End of Lease

[charlesleiss]

My lease ends next month. 2009 4.6 with Tech. The buy price is $23,576. Has anyone had any luck selling the Gen back to Hyundai dealer rather than just returning it? Or to a used car dealer, like Carmax? I'm certain with less than 24,000 miles in the odo my Gen is worth more than the buy price.

 

[homeofstone]

FYI I have purchased cars from the lessee on the day they have to turn the car in. My bank check was made out to the lessee and dealer and they then paid the dealer and lessee kept the difference. Dealer just cut a check to the lessee for the amount over the buy out amount. Takes some planning but its a win win. I got the car for less and the lessee made money. I also saved sales tax because I bought the car from an individual even though he owned it only for a matter of moments.

 

[BacktoHyundaibychoice]

My lease ends next month. 2009 4.6 with Tech. The buy price is $23,576. Has anyone had any luck selling the Gen back to Hyundai dealer rather than just returning it? Or to a used car dealer, like Carmax? I'm certain with less than 24,000 miles in the odo my Gen is worth more than the buy price.

The car should be worth about $28,000 at Carmax or the dealer (as a trade), so yes: your buy-in price is a good one. Of course your dealer will turn around and sell your car for $31K-$33K, but you know that. Carmax would do the same. This is according to Edmunds (link below), and I've seen them lower than Carmax recently by quite a bit. Sounds about right to me though.

Question: Are you looking at another Genesis or Hyundai? If so, you can roll your positive equity into the new car AND avoid the $400 disposition fee. One last thing to consider:
Carmax may quote you 1 or $2K more than the dealer, but if you use your current car as a trade you only pay taxes on the difference between the old and new cars, where if you sell to Carmax you'll pay taxes on the whole new car.

One more quick question:
Is this the first time you've had positive equity at lease-end? It is for me.

http://www.edmunds.com/used/2009/hyundai/genesis/101008125/options.html?tmvaction=vdpresult

 

[charlesleiss]

I haven't decided regarding the replacement yet. I'm considering the Infiniti M37x, the Buick Lacrosse, the BMW 5 series as well as the 2011 Genesis. Have to make up my mind shortly. Yes, this is the very first time my lease return is worth more than the residual listed when in got it. Nice problem to have?!

 

[ctrcbob]

I haven't decided regarding the replacement yet. I'm considering the Infiniti M37x, the Buick Lacrosse, the BMW 5 series as well as the 2011 Genesis. Have to make up my mind shortly. Yes, this is the very first time my lease return is worth more than the residual listed when in got it. Nice problem to have?!

I was parked next to one of those new Buicks, and was surprised just how "bulkey" they look when side by side. The waistline of the Buick is very high and the side windows are very narrow. Car just does not look to be in correct proportion. Also, as I understand it, almost all come with a 4 cylinder engine. Hard to find one with a V6. (I could be wrong about that though).

I would just keep the off lease Genesis. Can't be beat for the price.

 

[ultra63]

I haven't decided regarding the replacement yet. I'm considering the Infiniti M37x, the Buick Lacrosse, the BMW 5 series as well as the 2011 Genesis. Have to make up my mind shortly. Yes, this is the very first time my lease return is worth more than the residual listed when in got it. Nice problem to have?!

I wish there were more improvements between '09 and 11 as not much evolution in 2-3 years. The '12 may have enough changes to compete with the more updated Infiniti M37 or the BMW 5 series. I'd hate to lease the same car as I turned in!