How do I ask for a check on lease return

Ask the Hackrs
1

Hello,

I am about to return my hyundai santa fe as my 36 month lease is coming to end. I have a few questions about asking for a check for equity on my car. My car’s residual value per lease agreement is $23k. The market price is about $29k.

  1. What is the process/duration between me dropping off the vehicle and getting the check? I understand the dealership needs to schedule an inspection by 3rd party to assess any excess wear and charges. They also need to wait for title? I am assuming it might take a while to get the check after I return my car. Is that right?

  2. If yes, does the sales manager estimate excess/damage charge and make a verbal offer for how much he can write you a check for at the time of drop off? I guess he could always change his offer blaming the inspection report showed higher charges than he estimated?

  3. I am thinking of visiting two dealerships nearby to see who offers more. I wonder if the process is as easy as just showing up without appointment and ask how much they can offer for my equity?

I’d like to avoid buying and selling to individual or 3rd parties like cavana/carmax as sales tax and extra hassle makes the deal less desirable.

Thank you for your help.

2

Stop right there, make sure you get your terminology clear before contacting any dealer.

If you want to walk away with a check for equity then you need to sell your car to a dealership, not turn in (ground) the lease.

If you are selling your car to a dealer then you do not need to get the 3rd party inspection done. That is only necessary if you are grounding your lease and walking away. The dealer that purchases it does so in the condition you present it in, and their offer will take into account any flaws or things that need to be fixed.

And every dealer is different, some may give you a check right then and there, others may wait for the title, etc.

If you’re going to sell your car to a dealer then yes, contact as many dealers as you can and take the highest offer.

3

Thank you @j_e_f_f for your detailed response. Clearly, I did not understand the two different processes between selling vs returning my lease. I will shop around and sell my car to the one who pays the most. Thanks again for your help!