Trading in a 2017 Hyundai Sante Fe. First time coming in to trade with a leased vehicle. Since we aren’t going back to the same dealership, do you have to negotiate what they’ll give us for it now? Is it possible they’d try to roll over on the new telluride? If we took it back to the Hyundai dealer, they’d give us the value no questions, correct? Hyundai says $17,300. KBB says $14,500- $16k. We don’t want to go in like we’re clueless... but we really are. I’m worried since there isn’t much of a deal to be had yet since they are so new... but we have to trade from now to May. We’d like to finance the new car instead of lease. Someone knowledgeable please help guide us! Thanks!
-
Hint: Use a descriptive title for your new message
If you're looking for help and want to draw people in who can assist you, use a descriptive subject title when posting your message. In other words, "I need help with my SUV" could be about anything and can easily be overlooked by people who can help. However, "I need help with my transmission" will draw interest from people who can help with a transmission specific issue. Be as descriptive as you can. Please also post in the appropriate forum. The "Lounge" is for introducing yourself. If you need help with your leather interior, please post in the Interior section - and so on... This message can be closed by clicking the X in the top right corner. -
Lease trade for Telluride (help!)
- Thread author DWhite
- Start date
WhiteSX
FOUNDING MEMBER
Are you attempting to trade a vehicle that you're currently leasing? Am I missing something? Have you purchased your lease vehicle from the bank / financing firm? Do you now own it? Or are you looking to get out of the lease early?
Razorback
FOUNDING MEMBER
- Joined
- Mar 5, 2019
- Messages
- 155
- Reaction score
- 190
- Points
- 43
If you are leasing the Hyundai then you can negotiate with the dealership (possibly) to the remaining lease payments to get you in their vehicle. I have done this with luxury brands and even Genesis offered to do this for us when we were 3 months out from the end of the lease deal. However, you have to be careful to ensure they would actually pay this out of pocket from their profits and not put it back into the deal or use your incentives. I believe that dealers get money to use for these types of scenarios but demand may play a factor in their willingness to do so but at the end of the month they typically want to move units so its worth a shot.
Our lease is coming to an end. This was our first lease. Just not sure how to go about everything.
______________________________
WhiteSX
FOUNDING MEMBER
Ok, thanks for the clarity. With most standard leases, your vehicle is owned by the bank at the end of your lease term unless you choose to purchase it at the end of the contract. In short, the vehicle is not yours to trade. It belongs to the bank. There are some potential negotiation points:
- The new car dealer could possibly pay off your last few lease payments. However, some may simply add those remaining payments to the price of the new car
- The new car dealer could purchase your lease vehicle from your bank and offer you a discount on the new car based on potential upside in retail market value of your lease car. The is complicated, most dealers wouldn't spend the time on such a transaction unless there's huge market upside on your lease vehicle
All the best
