Hyundai Lease-End Options [Complete Guide]
Michael Collado is a car buying expert and has been a professional automotive writer since 2009. He’s written about dealership sales, vehicle reviews and comparisons, and service and maintenance for over 100 national automotive dealerships. Previously, Collado was a copywriter at the ad agency TBWA/Chiat/Day where he worked on brand campaigns for Nissan, ABC Television, Sony PlayStation, and Energizer. His recognition in the ad industry includes awards from Communication Arts and The Clios.
Collado has a Bachelor’s degree from the University of South Florida, with a major in Psychology and a minor in Marketing.
If your Hyundai lease is about to come to an end, you may be wondering about your lease-end options.
The better you understand your lease-end options, the better decisions you can make.
This Hyundai lease-end guide will show you what options are available and what you should do to ensure that you have a smooth transition to the end of your lease.
Table of Contents
- Hyundai Vehicle Inspection
- Option 1: Return Hyundai Lease Option
- Option 2: Purchase Hyundai Lease
- Option 3: Return and Lease New Hyundai
- Option 4: Extend Hyundai Lease
- Hyundai Lease-End Options: Pros & Cons
- Hyundai Lease-End Fees
- Hyundai Lease-End Benefits
- Best Lease Deals by Category
- Frequently Asked Questions
|Hyundai Lease-End Options|
|Return & Lease|
|Extend Lease||(Some dealerships may be willing)|
|Lease-End Fees||Charge for wear and tear and exceeding mileage limit
$400 Disposition fee
|Lease-End Benefits||waiver for turn-in fee, waiver for wear and tear fees|
Hyundai Vehicle Inspection
At the end of your Hyundai lease, you have the option to purchase the vehicle, extend your lease, or return it to the dealership.
If you decide to return the vehicle at the end of the lease, then it will be subject to an inspection. Here is what to expect:
When Should You Schedule the Inspection?
You should schedule your lease-end inspection about 30 days from the actual end lease date.
Where Should You Go For the Inspection?
You should go to the dealership where you leased the vehicle. However, you can go to any Hyundai dealership for the lease-end inspection.
What Should You Do Before the Inspection?
Before the inspection, be sure to look over the vehicle for any signs of wear and tear that you can repair.
Examples include any dents or scratches that can be repaired or damage to the seating surfaces. Also, be sure all equipment (manuals, spare tire, etc.) are included with the vehicle.
What To Expect During the Inspection
During the inspection, a representative from the dealership will inspect the vehicle for wear and tear. Also, the inspector will check to see that all original equipment is on the vehicle.
What to Expect After the Inspection
You will receive a report from the inspector, and you will be informed of any wear and tear on the vehicle.
Option 1: Return Hyundai Lease Option
Here are the steps you should take if you want to return the vehicle at the end of the lease.
- 2 to 3 Months Before: About two months before the end of your lease, Hyundai’s inspection company will contact you to schedule an inspection of the vehicle.
- One Month Before: If the vehicle needs repairs, you can opt to repair the vehicle before the end of the lease. If repairs are made, you can mail or fax receipts to Hyundai.
- One Week Before: Schedule a lease return appointment with your Hyundai dealer.
- At the Inspection: Return the vehicle along with the keys, key fob, and all associated equipment. Also, include all maintenance records, the owner’s manual, the vehicle return receipt, and the inspection report.
- After the Vehicle Inspection: Contact the lease-end advisor and let them know that the vehicle has been returned and all payments have been made.
Option 2: Purchase Hyundai Lease
At the end of your lease, you have the option to purchase your Hyundai. If you decide to purchase the vehicle, here is what you need to know about completing the purchasing process:
- No Inspection: You can bypass the inspection process.
- Get Buyout Quote: Contact your lease end advisor, contact your dealership, or log on to the HMF account to get your buyout quote.
- Pay the Buyout Quote: Pay the buyout quote and send payment to the Hyundai lease-end team.
- Finance Payoff: If you don’t want to pay all at once, you can arrange for financing with the Hyundai financing team.
- Re-Register Vehicle: Re-register your vehicle with the State’s Department of Motor Vehicles.
