Genesis Is Dabbling in Car Subscription Service
2019-04-08 09:50 Monday
To catch up with the footsteps of competitors, Genesis is rolling out its own subscription program that includes a car payment, maintenance, and insurance into one monthly fee. The program is called "Genesis Spectrum", which provide G70, G80, and G90 sedans for leasing service. The program will be introduced to the whole nation, but it'll only be available in Florida for now.
The 36-month leases start at $489 per month with $2,699 down payment for the G70, $569 per month with $3,999 down payment for the G80 and $909 per month with $5,499 down payment for the G90. Although insurance is covered, Genesis also notes that taxes and registration fees are not included in the payment.
Genesis is the latest automaker to experiment with a subscription-style program for its cars. Insurance to lessees will be provided by Metlife Home & Auto. Specifics haven't been announced, though Genesis says the insurance will provide "competitive coverage" with a $500 deductible.
The Spectrum program is intended to make car shopping easier for customers. "We designed Genesis Spectrum as a seamless leasing experience that acts as an extension of the Genesis brand and its values," said Genesis COO Erwin Raphael. "More than anything, the Genesis Spectrum respects our customers' time, which is their most valuable luxury," he added.
To dominate the car-leasing market, Genesis's rivals are also speeding up in similar services. Lexus recently announced a subscription service of its own called Lexus Complete Lease. Covering the cost of a car, insurance, and maintenance into one monthly rate, that program is only currently available with the UX crossover. Cadillac also introduces leasing services with attractive conditions, which allows the subscriber to swap between different cars up to 18 times a year.