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Discussion Starter #1
Hello

My 3yr lease is up this July on my 2015 Sonata. I knew going into the lease that I would be purchasing once the lease was up. I regret making that decision. So, I am here to get some advice on how to proceed.

Details

  • 2015 Sonata SE
  • Vehicle value at time of lease: $22,120.00
  • Residual value after lease: $13,168.80
  • Mileage allowed: 36,000 @ $0.20 for excessive mileage
  • Estimated mileage at end of lease: 60,474 (this is why I knew going in I would be purchasing)
  • Estimated mileage fee: $4,894.80
  • Disposition fee: $400 (contract says this is if you do not purchase)
  • Purchase option fee: this shows as N/A on the contract
  • Early termination fee: $400 (based on what I've read here, I'll be taking it back on the day it's due back, not one day earlier)
  • Kelly Blue Book value: $11,162 - $13,839 based on 60,474 miles
Solely based on the estimated excessive mileage fee of nearly $5000, I will be purchasing the car. As I understand it, if I purchase, I am not obligated to pay that fee. Is this correct?

If the dealer tries to get me into either a new lease, or purchase, for a 2018 Sonata, I am assuming I will be stuck paying the fee. Is this correct?

To be honest, I would much happier with a 2016 Sonata. There were some nice upgrades from 2015 to 2016. I wonder if they would be willing to sell me a 2016 (there's currently one on the lot for $13,000 with 44,000 miles). I would assume I would be required to pay the excessive mileage fee. Is this correct?

As I mentioned, I am now regretting lease vs purchase. I was just trying to save that extra $130ish a month on the car payment, which is almost the excessive mileage fee I'm faced with.

Do I have any other options? The way I see it, I don't. I'm hoping you guys can share your thoughts.

Thanks in advance.
 

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i think you may have forgotten condition. they will inspect the car with a fine tooth comb, and i guarantee you they will find a lot. start with tires. they gotta be in near new condition, or you will have to pay. when we turned in our lease, they found like 900 bucks, but they did forgive us the first 1000, so we didnt have to pay additional. i did put new tires on the car, actually, we had just bought a new elantra, and i put tires on at like 200 miles, and had the takeoffs put on the lease car. if you buy or lease another hyundai, they will probably waive the disposition fee, and you may get a break on the mileage. dont think your car is in showroom condition, because the inspector will find all kinds of stuff. also, i think if you turn it in within 30 days, there aint no early termination fee. and yah, lease sucks. you might be able to cut a deal on a 2017, there are still some left on the lots, and they also had some healthy incentives on 2018my, but the incentives might have expired
 

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We turned in a 2012 sonata in 2015 and they weren’t too picky. Tires just have to be above the marker they provide in the lease turn in kit. We had over 40,000 miles and they were fine. Shows how long scratches and be and how big dings can be.


Sent from my iPhone using Tapatalk
 

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Discussion Starter #4
Thanks for the feedback. I suppose I'll just have to go in with the idea of purchasing the car. Then, drop the "well, what can you for me in something newer". Leaving that open to a 16/17 used, or new 18. My gut is telling me I'll be driving off with my current car.

I've read somewhere, not sure if it was here, or another site, that someone took a lease back at the end of the lease, with the intention of purchasing, and the dealer said something like... we'll, the way it works is your return the lease, pay any fees due, and then you buy back the car from usas used. Does that sound legit?

Thanks again.
 

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Thanks for the feedback. I suppose I'll just have to go in with the idea of purchasing the car. Then, drop the "well, what can you for me in something newer". Leaving that open to a 16/17 used, or new 18. My gut is telling me I'll be driving off with my current car.

I've read somewhere, not sure if it was here, or another site, that someone took a lease back at the end of the lease, with the intention of purchasing, and the dealer said something like... we'll, the way it works is your return the lease, pay any fees due, and then you buy back the car from usas used. Does that sound legit?

Thanks again.
That is exactly how it would work. I don't know that there would be any other way of purchasing the current vehicle.
When you turn in the vehicle, if they ask you if you are interested in buying it, say no or say that you will if the price is right, but that first, you want to take care of closing out the lease.
If you think you might want to buy it, do your research before you go: Make sure you know how much a 2015 Sonata with comparable miles on it and in similar condition is worth in your area. Look at the prices of used 16s and 17s also. Look at cars.com and autotrader.com if they are available. Look it up at kbb.com and NADA.com to find out what the fair retail value is, and be honest about the condition (kbb has a "quiz" you can perform that will determine if it's excellent-very good-good-fair-poor). The car selling sites will carry more weight, because those are actual vehicles that are actually for sale, whereas KBB and NADA are just numbers--but it's all information, and information is power.


