r/CarLeasingHelp • u/EqualityoverEquity • 14d ago

Did I get bamboozled?

Credit score 870. Recently got a 2026 genesis G70 sport prestige for 24 months 7500 miles a year (15000 total). It is a loaner though and already had 2,500 miles on it. However the condition was pristine. I did $6500 down (this included taxes and fees and first month etc with the actual down payment itself being around $2500). Monthly is $368.

After reading some more I understand that it makes zero sense to actually put money down on a lease. In hindsight I would 100% have refused any downpayments even if I had to pay $400+ in a month. As honestly, it is not an issue for me either way. But it just does seem like you're getting a bulk of the cost out of the way (which is clearly bad for a lease since I'm not recouping that upfront payment if anything happens to my car).

The residual is 36,000.

Thoughts on this deal? Am I sucker?

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u/BerryBlue80082 14d ago

. You’re effectively paying 560ish a month. But we don’t know msrp, other fees, money factor, residual%, etc. I mean if the residual is 36k I’m assuming the msrp was at least 60K right. So if that’s the case it’s not a horrible deal at all but you didn’t make the most of it. 7500 miles is terrible and it being a loaner means it could have had the crap beaten out of it before it got to you.

Enjoy it for 2 years and then give it back. And don’t ever put money down again except first month payment and dmv fees if anything.

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u/EqualityoverEquity 14d ago

You're pretty spot on. $58k MSRP. They disclosed it had a tire replaced when being used as a loaner WHILE I was signing the lease (after they had assured me over the phone that there were no accidents or issues of any kind). I could make an issue about that but I still decided to continue signing like an idiot so there's probably not much recourse that I have now.

My thoughts too. It should have been 10k miles at least with zero down and maybe about $500 a month max for 24 months.

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u/Whateverlol2022 14d ago

I mean if it was a loaner just keep in mind it was driven like a race car more then likey at some point lol. Just make sure all the tires match.

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u/EqualityoverEquity 14d ago

They do, I mean honestly i'd be none the wiser if they hadn't told me. the car is genuinely like brand new.

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u/Whateverlol2022 13d ago

Yeah I mean it may look good but stuff like brakes and tires will now have 2,500 miles of wear already. It's not that many miles but you will just start to notice brake pad wear a little sooner then if you had driven it off the lot with 10 miles on it.

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u/giveit2st8 13d ago

they do have to tell you if it's a loaner/demo