Hey all. I apologize ahead of time if this has been asked constantly, but I did a search and didn’t really see any clear answer to this. I am trying to understand exactly how trading-in a lease early could work. Mainly from the standpoint of trying to sell it, i.e. to CarMax, Carvana, any other dealer… How does this work? Is it that I get the current payoff amount of my lease, and then see what I am offered by places, and if it’s close to the same then I’m in good shape to just simply get rid of it? Or, is it the payoff amount PLUS any remaining payments I have…going against an offer?
I have a 2018 Hyundai Elantra Sport. Payment of $255/month (I didn’t put anything down). Lease is up September of 2020, so I have 1 year and 2 months left. Yes, this is very early, but I made the decision on this car on a whim and I’ve grown to dislike my choice for many reasons and I was hoping to be able to get out of it and get into something that I should have gotten in the first place. I just need to understand how that works, and if I’m looking at a lost cause here and I’m stuck until next September.
Curious, why don’t you like the Elantra Sport? Every owner I’ve met absolutely loves their car both manual and DCT. I’ve never met an unhappy owner. Was considering one for myself. TIA.
This one is a mixed bag of emotions for me. I do actually like the car, there really is a lot to like about it. But there are some cons for me now that are just outweighing the positives. The style is fantastic, it’s a great-looking car. Far better than the 19’s for sure, and I do get a lot of compliments. It’s also a blast to drive. Plenty of power, the suspension does a really good job, and steering feedback is surprisingly good, for Hyundai. The biggest downside for me is the tranny. I got the DCT, and while it does a decent job, as time has gone on it’s showing that Hyundai still does not have this nailed down. It’s extremely jerky, and at low speeds the car feels like a “bucking bronco”. After two years it has just become excessively annoying. And while the suspension is super fun on the twisters, it’s very rough and bouncy with normal day to day driving. Another negative for me is the backseat. It’s pretty small, and we have a five year old who complains every time he sits back there that he has no room. His feet are constantly hitting on my center console. Quality of materials has shown less to be desired too. I’ve had the front seat cover replaced twice now (under warranty at least) from the leatherette wearing down and losing its color. And the final gripe is, maybe a stupid one, but the car is black. I never wanted a black car, and I got a good deal on this one so I sort of “settled” instead of just waiting and getting a color I wanted. Two years hasn’t changed my mind. I HATE having a black car. Scratches everywhere and I can never keep it looking clean. It’s a constant battle.
Overall I honestly do say it’s a good car, an absolute bargain at the price, but I’m kind of over the “sport compact” thing and really want something bigger and more sophisticated.
Hahaha, this is the truth, but I do see his point this time. It’s a bit cramped back there, and no rear vents is an issue too. Before this I had a 2015 Passat with rear vents and an enormous backseat. I’m just looking to get back into a midsize, but something more fun to drive than the Passat was. The whole reason I didn’t just get another one…great car, but was an absolute snooze-fest behind the wheel.
Hah I’m right with you. One of the reasons I got a 2018 Accord Sport 2.0T over a Civic Si was the rear seat vents and massive back seat. I have two little complainers and it’s big enough that they can’t even kick my seat when they’re angry
So, to get rid of my car early, if I take it to CarMax or what have you, and they give me an offer… I have to put that offer against whatever my payoff is PLUS my remaining payments?
Hyundai is also making this extremely difficult by refusing to give me my payoff without going to the dealer.
Yes - they’ll need to call HMF to get a dealer pay-off quote, which is going to be different from yours.
I believe with Hyundai/Kia, they don’t charge you the remaining interest on an early buy out - so it isn’t a straightforward calculation. In theory, it would be residual (before tax) plus total of your remaining payment principal (before the interest is added).
Ohhhh, okay that makes more sense. Ugh, so if I want to try to do this I don’t have much of a choice but to go to the dealer. Will they even agree to give this to me, or will they put up a fight about it? Mainly because I am not interested in getting another Hyundai…
Any good suggestions for a good-leasing midsize sedan that isn’t a total bore to drive? I’ve got my eyes on a few, but I’m not sure which manufacturers would be better to lease with. I only have experience with VW, and now Hyundai. Payments on this one are $255. I can go higher than that for a nicer car, but keeping it in the low-mid $300’s would be all I can do.
Call me a skeptic, but I still always find it exceptionally hard to believe that I could lease a 3-Series, or any BMW for that matter, in the 300’s. Maybe it’s also tougher for me where I live because we literally only have 1 single BMW dealer in the region. You’d have to go quite out of your way to find another one. I would also be needing 15,000 a year, not those 7,500 low mileage deals.
I like the new Camrys. I also like the Mazda 6. My wife, for some odd reason is insisting I test out an Impala, but my guess is those lease like crap.
This is what they do. He could be in the back of a stretch limo and he’d still complain.
