currently looking at ioniq5 or 6 for lease.
not easy to find dealer who can do onepay lease.
if you did onepay with Hyundai dealer in California, can you share the info?
I heard some horror stories about Hyundai one-pay lease from my dealer in case of total loss. Anyone has experience with similar situation?
Most of the info that’s floating around on the risks of doing a one-pay is thirdhand/anecdotal.
Perhaps someone here would be kind enough to post the relevant section from a recent Hyundai lease agreement.
If Hyundai’s contracts are structured like Audi’s (VW’s), the sample doesn’t even have to be from a one-pay lease; the language will be there either way.
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Audi’s has a specific section for one-pays / total losses, perhaps Hyundai’s does not.
I can’t find it atm, but in early July I posted the excerpt from my Audi contract, and in case of a total loss on a one-pay, (I’m paraphrasing) you get a substitute vehicle for the remainder of the term, or they’ll calculate a prorated credit based on the unused term and you can apply that toward another Audi.
This is from a Onepay contract. It seems like they have the option to give you the lesser of the following 2 options
- the realized value over the adjusted lease balance (which in this case would be the residual?)
- divide the amount paid upfront by the months of the term and give a credit based on the number of months left.
If I’m understanding it correctly, it seems like there is potential to get screwed if prices drop a lot more. However, with the large rebates and discounts people are getting, I don’t think it’s a problem atm of it was a well negotiated deal.
Don’t think these are the right pages.
Maybe I’m missing it. Which sections are you referring to?
25.a says that in the event of total loss, it would be considered an early termintaion and you’d go according to section 22.d
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I see it now. I haven’t parsed through it completely, but I see where it’s addressed.
Thank you for taking the time to post that and explain.
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