FL (or any) Lease Buyout Fees - DO NOT PAY

Not sure if I am in the right place, mods can move this if needed, but this is an issue that needs to be addressed.

I have a 2020 Tucson that I leased from a broker here. I moved to FL over a year ago and changed the title/plates/reg to Florida by working with Hyundai Financial. My lease ends Dec. 2022.
I decide a month or two ago to just buyout my low mileage vehicle than to take a chance with the brutal new car market come December.
Long story short, Hyundai Financial says I have to process through a dealer. Dealer tries to charge me $4,000 on top of the $22K buyout to buy out my own car! I call and complain to Hyundai and they hook me up with a company who has a dealer license in FL and processes my buyout for a whopping $60 (yes, sixty).

I am just here to tell you that if you are in my similar situation where you want to buy out your leased vehicle, DO NOT let any dealer try to mark up your OWN lease buyout. The sale is between you and the leasing company and they LEGALLY HAVE to provide a way, even in a dealer state, to buyout your car for the contract price.

7 Likes

In FL, once a person or company sells more than 3 vehicles in a given year, they are considered to be acting as a dealership and must obtain a dealer license. This is per Florida Statute section 320.27 (1) (c ). Many auto leasing companies do not have a Florida dealer license. Therefore I will assume that Hyundai Financial is not a licensed dealer in FL which is why you must purchase the buyout through a FL licensed dealer. But, you can work the buyout deal through any FL licensed dealer not just the originating dealer. My complements to you for doing your homework and saving a ton of money.

2 Likes