If you have any knowledge of the automotive industry, you’ll be interested to know that the first Vietnamese car manufacturer to market new vehicles in the US has arrived. This company, VinFast, is a subsidiary of Vingroup, a diversified conglomerate with interests in technology, industry, real estate development, retail, and services. VinFast is establishing a manufacturing facility in North Carolina, a mere thirty minutes away from my location. Their first dealership, situated close by, is presenting some of the most competitive lease deals currently on offer. Continue reading as we delve deeper into VinFast and explore the available financing options.
VinFast Overview
We don’t usually comment on financing deals as they always change, thus rendering that news dated within months, if not weeks. But the VinFast story is worth following, simply because the company has established a toehold in the US with plans on expanding its product line.
VinFast is set to release four electric utility vehicle models: VF6, VF7, VF8, and VF9. The first three fit five passengers, and the VF9 fits seven. Currently, the VF8 is available from the 2023 and 2024 model years, made in Vietnam. Future production will expand to a plant in Chatham County, North Carolina.
Regarding North Carolina, the expected opening of the plant this year has been delayed. The state, having provided financial incentives to lure VinFast, is now acquiring private land to construct a road to the future factory site. With the ongoing progress, the facility is anticipated to open next year, although this timeline may shift.
The Current Lease Deals
We learned of special VinFast leasing in late January when several of our colleagues shared the news. The current offers are set to expire by the end of the month, but we expect they’ll either be renewed or updated. Our local dealer has 72 copies in stock, including 35 from the previous model year. That’s a lot of holdover stock this late in the current model year.
Here are the offers:
2023 VF 8 Eco MSRP: $47,325
- $249/month for 36 months
- 30,000 miles limit; you pay 25 cents for each mile over that amount.
What’s due at signing: first month’s payment, $695 acquisition fee, and $698 dealer/documentation fee. No security deposit required.
Note: Your cash due at signing is $1,642. State taxes and license tags are additional costs.
2023 VF 8 Plus MSRP: $54,115
- $299/month for 36 months
- 30,000 miles limit; you pay 25 cents for each mile over that amount.
What’s due at signing: first month’s payment, $695 acquisition fee, and $698 dealer/documentation fee.
Note: Your cash due at signing is $1,692. State taxes and license tags are additional costs.
Deal or No Deal
On surface, the deals are quite good as the monthly payments are low, especially for this level of price-point vehicles. But shoppers should keep in mind that some hard money is required up front. You’ll also have to deal with DMV costs, although the dealer should handle the plating part and accept your taxes on behalf of the state. You’re paying for that cost anyway.
If putting money out up front is an issue, you may be able to roll the cash up front into the lease deal, thereby increasing your monthly payment. That ability depends on the dealer and bank’s willingness to do so. And it very much depends on your credit score. Typically, lease deals are reserved for consumers with the best credit. We recommend checking your credit reports and obtaining your credit score before you shop.
As Sy Syms once said, “an educated consumer is our best customer.” Get educated before entering into any financial arrangement, particularly this one with a three-year commitment. This process involves thorough research of the product, including walkaround and test drive evaluations.
See Also — CES 2024: Introducing the VinFast Wild
