First time Lease is ending.. help please

Ask the Hackrs
1

I did my first ever lease for a 2019 Hyundai Tucson and my lease is ending December. In this market we just want to buy it out as our buyout price is about 15K… the dealership I used in Massachusetts ( I live in Rhode Island) contacted me and said to stop by to see what my options were. The salesman pretty much said my best bet would just be to buy it out because my payments were low and my buyout is low… they said they would do everything for me but they want to charge fees on top of tax title registration… $500 of fees… Is there any way that I can just go through my credit union and buy out my vehicle without a dealership? Like I said this is our first time leasing and I would have probably jumped into another lease but I know the market is horrible right now… Please help. Any advice would be appreciated…

Debi

2

Yes. Take out an auto loan from your CU and pay off the leasing company. Is it Hyundai Motor Finance or another leasing co?

Look at your contract and your online account to see the payoff amount.

3

It’s Hyundai motor finance… Should I wait until closer to the end which is December or do it now like the dealers telling me I should do… I’m so confused… like I said this is our first time leasing and I would have just rolled into another lease but the market is horrid…

Debi

4

One should generally ignore anything a dealer says, especially when it involves them interjecting themselves into a transaction they may not need to be involved in.

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5

Depends on your Lease MF, but interest rates are going up again later this month. Your buyout financing rate is likely to be higher in December than, say, now.

6

Yes you go to HMFUSA.com and log in, click on PAYMENTS → LEASE END → Purchase → GO and a payout amount appears at the bottom.

then you make out a check (Bank or Personal) and buy out your car.

Why is the dealer charging $500? Because you are taking up their time, so they want to make money on it.

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7

We live in RI and have a 2019 Hyundai Tuscan… Our lease runs out in December and our resideual is 15,890… This is our first time ever leasing. Months ago when we started thinking about lease end we were positive we should just buy it out but now, we are wondering if this is still the best option. Supply is coming back and interest rates are going up… What do you all think? How do we figure out what is actually the best right now? Thanks for any information…

Debi

8

It all depends on the numbers.

If you’re willing to put in some effort, you can probably sell the Tucson for substantial equity and put that down on financing a brand new Tucson, Sportage, Seltos, etc.

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