Question on End of Lease Purchase

Ask the Hackrs Buy/Finance
1

Question for those more informed in purchasing a lease:

Going to buy back my lease as its been great and going to keep it. Never bought out a lease before and I’ve read enough horror stories too. I dont want to be one of those, so I wanted to ask.

  1. What do I need to bring? I plan to bring a copy of my agreement showing my purchase price should only be RV + 300 purchase fee. I am in California, so do I pay taxes and title during this time with the dealer and will that include CA DMV fees? I ask this because I have the mail from CA DMV with me. Obviously I’d want to see that clearly written, but this is my assumption.

  2. What do I need to ask the dealer?

  3. What do I need to look out for?

Thanks everyone!

1 Like
2

What brand is it?

See if you could buy it thru the portal / call the leasing company
If you go to the dealer they are going to add on fees for this

3

Hyundai is the automaker.

4

You go to HMFUSA.COM and log in
Go to Payments - > Buyout Quote - > Purchase

You get a number there.

You go to the Finance Wiki HERE and find a company that will give you a good rate.

Apply for the loan and get a check.

Send the Check or a new check depending to the address listed and you get your title in a few days.
Go to DMV and apply for a new title.
Edit : It says Tax Included but a member here got a title that said Tax Not Included so he got double charged. Please make sure you don’t get double tax charged.

Done

Note : You can also go into the dealership and apply for Credit, but they will add fees that you might not like as well as a rate you might not like. Plus the time sitting in the dealership doing nothing but catching Covid.

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5

  1. Arrange your own financing if you need it, from either a bank or CU.

  2. Buy directly from the lessor

The premise of most of these horror stories is “I went to a dealer when I didn’t need to.”

6

Thanks! This is gold.

2 Likes
7

Don’t involve a dealer in a transaction they don’t need to be involved in.

8

GREAT info, thanks!

9

I recently bought out my 2019 Hyundai Ioniq lease and followed a process very similar to the one described on this thread so far. Bought the car directly from HMFUSA, they sent the “released title” by US mail, took that to the DMV (to a AAA office DMV counter in my case - much better than going to the actual DMV if you are a AAA member), and in a couple of weeks got my updated title (in my name).
Note that HMFUSA charges you the sales tax as part of the purchase, so make sure you take the “Bill of Sale” they send you when you go to get the title in your name to clearly show that sales tax has already been paid.

By the way, the HMFUSA phone customer support guys were very knowledgeable and helpful (pleasantly surprised!) so give them a call if you have any confusion or doubt.

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10

Thanks for this input! Much appreciated