I have 1/2 a lease term left for a 2022 Hyundai Santa Fe Calligraphy. I am paying $720 a month for the car which I truly feel is ridiculous. I know I might have some negative equity in the vehicle still but I can’t stomach the payments anymore. Looking for any and all advice on how to get out of this and get into a SUV for my family of 3 and a large dog that is cheaper per month
Its going to be tough sledding to list this on the market to have someone take that lease(being so expensive) off your hands.
Get a quote from Rodo, AutoNation or Driveway and see where You are.
Also try with Kia or Hyundai dealers.
I don’t believe Hyundai allows lease transfers -
https://www.swapalease.com/help/lease-company/hyundai-motor-finance-company
Unfortunately, you’re either going to have to find a vehicle that has significant incentives/discounts to help carry some of the negative equity in getting out of this vehicle. I agree with the previously stated advice in getting multiple offers from different entities on what they would give you, but if it’s not a dealership that you’re also getting your next car from, you’re going to have to figure out how to deal with the negative equity to payoff the vehicle with Hyundai Motor Financial USA.
Your easiest solution (which will cost you the most) is trading it in.
Most dealerships will take a Hyundai (Some won’t) but that Neg equity is gonna follow you into the next lease. So if you find say a $600/m lease, the neg equity can push it to $700 or even $800 (so you lose).
An Hyundai Ioniq 5 is your cheapest bet, but well that’s a $300/m so your neg equity will just add to it.
For every $3000 neg equity add $100 to your next lease payment.