I live in Orange County California and I am currently leasing 2017 Hyundai Elantra SE with Popular Package.
I have been a vintage BMW guy and always had multiple older BMW’s. Always loved driving and working on them. but after totalling my E46 ZHP after having my first child, I thought I should finally get a new car by leasing and be more of a responsible parent.
long story short, I have had the car for about a year and I am trying to get out of my lease. I really miss my oldies and with the baby, turns out we always use my wife’s car anyways.
here are the real questions,
When I check the Hyundai Finance website, it shows i owe about 16k but at the dealer they are getting about 15k. where is the discrepancy coming from? can I somehow use it to leverage my situation?
I am trying to sell it to a private party because 1. Hyundai does not allow lease swaps and 2. trying to get the most money for the car. When I do sell the car, how does it work with lease cars since I owe money on it? Does the buyer simply gives me money and entrust me to pay for the car and mail him/her the title? seems unlikely. or is there an escrow system that Hyundai has that I can use?
I really really would like to exit this lease so if you can answer these questions, I would really appreciate it.
Or if you wanted to buy my car, please feel free to reach me as well
Too bad you have to do this, it’s always advisable to plan ahead with leases and stick with it, otherwise it becomes costly sometimes.
I personally never had Hyundai lease so you have to check with them (by calling them) what is allowed and under what terms/conditions.
a. Dealer will never pay you retail for your car. So first check with them what you actually owe, not at the end of the lease (residual) but a total “get out of lease” cost. That will probably include your residual, total payments left plus disposition fee. I doubt it’s just $16k, but try and see.
b. You can not sell it to a private party until your lease is up, at least I don’t think you can under the lease terms, the car does not belong to you but the leasing company. You have to pay it off first i.e. buy the thing, then you can do whatever you want.
Sorry not what you wanted to hear, but just the way the lease work.
These are two separate transactions. Hyundai will have nothing to do with your sale. You will need to pay them off first so they can release the title and then you can give the title to the buyer. The best you can do is get a deposit from the buyer and then get the money from them after the 7-10 days it would take to process the payoff and title release.
The chances of you being able to sell the car for 15 to 16k or any higher than what you owe are slim. New Elantras can be bought for 12-15k.
Try taking it to carmax and see what they offer you. I sold my e92 to them. They handled all the paperwork on the spot. If you have any negative equity, you can cut them a check for it and be done with your car. Might be an option.
