I’m confused by HMF early lease termination clause. Have an ioniq5 on a single pay lease. Hate the car, hate the dealerships more, hate the recalls, probably have a lemon law case but frankly don’t want to deal with it. Lease is up this September, and I want this car gone. I don’t want money back. I just want them to take it away. Ok with losing the unused $1500 of the lease. Obviously ok with the dispo fee as per contract.
Since I have no payments left, would I be subject to getting this car auctioned, and HMF going after me for some accounting deficit? This is how I’m interpreting the contract. Their offshore based customer service is scripted and thoroughly useless.
I’m not sure of the answer as early termination seems the new “thing” to ask here. What I do know is a lease is a contract. If you don’t honor the terms you open yourself up for some loss. Why not just keep the car and turn it in like you agreed?
The car died three times because of 12 volt failure, rendering the car completely useless. Tow truck driver couldn’t find a dealership so randomly left the car in someone’s backyard in the wrong city… No local dealer wants to service the car because I didn’t buy it there, the one that agreed said 6 months waiting for something that could set my house on fire. This has been my experience. Hyundai can shove their cars where the sun don’t shine. They don’t know anything about customer service or reliability.
I’m trying to see if they would apply the early termination terms to someone that paid the lease entirely upfront and doesn’t want any of the money back. I guess that would just be out of spite if they did. I would rather not take the plates off and keep the piece of junk in my driveway for 8 months
If you have a safe place to park the car, just park it there and have your insurance company charge you their storage rate until the lease ends. My dad did it with his Mercedes when he went out of the country for a few months. Just make sure the coverage limits are the same and meets Hyundai’s minimums for lease.
True but OP is having dealers who won’t even service the car since he didn’t get it there so I imagine they won’t take make the lease return easy on him. Then we have this unclear clause they mentioned. Parking and storing the car with a much lower insurance rate is not a bad alternative to not stress about it. It sounds like he doesn’t have long to go on the lease.
Service is the issue, Hyundai is telling me I have a recall issue that could potentially set the car and my house on fire, yet none of the local dealers 15 minutes outside of New York City want to service it.
You pay six grand for two year lease, and you get service appropriate to what you paid for it.
For those that say call Hyundai and ask them. Do any of you own a Hyundai and have tried? About 90% of the time you get routed to some offshore call center where they give you canned responses or tell you that they’ll call you back in 3 to 5 days after a “thorough investigation.” The last time I had to get this car towed after it died and the tow truck driver ended up losing it in someone’s private backyard in a different city, I spent the entire day on the phone with Hyundai trying to force them to go find a car, pull it out of someone’s private yard and tow it to a G-D dealer. There are about eight or nine of them within a 30 minute radius. I am pretty sure I have a lemon law case here but I don’t want to deal with it.
Here’s a tangentially related thread where they post the copy of the contract.
It shouldn’t matter where you leased or purchased the vehicle. Unless I’m mistaken, any Hyundai dealership is obligated to fix recall issues. Also, they must repair/replace components that are still under warranty. Suppose I purchase a car in Cleveland, Ohio and move to Hershey, PA. If the car is still under warranty and a covered component needs to be repaired, am I to understand that I must drive the car back to the originating dealer in Cleveland, Ohio to receive the needed warranty service? Absolutely not, that’s beyond ridiculous as I’m sure Hyundai would agree.
FYI- If you need assistance in calculating your early termination liability, I can provide the framework and methodology. It’s just a matter of translating the contractual language into a set of mathematical statements. I’ve posted this several times, including relevant equations, together with examples on LH. Just PM me if interested.
I can post the names of every dealer that refused if anyone is interested. Pretty much everyone in North Jersey. I actually called Hyundai to complain and they told me well, every dealer is independently owned and you are SOL. Highly advise everyone to stay away from this company.
Appreciate the input, I know what the wholesale value of the car is and what is owed on it. I do not want a 15 to $20,000 bill. I was wondering if anyone had experience terminating a single pay lease where the whole lease is paid off in a single payment and nothing else is owed. I am not looking to get money back. I realize that I can just park my car in my driveway until September, but I have an X5e on order and I do not want this piece of junk clogging up my real estate.
As I indicated in my post, I can do those calculations. However, I’ll need to see your lease agreement (first three pages) as well as your sales tax rate. I’m a former actuary and financial mathematician. I can do this stuff in my sleep.
Refusing warranty service is usually an issue with the state licensing board. In most state it is a requirement of their dealer’s license, so if you really want to push the point, that’s who you should contact.
What exactly do the dealers say when you tell them you want to ground your lease? What do you tell them?
I’m curious which part of the process they are getting hung up on. I’m most cases when they take a car in that they don’t want to keep they just put it in a truck and it goes to auction. It’s Hyundai’s car. They have no liability. So are they misunderstanding that it’s prepaid? That it needs service? Car doesn’t need to be serviced to be returned.
Unfortunately I’ve had a lot of ignorant folks on the dealer side and they didn’t really understand the most basic things. Have you tried hanging up and calling again? Maybe showing up?
You must have spoken with some ignorant customer service rep. They’re a bunch of drones. Every dealership must be licensed by the state and has an agreement with the manufacturers with whom they represent. I’m betting that the Hyundai legal dept would provide a much different response.
