Hi! I am in North Carolina. My lease is ending May 30 on my 2024 Genesis GV80 3.5 Prestige.
I am significantly under the mileage allowance. I paid for 15,000 miles per year and did 22,000 total over the 3 years. My online account generated a buyout amount of $46,400.
I understand I have equity (?) in the car, but I do not know how to go about getting it when I show up to the dealership next month.
I will need another car and would prefer to get another lease maybe with Genesis maybe not.
What should I do to get the most out of my situation? Also, would extending the lease a few months hurt me in any way?
Not true. Your residual was established by the fund provider at lease inception. It’s etched in stone regardless of how many miles you’ve driven the car. What mileage does impact is the market value or trade value. The less mileage, the higher your trade-in or market value. You may want to check your local market trade values for cars similar to yours. Or check CarMax to get an estimate of the trade value. If the trade value exceeds the residual, then you will have equity. I routinely trade my vehicles at lease end and almost always have equity. Remember, that dealers do not pay sales tax. For example, if you owe 45,000 and the dealer is willing to give your 46,000; the dealer will buy the car for the lease balance of 45,000 and will give you the 1,000 equity either with a check or will apply it to your new car lease or purchase.
Yes… but, remember you’ll pay tax on the selling price if you exercise your buy option. If the dealer is willing to give you 50K, or close to it, I would take it and be done with it. Take the CarMax report to the dealer and see if they’ll match it while they evaluate your trade… you have everything to gain and nothing to lose.
You could check with Carmax if they can do the lease buyout directly from Genesis financial (or whoever your lessor is). If yes, you can give it a try. You could also try with any local car dealer if they can beat carmax. In either case, it depends if your lessor agrees to the buyout from dealer directly. You can let the dealers(or carmax) figure this out.
Why do you like? Regardless of sex you need to know the negotiables and math behind leasing or you will leave a lot of $$$ on the table the next time…go to Wiki here or Google or AI and get yourself to the point where you know how to calculate your own target lease payments/DAS.
I was half joking. I think I did a pretty good job negotiating the lease terms, car price and money factor. I enjoyed the car and the entire leasing experience. I simply didn’t drive the car as much as I thought I would. This is my first lease and I simply don’t understand how to maximize my return at the end here. And yes, I don’t want to leave money on the table next go round. Thanks.
Easiest thing to do is, get an in-person Carmax appraisal done. Then, contact local Hyundai/Genesis dealers saying you’re looking to sell your car, have an offer for $50K from carmax, and most will match or come close.
