Hyundai Forums banner

Leasing Options, Need opinions

1K views 6 replies 6 participants last post by  rscottbau 
#1 ·
Hello All,

Please do not trash me for asking because I do love my Sonata.

I just leased it back in February and my wife and I have come to a point where we need an SUV and I really do like the Santa Fe (7 passenger). My question is, has anyone ever explored the option to trade in a lease for a different car? It would be the same year and everything, obviously my car has 4800 on the odometer.

No my wife can not switch from her current car.

Any insights would be helpful, thank you.
 
#3 ·
You're stuck with the remaining lease 30-31 payments you have left if you went with a 3 year lease..
You can see what the residual is in your contract.That's what you have to pay to get out of the lease.Now a dealer can discount the Santa FE but it's going to cost a fortune to get that Santa Fe.
 
#4 ·
I just tried working this out for a customer...You will be rolling over the RESIDUAL YOU AGREED ON AT THE BEGINNING OF THE LEASE, as well as the REMAINING PAYMENTS LEFT on the lease. Either way, you will be rolling over some SERIOUS cash. You're much better off waiting until the lease is over and returning it, or trading it during the last several months of the lease.

Even if you don't like the Sonata too much now, it is only temporary. At least you didn't finance it for 72 months. Right now my dealership is discounting FULLY EQUIPPED Santa Fe's to 35k and 36k with AWD. So about 5k off of the MSRP including rebates. You might even negotiate a better deal than that. Santa Fe's are leasing QUITE well right now. Santa Fe Sports on the other hand...eh....
 
#5 ·
You can buy out a lease anytime. Residual plus remaining lease payments. On any given day you can call Hyundai Finance to get your accurate buyout price. Then it's transferred to your name and you can sell it privately and likely get far more than the dealer would give you on a trade. You might lose a few grand doing this but it won't be as dramatic as suggested above. I leased my current Mercedes before deciding I love it and wanted to keep it so that is what I did.
 
#6 ·
I called the dealer to see what my options were... as it was stated above, I would have to buy out the current lease, sell it back to the dealership and they roll whatever is left into the Santa Fe. The LEASE for a Santa Fe is upwards of $600 a month after rolling negative... obviously not worth it and I would just be burning cash in my backyard.

Looks like I am stuck... at least it is with a nice car that I really enjoy driving, rather than one that I hate!
 
#7 ·
Depending on the terms of your lease, you may be able to transfer your lease to another owner who takes over your payments for the remainder of the lease. Companies like Lease Trader act as a middleman and will likely impose some charge...but Hyundai Finance may have to approve the new person.
 
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top