Lease buy back program? Need some info...please read.

Geo125_Geo125_ Member Posts: 3
edited November 2015 in General
Hi all. New to the forum. I have a very specific question regarding my car lease.

I am currently leasing a 2013 Hyundai Veloster. I have 10months/payments left on this lease. I received a letter in the mail from my dealership saying they have a task, needing to buy at least 50 used Hyundai cars by the end of this month...and they will provide me with up to 20% more than book value since my car qualifies. Now I called the dealership and scheduled an appointment to talk in person about this. What's the catch?

My goal here is to try and trade the car back without any penalties so I can go ahead and lease a new Dodge Charger. I want to go in prepared and know what I'm talking about. I already asked over the phone and this deal does not require me to lease through them again, since I am doing them the favor of trading my car to them. Does this mean I won't be responsible for the remaining payments? Do I end up with a profit of some sort?

Thank you all. can't wait to hear your thoughts and gain some knowledgeable information.
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  • kyfdxkyfdx Moderator Posts: 257,338
    Geo125_ said:

    Hi all. New to the forum. I have a very specific question regarding my car lease.

    I am currently leasing a 2013 Hyundai Veloster. I have 10months/payments left on this lease. I received a letter in the mail from my dealership saying they have a task, needing to buy at least 50 used Hyundai cars by the end of this month...and they will provide me with up to 20% more than book value since my car qualifies. Now I called the dealership and scheduled an appointment to talk in person about this. What's the catch?

    My goal here is to try and trade the car back without any penalties so I can go ahead and lease a new Dodge Charger. I want to go in prepared and know what I'm talking about. I already asked over the phone and this deal does not require me to lease through them again, since I am doing them the favor of trading my car to them. Does this mean I won't be responsible for the remaining payments? Do I end up with a profit of some sort?

    Thank you all. can't wait to hear your thoughts and gain some knowledgeable information.

    It's just an advertising ploy to get you to shop for a new car. They aren't going to buy you out of your lease, unless they are selling you a new car.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • carboy21carboy21 Member Posts: 760
    I get those ads from my dealer all the time . Toyotas does that all the time telling me I will get 20% over KBB value . They will do it only if you buy from them again 
  • Geo125_Geo125_ Member Posts: 3
    kyfdx said:

    Geo125_ said:

    Hi all. New to the forum. I have a very specific question regarding my car lease.

    I am currently leasing a 2013 Hyundai Veloster. I have 10months/payments left on this lease. I received a letter in the mail from my dealership saying they have a task, needing to buy at least 50 used Hyundai cars by the end of this month...and they will provide me with up to 20% more than book value since my car qualifies. Now I called the dealership and scheduled an appointment to talk in person about this. What's the catch?

    My goal here is to try and trade the car back without any penalties so I can go ahead and lease a new Dodge Charger. I want to go in prepared and know what I'm talking about. I already asked over the phone and this deal does not require me to lease through them again, since I am doing them the favor of trading my car to them. Does this mean I won't be responsible for the remaining payments? Do I end up with a profit of some sort?

    Thank you all. can't wait to hear your thoughts and gain some knowledgeable information.

    It's just an advertising ploy to get you to shop for a new car. They aren't going to buy you out of your lease, unless they are selling you a new car.
    So in other words go to a dealer that I will end up buying a car from? It actually makes sense. If I were to try and negotiate a deal with another dealer telling them I will lease today if I can get a good deal, would they take care of the remainder of my current lease? Since I'm buying a car from them.
  • kyfdxkyfdx Moderator Posts: 257,338
    Geo125_ said:

    kyfdx said:

    Geo125_ said:

    Hi all. New to the forum. I have a very specific question regarding my car lease.

    I am currently leasing a 2013 Hyundai Veloster. I have 10months/payments left on this lease. I received a letter in the mail from my dealership saying they have a task, needing to buy at least 50 used Hyundai cars by the end of this month...and they will provide me with up to 20% more than book value since my car qualifies. Now I called the dealership and scheduled an appointment to talk in person about this. What's the catch?

    My goal here is to try and trade the car back without any penalties so I can go ahead and lease a new Dodge Charger. I want to go in prepared and know what I'm talking about. I already asked over the phone and this deal does not require me to lease through them again, since I am doing them the favor of trading my car to them. Does this mean I won't be responsible for the remaining payments? Do I end up with a profit of some sort?

    Thank you all. can't wait to hear your thoughts and gain some knowledgeable information.

    It's just an advertising ploy to get you to shop for a new car. They aren't going to buy you out of your lease, unless they are selling you a new car.
    So in other words go to a dealer that I will end up buying a car from? It actually makes sense. If I were to try and negotiate a deal with another dealer telling them I will lease today if I can get a good deal, would they take care of the remainder of my current lease? Since I'm buying a car from them.
    No...it's a gimmick. They won't be able to get you out of your lease early, without burying the negative equity in the next (expensive) lease.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Geo125_Geo125_ Member Posts: 3
    kyfdx said:

    Geo125_ said:

    kyfdx said:

    Geo125_ said:

    Hi all. New to the forum. I have a very specific question regarding my car lease.

