Thanks for taking your time to have a look at my question.
So, I have a question about the buyout price that I was given by my Hyundai Dealership.
My wife had leased 2015 Hyundai Sonata, and the lease is due this October, so went into the dealership to talk about my possible option when the lease is up.
She put down $1000 as down payment and been paying $202 monthly for last 3 years, and we only drove 20k miles which is way below than 30k limit (We thought it was a great deal, so paid about $7200 during her 3year lease)
The dealer, same dealer that we leased this car with, informed us that we would be paying about $300 monthly for next 60 months, which comes out to be about $18000 with rough calculation (6% interest rate, $284.83 with $1000 down payment)
At the time we didn’t even bring any documents with us, simply was going to talk about what options we have when her lease is due.
We ended up test-driving 4 different cars and almost signed a new lease deal for 2018 Kona…Or buyout for $300 per month. Something didn’t feel right, and now I am so glad that we didn’t jump the gun for anything back at the dealership.
After we came back home, I dug up the documents, and found lease agreement form,
which stated that,
Agreed upon value of the vehicle ($21807.19)
Residual Value ($13426.35)
Also clearly stated that "You have an option to purchase the vehicle at the end of the lease term for ($13426.35)
So, why were we given a buyout price way higher than the number on Lease Agreement?
Am I missing something? Or were they just trying to play us because we weren’t really prepared?!
BTW, area is San Diego, CA.