Hyundai Lease
With a Hyundai lease, you can drive a brand-new model for a relatively low monthly rate.
Written by Brenna Swanston
Reviewed by Jessica Barrett
If you want to drive a new Hyundai long-term without paying for the car's full cost, consider leasing instead of buying. Leasing comes with its drawbacks, so it's important to know exactly what you're signing up for with a Hyundai lease ahead of time.
By leasing a car through Hyundai Motor Financing (HMF), you can drive a new model for a relatively low monthly rate—and without the maintenance expenses of owning a car.
When deciding if it is
better to lease or buy a car
, remember that paying for a lease doesn't help you build equity the way financing a car does. Plus, you may face restrictions such as mileage limitations. Unsure about leasing a Hyundai? Look no further than
Jerry
. This car insurance
super app is here to tell you everything you need to know about a Hyundai lease and how to find low Hyundai car insurance costs
when you are ready to bring your new car home. RECOMMENDED
Compare auto insurance policies
No spam or unwanted phone calls · No long forms
How to lease a Hyundai
Leasing a Hyundai may not be rocket science, but there are some basic things you need to know before heading down that path. Start by following these steps to make sure you score a good deal on a Hyundai lease:
- Check your credit score. HMF usually requires its lease customers to have a good credit score, with a minimum 650. If your score is lower, you may need a co-signer for your lease.
- Determine your budget. Make sure you can afford your monthly payment, which should not be more than 15% of your monthly income.
- Estimate your upfront payment. For a good deal, expect to make a down payment of at least $1,000.
- Figure out your annual mileage. Your lease terms will outline a maximum mileage limit, usually between 12,000 and 15,000 per year. You may purchase additional miles up front.
After sorting out these details, head to your local Hyundai dealership to compare lease offers. Cheaper lease options include the
Hyundai Elantra
and the Hyundai Santa Cruz
. If you have more cash to spend, you might splurge on a Hyundai Tucson
.Your dealer will probably try to talk you into purchasing add-ons like accessories and cosmetic upgrades. Note that these add-ons are the only customizations you may make to a leased Hyundai.
Make sure to have a budget in mind before going to the dealership so you don't overspend.
The final step: shop for insurance
Your Hyundai lease agreement will not include car insurance. Once you've picked a model that suits your needs and budget, you'll have to buy insurance to cover it.
Jerry
can lend you a hand with this!Download the Jerry app, and in less than a minute, you'll be comparing quotes from dozens of top insurance providers. Prepare to find the best insurance coverage for the cheapest rates.
MORE: How to calculate a car lease payment
How much does a Hyundai lease cost?
Technically speaking, leasing a Hyundai costs less than buying one. However, some say purchasing a car is a better investment. The exact cost of your Hyundai lease will depend on several factors, including:
- The car model
- Your negotiated price
- Your lease term
- The interest rate on your lease (determined in part by your credit score)
- Cosmetic upgrades or other add-ons
- Sales tax
HMF's lease offers vary, but most Hyundai leases run from 24 to 48 months. If you settle on a three-year (36-month) lease, your monthly rate will probably land between $366 for a Hyundai Elantra SEL and $507 for a Hyundai Santa Cruz SEL Crew Cab.
Your monthly lease payment won't be your only expense, either. For example, to lease a Hyundai Tucson for three years with a credit score of 700-749, you can expect to pay:
- Down payment: $1,000
- First month's payment: $498
- Acquisition fee: $650
That leaves you with an initial cost of $2,148. This price excludes add-ons, sales tax, and other potential contributing factors.
By comparison, the Hyundai Santa Cruz would cost you $2,321 upfront. That's just a couple hundred dollars more than the Tucson, though the manufacturer's suggested retail price for a 2022 Hyundai Santa Cruz is over $5,000 more than that of a 2022 Hyundai Tucson.
Services included in a Hyundai lease
Leasing a car often comes with complimentary maintenance services. If you lease a Hyundai through HMF, you should be covered for three years or 36,000 miles (whichever comes first) for standard, factory-scheduled maintenance intervals.
These services include:
- Oil and oil filter changes
- Hyundai Genuine Oil filters and recommended oil
- Tire rotations
- Multi-point vehicle inspection
Keep in mind that these services do not include frequent maintenance as a result of severe conditions or driving. However, you can purchase an Extended Hyundai Protection Plan if you think you will need maintenance more often.
Key Takeaway Expect to pay over $2,000 upfront when you pick up your new leased Hyundai. Monthly rates hover between $350 and $500 per month for most models, though your lease may be more expensive.
What to do when your Hyundai lease is up
When your Hyundai lease ends, you can choose from these options: lease or purchase a new Hyundai, buy your current leased Hyundai, or turn in your leased car. If you opt to purchase or lease another Hyundai, keep in mind that you'll have to follow certain steps to turn in your current model.
How to return a leased Hyundai
To return your leased Hyundai, this is all you need to do:
- Use Hyundai's Excess Wear and Tear Tool and Online Self-Assessment Tool to identify any excess wear and tear on the vehicle
- Make any necessary repairs to avoid charges for excess wear
- Call your Hyundai dealer to schedule a turn-in appointment
- Clean the vehicle
- Remove any toll tags or garage door notes
- Complete Hyundai's Odometer Disclosure Statement and fax it to (972) 590-3968
- Make sure all equipment originally provided with the car is accounted for
- Delete any personal data from your car's electronic systems
- Turn in your leased car to your Hyundai dealer
You will be required to pay a $400 disposition fee when you turn in your car, regardless of its condition.
How to purchase a leased Hyundai
HMF makes it simple to purchase a leased Hyundai at the end of its lease term. There are three ways to do this:
- Call or visit your local Hyundai dealer
- Call a lease-end advisor at (855) 463-5378
- Get a buyout quote through your HMF online account
How to find affordable car insurance for a Hyundai
Even after you've hammered out all the details of your Hyundai lease, you'll still need to purchase car insurance. Shopping for auto insurance can be a pain, but with
Jerry
—a licensed broker and trustworthy insurance comparison app
—it doesn't have to be.Jerry contacts your insurance company to gather details about your current coverage. This helps you avoid tedious paperwork and long phone calls. If your current insurance company doesn't quite cut it, Jerry can help you cancel that policy and pick a new one.
With Jerry, you get all the best prices and coverage—without any of the heavy lifting. And the best part? Jerry users save an average of $887 per year on car insurance.
“I just had to buy a new car, and I needed quick help to get insurance before I could get my plates. Because I work so many hours,Jerrywas the ideal choice for getting things done without long phone calls and waiting periods.” —Rosa G.
Let Jerry find your price in only 45 seconds
No spam · No long forms · No fees
Is leasing a Hyundai worth it?
Deciding to lease a Hyundai could be right for you if you don’t want to make a long-term commitment to one model. Leasing also comes with lower monthly payments. Ultimately, it’ll come down to your finances and personal preferences.
What is the cheapest Hyundai you can lease?
For 2022 models, the Hyundai Elantra is among the cheapest to lease at about $366 per month. Older models may cost even less. Keep in mind that your lease price will depend on several factors.
Reduce your monthly car payments in minutes?
Find out if Jerry can reduce your payments by an average of $150/month
4.7You might also be interested
