Automakers across the globe are trying to “figure it out.” Lease program vs. subscription service. Monthly “flips,” vs. annual commitment. Genesis Spectrum, the newest, all-inclusive lease program from Genesis Financial takes the least disruptive position, similar to that of Care by Volvo.
If you know anything about Care by Volvo, you know that it really isn’t a subscription service, but rather a glorified lease program. Genesis Spectrum doesn’t try and fool you, their press release says, “all-inclusive leasing program.” This isn’t a subscription service, but rather a step towards one.
Details on Genesis Spectrum are few and far between at this point in time, but we do have some information worth sharing.
Genesis Spectrum includes Service Valet, and the full Genesis Experience. This includes:
- 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
- Lifetime complimentary traffic data
- Best-in-class warranty with Enhanced Roadside Assistance and Concierge Services, including tire changes or transportation to the nearest Genesis dealership or authorized service facility, and reimbursement for inconvenience.
- Guaranteed Asset Protection waiver for Genesis Finance leases
- Up to $1,525 allowance for excess wear and use, excess mileage, and disposition fee for returning Genesis Finance customers
The insurance policy, provided by Metlife Auto & Home, that is included in Genesis Spectrum provides:
|Bodily Injury Liability||$100,000 per person / $300,000 per occurence|
|Property Damage Liability||$50,000 per occurence|
|Medical Expense||$5,000 per person|
|Personal Injury Protection (PIP)||$10,000|
|Uninsured Motorists Bodily Injury||$100,000 per person / $300,000 per accident stacked|
|Underinsured Motorists Bodily Injury||$100,000 per person / $300,000 per accident stacked|
|Towing and Labor||$50 per occurence|
|Substitute Transportation||$40 per day / $1,200 per occurence|
Genesis Financial has not released any official price information yet. However, they have disclosed the deductible on the included insurance plan — that sites at $500.
There are three vehicles you can choose for Genesis Spectrum; the G70 sedan, the G80, or the G90. Prices for the all-inclusive lease program will obviously differ based on each car.
The G70 can be leased from Genesis Financial starting at $359/month for 36 months with $2,699 due at signing. The “amount due at signing” includes a $1,000 bonus that’s only available to current Genesis owners or customers coming from a vehicle from any of the following brands: Acura, Alfa Romeo, Aston Martin, Audi, Bentley, BMW, Cadillac, Infiniti, Jaguar, Lexus, Lincoln, Mercedes-Benz, Maserati, Porsche, Rolls-Royce, Tesla and Volvo.
With that in mind, the G70 really costs $359/month for 36 months with $3,699 due at signing. With this as our baseline, and the understanding that Genesis Spectrum includes auto insurance, we anticipate that the Genesis Spectrum G70 will cost somewhere around ~$375/month for 36 months, with the same money down at signing.
G80 and G90 Price
Genesis’ bigger sedan, the G80 can be leased through Genesis Financial starting at $429/month for 36 months with $3,999 due at signing (with the same $1,000 bonus as above. The even larger G90 can be leased at $759/month for 36 months with $5,499 due at signing (again with the $1,000 bonus).
What does that mean for their Genesis Spectrum prices?
We anticipate the G80 through Genesis Spectrum to cost ~$445/month for 36 months with the same money down at signing.
For the G90, we expect Genesis Spectrum to cost close to $780/month.
Where can I get Genesis Spectrum?
Genesis hasn’t shared too many details yet, but it is confirmed that the all-inclusive lease program will be available in Florida very soon. The initial launch of Genesis Spectrum will take place there and then expand based off of demand.