Yes! You may normally return your Hyundai to any Hyundai dealer, even if it’s not the one you leased it from, as long as it’s an approved Hyundai shop.
No, you can only return a Hyundai lease car to a Hyundai dealer that has been approved.
It is possible to end your Hyundai lease early, but doing so will incur significant fees as an early termination. For more information on these fines, review the specifics of your contract. If you still have questions, call Hyundai Motor Finance at (855) 463-5378.
In This Article...
a word about our policy
Vehicles must be in good condition when returned at the conclusion of their lease. The functionality of all electronic safety measures and equipment is required. There shouldn’t be any corrosion or rust. The car has to be safe to drive, and the dashboard lights can’t be on.
The car must have been maintained and serviced in accordance with the manufacturer’s recommended schedule. Please take the car to a Hyundai franchise dealer for maintenance. Since a non-franchise service history lowers the value of the car, you can be charged more when you return it. Tyres should meet all regulatory criteria and have no sidewall or tread damage. Any repairs made before the automobile is delivered must be done to a high standard by a mechanic who can back up their work with a transferrable guarantee.
We use the British Vehicle Rental and Leasing Association’s (BVRLA) “Guide to Fair Wear and Tear” to clarify exactly what we mean by “good condition.” By using these impartial standards, we are able to assess the vehicle’s condition at the conclusion of the contract fairly and consistently and decide whether any fees need to be assessed.
early end to the lease
Here is the predicament. August 2019 marks the end of my lease on a 2017 Hyundai Elantra. I presently reside in California, but I’ll be leaving in a few weeks. Our friend’s name is on the lease, and I’m only making payments on it. I believe that in order to break the lease early, I will have to pay the remaining balance ($186.80/month) plus a termination charge of $400 (per the contract) as well as any necessary taxes. Vehicle is in good condition and has about 25K miles. I inquired about the idea of transferring the lease into my name with Hyundai Motor Finance, to whom I am making payments, but they don’t provide that. My only choice, I suppose, is to break the lease early, which will cost me about $2.5K.
Trade or Sell the Car
Many individuals are unaware that you can always purchase the vehicle from the lease company. If you can find a buyer for the car, this is known as an early buyout and in some circumstances, it’s a terrific method to break your lease.
The first thing you should do is ask the lease company for the vehicle’s payback or buyout amount. Never deal with a dealership; always go straight to the leasing company.
Since the lease company is the one who actually owns the vehicle, using a dealer as a communication channel only adds another possible point of failure.
The payback amount will also include any leftover depreciation costs and an early termination fee of between $200 and $500.
The car will typically be worth less than the payback, so when you sell or trade the car, you’ll have to take a loss on the difference. For instance, the payback amount could be $18,000 but comparable vehicles are only going for $15,000 at the moment.
You have a far greater chances of breaking even if you make a sizable down payment at the start of the lease.
Remember that you could have to pay taxes if you plan to buy the car from the lease company and then sell it to a third party buyer. The majority of states provide exceptions if you buy and sell within a predetermined window of time, such 10 days. To find out the laws in your state, contact the DMV office.
You can trade in the car at a dealer rather than selling it to a private buyer. Keep in mind that they will pay you less than you would receive if you sold the automobile individually because they will be buying it from you at wholesale value.
The biggest advantage of using a dealer is that they will handle the leasing business purchase, so you won’t have to worry about the tax implications.
To avoid scams, acquire the payback amount directly from the leasing company if you decide to trade the automobile in at a dealer.
Before your lease term expires, our knowledgeable Hyundai sales and leasing staff can help you if you feel the need to make a change.