How a Hyundai Lease Buyout Works
Hyundai lease buyouts are fairly simple processes that can be initiated at a Hyundai dealer, through a lease-end advisor, or through Hyundai Motor Finance.
Written by Max Werner
Reviewed by Jessica Barrett
The Hyundai lease buyout process involves negotiating a buyout quote, obtaining a buyout package, and completing the buyout at your chosen institution. Hyundai makes it easy to buy out your vehicle’s auto lease, but excessive repairs can make negotiations difficult.
- Hyundai lease buyouts are a straightforward process, with lease-end buyouts being the most common purchase option.
- Drivers can initiate a Hyundai lease buyout by contacting their local Hyundai dealer, calling their lease-end advisor, or using the Hyundai Motor Finance account for a buyout quote.
- Hyundai offers lease buyout financing, but you should compare offers from several lenders, banks, and credit unions to find the lowest interest rates and the most flexible terms.
- Hyundai lease buyouts are a straightforward process, with lease-end buyouts being the most common purchase option.
- Drivers can initiate a Hyundai lease buyout by contacting their local Hyundai dealer, calling their lease-end advisor, or using the Hyundai Motor Finance account for a buyout quote.
- Hyundai offers lease buyout financing, but you should compare offers from several lenders, banks, and credit unions to find the lowest interest rates and the most flexible terms.
What you should know about lease buyouts
When you initiate a lease buyout, you’re attempting to purchase full ownership of your current vehicle, as opposed to returning the leased car 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 leased 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 lease maturity date. However, this method comes with unique hurdles and use charges.
How a Hyundai lease buyout works
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.
Hyundai lease buyout financing
Hyundai will always finance your lease buyout if you qualify. You can begin this process by contacting your Hyundai dealer or Hyundai Motor Finance.
However, while this option is convenient, it’s often not the best deal.
Regarding buyout financing, you’ll likely face higher interest rates, higher monthly payments, and long-term agreements at dealerships. You may find better deals with banks or credit unions since smaller institutions tend to value consistent relationships over quick cash.
It’s best to compare several institutions to see which financing plans fit your unique situation.
MORE: How to get a car loan from a credit union
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 lease contract for lease-end options and 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, it might be best to turn in the vehicle. You might pay more to cover the difference than you would to start a new lease or buy another model altogether.
When it’s better not to buy out a Hyundai lease
You should likely avoid buying out a Hyundai lease in the following circumstances:
- You have difficulty getting approved for a desirable interest rate
- Your current Hyundai has experienced excess wear and tear, multiple accidents, excess mileage, or frequent repairs
- You’d prefer a new Hyundai vehicle or another new vehicle
Oftentimes, a lease buyout just isn’t in the cards. If you relate to the above circumstances, a lease return might be better than a lease buyout.
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 model will catch your eye down the road.
“I have been with the same insurance provider for over 10 years.Jerryfound me a new policy with Travelers that is $107/month cheaper. The pandemic has made finances tight, but Jerry helped me out.” —Gabriel T.
Make auto loan refinancing easy with PriceProtect™
Make auto loan refinancing easy with PriceProtect™
4.7/5 rating on the App Store | Trusted by 5+ million customers and 7 million cars4.7/5 app rating | Trusted by 5M+ driversReduce 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
