Trying to help out an extended family member with lease end. Hyundai lease with current monthly at $225 (oh to time travel back to 2020). Lease ends in October. Have a current guaranteed 3rd party purchase offer (confirmed it is permitted by Hyundai Motor) which would provide approximately $3200 in equity. Taking subjective matters out of it (like desire for a new car), what are all you smart peoples’ thoughts on best option:
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Sell car now, bank the $3200 and have it to help out with the likely 350-400 (at least) monthly payment that will attach to a new lease;
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Keep car until lease end and then purchase (approximately $15,500 buyout at lease end in October). Major downside to this is family member does not love the car (but let’s try to keep that out of the picture for now);
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Keep car until lease end and request an extension to maintain the $225 a little longer. Then figure things out at that time. My main question here is whether any of you know what Hyundai Motor’s practice or policy is on this. I have searched the forum and have seen some discussion of a 6-month lease extension, but I am unable to figure out if that is automatic or whether particular conditions need to be present.
I know there is no perfect answer, but I welcome the thoughs from this forum. Thanks in advance.