Is Hyundai cars extending leases?

[Tink3815]

My son has a lease that ends at the end of Sept. Since there is such a shortage of cars has anyone tried to or been offered to extend their lease?

 

[kanerf]

I have a Kia lease that ends in Aug and I would welcome an extension as well. I have a Niro PHEV and they are very hard to find. My dealer does not have any. I may end up buying it out if they cannot come up with a new one.

 

[Tink3815]

I know last April while Covid was raging, I was offered to extend my Subaru lease for 6 months. He will probably have to call the lease company.

 

[ronandannette]

Exactly the opposite here actually. We each have a lease; one Toyota and one Nissan, and both up within the past several months. The dealers started calling and sending mailers back in February begging us to turn them in early and offering much higher value than the pay-outs due to the shortage of used inventory. We both made deals on new units that have now been delayed for delivery and my DH is in a weird limbo of being past the end of his lease agreement. We’ve refused to turn the vehicles in until the new ones arrive and every day we grow more anxious.

 

[sam_gordon]

I thought one of the "selling points" of a lease was you could turn it in and get a new lease on a new car. If the dealership/lease company won't extend (and yes, you'd need to call them and not rely on answers on a random message board), then tell them you're interested in another car at the same payment.

 

[ronandannette]

I thought one of the "selling points" of a lease was you could turn it in and get a new lease on a new car. If the dealership/lease company won't extend (and yes, you'd need to call them and not rely on answers on a random message board), then tell them you're interested in another car at the same payment.

That is the benefit, for sure, and we’ve been leasing for 20-odd years. The benefit to the dealer though is that they have a built-in market fo new vehicles and a predictable supply of good quality used inventory. In our experience they don’t love it when you want to extend the term and that provision isn’t specified in any lease agreement I’ve ever signed. And in most cases, if you want to buy out the vehicle you’ll get a better deal doing that through a bank than the dealer. They really want those cars back and to put you into a new one.

 

[Tink3815]

I thought one of the "selling points" of a lease was you could turn it in and get a new lease on a new car. If the dealership/lease company won't extend (and yes, you'd need to call them and not rely on answers on a random message board), then tell them you're interested in another car at the same payment.

I will have him call. Just getting input on what others may have experienced in the past. To me , that's why you post to a message board.

 

[Tink3815]

Exactly the opposite here actually. We each have a lease; one Toyota and one Nissan, and both up within the past several months. The dealers started calling and sending mailers back in February begging us to turn them in early and offering much higher value than the pay-outs due to the shortage of used inventory. We both made deals on new units that have now been delayed for delivery and my DH is in a weird limbo of being past the end of his lease agreement. We’ve refused to turn the vehicles in until the new ones arrive and every day we grow more anxious.

Can the lease company come after you since you aren't turning them in?

 

[tvguy]

Exactly the opposite here actually. We each have a lease; one Toyota and one Nissan, and both up within the past several months. The dealers started calling and sending mailers back in February begging us to turn them in early and offering much higher value than the pay-outs due to the shortage of used inventory. We both made deals on new units that have now been delayed for delivery and my DH is in a weird limbo of being past the end of his lease agreement. We’ve refused to turn the vehicles in until the new ones arrive and every day we grow more anxious.

I have had friends with Hyundais and Hondas and had three year leases and it has been very common for the dealer to call them after just one year, ask them to turn in the car, and offer a brand new car with a brand new lease for three years. So they never have a car more than a year.

 

[LuvOrlando]

Call the lease termination team and they'll tell you what's on the table. Honda was ok with an extension but Jeep was not, we ended up buying both with an unrelated 3rd party lender because I wanted to lease not buy and leases just weren't being offered.

 

[kymom99]

My friend just bought out her highlander when the lease ended because of low inventory.

 

[_19disnA]

A couple of years ago my lease was ending and the new vehicle I had ordered from the same dealer was delayed for some reason I can't recall. The dealer was very helpful in resolving the issue. They took back my vehicle when the lease was ending and provided me another temporary vehicle for no charge. They let me keep that vehicle until the one I ordered arrived. The dealer was the only one I talked with so I was never caught in the loop of trying to be the middleman between the dealer and some leasing company, they handled all of that. If the new/old lease vehicles are from the same dealer, it is my impression they will be more willing to work out something with you. I think that is true regardless of the brand, since they are often in competition with each other for the same customers.

Particularly with the chip shortage that likely is still impacting certain vehicles, the dealer might be willing to work out something so they don't lose you as a future customer.

 

[disykat]

My friend just bought out her highlander when the lease ended because of low inventory.

