Hello Hackrs. Long time lurker, first time poster. I’m reading that current Hyundai leases are not eligible for tradein with 3rd part dealers. I was going to trade my Sonata to a (non)-Hyundai dealer and use the equity to cover some of my expenses.
That dealership told me I can’t trade a lease car from Hyundai right now. I could potentially sell it back to Hyundai, but that was my only option really.
I confirmed this on your nicely organized Wiki about Third-Party Buyouts. For Hyundai, it shows a confirm date of 11/30/21
But, I called Hyundai, and the rep said I am free to trade the vehicle anywhere so long as the payoff quote is paid. But, maybe he was wrong? Or maybe they changed policy recently?
So - please tell me. How bad is it for me right now?
I think this is the smoking gun I wasn’t aware of. And makes sense. I had one dealership not bat an eye when talking about my trade while another immediately asked me if was a Lease. I bet if I go back to dealer #1 I would see they are grouped with a Hyundai lot.
Well a third question is whether the buying dealer can buy it for the residual value of the car in the lease contract or do they have to pay a higher amount? There have been many posts over the last several months in which the car manufacturer finance arm (lease holder) provided a “much higher” quote for a 3rd party buyout v/s the lessee or a Hyundai dealer buying out the car. The transaction only makes sense if the buyer can buy the car for the lease contract residual value.
I haven’t ever heard of hyundai charging a higher rate… just the issue with many places not wanting to buy from them because of how much they drag their feet.
Ok you just threw another log on the fire. It’s a Kia dealership telling me they can’t trade for my Hyundai. So would a Kia dealer still have to wait 30-60 days? If not, then I don’t see why he wouldn’t want to buyout my lease.
Kia uses Kia Finance which is a part of Hyundai Capital America. Same captive, different DBA.
Honestly, I am not 100% sure, I very well could be wrong - I’ve seen stupider internal policies. Nonetheless, the firm answer is to shop around with auto groups with a Hyundai dealer like AutoNation that would be able to buy out your lease for sure.
hello fellow hyundai leasee. i went through the nice time of buying out my '21 elantra lease, waiting for title, going to tax office, title transfer process, waiting for new title, then selling to dealer. was fun!
