Need Lease Advice
3 years ago I leased a Veracruz. I love my car and I am 2 months from the end of my lease. I got a call from Hyunda Financial Services a couple of weeks ago and they gave me 3 options.
The first is to buy back my car for $27,000, the second was to extend my lease by 6 months with the same payments, the final was to return the car and get an end of lease inspection. I have taken great care of my car. They want me to pay 27K but the trade in value is only $22,000 which is significantly lower. The price they want me to pay is higher than the retail value on my same make and model. http://www.automotive.com/2007/12/hy...ing/index.html I want to keep this car but do not want to take a hit. Does anyone have any suggestions on what to do with Hyundai Financial Services to lower the residual value or buyout value? |
If the car is still good and you still like it, take out a loan and buy it. It may cost more in the long run but it's cheaper than buying a new car, plus, you know the history of this car.
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end of lease representation
I hired a company yesterday called www.getyourcarback.com.
They are helping end my car lease. I will let you know how it works out. Good part is that I do not have to do anything because they are going to handle all of the end of lease issues. If it doesn't work I can hire the company to bid on my car at auction. If this happens I will be able to buy my car for wholesale price. Will let you know what is going on. |
Get Your Car Back sent me a comprehensive report outlining the buyout price on my vehicle. Through the report I saw actual sales prices at auctions broken down by region and nationally. It was a very comprehensive report that showed me my car is worth less than it what I thought by going to edmunds and doing a kelly blue book value on it. Pretty crazy.
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