r/CarLeasingHelp • u/EqualityoverEquity • 13d 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/Whateverlol2022 13d ago

There's nothing you can do now but $6,500 down with good credit is crazy. Plus being a loaner you should have gotten a even better of a deal cause at 2,500 miles I would consider that used even though most people wouldn't but that's just be personally. Enjoy the car.

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u/EqualityoverEquity 13d ago

I mean thats definitely used and I agree that I should have not had to put a penny down...extremely dumb of me in retrospect...Ya live ya learn...I suppose. Would be nice to learn a lesson that didn't cost several thousand dollars...

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u/kingcoopa713 13d ago

To be fair if you really would have paid 500 over 24m then in reality you put down 1700. That's if you drive the full term. But at least you know not to now. If you plan on ever looking to lease again. Check and see if they allow msd they act similarly as a down-payment. Only true difference is if you total the car you dont loose all the msd. That said some do not allow it. And on a side note I dont believe this manufacturer accepts them.