Ending lease early to start new lease

azuki azuki Member Posts: 29
edited August 2021 in Hyundai
Has anyone underwent a new lease but ended up trading it in for a new one? I started a lease on Elantra N-Line in Jan 2021, but once I saw the Elantra N reveal I am 100% dead set on getting it day 1. Generally what can I expect for cost for early termination? Maybe 10k?
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  • MichaellMichaell Moderator Posts: 238,232
    Answer ✓
    azuki said:

    Has anyone underwent a new lease but ended up trading it in for a new one? I started a lease on Elantra N-Line in Jan 2021, but once I saw the Elantra N reveal I am 100% dead set on getting it day 1. Generally what can I expect for cost for early termination? Maybe 10k?

    It depends.

    Like financing, your lease will have a buyout value, and your existing car will also have a trade value. The difference between those two numbers will determine your out of pocket costs.

    Call the bank that holds your lease and ask them for the payoff, and get buy bids from CarMax, Carvana and Vroom on the trade value.

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