On a lark, I looked up my Hyundai payoff and I noticed this little gem:
- CO, DC, FL, HI, IN, PA, SC,and SD buyouts must be processed at the dealer.
I wonder if this is Hyundai Specific or State Regulation (FL for example it is)
Anyone have any input?
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Its sorta a combination. Some states require that the purchase be handled by someone with a dealer’s license and a physical location in the state. If the bank doesn’t meet those requirements, has to go through a dealer.
I was able to buy out my Honda lease directly in FL, but not my Hyundai or audi leases, for example.
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I’ve bought out a BMW in PA directly from BMWFS, so there’s definitely some on your list that are Hyundaisms
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Lol GM is SC, and Hyundai is NC…hmm…wonder what makes them different.
CO,FL,HI, PA are common though someone said they bought out their BMW in PA…
I luv a good mystery
Probably if those banks have the appropriate licenses/facilities in those states.
If I want to buy at my lease end in florida does anyone know if you have to use an audi dealer or can you use any car dealer?
ie… if a friend is a used car dealer can I have him do the buyout with audi financial? Thanks in advance
Audi will sell to 3rd party dealers, but they charge market rate, so it will be substantially more.
They ‘allow it’ by raising the price significantly.
So actually they don’t allow it. Go to a VW / Audi / Porsche dealer and sell it.
Note : They just added a ‘segment fee’ of under $1000 to the real dealers so they will be charged slightly more than your buyout. But if they aren’t a VW / Audi / Porsche they will add a huge nasty fee.
I don’t want to sell it I want to buy it out from afs. I had a friend buy out his q7 last yr and fl dealer charged a 899 fee for a 100 point check to make sure it was safe for him to buy his own car.
Are you in florida? Have u bought a car out in the last few yrs?
If you try to process it through a non-vw/audi dealer, they’ll have to buy it and then resell it to you, and it will cost significantly more
K, so the newish fl law regarding lease buyouts states that only a dealer from the brand can facilitate a buyout?
I tried finding the fl law but can’t locate it. Thnx
No, vw/audi charges 3rd party dealers market rate. Doesn’t have anything to do with FL.
Some banks allow you to buy out your lease with them directly. Some states require the bank to have a physical location and a dealer’s license in that state to sell directly to a customer. If the bank doesn’t have that, they will facilitate the buy out through one of their dealers. It’s not that the state requires it to go through a dealer of the same brand, its that the bank will require it to go through one of their dealers.
If you try to have a 3rd party dealer do it, the dealer will have to buy out your lease first and then resell the vehicle to you. Vw/audi charges 3rd party dealers marker rate for them to buyout your lease.