if you were the original owner for the refinance. The original owner piece is not common across all 3.

B) Banks vs CUs tend to care more about if the vehicle was previously titled.

C) Ask these questions before even getting the lease. If you tell them up front, what your plans are, in many cases they will understand that in this case, you are completing extra paperwork to reduce the total loan cost and that's it. The car itself will likely have less than 1k miles on it and even a few new plastic wrap pieces still on it before the ink even dries.

Remember, in my case and at least a few others that have shared, you can get the loan finalized before the lease is even printed.

 

[voxel]

Ya, it's a bit confusing. What I'm referring to in the second question is a sales tax credit that Hyundai Motor Finance may or may not have on a monthly basis. The lease cash I do understand and most dealers are aware of that promotion going on fortunately.

I don't think the sales tax credit is from HMF... might be dealership specific. There lease brokers on Leasehckr that can find you ones with sales tax credit. I've seen it for Jeep + BMW but never for Hyundai/Kia.

Anyhow this is why Texas leases are double taxed.

"Texas laws require that the lessor (the lease company) pay sales tax on the full value of any vehicle they buy from a dealer and lease back to a lessee (you and me). This is different from most other states in which no such tax is charged to the lessor, or the tax is administered in a different way."

Texas Auto Lease - by LeaseGuide.com

Car leasing in Texas costs more that in most other states due to the way that the state taxes leases -- which taxes the entire value of the vehicle, just like buying.

www.leaseguide.com

 

[acadapter]

I don't think the sales tax credit is from HMF... might be dealership specific. There lease brokers on Leasehckr that can find you ones with sales tax credit. I've seen it for Jeep + BMW but never for Hyundai/Kia.

Anyhow this is why Texas leases are double taxed.

"Texas laws require that the lessor (the lease company) pay sales tax on the full value of any vehicle they buy from a dealer and lease back to a lessee (you and me). This is different from most other states in which no such tax is charged to the lessor, or the tax is administered in a different way."

Texas Auto Lease - by LeaseGuide.com

Car leasing in Texas costs more that in most other states due to the way that the state taxes leases -- which taxes the entire value of the vehicle, just like buying.

www.leaseguide.com

The link you shared on the last page, actually showed the poster was successful in avoiding the second tax at the comptrollers office.

Sucks that in most of the US, there is no correlation to the actual rules and understanding of the people that enforce/push them off to the consumer. This whole thread should have been a nice FAQ that each dealership has broken down with their state specific portions. Nope, it has to be calculus.

 

[LeFennecFox]

Another forum member PMed me these same questions and unfortunately there is no blanket answer. What a credit union does/doesn't do regarding their rate terms is entirely at their discretion. Here is my experience and what I'd do:

A) flat out, ask your CU of choice their requirements. Mine, like the big 3, NavyFCU, PentagonFCU, JusticeFCU - their stipulations about New Car vs. Used Rates are about the model of the car year (within two years), the mileage (less than 5000mi), and if you were the original owner for the refinance. The original owner piece is not common across all 3.

B) Banks vs CUs tend to care more about if the vehicle was previously titled.

C) Ask these questions before even getting the lease. If you tell them up front, what your plans are, in many cases they will understand that in this case, you are completing extra paperwork to reduce the total loan cost and that's it. The car itself will likely have less than 1k miles on it and even a few new plastic wrap pieces still on it before the ink even dries.

Remember, in my case and at least a few others that have shared, you can get the loan finalized before the lease is even printed.

I called PenFed (seems like my best option) and they were very confused. The consensus among the people responding to my call was that because the car would have already been titled when I buy out (because starting a lease requires titling), it wouldn't be a new car loan for them, specifically (must be untitled). That said, their "used" rate is lower than many "new" rates, so it would only cost me an extra $10/month max if it gets classified as used. (Others may have different experiences)

 

[acadapter]

I called PenFed (seems like my best option) and they were very confused. The consensus among the people responding to my call was that because the car would have already been titled when I buy out (because starting a lease requires titling), it wouldn't be a new car loan for them, specifically (must be untitled). That said, their "used" rate is lower than many "new" rates, so it would only cost me an extra $10/month max if it gets classified as used. (Others may have different experiences)

I'd tell you to talk to someone else. PenFed (and based on my call; I didn't go with them however because their rates were overall higher) New Vehicle Rates and Refinance Rates are identical. I've posted them here for reference.

To keep things simple for the first line of phone calls, you are asking to REFINANCE.

Refinancing a car also involves a car that has already been titled.

 

[LeFennecFox]

I'd tell you to talk to someone else. PenFed (and based on my call; I didn't go with them however because their rates were overall higher) New Vehicle Rates and Refinance Rates are identical. I've posted them here for reference.

To keep things simple for the first line of phone calls, you are asking to REFINANCE.

Refinancing a car also involves a car that has already been titled. View attachment 48825
View attachment 48824

I think you are correct. The person couldn't figure out if refinance was the right thing. I think the confusion is that it is a lease and not a loan that is being refinanced. Regardless, I think it is a "new" car loan with some terminology differences, sounds like. I appreciate it.

