If I were to get into a 3-year Hyundai lease (let’s say Sonata or Elantra) but I want to get rid of it after 1.5 years for example… are there any ways to do so? Or am I stuck with it for the full 3 years?
Because to my understanding Hyundai doesn’t do lease transfers
Prob shouldn’t be leasing if you’re already contemplating this scenario
You’re at the whim of the market.
Whatever some dealer offers you as a trade value, the difference between that and the payoff is your negative equity and you need to pay that in cash.
Depending upon the vehicle’s condition/mileage and your local market, you may have positive equity.
You can but it might cost you a bit in negative depreciation.
If you get an EV, it will probably be worse.
What are usually the early termination fees?
How would this work? I’ve never done something like that before. I would go sell it to a dealer, they write me a check and then I pay Hyundai the payoff amount?
You would need to read the early termination provisions in the lease agreement.
Do a 24 month lease if able which will cost more per month but less on the backend.
Early termination isn’t as easy as just paying a fee. You have to pay the rest of the remaining months at the same time.
If you sell the dealer takes care of the payoff and either you pay them the difference if you are negative or get a check if you are positive (assuming there isn’t language in the lease that says any equity remains with the manufacturer).
Your best bet may be to take over somebody’s lease that has 18 months left if that’s your time table unless you must have a Hyundai.
If Hyundai is anything like Genesis at ETF, they don’t do it.
You can ground the car early, but you’ll still owe the entire lease.
If you trade it in, the ETF is $300..or was 2 years ago. There are other fees associated to the value of the car such as neg equity, but if you straight up trade it into a dealer, expect a ‘last bill’ of about $300
You pay the difference. The difference between what was offered for the car and the pretax payoff amount.
So it’s in your best interest to find the highest offer for the car but don’t expect the difference to be zero.
Find something on private transfer or swap a lease to match your need
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