Looking for some advice as to whether I should buy my Hyundai Santa Fe off lease or just return it. I have actually really enjoyed this car and would like to keep it but not if I’ll be overpaying for it.
It’s a 2017 Hyundai Santa Fe Limited Ultimate AWD (7 passenger) with tech package and some other little extras. MSRP was $41,150 and sticker price with packages and freight and handling was $45,040.
I’m on a 36 month lease, 12k miles per year. Lease is up at the end of Sept.
I’ve been paying $399/mo, put about $900 down including first month.
Doesn’t include tax as there’s no tax in NH.
Currently has almost 29,000 miles, in good overall shape, a couple small dings (from other peoples cars’ doors) that I’d probably owe a minimal amount for.
According to HMF when I log in the “residual value” is $23,871 and the “buyout quote” is $24,951 (and is good through 6/27). Is this what I would actually pay to buy the car at the end of the lease? Also, does the buyout quote include my last 3 months of payments, or do I just pay the $24,951 before the end of this month then the last 3 payments “disappear”?
Help! As you can see I’ve never purchased a car at the end of the lease term and could use some guidance!
Thanks in advance.