I’ve been reading a lot about the issues leasehackr members are having returning their Ioniq5s to Hyundai dealers and being turned away, no doubt due to an oversupply of lease returns.
It’s making me wonder what’s going to happen when I have to turn in my Hornet RT+ in Mar 2027. Yes, I know it’s a long way off, but with the cars no longer being made after MY2025 and having a bad reputation in general (mine has been amazing), am I going to have trouble finding a dealer to ground it?
Is this about to be a nationwide thing across EV brands/models, where all of these pre 9/30 heavily incentivized leases are going to be coming due in 2027/2028 and no dealer is going to want to take them?
Will we see negotiated buy outs for the first time ever?
Some people had a hard time with 4xe returns, but I did not or with my Ioniq 6. Seems to be very localized to me, but I did have the same fear going in.
No offense, but you are confusing the Hornet with a car that sells. I guarantee there will be more new MY24-25 Hornets on the lot than used when you go to drop off.
No I get it. Which is why I think it will be more interesting to see what happens with these cars. People don’t really know how good they are once you get the 12V battery replaced, so they will still have a horrible reputation come turn-in. So all things being equal, I don’t think SFS will want them back, and dealers won’t want to ground them and deal with all of that. But if SFS offers me 50% off on my buyout, I’ll certainly pull out my AMEX and pay it.
I’m just hearing of folks with 4xes and these Ioniq5s that are actually having problems getting their cars grounded, even talking with HMF. That’s what raised my question.
I’ve done lots of leases, so I’m familiar with the normal way of grounding them, and what to do when a local dealer won’t cooperate (though I’ve never had that happen). I think this situation with EVs is a little unprecedented, and I think we are just starting to see the first signs of the EV credit house of cards start to collapse.
Anyway, it’s just a speculative question. Nothing to really worry about right now.
This is the answer. Call the leasing company and maybe also send a certified letter, with return receipt, to the leasing company. They will get the vehicle returned.
Related story - following the 2009 Chrysler bankruptcy and dealership closures, in law school I heard about a few difficult and angry people in rural Virginia who made “new” Chrysler send flatbeds to ground their lease because technically you can’t force someone to return their lease in a County other than where the vehicle is leased if not explicitly stated in the lease agreement.
plenty of room on that “mothership”