With the shortage of new cars, dealers want more used ones. My Nissan Dealer is going to buy mine from me, because if you just return it at the end of the lease the dealer doesn’t really get anything from it. Nissan Finance owns the car, not the dealer I picked it up from. If the dealer buys it out then they can sell it.
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hyundai allows third parties.
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Are they? That seemed to be one that was under debate. Perhaps it was that some 3rd parties were refusing to work with them because of how long they took to deliver titles.
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Hyundai Motor Finance suspended third-party lease buyouts around the same time as everyone else.
So, OP is correct, that the trade-in was not his car, HMF was expecting the lease to be returned, etc.
What posters are saying here, is, admittedly, A LOT of legwork, and not without its risk. This is what OP would have had to do to try and save money here.
OPTION A: Buy out your own lease, sell on your own.
- Start buyout process for the 2019 Santa Fe from HMF
a. Either write a check to Hyundai for ~$17,5 ($15983 + tax + dmv).
b. Qualify for an auto loan for $15,983 on the 2019. - Wait, weeks, if not months, for Hyundai to send you the title for your 2019.
a. Hope that the 2019 is not damaged while you wait for the title. You take a risk every day that you’re in buyout limbo that the car isn’t damaged. Because you’re buying the car for $17,5 in the condition its in, and you now need to sell it for fair market value. Accidents would your market value on a trade/sale.
Risks:
- The Hyundai dealer with the new car wants to charge a markup, and won’t give the same deal without a trade-in that they profit from.
- Your trade-in is damaged while you wait for the title
- Your credit doesn’t support two open autos - so you have to wait some time with no car while the loan on the 2019 clears, before you can move forward with a new auto lease on the new car
OPTION B: Shop multiple Hyundai dealers with your trade-in
In this scenario, the customer accepts that they don’t want to buy out their own lease and pay taxes, so they simply shop Hyundai dealerships against each other until they get the trade offer.
This is a pretty good strategy, but the main thing to buck up against is simply lack of inventory on the new cars. The customer would have to find multiple Hyundai dealers that have the new car they want in stock in order to shop between dealers. And that is easier said than done these days.
Essentially, the Trusted Hackrs are right that you could have squeezed another few grand out of your deal, if the stars aligned. But there’s no way to do it without commiting dozens of hours of your time to an uncertain and slow process. The dealers know exactly this, which is why they’re happy to offer you a “MSRP deal” on a new Santa Fe. They can make ~8k off your trade-in and get their hands on those funds quickly.
I have to imagine that the vast majority of people walking into Hyundai dealerships are not willing to take on the liability of buying out their old lease, and holding onto it for an indeteriminate amount of time, even if there’s a potential $100/mo savings on the new lease. It takes some serious confidence to stroke the check (or apply for an auto loan) for $17k, thinking that you can sell the car for $22k, and assuming you’ll dot all your i’s and cross your t’s, to sign up for the legally binding liability of buying your trade-in from the bank yourself.
So, this is pretty much the state of the union: people who have 3 year old Hyundais with their leases maturing, are walking into Hyundai dealers, who are profiting $5k-$10k/car, by taking back the old lease as a trade-in at the residual, and selling the new car at sticker price. LH’s SIGNED tool doesn’t do a great job of capturing this method of dealer profit, but it’s pretty much the strategy that most local Hyundai dealers are taking. This way, the contract doesn’t read that the dealer blatantly jacked up a new car price $8k. It’s much harder for the customer to come back and say “you screwed me on the trade-in” when the dealer can just say “that trade-in was a lease, it wasn’t your car”. And it is technically the truth. The customer would have to lay out money or credit to do significantly better with their trade, beyond what Hyundai franchise dealers are willing to help them with.
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This isn’t true. Several people have bought out Hyundais over the past few months on the forum. So have I.
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Do you have a “most recent date?” I did a lot of these last year, but have more recently heard communication that Hyundai is either not doing it, or just really keeping people in purgatory for months w/regard to the titles.
How long to get your title?
I’ve really only been advising the buyouts on EVs to NJ lessees, because the lessee can buy out their leased Hyundai without paying NJ sales tax. If this policy is reverting, it would be great news.
Congrats on the car.
Potential trade-in aside, it’s not a bad deal for this market.
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Option C: Shop multiple Hyundai dealers to buy out the vehicle with no discussion of a new purchase
Why does everyone presume I want to buy out or re-sell or deal at all with the “old” car?
I don’t know anything about cars (except to drive). I don’t care about it, it was a piece of cr*p, and I just want a new car so I can continue with my life and work.
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because you left a solid $4k on the table (conservatively).
Anyhow, enjoy the new ride, they did a really nice job with the new body style
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Because most people prefer to not light thousands of dollars on fire.
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You would have been able to get it for less than $300/mo and $0 DAS if you applied $4k in equity to that deal.
Have you ever asked @AutoCompanion or @aronchi how much You can get for Your old Santa in return?
Now is too late. Cangrats on Your new ride.
You need to keep in mind that you didn’t pay $3310 das.
You paid thousands of dollars more. You just paid for some of it in cash and some of it in trade equity.
Think of it like you wrote a check for $3310 and gave them a few gold bars at the same time. Sure, you only paid $3310 in actual dollars, but the rest was also worth a lot.
Yet another thread posted too late for anybody to do anything about it.
OP, if your last Hyundai was a piece of crap, why did you lease another? Just curious.
Why don’t you send me a message any time you have a hyundai lease coming due? It might be good for both of us…
I leased 2017 Santa Fe Sport first. It was really good. Then just swapped it to 2019. I was really disappointed on how it ran, sounds from the engine and shifter switching too late (reported 3 times - they told me there’s nothing wrong with the car). Then test drive 2022 and it reminded me on that 2017 Sport. It’s really smooth ride, and didn’t want to waste time exploring other brands and deals in this situation.
Did try a few local dealers and got the best offer for me at that moment.
I’m new to this forum, saw a few people advertising some deals but non of them seems reputable to me because I don’t know who they are and their websites showed much worse offer if they even had anything there. I know, you’re gonna say I should have explore more, but 2 guys I contacted from here forwarded my details to a third guy who told me to call his friend at some other used car dealership and that seemed shady to me. And it took time. So, I just went to Hyundai dealership and got new car in 3 hours.
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Time is money. There are definitely some good dealers and brokers on this site and some who drop the ball.
In any event, enjoy your new vehicle…