If you're purchasing the vehicle after the lease, consider the extra protection an extended warranty can provide.
Option 3: Return and Lease New Hyundai
If you would like to return your current vehicle and lease a new Hyundai, you will want to follow these steps:
- Six Months Before: Research new vehicles to lease. Be sure to check out the latest Hyundai deals here.
- Three Months Before: Learn the process of returning your current leased Hyundai.
- One Week Before: Schedule an appointment with your local Hyundai dealership to return your vehicle.
- At the Appointment: Bring the vehicle, owner’s manual, vehicle equipment, and maintenance paperwork. After completing the return of your current lease, you can lease a new vehicle.
Option 4: Extend Hyundai Lease
Depending on the dealership, you have the option to extend the lease on your current Hyundai. Here are some things you should know about extending a lease:
- The Lease Extension Can Vary: The lease can be extended by one month, several months, or a year.
- Payments Can Remain the Same: You may be able to extend the lease at the same rate as your current lease.
Hyundai Lease-End Options: Pros & Cons
You may be wondering which option is best for you at the end of your lease. Here’s a look at the pros and cons of each option:
Return Lease Pros
- You don’t have to pay any more on the vehicle, and you can lease or purchase a new vehicle.
Return Lease Cons
- You will have to spend the money purchasing or leasing a new vehicle. This could be more expensive than simply extending the lease.
Purchase Lease Pros
- You will only have to pay the vehicle's value at its lease-end date. This byout fee is usually determined at the beginning of the lease.
Purchase Lease Cons
- You will have to pay more to continue to drive the vehicle.
Extend Lease Pros
- This is the least complicated option.
Extend Lease Cons
- You may want to consider getting a newer vehicle instead.
Hyundai Lease-End Fees
- Excessive Mileage: 15 cents per mile for every mile over the mileage allowance on the lease agreement. Consider a high-mileage lease if you think you'll go over.
- Wear and Tear: This fee can vary by the amount of wear and tear. You have the option to purchase the Hyundai Protection Plan which covers wear and tear fees for up to $5,000.
- Scratches and dents longer than four inches in length
- Chips in paint larger than ½ inch
- Tread depth less than ⅛ inch
- Cut or torn rubber on the tires
- Mismatched tires (Different size, brand, or speed rating)
- Wheel cracks, scratches, or warping
- Missing spare tire
- Window damage can include chips, spidering, or cracks of any size
- Holes, cuts, burns, or stains on the interior of the vehicle
- Disposition Fee: $400. This is the fee you pay for not purchasing the vehicle at the end of the lease.
- Outstanding Payments: This fee can vary by the number of outstanding payments on the lease.
Hyundai Lease-End Benefits
If you decide to purchase your Hyundai at the end of your lease, you can receive a Loyalty Benefit. With this benefit, you will have the disposition and the excess wear fee waived.
Frequently Asked Questions
What are my options at the end of a Hyundai lease?
At the end of your lease, you have the option to either return the vehicle to the dealership, return and lease a new vehicle, purchase the vehicle, or, depending on the dealership, extend your Hyundai lease.
Where can I return my Hyundai lease?
You can return your Hyundai to any Hyundai dealership in the United States at the end of your lease.
What do I need to bring when I return my Hyundai lease?
If you decide to return your vehicle at the end of your lease, be sure to bring all accessories that come with the vehicle. This will include the keys, keyless remotes, owner's manual, and cargo covers.
Is my residual value, purchase price, or end-of-lease fees negotiable with Hyundai?
The vehicle's residual value is not negotiable by the dealership since the financing department sets the terms. If you decide to purchase the vehicle, you may be able to negotiate the purchase price. The end-of-lease fees are usually not negotiable since they are specified in the lease contract.
Can I return my Hyundai lease before the lease-end date?
If you return your Hyundai before the end of the lease, you will have to pay an early termination fee which can be pretty significant.
What charges am I responsible for when my Hyundai lease ends?
You will be responsible for two charges at the end of your lease. If you decide to return the vehicle, then you will have to pay the Disposition Fee ($400). Also, if there is excessive damage to the vehicle, then you will have to pay the Excess Wear Fee ($500).