Lease coming to end

[dudmleh522]

I have 2015 genesis awd model. Been making payments of $382/month for a lease annual allowed mileage at 12,000. Right now i have 50,000 miles on car so 14,000 miles over. If i turn her in i will be paying $0.20/mile. I really love the car but at the same time we need a bigger car. Right now this genesis is the biggest car we have. Wife drives 2016 accent which is paid off. We are either want to lease 2018 santa fe 3.3 (7 seater) or buy the genesis. Problem buying her is dealer wants $27,000. They said i can extend my lease up to 6 month and still pay same monthly $ and if i end up buying her the money will go towards final price.

Please give me your opinions what will be a wise move. How are the new santa fe?

 

[EdP]

I have 2015 genesis awd model. Been making payments of $382/month for a lease annual allowed mileage at 12,000. Right now i have 50,000 miles on car so 14,000 miles over. If i turn her in i will be paying $0.20/mile. I really love the car but at the same time we need a bigger car. Right now this genesis is the biggest car we have. Wife drives 2016 accent which is paid off. We are either want to lease 2018 santa fe 3.3 (7 seater) or buy the genesis. Problem buying her is dealer wants $27,000. They said i can extend my lease up to 6 month and still pay same monthly $ and if i end up buying her the money will go towards final price.

Please give me your opinions what will be a wise move. How are the new santa fe?

I leased a car knowing I was going over the miles and planned to buy it. Had that car for 16 years and was a decent deal. Dealer said he would pay off the excess if I bought a new car. Maybe you can work a deal if he wants to move a new car.

 

[waz]

I.m in the same boat, but my '15 is due next February. I would like to buy the car as well, but the numbers aren't there.

A 2015 Genesis Sedan, even an Ultimate, isn't worth $27k. More like $23 or so.

Hyundai inflated the residual on leases to move more cars.

Use the fact that you want a Santa Fe as leverage to reduce the $2800 milage penalty with the Hyundai.

Dealers just want to sell cars, and they'll generally work w/ you to sell one.

Definitely time to bail on the sedan; and w/ your milage per year, I would buy rather than lease the next one.

 

[dudmleh522]

Thanks for the input. Any thoughts of the new santa fe 3.3? I meaning moving from luxury sedan to a crossover sub

 

[dareckibmw]

My wife is on hers 3rd Santa Fe...started with '10 2.4L then traded for '14 3.3L then '17 3.3L fully loaded. She absolutely love the car. Reliable? YES ..... those cars have seen dealers only for an oil change, nothing else.
I'm pretty sure your wife will love it.

 

[dudmleh522]

Actually car will be for me wife likes her little accent lol. I drive the gen right now and maybe move on to the santa fe

 

[kn5owa]

Watch out for bogus fees when turning a lease in --- processing fees, paper preparation, fake damage fees, termination fee, etc

 

[MNgen]

I rented a Santa fe on a recent business trip. Looks nice but a large step down in comfort and drivability compared to the Genesis. You may want to rent one and drive it for a couple days before buying one.

 

[batmanmiami1]

3yr lease? = $13,752 (lease) + $2,800 ( over mileage) $27,000 (asking price) taxes other- BS-$1,500 (min) you'll be driving a '15 Gen with 50k mi for $45,052

4yr lease? = $18,336 (lease) + $2,800 (over mileage) $27,000 (asking price) taxes - other BS -$1,500(min) you'll be driving a '15 G with 50k mi for $49,636

I just picked up a '15 Ultimate 3.8 in S.Fl 3 months ago for $25,000 + taxes. Trade in value is between 20-22K (at best) and dealer prices & trade-ins are going down every week. If it were me I think I'd start with a fresh ride.

 

[LA Genesis]

I wanted to point out that the 2019 Santa Fe models will be completely redone both inside and out. If you buy an 18 Santa Fe make sure you take that into account. The 18 Santa Fe prices should drop significantly in the next 90 days.

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[milind]

I agree that moving to a 2018 Sante Fe is a huge step down compared to the Genesis in every possible way except space. I just bought a 2016 Genesis and while they were fixing it (CPO, windshield replacement), they gave me the Santa Fe to drive around. I highly recommend you drive that car around for a day or so.

A friend was recommending the Subaru Outback to me when I was looking at the Genesis. I never got the chance to drive it myself, because I ended up buying the Genesis before I got a chance to get to the Subaru dealer.

 

[YYLee]

I just bought (over the weekend) a 2015 3.8 fwd ultimate package, cpo, 10year/100k extended hyundai platinum protection warranty with 32k miles for $28.5k (was $26k for the car, $2.5k for the extended warranty). I'm in SF Bay area (everything is little more expensive here).

I don't think your car with 50k miles on it is worth 27k. You can either negotiate it down to low 20s or just return and buy a better (less miles) used one for about 27k or less.

 

[dudmleh522]

I got off the phone with the hyundai finance. Looks like i can extend my lease up to 6 month making same payment of $396/month.

 

[EdP]

I got off the phone with the hyundai finance. Looks like i can extend my lease up to 6 month making same payment of $396/month.

Not a bad position.
More time to decide
Buy out should be less
2019 models should be available if you want new.

 

[Mcc]

Not a bad position.
More time to decide
Buy out should be less
2019 models should be available if you want new.

I would be very surprised if the buyout would be less. Did you ask?

 

[EdP]

I would be very surprised if the buyout would be less. Did you ask?

It should be. You are paying more into it and the car is depreciating. It has been a while. but when we had company cars through Avis, there was a monthly statement and buyout was reduced every month. All of us bought the cars too, it was a sweet deal and we got new company cars.

 

[Mcc]

It should be. You are paying more into it and the car is depreciating. It has been a while. but when we had company cars through Avis, there was a monthly statement and buyout was reduced every month. All of us bought the cars too, it was a sweet deal and we got new company cars.

I agree it is a good deal for the customer. Hopefully that is the case. I would like to hear if they will decrease the residual. To me you are not paying more into it. In a lease you are not paying anything into it ever. They are just letting you lease it longer at a monthly cost to you. Just my perspective.

 

[Mark_888]

All this lease stuff is too complicated for me. That's one reason why I pay cash for all my cars (since 1987 when interest on car loans was no longer tax deductible).

 

[Mcc]

All this lease stuff is too complicated for me. That's one reason why I pay cash for all my cars (since 1987 when interest on car loans was no longer tax deductible).

I agree, Leases are very complicated. One problem is that the interest rate doesn’t to have to spelled out in the lease. So unless you do your own calculation you are never sure exactly what profit the dealer is making. Also once you start to lease it is very difficult to stop. You never have any equity accumulated to trade in. So you have to just start a new lease.

 

[dudmleh522]

They told me since my payments is $396/month if i do 6 month extend i will be paying total of $2376. And current buyout price with tax came out to $27,000. After 6 month extension i will be paying $27,000-$2376=$24,624 including tax. Keep in mind right now i have 53,000 miles so i am in bad spot to return the car since i was limited to 12,000miles/year. I recently moved last july which makes me drive 120 miles every single day...