Hi guys,
When you trade in your lease car, dealer doesn’t pay tax on it right? So, our payoff quote is different than their? Their payoff quote is minus tax of our payoff quote? I just wanted to double check in this. Because currently my car’s residual value is $17,800 and payoff quote is $20K. So, dealer pays $17,800 right? I pulled these numbers from my Hyundai account.
Dealer pays no tax and his buyout may be less than yours. Why?
Hyundai tries to trick you into paying tax on the ‘verification phone call’ Ask them for the total including tax, and the Tax amount, they will not give you the pretax amount.
Also you will pay a $300 buyout fee when you close your lease. Please be aware of it.
…applies at the end of the lease. Until then it’s not really relevant rn
What’s your current payoff before and after tax?
Hyundai doesn’t show without the tax. My total payoff is $20,200 something with tax.
Are you ending your lease early? Are you trading it in to a Hyundai dealer? Non-Hyundai dealers may not get the same buyout price. Do,you have a trade-in offer from the dealer?
I am going to trade in to Hyundai dealer for a new lease. 2 months left on the lease.
You may have more equity than what the dealer is leading you on. You can sell your car to any dealership that has a Hyundai dealer under their umbrella (AutoNation has a Hyundai dealer in Ohio or something to get around this). I sold a 2020 Ioniq for $3300 equity to AutoNation that a local Hyundai dealer said “sorry no equity” without ever even looking at the car. Shop around and good luck!
Did that change recently? my payoff last year had tax separate.
It looks like it. It only shows payoff quote and residual value on the account. It doesn’t show sales tax.
Then they aren’t charging tax. they got in a bit of trouble in CA when they didn’t send out one of the forms and people got charged double tax.
I have another question. Dealer agreed to buy my lease car and agreed to pay off. There were some dents and deep scratches on the left rear door and quarter panel and I am happy they buy it. I have 2 months left on the lease. After car is paid off, I don’t have to make these 2 payments right? This is my first lease return, trade-in and I just wanted to make sure before I sign the contract tomorrow. I was able to get one pay lease $8500 on the IONIQ 5 SEL and they are paying off my lease car. I got $7500 one pay from the other dealer but they don’t want to buy my car because of the damages and I really don’t want to go through my insurance.
Have you ascertained the value of your current leased car as you may (or may not) have equity in it?
They are paying off in full. Like I mentioned, there are some damages and if I do as a lease return, I have to fix the car through my insurance but they are willing to take and pay off in full. My car’s trade in value and pay off amount is almost equal. They are kind of doing me a favor by paying off instead of lease return. Gosh, they have more than 100 IONIQ 5 in stock and they say, they have 4 trucks unloading IONIQ 5s every day and more coming. In return, I am leasing IONIQ 5 with one pay $8,500. I got an offer for $7,500 one pay as well but they weren’t willing to buy my car because of the damages. These guys agreed to buy and pay off.
According to somebody other than that dealer?
According to KBB etc. not them.
No, somebody real like CarMax Carvana etc
Carvana offered $18,600 which is the pay off amount