Genesis News: Genesis Introduces Spectrum "All-Inclusive" leasing

[Drew Dowdell]

Genesis has introduced Spectrum all-inclusive leasing.  While not a subscription service like Volvo's Care or Book by Cadillac , Spectrum does include insurance and all maintenance for 3 years.   Subscription leasing services main draw is the ability of the leasee to switch vehicles at some point during the lease.

Genesis Spectrum covers the following:

• 3 years/36,000 miles of complimentary scheduled maintenance
• 3 years/36,000 miles complimentary Service Valet
• 3 years of complimentary Genesis Connected Services, including Enhanced Roadside Assistance, Destination Search powered by Voice and Remote Start with climate control
• 3 years of complimentary SiriusXM® Travel Link (Data Services)
• 3 years of complimentary Annual Multimedia and Navigation Updates
• Up to $1,525 allowance for excess wear and use, excess mileage, and disposition fee for returning Genesis Finance customers

Genesis is striking a balance between the car subscription services, which have questionable financial viability, and traditional basic leasing.  Genesis Spectrum will be available first in Florida and then roll out to select markets nationwide. 

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[David]

This makes far more sense for people who do not want to bother with getting insurance. Just lease from the OEM auto company with all service and insurance included. To me this has far more value than the subscription services.

[riviera74]

One question: why only three years?  Should they not have a five-year option too?

[Drew Dowdell]

13 minutes ago, dfelt said:

This makes far more sense for people who do not want to bother with getting insurance. Just lease from the OEM auto company with all service and insurance included. To me this has far more value than the subscription services.

It makes it easier to deduct on taxes as well. 

2 minutes ago, riviera74 said:

One question: why only three years?  Should they not have a five-year option too?

I think 3 years is the most popular lease option. There isn't a lot of 5-year leasing out there. 

[Paolino]

This makes sense.  I could see this becoming popular... I know part of the reason my parents tried their first lease 3 years ago is because I enticed them with the idea of owning one car, and always having one car completely new, covered bumper-to-bumper, and the only thing they really have to do is get it inspected and have oil changes.

[Drew Dowdell]

11 minutes ago, Paolino said:

This makes sense.  I could see this becoming popular... I know part of the reason my parents tried their first lease 3 years ago is because I enticed them with the idea of owning one car, and always having one car completely new, covered bumper-to-bumper, and the only thing they really have to do is get it inspected and have oil changes.

Now Genesis will do all of that with Concierge pickup too. 

[Paolino]

6 minutes ago, Drew Dowdell said:

Now Genesis will do all of that with Concierge pickup too. 

I honestly wish I had that service because the dealer, even with an appointment, is horribly slow. I end up sitting there for 2-3 hours for an oil change.  And I tried to get it done at Pep Boys and they don't carry the "exotic" and it has to be preordered, which I wish they would tell you when you make the appointment.

[Drew Dowdell]

6 minutes ago, Paolino said:

I honestly wish I had that service because the dealer, even with an appointment, is horribly slow. I end up sitting there for 2-3 hours for an oil change.  And I tried to get it done at Pep Boys and they don't carry the "exotic" and it has to be preordered, which I wish they would tell you when you make the appointment.

It's a nice thing I have with my Buick. 

[smk4565]

I wonder what sort of insurance coverage it will provide.  Is this state minimum coverage?  Or will it be a no deductible, million dollar liability type of policy?

[Robert Hall]

I find w/ my dealer it's a couple hours minimum with an appointment.  I usually take my laptop and sit in the lounge and work.   Sitting in a doctor's office waiting room working now.

Edited March 27, 2019 by Robert Hall

[Drew Dowdell]

1 hour ago, smk4565 said:

I wonder what sort of insurance coverage it will provide.  Is this state minimum coverage?  Or will it be a no deductible, million dollar liability type of policy?

From the Press Release, I know it doesn't say much.

Quote

 

The auto insurance policy from Metlife Auto and Home includes competitive coverage with $500 deductible adding to the customers’ confidence that their Genesis vehicles are fully protected.

 

[regfootball]

it says you can switch vehicles but i doubt anyone leasing the G70 would want to switch to the others.......ever.....

[Drew Dowdell]

6 minutes ago, regfootball said:

it says you can switch vehicles but i doubt anyone leasing the G70 would want to switch to the others.......ever.....

I don't see that anywhere in the press release. I'll update the article if I'm wrong... but... not seeing it.

[regfootball]

Quote

Subscription leasing services main draw is the ability of the leasee to switch vehicles at some point during the lease.

You're right, my bad.  I read that originally so fast, the Genesis program is not a subscription service.

And I doubt anyone who wants a G70 would want to stoop to either of the other two Genesi.