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Hyundai Sonata Lease Questions

1221 messages,  Last post on May 17, 2013 at 8:25 PM

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What is this discussion about? Hyundai Sonata, Car Leasing, Sedan

Messages Page 116 of 123

#1148 of 1221 Sonata Lease End by romil01

Dec 18, 2012 (12:28 am)

I have 4 months left in my 36 month lease on a 2011 Sonata GLS. I was trying to get out of the lease early and lease a different brand of car. Hyundai Finance basically told me the only way to do it without penalty is to sell/trade the car for the payoff amount. This won't work because the payoff is $15K and the best trade-in price I've received is $11.5K from a dealer. A Volvo dealer wanted to cut me a check for the 4 remaining payments plus the $400 disposition fee, but Hyundai Finance says no. They say it will still be considered an early lease termination if I turn the car in more than 30 days early, regardless of the fact that I am paying them the money I would have paid them anyways, plus they get the car a few months early with less mileage on it. They will charge me a $400 early termination fee, any fees associated with auctioning the car off, and the difference between the payoff and the auction price. So technically, I could owe them a few thousand dollars. This seems wrong. I called them twice and talked to two different reps to make sure they weren't smoking crack and was told the same thing by both ladies. The salesman at the Volvo dealer also called them because he said he has never heard such BS in his 20 years in the business, and they told him the same thing.
 
Anyone else find it strange that Hyundai won't accept the money I will be paying them anyways, especially since they would be getting a car back that is worth more than it will be at lease end?

#1149 of 1221 Re: Sonata Lease End [romil01] by kyfdx HOST

Dec 18, 2012 (5:54 am)

Replying to: romil01 (Dec 18, 2012 12:28 am)
Anyone else find it strange that Hyundai won't accept the money I will be paying them anyways, especially since they would be getting a car back that is worth more than it will be at lease end?

 
You sort of answered your own question... The payoff is $15K and your car is worth $11.5K.. They are hoping you'll get rid of the car, otherwise, and they'll get their whole $15K.. and, if not, it's possible they have insured that residual, and can only collect if the lease term is completed..
 
And.. let's be clear... the bank owns the car... not Hyundai.. (even if they are named Hyundai Finance). They would much rather have the money, than have the car...

#1150 of 1221 Re: Sonata Lease End [romil01] by fred144

Dec 18, 2012 (6:42 am)

Replying to: romil01 (Dec 18, 2012 12:28 am)
I have done it 2 times and never had a problem. Ask for a supervisor. That's crazy.

#1151 of 1221 Re: Sonata Lease End [romil01] by tetovari

Dec 18, 2012 (11:59 am)

Replying to: romil01 (Dec 18, 2012 12:28 am)
Try another dealer. I believe Hyundai has a buy back program that buys back all the cars with 6 months or less left. That's what I was told by the Paramus Hyundai

#1152 of 1221 Re: Sonata Lease End [tetovari] by romil01

Dec 18, 2012 (12:39 pm)

Replying to: tetovari (Dec 18, 2012 11:59 am)
I don't think it is up to the dealers, it is up to Hyundai Finance (the bank). I'm guessing the primary reason they won't do it is because they would end up eating it on the car since it is worth way less than the payoff right now.

#1153 of 1221 Sonata GLS + PeP Pirce in Chicago/Madison Area by sanred

Dec 28, 2012 (5:49 pm)

Finally I took the deal (18630) which I was offered in Chicago to my Madison dealer (Zimbrick), he matched the price ($18605 +135 doc fee (after 1500 +500 rebates)) . I am bad negotiator hence I said yes. At the last minute rather than buying I leased the car.
  
Here are the details :
Lease for 36 months / 208 +10 (tax)=218$/month
200 $ down-payment for the first month.
Residual =61%
Price to buy after the lease –14,142
  
GLS + Popular Equipment Package (Ruby color – my wife wanted it)
Carpeted Floor Mats
Cargo Mat
Cargo net
Remote Start
Rear Bumper Protector
Wheel Locks
  
I will get the car tomorrow (as the car he has didn’t have remote start), as they need to get the vehicle.
  
Thank you everyone, this forum is really helpful. First I leased my Sienna and now Sonata.
  
Thanks
San

#1154 of 1221 2013 sonata gls lease by honda_ig

Jan 05, 2013 (10:55 pm)

Just leased a 2013 sonata gls with popular package and following options: Mud guards, Dargo mat, floor carpets, all weather floor mats, spoiler and wheel locks.
12K miles/36 months
$0 down- just paid taxes and fees upfront
$199 per month
 
any comments on if I got a decent deal?

#1155 of 1221 Re: 2013 sonata gls lease [honda_ig] by pegasus17

Jan 06, 2013 (9:05 am)

Replying to: honda_ig (Jan 05, 2013 10:55 pm)
REF: 1154
For a true assessment of your deal, need the following:
msrp, sales price, residual %, money factor. Plus, what did you pay for taxes and fees? Was the acq fee paid upfront or rolled into the lease? Did you pay an optional doc fee? All these things matter...

#1156 of 1221 Need Residual and Money Factor by klockboy

Jan 08, 2013 (2:10 pm)

2013 Sonata Limited - 36 Months/12K Year.
 
THANKS CARMAN!

#1157 of 1221 Re: Need Residual and Money Factor [klockboy] by Car_man HOST

Jan 15, 2013 (4:52 pm)

Replying to: klockboy (Jan 08, 2013 2:10 pm)
Here's the information that you're looking for, klockboy. Hyundai Finance's January buy rate lease money factor and residual value for a 36-month lease of a 2013 Sonata Limited with 12,000 miles per year are .00126 and 55% for consumers who qualify for its top credit tier.
 
When negotiating your deal, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of this car.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

Messages Page 116 of 123

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