Hello, first time on this forum. Sorry I have a lot of questions, this was my first lease and before this I only ever bought used vehicles from random people. So my Hyundai Tucson lease is almost up, I have 5 payments left, finishing in March of 2025 and I was thinking of getting a Palisade but now I am thinking maybe I should just get another brand but I am still considering all options. So I am also over miles on the car, I am estimating I will be 10k miles over once the lease is done. I have tried to check all the fees I could incur at the end of the lease if I decide to buy the vehicle. Im guessing a documentation fee and a buyout fee. Do I also pay taxes on top of whatever the residual value of the vehicle is to my state? If I dont decide to buy it and turn it in what fees will I be charged with other than over-mileage fees and a turn in fee? Should I just buy the vehicle and then turn around and sell it to car max? How does a car dealership like car max pay me for selling my car to them? After doing some homework that if i decide to buy another brand of vehicle I should buy the car and pay whatever fees and then turn around and sell the vehicle before attempting to buy/lease my next car? Thanks for any help in advance!
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- These are numbers questions but the only numbers in your post are 5 payments, years AD, and the number of miles you are over. What is your residual? What do you pay per mile? Take a look at your lease agreement on paper or through your Hyundai finance account and find out.
Sorry I forgot to specify that I am not too worried about how much the fees will be. Just wondering what type of fees will be associated with buying out the lease vs turning in the lease. The residual value would be $13,841.40 Worse part is if I turn it in I know i will be paying $0.20 over mileage fee and with the amount of miles I am assuming I will be over will be $2000 if I turn it in. Thats why I was thinking if I decide to go with another brand of vehicle that I would buy the car the avoid the over mileage fee and then turn around and sell it.
Check on Carvana and Carmax and see if it has any equity (Probably not) but just try.
If you buy:
- $300 Purchase Fee
- Everything they list on the ‘buyout form’
- Sales Tax for your state.
- Small DMV Transfer fees
Dont forget that this will generally incur you paying sales tax on the buy out, title transfer fees, etc, as well as the buyout fee that is usually about the same as the lease turn in fee.
Also, hyundai financial is notorious for taking forever at releasing titles, so if you buy it out, it will noy be a quick turn around.
Why wait? Check value of your car now from Carmax autonation, @DNA_Auto_Wholesale1 , driveway rodo @AutoCompanion and lease hacker equity etc.
Going with over miles with this car it will not increase value of it.
Sell it to the highest bidder and start fresh to shop around for another car.
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