Transfer: 2022 Hyundai Tucson SEL - NY/Long Island - $497/mo tax included, will cover transfer cost

[L8rmr]

Year, Make, Model, and Trim: 2022 Hyundai Tucson SEL
Location: Long Island, NY

MSRP:
Monthly payment (pre-tax): Unsure
Effective monthly payment (if incentive is provided): $497

Current mileage: 4500
Maturity mileage: 36000
Effective miles per month: 1050
Maturity date: 06/2025

MSD due (if any):
Cash due (if any):
Incentive for new lessee (if any):

Financial institution: Hyundai Financial
Transfer fee:
Out-of-state transfer allowed (yes/no):

Vehicle condition (accidents, tire wear, etc.), options, and other details: In like new condition, low miles, no accidents

Photos:

[max_g]

@L8rmr

Financial institution: Hyundai Financial

Do they allow transfers?

[Jon]

Pretty sure they don’t.

[L8rmr]

According to this link it seems to be possible.

[Jon]

You should call to make sure. According to SAL, HMF does not allow lease transfers.

[forbs]

That’s 2 years old. SAL has up to date info.

[Bluemkn57cars]

@L8rmr

MSRP:
Monthly payment (pre-tax): Unsure
Effective monthly payment (if incentive is provided): $497

You’re missing some info here. What’s the MSRP listed on your window stinker?

[spockvr6]

@Bluemkn57cars

window stinker?

[L8rmr]

I have to find it, I don’t currently have it. I know the buyout is $34k which is above the original MSRP.

[Bluemkn57cars]

@L8rmr

I know the buyout is $34k which is above the original MSRP.

Is that pre or post tax? The residual value is usually a percentage of the MSRP. Do you still have a copy of your signed contract?

[L8rmr]

The buyout is post tax. I have to find the contract or I’ll request a copy of it today.

Edit: Pretax buyout is: $31,118.62

[Bluemkn57cars]

@L8rmr

I know the buyout is $34k which is above the original MSRP.

Pricing for this trim starts around $30k. With the convenience package it is about $35k. Did you roll any negative equity into this lease?

[L8rmr]

We had some positive equity put into the car but it was also obtained during the height of the car shortage so prices weren’t ideal but we needed something ASAP. The buyout pre-tax is $31k.

[Bluemkn57cars]

@Bluemkn57cars

What’s the MSRP listed on your window stinker?

Any update on this?

@L8rmr

it was also obtained during the height of the car shortage so prices weren’t ideal

Was there a dealer markup?

[L8rmr]

Sorry had to find the sticker. $30,900.

[Bluemkn57cars]

@L8rmr

$30,900

If that is the MSRP, then how can the buyout be $31k?

@L8rmr

The buyout pre-tax is $31k.

Anyway, good luck with the transfer. I doubt you are going to get any takers here.

[L8rmr]

The buyout is above the MSRP because there was a markup on the car sale price which was common a few months ago.

[Jon]

So no one will be buying this. Have you called HMF to confirm if they allow lease transfers yet?

[Bluemkn57cars]

@L8rmr

The buyout is above the MSRP because there was a markup on the car sale price

What was the markup? $5k?

[L8rmr]

I am trying to get a copy of the contract but the markup seems to be that amount, I don’t recall currently what it was exactly. According to HMF, you cannot transfer the lease over. If I understood correctly, they advised that the person taking over the car payments has to essentially refinance it with another lender. That is unfortunate news. . I guess I will take this post down in a day or two unless someone can assist with an alternative solution. $31k buyout for a car worth below that will be a hard sell.