 

[Neptune]

This is very useful (but also sadly a bit complicated), so thank you. I'm assuming the credit union treated it like a new car loan? Do you (does anyone) know how quickly you need to buyout to get new car loan rates / terms? Do the terms smoothly adjust as the car ages/adds miles? Would the second credit union have given you the rate you got if you went to them first, or did your refinance give you different terms?

Both credit unions treated it as a new car loan. I only had around 300 miles by the time I refinanced.

DCU - 5.49% rate was the same for new/used anyway

USSFCU - 3.49% new car loan refinance (used loan is 3.99%). Rates were the same for new loan or refinance.

I could have taken my time and went with USSFCU in the first place, but I wanted to buy it out ASAP to avoid any lease fees. I like to get things done.

 

[PineNut]

Very interesting discussion here about leasing an Ioniq 5 and getting the $7500 price reduction. I've spoken to a few dealers in my area and while most know about this, I'm frustrated finding someone who understands how it works. It seems I know as much as they do, and I'm still confused.

I did get this lease offer sheet and it at least only includes one add-on for $599, which is mostly eliminated with a $500 discount.

Does this look like a good offer? Is there a way from this to figure out what an early buy back from the lease would cost? Any suggestion on how long I should pay the lease before buying back? I plan to pay cash on a buy back. Thanks!

 

[voxel]

Very interesting discussion here about leasing an Ioniq 5 and getting the $7500 price reduction. I've spoken to a few dealers in my area and while most know about this, I'm frustrated finding someone who understands how it works. It seems I know as much as they do, and I'm still confused.

I did get this lease offer sheet and it at least only includes one add-on for $599, which is mostly eliminated with a $500 discount.

Does this look like a good offer? Is there a way from this to figure out what an early buy back from the lease would cost? Any suggestion on how long I should pay the lease before buying back? I plan to pay cash on a buy back. Thanks!

View attachment 48840

Yeah that looks about right. Sub $1000 / month payment with less than $2K down is what I had. Also since your car doesn’t include cargo net and carpet mat junk it’s $500 cheaper than mine, sub $58K is a great MSRP for a Limited.

Early buyout in the lease is section 23B which refers to 22D for cost of early buyout (before maturity).

 

[PineNut]

Thanks for the inputs!

Regarding the buyout, I had one dealer say it could be done right away (like a day or two after getting the lease and car), while another said it's best to wait 6 months because Hyundai might pull the $7500 discount if you buyout too soon. Is that possible?

I'm only up to page 4 of this thread so far and have seen some photos which I think cover those sections you mentioned. The original poster said he provided a link for the full document, but the link seems to be missing now.

Any inputs on figuring out the buyout amount would be greatly appreciated. I see the lease offer I got mentioned a $400 "disposition fee" but I think that is for end-of-lease. Would it also apply for a buyout?

 

[acadapter]

Thanks for the inputs!

Regarding the buyout, I had one dealer say it could be done right away (like a day or two after getting the lease and car), while another said it's best to wait 6 months because Hyundai might pull the $7500 discount if you buyout too soon. Is that possible?

I'm only up to page 4 of this thread so far and have seen some photos which I think cover those sections you mentioned. The original poster said he provided a link for the full document, but the link seems to be missing now.

Any inputs on figuring out the buyout amount would be greatly appreciated. I see the lease offer I got mentioned a $400 "disposition fee" but I think that is for end-of-lease. Would it also apply for a buyout?

Hyundai doesn't pull anything, that's dealer hogwash. I completed my buyout and now at least 2 people following this thread have done the same.

Your buyout is going to be whatever your Adjusted Capital Cost is in total plus the lease fee of $300 dollars and whatever/however your state deals with taxes (if any).

Completely raw, but of those collection of fees are right, I see about ~$51k.

 

[Neptune]

Thanks for the inputs!

Regarding the buyout, I had one dealer say it could be done right away (like a day or two after getting the lease and car), while another said it's best to wait 6 months because Hyundai might pull the $7500 discount if you buyout too soon. Is that possible?

I'm only up to page 4 of this thread so far and have seen some photos which I think cover those sections you mentioned. The original poster said he provided a link for the full document, but the link seems to be missing now.

Any inputs on figuring out the buyout amount would be greatly appreciated. I see the lease offer I got mentioned a $400 "disposition fee" but I think that is for end-of-lease. Would it also apply for a buyout?

My dealer told me the same scare tactic BS about Hyundai pulling the 7500 if you buy out early. The dealer wants you to wait because they'll make less money if you buy it out right away. HMF either gives them less or takes back some of their profit but that's the dealer's problem, not mine. They already made a big profit from leasing this car to me, they are just greedy for more.

I called HMF and they said I could buy out the lease right away with no issues. You can request the payoff amount as soon as you can log into your account online. I requested it on 3/2 and it was good until 3/27. I had the payoff amount before I picked up the car.

My dealer listed my trade in for sale for 47k, then increased it to 50k LoL. Maybe they lost 3k cause I bought it out early?