Hyundai Early Lease termination
wiltongreg
Member Posts: 17
I have 8 payments totaling $3,296 left on my 2016 Hyundai Sonata Sport lease ends on 12-26-18. I have 6,500 miles on the car and I'm taking it into the dealer for an evaluation on trading it in. The way the lease termination program works is they add the $3,296.00 that I still owe on top of the MSRP price and then apply any rebates or incentives to that price. My goal is a smaller car with a lower monthly payment. My current payment is $412.00 a month. I didn't do a very good job with my last least. This is probably more of a fact finding trip unless I found a car I like and the deal made sense. Any advice on this approach? Lot of rebates but maybe I should wait until December? Thanks for any help.
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Mr_Shiftright
Member Posts: 64,481
Why are you letting them use the MSRP price? You should bargain on the selling price of a car even if it is a lease.
Folding negative equity into a new lease isn't a great idea, and leasing it at MSRP is an even worse idea.
Maybe with the low miles some of that negative equity will scrub off, but still, unless Hyundai offers some kind of "pull ahead" program with generous incentives (basically a payments forgiveness program to get you into a new lease) , I don't see why you'd want to do this.5 -
Michaell
Moderator Posts: 259,229
You should absolutely wait until your current lease is up before moving on to the next transaction.
And, don't think of the total amount of the remaining payments. Your car has a payoff value, and a trade value. Call the bank for the former, and find a local CarMax to give you a buy bid to get the latter. Then you'll have a better idea how upside down you are (and, trust me, you'll be upside down - very rarely are leases structured to put the lessee into the black).
That negative equity is the amount that gets rolled into the new lease - figure roughly $28/mo for every $1000.Edmunds Price Checker
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