Lease ending in August, want to plan

Ask the Hackrs
1

My lease is ending in August and I’d like to put together an action plan.

I currently have a Hyundai Santa Fe and I don’t know what I’d like next. Still looking, but I think I want to stay in SUV-land. My maximum is around $400 a month with, say, $3K down. However, I’d like to stay in no down payment and $350 a month if possible. I’d also like a 24 month term with 10-12K annual miles.

I can live without a car for a few weeks as I have my bike that I can use to get around to get the right deal.

I have some questions that I’m hoping you can help me with:

  1. Is hiring a broker worth it? If we can’t find a deal, do I still have to pay him? Would like to know what is the law of the land on this.

  2. Can I sign deals early and take possession when my current lease expires? I’d like to know if I can jump on a deal if I find it without starting the actual payments until my lease ends. If so, how far ahead can I expect a dealership to offer?

  3. Should I target a particular sales event around end of August? Which one?

I think that’s it for now. Thanks for any advice you can give me!

2
  1. Depends. A couple of brokers here have posted good deal.
  2. As far as i know, no.
  3. Not sure of august sales events. Maybe end of month/labor day.
3

Call Hyundai financial services and ask if they’re willing to extend the lease a few more months into December or even January. Tell them you’re thinking of getting another car from them then…

When December rolls around the best deals of the entire calendar year.

Happy lease hunting!

4

Thanks, guys. Appreciate the insight.

5

I have Genesis and also early September expiry. HMF will allow extension of the lease for up to 6 months if one has a good credit and payment history. You need to call them ca. 2 months before. The payments after the initial agreement lower the residual value. I plan to hold it at $360 until January.

6

Thanks. I’d like to get rid of the Santa Fe rather soon though as I rolled negative equity into it and the payment isn’t great.

7

Best deals of the year?! Would this apply to all car brands or just some?

My lease is up at the end of July/ early August and if what you say is true I may consider extending as well.

8

I have experience primarily with luxury brands like Mercedes, BMW, Maserati so I don’t know if it’ll be true for all brands.

1 Like
9

i have to say this past december was a little soft for super deals compared to previous years. @Colladang23, August is generally a good time as well as the model years change around that time of year and they are going to try to clearance out the 2018s for the incoming 2019s.

1 Like