Armed with that information, if they are trying to sell you back your car for $2,000 more than you can get a different or newer one with the same or lower mileage somewhere else (or even at their dealership), you can tell them that, even show them the site. Then they might match it. If they say no, you can walk, and go buy the other car.


Good luck, and have fun with it.
 

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I've read somewhere, not sure if it was here, or another site, that someone took a lease back at the end of the lease, with the intention of purchasing, and the dealer said something like... we'll, the way it works is your return the lease, pay any fees due, and then you buy back the car from usas used. Does that sound legit?
Not legit and not true!

I bought my 2011 Sonata after my 3 year lease (HMF) was up. It had low mileage and the value was higher than the residual payoff (oh the good old days).

My local dealer was NOT involved in the transaction at all. I dealt solely with Hyundai Motor Finance (HMF) and my credit union. I got a loan from the CU and they sent HMF a check for the exact residual amount and Hyundai sent the title to the credit union. I got a MEMO title from the CU and then went to the DMV to register the car. Had to pay tax on the residual value and normal dmv fees.

Disposition fee is n/a
Inspection fee - zero (despite having the inspection done a month early)
Buyout fee n/a (although they now have one on new leases)

Beware, your dealer is talking shiz...GL
 

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My intentions are to buy my lease at the end. My lease does not list a buyout fee, are dealers allowed to impose their own fees on the buyout process? Also if they can is there anyway to circumvent them and deal directly with Hyundai financing in Ontario?
 

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My intentions are to buy my lease at the end. My lease does not list a buyout fee, are dealers allowed to impose their own fees on the buyout process? Also if they can is there anyway to circumvent them and deal directly with Hyundai financing in Ontario?
you don't need to get the dealer involved in the buyout process. You deal directly with HMF.
HMF just started this year to add a buyout fee to new leases as well as bumping the acq fee up from 595 to 650.
 

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you don't need to get the dealer involved in the buyout process. You deal directly with HMF.
HMF just started this year to add a buyout fee to new leases as well as bumping the acq fee up from 595 to 650.
Well I thank you for your reply. I emailed Hyundai Financing Canada and was informed that in Canada we are required to go through the dealer. The email was as follows:

"Please be advised that the purchase of any of our leased vehicles must be facilitated through any one of our branded Hyundai dealerships. You are not required to purchase the vehicle through the original dealership or any one specific dealership."

Just putting that there in case someone else searches it. Sorry OP I jacked your thread at the end.
 

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Well I thank you for your reply. I emailed Hyundai Financing Canada and was informed that in Canada we are required to go through the dealer...

Good to know! when you mentioned Ontario, i didn't know if you meant California or the Province of Canada.
 

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In US, you can buy directly through HMF - "cash" or financing agent (bank, Credit Union, etc.). It is the Residual Value (but you also may have to pay taxes again like we do here in Texas; the old TX double dip)!
 

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Beware of the agents they use to collect and assess the car at lease end.

BCA/Santander were tasked with the job of collecting my Hyundai Ioniq lease car HF67 JGU at term end, with 24450 miles out of 30000 contracted on the odometer.

I had been notified of a collection date of 18th September. They phoned at 11.50am on the 18th to arrange collection the following week. Their man felt this was okay because the collection date, given one month earlier and confirmed twice by telephone, was only an approximation. Consequently, they collected it four days late, which was a bit awkward because there was no insurance on the vehicle for that time so, I had to barricade it on my drive with other vehicles.

Their assessor noted a small scratch, 10mm long and the width of a cat's whisker on a rear panel. I knew it was there but having leased multiple vehicles in the past, felt that it was well within the realms of reasonable wear and tear on a three year old vehicle. Their assessor, Munza from BCA Logistics filled in his assessment form on an ipad at some distance from me (covid) and signed it himself. He then headed off to Leicester with the car.

I received their report by email later that evening. in their opinion, it warranted a £100 plus VAT repair charge because, despite the tiny size which they acknowledged, it had "penetrated the top coat". The form says that the customer was made aware of the results, which I wasn't.

So there you are. I expect I will pay their bill to avoid further action and dings to my credit rating. But that doesn't mean I have to like it, or indeed, believe it is fair. At best, it's a £29.99 Chips Away job.

The trouble, it seems, at the moment, is that there appears to be a general attitude of "let's take any possible opportunity to screw the customer over and make a quick buck". Hyundai Finance customer services answered the phone and noted my complaint. My email to BCA remains unanswered, and I doubt I will hear from them until they attempt to collect the money from me. I will of course pay, but I don't see why I should make it easy for them.

This is my 3rd web posting of 120.

I look forward to posting similar another 117 times on as many motoring websites as possible over the course of the next three months - that's one for every £1 which BCA, acting as agents for Hyundai Finance Contract Hire have decided to rip me off for.
 
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