Genesis Finance Overcharges Customers Who Buy Leased Vehicles, Class Action Alleges

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A proposed class action lawsuit alleges Hyundai Capital America, who does business as Genesis Finance USA, has violated its lease agreements by overcharging consumers who purchase their vehicles at the end of their lease.

The 13-page lawsuit more specifically alleges that Genesis has caused consumers “needless financial harm” by unilaterally inflating the pre-determined purchase price of a leased vehicle by adding undisclosed fees that were never described in the original lease agreement.

“Upon information and belief, Genesis engages in this unfair business practice for its own financial benefit and at the expense of consumers,” the complaint charges.

The plaintiff in the case is a Broward County, Florida resident who leased a new 2018 Hyundai Genesis G90 in September 2018, the complaint states. According to the suit, the terms of the defendant’s lease with the plaintiff gave the woman the option to purchase the vehicle at the end of the lease term and listed the total buyout amount as $33,530.00. The plaintiff says she “reasonably relied” on these terms when entering into the lease.

Per the case, the plaintiff decided to exercise her option to purchase the leased vehicle in July 2021 but was “surprise[d]” to learn that she was required to pay a $699 predelivery service charge and a $132.95 electronic registration filing fee in addition to the buyout amount stated in her lease.

The lawsuit argues that these additional charges are “not official fees” but merely exist to allow Genesis to rake in more profits.

According to the suit, the defendant’s failure to honor the purchase price as stated in the plaintiff’s lease left the woman with no other option but to pay the additional fees “that [were] contrary to the amount stated as the purchase price in the Lease.”

The lawsuit looks to represent anyone in the U.S. who, within the past year, entered into a vehicle lease agreement with Genesis Finance USA that contained a purchase option at the end of the lease term and purchased the vehicle at the end of the lease for more than the price disclosed in the lease agreement.

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