“Should I buy out my lease?” super-thread

Ask the Hackrs Buy/Finance
728

New Q5 or Similar BMW/Volvo/etc. I’m fairly open

729

I will be under similar situation in a few months

730

I have a 2020 Hyundai Ioniq PHEV SEL that I’m paying $148.99/mo for 10k/36, and the lease end is 3/17/24. I think I could extend this 6 months? It only has 11,200 miles on it and the buyout price is $17,949.19. Kelly Blue Book estimates it’s worth $25,956, do you think that’s accurate?

I’m trying to figure out my best option for selling this car. I think Hyundai Motor Finance doesn’t allow lease transfers, right? So my other option is to buy out the car and resell it. Problem is I’d have to pay 6.25% sales tax ($1,121.82) on the buyout price.

1) Is it possible to buy out and sell the car without paying for sales tax similar to what’s described in this post? I’m in Mass not Cali. Hyundai Third Party Lease Buyout / Transfer - Double Sales Tax in NY? - #5 by lease_buyout
2) Could the dealership buy it from me? Would the price be competitive?
3) I got an offer of $21,000 from Equityhackr, which seems low. Vroom offered $24,514 and even if I pay sales tax when buying out the vehicle, it still beats $21,000. Unless I’m misinterpreting this quote, I don’t think transferring the lease to them is ideal.
4) Since HMF owns the car and not my local dealership, could I bring it to a dealership in New Hampshire and buy it there with 0% sales tax then resell it?

731

Do you no longer need a car?

732

I’m a college student and I’d rather make profit while the car market permits, then use that to actually buy a car.

733

Copy/paste your VIN into these links:

Without that. There’s no way of knowing whether you’ll get more equity as a direct sale of the lease (Equityhackr, Rodo, AUTONATION, Carshop, Kia and Hyundai dealers) vs buying out the lease and selling it to Carmax, Carvana, Vroom, etc.

2 Likes
734

Carmax could buy it

735

Hi Everyone,

Sorry if I’m posting in the wrong place but I have a 2020 Tiguan lease about to end and I just found out about the third party buy-out exclusion. This is still true, yes? I would’ve made almost $8k if they let the third party buy at residual, but if I can’t do that, what’s my best option here in order to still make some equity? I don’t want to go through the hassle of buying it myself and paying sales tax as I plan on getting a different car. Can I sell to a VW dealership? Does VW credit buy it back as well? Should I call them? Any advice would be appreciated. Thanks in advance!

736

VW and Audi dealers can buy it at your personal pretax payoff AFAIK.

Also try Rodo, Carshop, Autonation and any LH brokers who can process the payoff thru a VW/Audi dealer, such as EquityHackr

Scroll to the top of the thread for these links.

1 Like
737

I just sold a 2020 CrossSport (16000 miles) to a VW dealership for a $4000 profit. Would recommend shopping around on the dealerships online. When I found the best offer I drove in and they cut me a check and paid off my balance on the spot.

1 Like
738

Great, thank you! I am working with a car broker who also buys cars so I wonder if they are able to do something like that. I’ll look into contacting the dealerships. Should I call VW credit at all?

739

No need to discuss any of this with VW Credit. You just need to know your pretax payoff.

740

Okay but they won’t give a different payoff amount for VW/Audi dealers? It’s just if it’s a third party?

741

Audi dealers have a Segmentation fee to buy out Audis, not sure about vw

742

You should be able to get a 'payoff quote" on the VW payment page. This payoff will be what they need to pay you at any VW dealer (based on my experience). If KBB is saying you have 8K it may be lower but you can shop that around.

743

How does a buyout work when you have MSDs? Can I use the MSDS part of the buyout with Mercedes or is that separate transaction?

744

This is going to vary from bank to bank, however whenever I run a payoff quote on my MBFS lease the MSDs are included (the payoff amount is reduced by the MSD amount).

So when whatever dealer you’re selling to runs your payoff quote, just double check that the MSDs are also included.

745

Trying to help out an extended family member with lease end. Hyundai lease with current monthly at $225 (oh to time travel back to 2020). Lease ends in October. Have a current guaranteed 3rd party purchase offer (confirmed it is permitted by Hyundai Motor) which would provide approximately $3200 in equity. Taking subjective matters out of it (like desire for a new car), what are all you smart peoples’ thoughts on best option:

  1. Sell car now, bank the $3200 and have it to help out with the likely 350-400 (at least) monthly payment that will attach to a new lease;

  2. Keep car until lease end and then purchase (approximately $15,500 buyout at lease end in October). Major downside to this is family member does not love the car (but let’s try to keep that out of the picture for now);

  3. Keep car until lease end and request an extension to maintain the $225 a little longer. Then figure things out at that time. My main question here is whether any of you know what Hyundai Motor’s practice or policy is on this. I have searched the forum and have seen some discussion of a 6-month lease extension, but I am unable to figure out if that is automatic or whether particular conditions need to be present.

I know there is no perfect answer, but I welcome the thoughs from this forum. Thanks in advance.

746

Thanks. Do I have to use a dealer? Can I just contact MBFS?

747

Hi all!

Trying to decide whether or not to buy out our 2019 BMW 40i X7.

We leased it new in 2020 end of May. Last new 19 40i X7 in the northeast.

MSRP - 82k
Selling price - 70,105.

The deal was solid I felt.

Terms were 36 mo. 15k year with nys tax 8.125 percent. Payment was 895.00 with 635 total DAS.

Allowed mileage 45k
Current mileage 42.3k

Purchase option: 44,277.30

Car is in excellent shape. No accidents. There is a 6-inch scrape on the rear bumper which will probably need a respray likely from someone in a parking lot, and a tiny dent on passenger rear door which can easily be pulled out with pdr (no paint damage).

I usually lease our family cars and swap out every 36 months.

This is the first time I’d consider buying out a leased vehicle because I know the days of getting aggressive discounts are over. My better half likes the new RR LWB (long wait lists) or G63 (same long wait). but does like our X7 a lot. I say to myself there’s no point in getting a new X7 since my payment will be 1100+ for the same car.

I would finance the car. Lease is up June 1.

Any advice from the pros? Thanks!!