Not sure why Hyundai motor finance is tied to Kia? I know they’re sister companies but it’s not smart to just assume Hyundai and Kia are both doing the same lease buyout practices… anyway…
Just had a third party dealership (buying an F-150 from Ford new) buyout my 2019 Hyundai Santa Fe. Called HMF and spoke to 3 different reps who confirmed Hyundai has NOT changed the rules. They were able to send a letter confirming this to the dealer I’m buying from. The reps said they knew it will probably be changing, but has not changed.
Got the lease end $21 check from HMF yesterday. Also a letter stating I’m no longer responsible/liable for the vehicle as the lease was bought by the dealer.
They do not sell Hyundais. It was a huge thing and the Ford dealership thought I was gonna have to buy it out first….but we called and got it in writing that the rule hasn’t changed.
@michael can you please add Volvo to the list that currently doesn’t allow 3rd party buyouts, and Volvo dealers can only accept on trade for another Volvo (ok let us know if it’s ok to make edits on your behalf?)
I heard same thing from Hyundai, but 4 separate entities have said they won’t buyout Hyundai’s so de facto it doesn’t work. I’m personally buying my lease out now and they are super difficult to work with, the Porsche dealership sounded like they just find em too much trouble.
Carvana and Algo both say no to a Hyundai lease buyout.
One car buying website said they won’t buy Hyundai lease as well for me. But that doesn’t mean Hyundai isn’t allowing third party buyouts…
I’m posting this because one manager at the Ford dealership caused a huge issue because he saw this forum which is incorrect.
That was a Saturday as well. My wife and I did research and found no publications stating it. Then Monday morning we called and everyone at HMFC said that’s not true and they are allowing non-Hyundai dealers to buy at same buyout…They sent proof to the dealer in writing.
So thanks to the false information we had a stressful two days for no reason.
Hyundai is still allowing 3rd party dealer buyouts.
I believe you, but I also believe everyone else. Reminds me of the Uber hack years ago. Some dealers could do it but most couldn’t. HMF perhaps not the best run bank. They sent me a refund check several months ago after I sold a leased kona and the check bounced. Still haven’t been able to get that corrected.
Yah it was very upsetting when the manager told us this wrong info. Then Monday morning, I called and confirmed that no changes had been made. Dealer said great we just need it in writing that the rule hasn’t changed and the CS rep even three way called the dealer while on the line so they could email the dealer stating HMFC still allows lease buyouts.
Saved us from having to finance the $21k buyout ($25.5k trade allowance), go pay the dmv the taxes on that $21k and then trade in the Santa Fe as an owned asset. Even thou that route would have been $300 cheaper as the $4500 in trade equity we wouldn’t have had to pay taxes on…
Problem is with dealerships less motivated, they often don’t want the hassle. Hyundai very slow with titles, and in this market dealerships want to flip fast. There’s an expedited wholesale title company and I noticed they don’t list Hyundai as a partner.
