Need Expert Advise on Lease End Offer Hyundai Sonata 2021

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1

Hello everyone,

I have Hyundai Sonata 2021 (Gray) and my 3 year lease is coming up in a week. I have about 22300 / 36000 miles on it. I do have a minor dent (which they said might be close), and left sideline that is broken from one end.

Went to the dealership to know my options to buy the vehicle and got the below offer:

Sale Price : $15,313
Tag and Title: $585
Tax: $975
Balance: $16,873

For financing below are the options I’m getting:
APR: 11.99%
60 months
$5750 down comes up to $249 per month
$3750 down comes up to $294 per month.

Now if I have to return the vehicle back I have to pay the $400 disposition fee and on top of that I will be paying about $1K - 2K in the damages I believe.

I’m planning to move to Boston soon so I do have 2 cars with my family that I can end up using, but just wanted to know what would be best and smart to do here?

Buy out the vehicle? or just return the car and then explore options later?
Is paying $16873 for this car worth it now?

I’d appreciate any inputs.

Thank you :slight_smile:

2

Get a quote from Carmax online to give you a baseline of what your cars current “trade in” value is. If your car is leased thru Hyundai you can’t sell it to Carmax but if it’s a 3rd party lease you probably could. Either way, then get quotes from AutoNation who can buy your car. If the buyout price is less than what AutoNation offers you, you sell the car to AutoNation and you keep the equity. Even if it’s break even, you sound like you would be coming out ahead by avoiding the wear and tear and damaged and the disposition fees. Whatever you do, don’t pay 12% on a loan, you can get into a brand new car for those loan prices.

3 Likes
3

Can you clarify? You can borrow a car for the move but not beyond that indefinitely?

And will you need a car once you move or you won’t need a car while living in Boston?

4

I’m getting an offer of $16400 from carvana and carmax. I agree, the loan interest is too high.

5

I’ll be staying with my family there and we have two cars that I can get added to the insurance and use. So yes I’ll have a car available when I move there.

6

So why are you considering buying out this Sonata?

7

Just return the lease and get something in Boston (unless you are a red sox fan, in that case just drive into the harbor)

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8

Just to avoid the damages fees because I don’t know if they’d charge me $1K or 3K. But as @Walper said, I might look into showing the car to CarMax or Carvana, getting a quote and then if it’s break even, I might just finance the car, and sell it to CarMax/Carvana to avoid the disposition fee, and the damages fee.

9

I am not suggesting you buy out the lease, but if you decide to, make sure you only pay the buy out amount listed in the lease agreement. Dealers, especially in Florida, have been known to add bogus junk fees that were not mentioned in the lease agreement.

10

It sounds like you should have roughly $1000 in equity in this car. But even just breaking even is better than any damage and turn in fees. Reach out to AutoNation for a quote and in person appraisal. Also depending where in Florida you are, I have had good luck selling Hyundais to Rick case Hyundai in the Weston Area. They were over kbb, Carmax, AutoNation etc.

11

How does that compare w/ simply paying the disposition fee and damages and walking away?

That interest rate is a total deal killer, period, IMHO.

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12

If a dealer such as Carmaxvana buys it, you should let them buy it directly from the bank and write you a check for any equity.

Don’t buy it and wait for the title while these offers expire in 7 days.

13

@Walper So I went to Autonation and they said, they can probably match the offer and buyout my lease from my Dealer. I might just have to pay $100-200 or so (hoping they can cover that too). Looks like if they’re taking care of that, I might just let them buy the lease.

14

I’m a little confused. You don’t need a different dealer involved in a buyout at all. AutoNation would be buying the lease directly from Hyundai. It looks like your buyout is about $15300 not including tax, which a dealer (AutoNation) doesn’t pay. If you are getting a “buyout offer” of about 16500, you would be walking away with an equity check of about $1000. There still is a disposition fee when selling the Hyundai lease just fyi.

15

@Walper Yes the buyout is about $15300 and Autonation is just matching the buyout price. So I’m basically breakeven. Sorry yes they’re going to just buy the lease directly from Hyundai.