My lease is up tomorrow... Any last minute advice?

[Sal Collaziano]

So, I'm heading to the dealership tomorrow to move forward on keeping my 2015 Genesis Sedan. It's been good to me and there's no reason, at this point, to lose it due to the lease ending (3 years). So... Does anyone have any good advice on how I should go about the process? Any way to ensure I get a good deal? Any specific mistakes to avoid or things to avoid overlooking? I've never actually decided to keep a car at the end of the lease. This is a first for me...

 

[Mark_888]

Does your lease specify the amount you have to pay to keep the car at the end of lease?

 

[Sal Collaziano]

Does your lease specify the amount you have to pay to keep the car at the end of lease?

Yes, I don't have the paperwork with me now - but I believe the buyout is about $24k/$25k...

 

[BlancaGenny]

Depending on your trim level, miles, etc., that seems like a decent price.

Advice? I don't have muuch since I don't lease cars. The only thing I would do is have them do an inspection at their cost, if possible. I know it won't be a CPO 155 point inspection but make sure the car is where it needs to be. Also, run it by and ask if you get the new car limited warranty which extends the powertrain to 10yr/100k miles. I assume this would already be applied since you are the original "owner" but check to make sure. If it were me, I would opt for a 2016 or 2017, can't remember which year, but they added the electronics to the 5yr/60k warranty instead of 3yr/30k.

If it's been a good car and you enjoy it, I don't see why not. I love the car and actually saw another CBW '15 here in town and I found myself getting a bit worked up seeing it drive away. This is one of the prettiest sedans on the market today. Let us know what you decide

Dan

 

[Mcc]

So, I'm heading to the dealership tomorrow to move forward on keeping my 2015 Genesis Sedan. It's been good to me and there's no reason, at this point, to lose it due to the lease ending (3 years). So... Does anyone have any good advice on how I should go about the process? Any way to ensure I get a good deal? Any specific mistakes to avoid or things to avoid overlooking? I've never actually decided to keep a car at the end of the lease. This is a first for me...

Actually I don’t think there is any reason to go to the dealer. There is nothing they can do for you but I guess it couldn’t hurt. Normally you call finance and ask how much to buy the car. You send them a check (there may be an end of lease fee but I doubt it if you are buying) and they send you the pink slip. Unless you are financing the $24k buyout in which case everything is done by the credit union or bank. You do nothing except take out a car loan with them. They handle all the paperwork.

You are definitely the original owner so all warranties will apply. I can’t see why the dealer would do an inspection at their cost, this is a lease buyout. Having one done is a good idea though to help avoid surprises down the line.

 

[BlancaGenny]

I can’t see why the dealer would do an inspection at their cost, this is a lease buyout. Having one done is a good idea though to help avoid surprises down the line.

I say that because it is pretty much the same thing as this scenario: Joe buys a car new from the dealer. Joe trades that car into dealer 3 years later. Joe buys another car. Joe's old car gets an inspection and detail before it is put on the lot to be sold.

I know that's how it is with selling cars, not leasing. Since you're the same person "buying" the car, I can see why they wouldn't. However, it wouldn't hurt to run it buy them. If you service your car per the service manual, it may not be needed. Then again, closed mouths don't get fed.

 

[Sal Collaziano]

Thanks for the advice, everyone! I'll see what the dealer says about financing and then compare the number to my own...

 

[milind]

I'm not sure that the inspection gets you anything. You want to inspect the car to see if there are any problems with it. Since you have been leasing the car, you already know that there are no issues with it. It's a 3 year old car still under warranty. So, really no point in getting an inspection. Instead, what I'd do is see if they can sell you an extended warranty till 120,000 miles. That will cover you for electronics which should be expiring. Work out the numbers and if they look good than that would be the best way to go.

If you are not getting an extended warranty, then as Dan suggested check out the 2016 models (that's what I got) since they provide an additional 2 year warranty. However, you will need to factor in the fact that you will have to pay taxes and dealer fees. tag title is trivial. I have never bought a leased car so don't know if the residual value includes taxes. I paid $25K out the door for my 2016 car. And paid another $2400 for a 10/120/0 extended warranty.

Good luck.

 

[EdP]

I'm not sure that the inspection gets you anything. You want to inspect the car to see if there are any problems with it. Since you have been leasing the car, you already know that there are no issues with it. It's a 3 year old car still under warranty. So, really no point in getting an inspection.

If you are not getting an extended warranty, then as Dan suggested check out the 2016 models (that's what I got) since they provide an additional 2 year warranty. However, you will need to factor in the fact that you will have to pay taxes and dealer fees. tag title is trivial. I have never bought a leased car so don't know if the residual value includes taxes.

Returned leases get an inspection so they can nail you for any damages. Dealers often offer inspections with the hope of selling repairs too.

Residual does not include taxes. While it is really easy to buy at end of lease, the dealer really wants you to buy/lease a new one. At best, he is getting a stipend to cover his paperwork if you do a buyout.

 

[Mcc]

Returned leases get an inspection so they can nail you for any damages. Dealers often offer inspections with the hope of selling repairs too.

Residual does not include taxes. While it is really easy to buy at end of lease, the dealer really wants you to buy/lease a new one. At best, he is getting a stipend to cover his paperwork if you do a buyout.

Ed, you are correct what you’re saying about returned leases, but this is a buyout. When I did a buyout on my G90 I never even visited the dealer. There was no inspection. All I did is contact Hyundai finance and ask what the buyout was. You are correct residual does not include taxes. The buyout shouldn’t involve the dealer at all, it’s between you and Honda finance.

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[Aurally]

Be sure to read the playbook that Hyundai uses to teach the dealer:

Hyundai Sales training web site

Back when I posted, the entire site was available. Now, it seems they are locked behind ID sign-in. The PDF links still work, though, including the one that teaches how lease end should be managed.

 

[mjbuck]

On one of my leases, I returned the car at the end of the lease and casually brought up the conversation regarding people buying their lease cars. I didn't want to seem too aggressive in my approach and kind of just touched on the subject as I was at the dealership. I kind of hinted that the vehicle I had was good to me (so to speak) and I was kind of disappointed the lease was up. The worker left the office, came back a few minutes later and gave me a "buy it now" price a little less than the lease-end buyout price. I wanted to buy it, but played coy and said I would think about it. We went onto other things and I walked the lot and looked at a few other cars and when I was about to leave, told the worker I wasn't going to buy anything right now. I got home and the phone rang and the worker asked what it would take to make the sale. We haggled for a bit and I got another 1k off the price. I wanted the car anyway, so between the original offer and the additional 1k, I saved $1,750 bucks. The worker told me they don't really want the car back and selling the vehicle to the person that leased it is their goal. This was on a 2011 Cadillac CTS, which had a 3-year lease, so 2015 is when this happened.

 

[Aquineas]

Sal, any updates?

 

[Sal Collaziano]

Sal, any updates?

I've been paying $435 per month for the past three years - and now it's going to cost $500 something or other to continue on with it - the wife and I aren't feeling so great about that. So, I'm probably going to get her into a Santa Fe Sport and take our Honda Accord until that's paid off. From there, I can upgrade to a G70 or G80. I actually have two more weeks with the Genesis - so that's good. But, my wife wants to sit higher like most of the traffic around her - and I don't blame her. There's no Genesis SUV - and we'd like to stick with Hyundai. So we're trying to work something out...