How a Hyundai Lease Buyout Works
Buying out your Sonata, Elantra, or Tuscon is easier than you think, so long as you’re prepared.
Written by Max Werner
Reviewed by Jessica Barrett
You’ve soaked up sun rays in your new Sonata or triumphed mountaintops in a 2022 Tucson. Now, it’s time to think about buying out your vehicle’s lease. While Hyundai makes it easy to buy out your vehicle’s lease, excessive repairs can make negotiations difficult.
Leasing is an ever-popular way to shop for your dream car. A solid lease lets you experience something new, affordable, and luxurious—without the hassles of owning that car. Eventually, though, you might consider full ownership.
Buying out a lease is a relatively simple process, but like most sales, there are a few hoops and hurdles. Don't fear,
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What is a lease buyout?
New to leasing a car? Welcome to buyout basics. When you initiate a lease buyout, you’re attempting to purchase full ownership of your current vehicle, as opposed to returning that vehicle at the end of the lease period. Buyouts are based on residual value, a quote calculated at the beginning of your lease agreement based on projected depreciation.
Here are the two most popular types of lease buyouts:
- Lease-end buyout: This type of buyout lets you purchase a vehicle at the end of your lease agreement instead of returning it. Lease-end buyouts are the most common and straightforward buyout method.
- Early lease buyout: You can buy out a lease before the agreement ends. However, this method comes with unique hurdles.
How a Hyundai lease buyout works
Looking to make your Hyundai a permanent fixture in the garage, street, or driveway? There are three methods to initiate a Hyundai Lease buyout:
- Call or visit your local Hyundai dealer
- Call your lease-end advisor at 855-436-5378
Once you’ve initiated the buyout process, complete the buyout with the following steps:
- Negotiate a buyout quote. Work with your preferred dealer or financial institution to land a buyout quote. For the best deals, compare offers between several lenders.
- Obtain a buyout package. Your buyout package contains the necessary documents to complete the buyout process, including the bill of sale, odometer disclosure statement, title information page, and a document checklist.
- Bring the completed buyout package to your chosen institution. Once you’ve completed each form, you can bring the package and your buyout quote payment to your preferred dealer.
- Visit the DMV to finalize the transfer. Bring the title, bill of sale,proof of insurance, odometer disclosure, and lienholder information to the DMV. Once there, complete a title application to finalize your new ownership.
Congrats—once you’ve finished these steps, you officially own your Hyundai! Time to brush up on Hyundai maintenance and enjoy the many journeys ahead.
Will Hyundai finance a lease buyout?
Of course! Hyundai will always finance your lease buyout. You can begin this process by contacting your Hyundai dealer or the Hyundai final service. However, while this option is convenient, it’s often not the best deal.
Regarding buyout financing, you’ll likely face high interest rates and long-term agreements at dealerships. You may find better deals with banks or credit unions since smaller institutions tend to value consistent relations over quick cash.
It’s best to compare several institutions to see which financing plans fit your unique situation.
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Is a Hyundai lease buyout worth it?
It depends on the ratio between your vehicle's residual and actual value. Before rushing into any lease buyout, it’s essential to weigh all of your options to ensure you’re making the right decision.
How to calculate Hyundai lease buyout fees
Calling Hyundai financial services will grant you an immediate payoff quote—but it’s often better to crunch your own numbers.
To estimate the cost, explore your leasing agreement contract for your vehicle's residual value. Residual value is calculated at the beginning of the lease term and estimates how much your car will depreciate. Once you’ve secured the residual value, use an online service to find your vehicle's actual value.
Finally, compare these two values—residual and actual. If your Hyundai’s actual value is higher than the residual, you’re in great shape. This means your vehicle is worth more than anticipated, and you’ll have more options when negotiating.
If your vehicle's actual value is less than the residual value, you may want to consider holding off the buyout. You might pay more to cover the difference than you would start a new lease or buy another model altogether.
MORE: How to calculate a car lease payment
When it’s better not to buy out a Hyundai lease
It all depends on the state of your vehicle. You should likely avoid buying out a Hyundai lease in the following circumstances:
- You have difficulty getting approved for a desirable interest rate
- Your vehicle has experienced significant wear and tear, multiple accidents, or frequent repairs
- You’d prefer a newer vehicle or a different model
Oftentimes, a lease buyout just isn’t in the cards. If you relate to the above circumstances, we recommend holding off on your buyout or disregarding it altogether.
If your lease term isn’t closing, you can always buy the vehicle later. Waiting for a buyout allows you to improve your credit score and compare options. Your Hyundai might be your current dream car—but who knows if another make, model, or year will catch your eye down the road.
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