cancel
Showing results for 
Search instead for 
Did you mean: 

Ending a lease early and buyout

tag
BessTruman
Regular Contributor

Ending a lease early and buyout

Hi Forum,

I learn so much from you all I am very grateful to have knowledgeable people to turn to.  I have no husband, kids, cat, dog, fish....nada.    I am single and need help.  lol    

 

So...I have a family friend that got me in this ridiculous deal of paying $636/mo on a 2018 Huyandi Sante Fe Sport.   I owe $27,000 and change on the buyout.    My family "friend" only gave me 10,000/yr on the mileage.  I now sit at 50,000 miles.    The lease is over Feb 1 2022. ..it started  Feb 2018.  Yep...gonna be a lot of miles on this thing.     I am a musician and a travel piano/voice tutor so I drive a lot.  Never should have been in a lease.  ARRRGH!      My credit scores are Trans 719 and 690 for EQ and EXP.        I went to Hyandi yesterday and they told me that the bank would only give me $15,000 for the car or something like that.     They said give us $2000 and you can drive out of here with 2021 Limited Huandi and an $800 car payment that wont start till May.  Hyuandi has some kind of deal going where they delay your payments for 5 months!   Pretty sweet.

 

But...That's a pretty nutty deal to me....why the hell would I take an $800 car payment!   lol   Anyway....should I just do the buyout?  I thought they might throw in a car too but...I guess not.    I am a member of Navy Fed AND Pen Fed and they said they could do the $27000 and get my note in the $400's.   My goal is to lower this stupid payment and not bring back a car with 100,000 miles on it.    

My overage now is $1000...Hyuandi told me yesterday.     Any advice?     BTW the salesmen did not want me to go through the Credit Union.  (He was pushing Huanydi Finance...which is what I  have now.   I asked him why he was doing that....he didn't answer). 

Thank you all.

Message 1 of 7
6 REPLIES 6
TGG_1976
Contributor

Re: Ending a lease early and buyout

Just my opinion ... do the lease buyout. Get it over with and live car payment free for a while. 50k miles on a car is not much, you can easily drive the car for a few years. I did buy out my lease two months ago (2017 Mazda CX5 with 32k miles) and the buyout was around 18k. I paid in full. The temtation was high to trade in for a new car but now I am happy to not have any car note. If you need to finance the lease buyout, it's an option too, just do not lease again. Lease is just a bad deal in general. Unless you MUST have a new car, work on your lease buyout options with PenFed and Navy, pay it off as fast as possible and it's yours!

Message 2 of 7
BessTruman
Regular Contributor

Re: Ending a lease early and buyout


@TGG_1976 wrote:

Just my opinion ... do the lease buyout. Get it over with and live car payment free for a while. 50k miles on a car is not much, you can easily drive the car for a few years. I did buy out my lease two months ago (2017 Mazda CX5 with 32k miles) and the buyout was around 18k. I paid in full. The temtation was high to trade in for a new car but now I am happy to not have any car note. If you need to finance the lease buyout, it's an option too, just do not lease again. Lease is just a bad deal in general. Unless you MUST have a new car, work on your lease buyout options with PenFed and Navy, pay it off as fast as possible and it's yours!


Thank you so much.    I will have paid $47,000 for this silly car when it's all over.    I have paid $20,000 already on the lease and the buyout is $27,000.  Makes me sick to my stomach!   

Message 3 of 7
Anonymous
Not applicable

Re: Ending a lease early and buyout

They are pushing you not to do a lease buyout for 2 reasons... they want to sell you a new car and are not sure someone is going to bury that kind of money in a note. They will lend you the 27k on your car? Or a car?

Message 4 of 7
BessTruman
Regular Contributor

Re: Ending a lease early and buyout


@Anonymous wrote:

They are pushing you not to do a lease buyout for 2 reasons... they want to sell you a new car and are not sure someone is going to bury that kind of money in a note. They will lend you the 27k on your car? Or a car?


 

I'm not sure I understand the question.    I'm sorry.   Smiley Sad    The dealer was pushing financing through Hundyai and not through Navy Fed.    Is that what you were asking?   I was approved ....they...were going to bury that negative equity I guess with that very high car payment of $800 for 72 months.      I hope I answering the question.  I think I may get another car the same year 2018....same model with lower mileage...10k-12k.  They are going to $19,000 -$20,000 on Car Fax and such.   I am trying to lower my payment and also offset my overage in miles which will be around 30,000 if I keep the car to term.    

Message 5 of 7
ccquest
Established Contributor

Re: Ending a lease early and buyout

As much as it hurts right now, this should be a learning experience to fully understand what you're getting yourself into as far as buying cars.

I'd say it's worth a shot to run the numbers thru services like Vroom, Carvana, and CarMax just to see what they might offer you. I don't think you'll really get close to $27k at all, but you never know. It's a car that starts with an MSRP right around there and Hyundais sell below that typically and drop like a rock for resale value... But if you get a decent offer from one of those services I named, you could possibly get out of this car faster and into something cheaper and more fuel efficient for the amount of travel you do.
as of 1/1/23
Current Cards:
Message 6 of 7
BessTruman
Regular Contributor

Re: Ending a lease early and buyout


@ccquest wrote:
As much as it hurts right now, this should be a learning experience to fully understand what you're getting yourself into as far as buying cars.

I'd say it's worth a shot to run the numbers thru services like Vroom, Carvana, and CarMax just to see what they might offer you. I don't think you'll really get close to $27k at all, but you never know. It's a car that starts with an MSRP right around there and Hyundais sell below that typically and drop like a rock for resale value... But if you get a decent offer from one of those services I named, you could possibly get out of this car faster and into something cheaper and more fuel efficient for the amount of travel you do.

Thank you so much for this help.   I ran it through.  Vroom was the highest at $18,500 .  The others were $15,000.      Can't believe you can do this online.    It's looking like my best option.     Thank you again.   I will finance through Navy or Pen Fed.

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.