I have a lease on a 2015 Hyundai Sonata Limited (fully loaded) coming to an end in a few weeks. I did not use Leasehacker and I think I negotiated a horrible deal back then.
Contract RV is $19,554. 36 mo/12k, and my mileage is at 49k. That’s 13k over @ $0.20 = $2,600 on mileage. I just had the car appraised at CarMax for $15k, and I see it for sale for around $16.5k. Clearly I don’t want to pay $19.5k to buy it outright.
Is my best option to negotiate with Hyundai rather than a different manufacturer? (Example - I can get a Lexus ES350 for around the same payments I was making on the Sonata! But then what do I do with the Sonata?)
If so - what’s my best tactic for dealing with the over-mileage, if any?
Generally speaking (I have no experience with Hyundai) only Hyundai would be able to “forgive” part or all your overage in return for leasing a new car. That would also most likely mean that you won’t get the best leasehackr worthy deal on the new car because if the dealership makes too little profit on a new lease, they’re not inclined or incentivized to help you with the over milage. Sometimes the dealership will actually secretly pay for the over miles to get you into a new car (they might be able to buy the miles cheaper) but that still means they would have to benefit from selling you a new one. When you’re trying to get a Genesis for $200/mo there’s no room for them to eat your extra miles.
A different brand like Lexus can roll the $2600 into the new lease payment but that means you’re paying for it.
$2600 / 36 mo = $72 so if you rolled it into a different brand lease you’re looking at an extra $72/mo which is not the end of the world. Personally it wouldn’t tie me to this brand unless I loved it. I’d rather get a C300 loaner lease for ~$300+$72 which is still a decent payment than locking myself into a brand I might not want to drive just because of over miles.
After all you did go over the miles and now that you know how to negotiate better by reading this forum, it might be worth getting a different brand for a better deal and paying the extra miles. But that’s of course up to you…
He’d be overpaying for the car vs an equivalent used model currently for sale, unless Hyundai will negotiate the buyout. Unless he’s going to drive it into the ground over the next 10 years, then that’s a different story and wouldn’t really matter much in the grand scheme of things.
To help mitigate his loss for overpaying to buy it at lease term. The longer he would own it would help make the overpayment an easier pill to swallow as it is spread over a longer term
I just turned in a 2015 Genesis and it was very hard to negotiate the lease miles but since I had $0 cost in wear and tear they gave me 10% off. I think those folks on the line are just bill collectors from a third party so you have to escalate.
If Carmax offered you 15k to buy it you should be able to do better at a standard dealership. Carmax offered me $13,200 on my last try on my car. Subaru gave me 16k and a decent deal (not the best I’ve read) in a brand new 2018. The fact that I got a limited and they are now selling almost at sticker because it’s 3-4months in orders now.
Just an idea of how bad Carmax screws you. Lots of YouTube videos on this as well. I don’t see you coming out ahead tho paying overage miles vs a really good trade in value. You could maybe manage to get that trade in at same out of pocket as returning it. I would just pay the overages and move on. Maybe next time look at Toyota, certain times of the year when it’s graduation season trade in values rocket up.
What difference does it make, no dealership is going to come up $4500. He is going to eat the $4500 in negative equity, or pay $2600 to return it. I am betting the best option is to get a dealership to bring it up to like -$2500 negative and roll it into the next car.
I am sorry, but OP needs to plan better. Over by 13K, really?
Try contacting the lease holder directly. Express interest in another lease, but you have concerns about the over mileage fee, and that some “discounts” will help in the search process. Make sure you explicitly ask for reductions, not contingencies on doing another Hyundai.
This tactic worked very well with Honda for me, and I called 4 or 5 times in a 2 week period before they said no more!
