How a Hyundai Lease Return Works
If your Hyundai lease is coming to an end, you’ll have the option to return your car, lease a new one, or buy out your lease.
Written by Shannon Fitzgerald
Reviewed by Jessica Barrett
When it comes time to return your Hyundai lease, you’ll need to perform a wear and tear self-assessment and make an appointment with your Hyundai dealer. Once there, you can either trade keys for a new lease, hand over your keys for good, or buy out your lease.
So you’ve been driving that leased
Palisade
or Sonata around for a few years and it’s nearing the end of your lease term. You’ve enjoyed the freedom of owning a Hyundai without the commitment of buying one, but what do you do now? Returning a lease requires a few important steps to avoid fees or complications. That’s why
Jerry
, the trustworthy insurance comparison app known to save drivers money on car insurance
, has put together a guide. From your lease return options to some frequently asked questions, here’s everything you should know about returning your leased Hyundai, plus how to find low Hyundai car insurance costs for your next car.
How a Hyundai lease return works
As your Hyundai lease comes to a close, you’ll have three basic options:
- Ground your lease — return the lease and walk away
- Trade-in your lease — return the lease in exchange for a new lease
- Buy out your lease — don’t return the lease, buy it instead!
We’ve already outlined
how a Hyundai lease buyout works
, so let’s take a look at those other options. MORE: Hyundai resale value
Return your leased Hyundai and walk away
Your Hyundai lease contract is coming to a close, but you’re not quite ready to purchase or lease another vehicle from Hyundai. No worries! You’re totally within your right to turn in a lease and walk away. Luckily, Hyundai makes this lease return process even easier by mailing a
Lease-End Kit
to you four months before your contract ends. The Lease-End Kit explains the process, which generally follows this timeline:
- Three to two months out: Using Hyundai’sonline self-assessment tool, identify wear and use on your lease and schedule necessary repairs. You can estimate potential lease-end charges through this tool, but a formal inspection after vehicle turn-in determines the final costs. s
- One to two months out: Schedule a Turn-In appointment at your Hyundai dealer.
- One week out: Clean the car inside and out. Ensure all interior components are returned to their right place.
- Just before your Turn-In appointment: Fill out and sign anOdometer Disclosure Statementand fax it to (972) 590-3968. Make sure all garage door remotes and toll tags are removed. Delete personal data from your audio, navigation, or HomeLink system. Bring your car along with its keys, maintenance records, repair receipts, and lease paperwork to the Hyundai dealer.
- After the return: If required, send your license plates to your state DMV and fax the state’s receipt to (972) 590-3995.
When you return a Hyundai lease without trading in, you’re responsible for the following lease-end fees, which will be applied to your End-Of-Term Invoice:
- Excess wear and use
- Excess mileage
- Hyundai’s disposition (turn-in) fee — usually $400
- Past due or unpaid monthly lease payments
- Miscellaneous fees like unpaid late payment fees, taxes, or tolls
If you scheduled repairs for your Hyundai lease ahead of your Turn-In, you can escape paying wear and use fees. Just note these repairs must use OEM parts and follow industry standards. Contact your Lease-End Advisor for any questions or concerns regarding your lease’s repairs.
With these steps completed, your Hyundai lease is officially turned in and you can either look into new makes or enjoy your driving retirement.
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Let’s say you’re not ready to let go of Hyundai just yet and you’d like to try leasing out another vehicle. For you, the lease-end process will start about six months before your lease is up. This is to give you plenty of time to explore new Hyundai models and trims and research lease deals and offers.
Once you’ve decided on the Hyundai you’re interested in, it’s always a good idea to test drive the vehicle at your dealer. From there, your lease-end return will look pretty much the same as previously described: perform a wear and tear self-assessment (or schedule a free inspection), schedule a Turn-In appointment, and prepare your vehicle and paperwork.
However, this time when you contact your Lease-End Advisor two months out, you’ll also want to discuss Hyundai Motor Finance loyalty benefits. Like many car companies, Hyundai rewards drivers who purchase or lease continuously. By trading in your Hyundai lease for another Hyundai lease, you could receive the following perks:
- Lower monthly lease payments and APRs
- Valued Owner Coupon discounts
- Competitive Owner Coupon discounts to help you trade up for less
- Cash bonuses
- Waived Turn-In fee
Hyundai’s Motor Finance offerings vary by state and situation, so get in touch with your Lease-End Advisor to see how you might benefit from trading in your Hyundai lease.
If you want to return a Hyundai lease early
While it’s not normal practice to end your Hyundai lease early, life has some wild card situations that may make an early return necessary—like moving to a subway-dependent area (like Manhattan) or experiencing a death or medical emergency.
Returning your Hyundai lease early is possible, but it’ll cost you. To prevent drivers from using leases as a means of trying on and returning cars like clothes, ending leases early comes with steep termination charges. On top of these early termination fees, you will also be responsible for paying the outstanding balance on the lease even though you won’t be using the vehicle anymore.
Because early termination is an unusual circumstance, it’s a good call to contact Hyundai Motor Finance to negotiate your specific options. Just be aware that you already signed a contract stipulating these early termination fees and charges, so getting out of these costs is extremely unlikely.
That said, if you’re ending your lease early for financial reasons, you may want to consider instead a car lease swap, where you transfer your current lease to another lessee. This will also require negotiating with Hyundai Motor Finance, and you will want to make sure the potential new lessee has an income and credit score better than your own.
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4.7/5 rating on the App Store | Trusted by 5+ million customers and 7 million cars4.7/5 app rating | Trusted by 5M+ driversHow to find the best Hyundai insurance
While returning your Hyundai lease is fairly simple, finding affordable car insurance to cover your Hyundai often isn’t. That’s why
Jerry
created a comparison app to do all the finding for you. Here’s how it works: download Jerry (for free!), input some basic information, and in less than a minute you’ll have access to the lowest
car insurance
rates available to you from over 55 top insurers. Once you decide on a plan, just select it through the app, and Jerry’s expert brokers will help handle the transition calls and paperwork, including canceling your old policy. The average user ends up saving more than $800 a year on car insurance, so it’s definitely worth a look to protect your Hyundai lease without breaking the bank.
“Jerryblew my mind, honestly. From start to finish, using the app took me 10 minutes and I ended up with $100 of savings a month. Best of all, customer service answered all my questions about rental car reimbursement and roadside assistance.” —Savanna R.
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FAQs
Can I return my Hyundai lease to any Hyundai dealership?
Yes! As long as it’s an authorized Hyundai dealership, you can typically return your Hyundai to any Hyundai dealer—even if it’s not where you initially leased it.
Can I return my leased Hyundai to a non-Hyundai dealership?
No. Hyundai lease vehicles can only be returned to an authorized Hyundai dealer.
Can you return a Hyundai lease early?
Returning your Hyundai lease early is possible, but it’s considered an early termination and will result in steep charges. Take a look at your contract details for more clarity on these penalties, and contact Hyundai Motor Finance at (855) 463-5378 for further questions.
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