Returning a Lease: FAQ
Have questions about how to return a leased car? Whether
it's your first foray into the lease-end process or you're just in need of a
refresher, we've got answers.
Can I turn in a leased car early for another lease?
You do have an option of returning a leased car
early, although you're likely to pay an Early Termination Fee, as outlined in
your lease agreement. A lease-end advisor can help you further.
In some cases, your car dealer will try to have that
termination fee waived or paid for if you choose to re-lease another vehicle
through the dealership. This is, of course, only available on a case-by-case
basis.
I like my car -- what options do I have if I don't want to return it?
When your lease maturity date arrives, you have several
options:
- You can return your vehicle and lease another.
- You can return your vehicle and purchase another.
- You can return your vehicle and walk away.
- You can purchase your leased vehicle for its buyout price.
- You can extend your lease.
Speak with your leasing company or a member of your Hyundai
dealership if you'd like to discuss these options in depth. If you're returning
a Hyundai, you can also review the lease-end process by visiting hmfusa.com.
Will I need to pay anything when returning my lease?
If you're returning your lease
and walking away, you will be charged, per your
lease agreement, for excess wear and tear, excess mileage, and a disposition
(turn-in) fee.
If you re-lease another vehicle, however, disposition fees
are likely covered, and you may receive a waiver for wear and tear. As always,
consult your auto leasing contract for full details.
Is turning in a leased car to a different dealership allowed?
Yes, you may return a lease to any dealership, so long as
they're of the same automotive brand and family. For instance, if you lease
a Hyundai Elantra in Miami from Braman, then move to another state, you can
return that leased car to any officially
licensed Hyundai dealer near you.
Note: It's a smart idea to speak with your lender and
local auto dealer near you before returning a leased vehicle.
Does your dealership perform lease-end repairs?
Absolutely. After a lease-end inspection is performed, you
may be alerted to potential "wear and tear" issues, including scratches, dents,
paint chips, etcetera. You will want to have these issues fixed prior to
returning your leased vehicle; if you do not, you will be charged for excess
wear and tear, which can be hundreds of thousands of dollars more than the
repair itself.
Schedule a
lease-end car repair at Braman Hyundai or a collision repair center near you
at least 30 days before your lease maturity date. This should allow you enough
time to get all your ducks in a row.