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JennyPenny
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Member since 1/08 12702 total posts
Name:
Jen
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Is this possible? (car lease related)
DH and I leased a Sonata back in July. It is a standard, 3 year lease. Shortly after we got the car, we found out I was pregnant. We weren't trying, it just happened. If I had any intention of getting pregnant so soon, I would have gone with an SUV. I gave up an SUV to get the car and I would feelMUCH more comfy in one with another child.
Is there any way to trade in the car for an SUV (staying in the Hyundai family) or will I face major penalties?
An old neighbor of mine traded in like, 3 cars in a short time period. I don't know if he paid penalties or if they don't care because you're re-buying from them...
Anyone have any insight?
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Posted 1/4/12 2:37 PM  |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: Is this possible? (car lease related)
Posted by JennyPenny
DH and I leased a Sonata back in July. It is a standard, 3 year lease. Shortly after we got the car, we found out I was pregnant. We weren't trying, it just happened. If I had any intention of getting pregnant so soon, I would have gone with an SUV. I gave up an SUV to get the car and I would feelMUCH more comfy in one with another child.
Is there any way to trade in the car for an SUV (staying in the Hyundai family) or will I face major penalties?
An old neighbor of mine traded in like, 3 cars in a short time period. I don't know if he paid penalties or if they don't care because you're re-buying from them...
Anyone have any insight?
likely, no. not easily. would it be an option to buy it out and then sell it or trade-in towards a new purchase?
the issue is that they depreciate SO fast in the very beginning. they wont be able to sell it for what they want to.
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| Posted 1/4/12 2:39 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Is this possible? (car lease related)
I would call the person you leased from and explain what happened and see what they say. Sometimes theres a standard penalty for turning in early--that might be detailed on your paperwork.
The issue is that the term of the lease, 36, 39 months is you paying the depreciation on the car...so when you turn it in early, you haven't paid the full amount of the depreciation on the vehicle and now they have a car thats worth less than they can sell it for.
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| Posted 1/4/12 2:56 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Is this possible? (car lease related)
Absolutely! As long as you stay within the same type of car and with the same dealership you should be able to do it. I've done this twice so far.
Basically the car dealership is buying the car from whomever holds the lease, and then leasing you a new vehicle..
This works well for them as they make more $$$ on a used car sale then a lease anyway.
Go back to the dealership and fish around- tell them you have a current leased vehicle- they'd have to do an appraisal on your car. Chances are though, the buy out amount on the lease is less than what they'd sell if for used anyway.
I did this one year in on a CR-V lease (went to a Odyssey) and two years in on a Civic lease (went to an Accord).
Only thing is when you go in you need to be prepared to buy that day, and you take what they have inventory wise- you can't really be THAT picky w/ color!
Good Luck
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| Posted 1/4/12 3:01 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Is this possible? (car lease related)
Posted by Sassyz75
Absolutely! As long as you stay within the same type of car and with the same dealership you should be able to do it. I've done this twice so far.
Basically the car dealership is buying the car from whomever holds the lease, and then leasing you a new vehicle..
This works well for them as they make more $$$ on a used car sale then a lease anyway.
Go back to the dealership and fish around- tell them you have a current leased vehicle- they'd have to do an appraisal on your car. Chances are though, the buy out amount on the lease is less than what they'd sell if for used anyway.
I did this one year in on a CR-V lease (went to a Odyssey) and two years in on a Civic lease (went to an Accord).
Only thing is when you go in you need to be prepared to buy that day, and you take what they have inventory wise- you can't really be THAT picky w/ color!
Good Luck
edited to add- don't put ANY money down on the new lease... just 1st month payment!
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| Posted 1/4/12 3:03 PM |
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Binx214
LIF Infant
Member since 9/07 98 total posts
Name:
Danielle
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Re: Is this possible? (car lease related)
I'm a lurker who had a sonata on lease and had a year and a half left on my lease but wanted an suv. River head auto mall where I leased it was going to take it back no problem since I was so low on my miles but I did not want a Nissan or Hyundai, I ended up getting a ford and was upside down on the sonata by 1000, we just rolled it in. It's definitely worth going and talking to them! HTH
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| Posted 1/4/12 3:04 PM |
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Re: Is this possible? (car lease related)
Yes we are exploring this now, they will likely roll whatever you owe in to the new car. You're going to pay for it one way or another!
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| Posted 1/4/12 4:40 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Is this possible? (car lease related)
Posted by NextStopBabytown
Yes we are exploring this now, they will likely roll whatever you owe in to the new car. You're going to pay for it one way or another!
that is not true..
twice Atlantic Honda has bought out my lease out right and then sold the used car. Maybe it's because Hondas hold their value better than other cars and they were both very low mileage, but I got out of the leases and got into different models in another lease.
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| Posted 1/4/12 4:44 PM |
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JoJo2010
Happy Family
Member since 8/09 6266 total posts
Name:
JO
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Re: Is this possible? (car lease related)
I did this with Honda. I had a Honda Civic and it was just too small for us and I still had over a year on my lease. We went to Honda and traded it in for the CRV. We did have to pay penalties but they just tacked it onto our payment, but they really worked with us to get it to a reasonable amount. I would def go and see what you can do...maybe wait until presidents day for a good offers.
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| Posted 1/5/12 12:41 PM |
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