    I am currently leasing a 2013 Hyundai Veloster. I have 10months/payments left on this lease. I received a letter in the mail from my dealership saying they have a task, needing to buy at least 50 used Hyundai cars by the end of this month...and they will provide me with up to 20% more than book value since my car qualifies. Now I called the dealership and scheduled an appointment to talk in person about this. What's the catch?

    My goal here is to try and trade the car back without any penalties so I can go ahead and lease a new Dodge Charger. I want to go in prepared and know what I'm talking about. I already asked over the phone and this deal does not require me to lease through them again, since I am doing them the favor of trading my car to them. Does this mean I won't be responsible for the remaining payments? Do I end up with a profit of some sort?

    Thank you all. can't wait to hear your thoughts and gain some knowledgeable information.

    It's just an advertising ploy to get you to shop for a new car. They aren't going to buy you out of your lease, unless they are selling you a new car.
    So in other words go to a dealer that I will end up buying a car from? It actually makes sense. If I were to try and negotiate a deal with another dealer telling them I will lease today if I can get a good deal, would they take care of the remainder of my current lease? Since I'm buying a car from them.
    No...it's a gimmick. They won't be able to get you out of your lease early, without burying the negative equity in the next (expensive) lease.
    So that means the $2,200 (remaining amount I have on lease) will be rolled into the payments of the new car? The other dealerships wouldn't be able to cut it down if I decided to get a car from them? I apologize for all the questions.
  • kyfdxkyfdx Moderator Posts: 257,338
    Geo125_ said:

    kyfdx said:

    Geo125_ said:

    kyfdx said:

    Geo125_ said:

    Hi all. New to the forum. I have a very specific question regarding my car lease.

    I am currently leasing a 2013 Hyundai Veloster. I have 10months/payments left on this lease. I received a letter in the mail from my dealership saying they have a task, needing to buy at least 50 used Hyundai cars by the end of this month...and they will provide me with up to 20% more than book value since my car qualifies. Now I called the dealership and scheduled an appointment to talk in person about this. What's the catch?

    My goal here is to try and trade the car back without any penalties so I can go ahead and lease a new Dodge Charger. I want to go in prepared and know what I'm talking about. I already asked over the phone and this deal does not require me to lease through them again, since I am doing them the favor of trading my car to them. Does this mean I won't be responsible for the remaining payments? Do I end up with a profit of some sort?

    Thank you all. can't wait to hear your thoughts and gain some knowledgeable information.

    It's just an advertising ploy to get you to shop for a new car. They aren't going to buy you out of your lease, unless they are selling you a new car.
    So in other words go to a dealer that I will end up buying a car from? It actually makes sense. If I were to try and negotiate a deal with another dealer telling them I will lease today if I can get a good deal, would they take care of the remainder of my current lease? Since I'm buying a car from them.
    No...it's a gimmick. They won't be able to get you out of your lease early, without burying the negative equity in the next (expensive) lease.
    So that means the $2,200 (remaining amount I have on lease) will be rolled into the payments of the new car? The other dealerships wouldn't be able to cut it down if I decided to get a car from them? I apologize for all the questions.
    That's the way it turns out, 99% of the time..

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • carboy21carboy21 Member Posts: 760
    Geo125_ said:

    kyfdx said:

    Geo125_ said:

    kyfdx said:

    Geo125_ said:

    Hi all. New to the forum. I have a very specific question regarding my car lease.

    I am currently leasing a 2013 Hyundai Veloster. I have 10months/payments left on this lease. I received a letter in the mail from my dealership saying they have a task, needing to buy at least 50 used Hyundai cars by the end of this month...and they will provide me with up to 20% more than book value since my car qualifies. Now I called the dealership and scheduled an appointment to talk in person about this. What's the catch?

    My goal here is to try and trade the car back without any penalties so I can go ahead and lease a new Dodge Charger. I want to go in prepared and know what I'm talking about. I already asked over the phone and this deal does not require me to lease through them again, since I am doing them the favor of trading my car to them. Does this mean I won't be responsible for the remaining payments? Do I end up with a profit of some sort?

    Thank you all. can't wait to hear your thoughts and gain some knowledgeable information.

    It's just an advertising ploy to get you to shop for a new car. They aren't going to buy you out of your lease, unless they are selling you a new car.
    So in other words go to a dealer that I will end up buying a car from? It actually makes sense. If I were to try and negotiate a deal with another dealer telling them I will lease today if I can get a good deal, would they take care of the remainder of my current lease? Since I'm buying a car from them.
    No...it's a gimmick. They won't be able to get you out of your lease early, without burying the negative equity in the next (expensive) lease.
    So that means the $2,200 (remaining amount I have on lease) will be rolled into the payments of the new car? The other dealerships wouldn't be able to cut it down if I decided to get a car from them? I apologize for all the questions.
    You may get a discount of $2,200 on your next car/SUV depending on the how much keen they are to move that vehicle. Usually you get such a deal on a close out model. Hyundai is known to offer steep discount on the out going model year vehicles. In that case your previous lease payments are neutralized.
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