This. My son had leased by necessity when he graduated from college and is ready to buy now, as was his plan, but prices are outrageous so buying out his lease and keeping his leased car might actually be the best deal.

 

[winterwhite]

Hyundai Motor Finance (if that is who owns the car) will generally allow lease extensions for no more than 6 months, assuming your credit remains in good standing.

but it really makes very little sense to keep paying a lease payment at the end of the lease. If you need to keep the car, buy it, because you’ve already paid for probably 40 or more percent of the purchase price and going out and getting another lease just digs that in further.

 

[ronandannette]

Can the lease company come after you since you aren't turning them in?

In DH's case it's the same dealer so no - it's not a problem. The problem, as far as we're concerned, is on their end in not being able to deliver the new car as contracted. DH has offered to take a service loaner at their expense if they prefer. We can't manage indefinitely without a vehicle.

 

[Mackenzie Click-Mickelson]

With the car shortages I wouldn't expect what occurred in the past to be the case. Right now many dealers are desperate for cars and we're basically in a situation none of these dealers have been in. From chip shortages to stalls out in ports to used cars actually appreciating in value depending on the vehicle. Some of the bargaining power you have may depend on just how short your specific area is on vehicles.

 

[Mackenzie Click-Mickelson]

Particularly with the chip shortage that likely is still impacting certain vehicles,

In our experience it's affecting all vehicles really. At least in our area they don't expect any relief until possibly August but that's such a huge maybe, most think at this point spring. If you get a new car now it's not uncommon for the dealership to have their price above asking (the amount varies). One dealership was selling a Telluride for $7,500 above MSRP and the negotiations start at that.

Mazda for instance has stopped production on any other vehicle except for their Mazda CX5 and Mazda CX9 due to the chip shortage (according to the dealership we went to). Almost all new vehicles that come into my area are already sold before they make it to the dealer (either someone building it or looking at what was coming and reserving it) and if it isn't it's usually sold within a few hours (or a few days at most).

We've looked at Mazda, Hyundai, Mitsubishi, Subaru, Toyota, Nissan, Ford, Kia all the same story. Subaru wasn't test driving any of their vehicles on the lot instead you test drove their courtesy cars. That particular dealership had 10 vehicles with 7 already spoken for. One of the dealerships normally had 400 vehicles on the lot and they only had 25 (this was a few weeks ago).

 

[ronandannette]

In our experience it's affecting all vehicles really. At least in our area they don't expect any relief until possibly August but that's such a huge maybe, most think at this point spring. If you get a new car now it's not uncommon for the dealership to have their price above asking (the amount varies). One dealership was selling a Telluride for $7,500 above MSRP and the negotiations start at that.

Mazda for instance has stopped production on any other vehicle except for their Mazda CX5 and Mazda CX9 due to the chip shortage (according to the dealership we went to). Almost all new vehicles that come into my area are already sold before they make it to the dealer (either someone building it or looking at what was coming and reserving it) and if it isn't it's usually sold within a few hours (or a few days at most).

We've looked at Mazda, Hyundai, Mitsubishi, Subaru, Toyota, Nissan, Ford, Kia all the same story. Subaru wasn't test driving any of their vehicles on the lot instead you test drove their courtesy cars. That particular dealership had 10 vehicles with 7 already spoken for. One of the dealerships normally had 400 vehicles on the lot and they only had 25 (this was a few weeks ago).

I'm getting a Mazda CX-30. Not sure if they're marketing that model in the States. I really want a red one so we've actually leased it over the phone from a dealership in another city that has one in stock. There wasn't one within 250 miles of here.

 

[kymom99]

This all makes me glad we have 3 newer cars and aren’t in the market for a long while.

 

[Mackenzie Click-Mickelson]

I'm getting a Mazda CX-30. Not sure if they're marketing that model in the States. I really want a red one so we've actually leased it over the phone from a dealership in another city that has one in stock. There wasn't one within 250 miles of here.

They have that CX-30 here (cute car, my husband loves Mazda red too), what the dealership told us is that they are diverting what chips they have to those 2 models I listed because they sell the most so there's ones available of the CX-30 (looks like my metro has a few 2021) but at least what the guy told us is inventory at this point and for at least a bit in the future will be slim pickings for the other models. Like other car companies there's delays in getting it here. He said some of the cars sit on a boat waiting to get through the port for a month to month and a half (then for me need to make it by truck or train to the middle of the country). That's a problem for a lot of goods. I mentioned it on another thread but my husband's company for some equipment and parts were rerouted to Canada because the ports weren't as busy compared to Long Beach/LA or Houston for example.