Talk of The Villages Florida - Leased Vehicle Purchase

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We bought out our 3-year Hyundai lease last month. It was leased through Jenkins Hyundai in Ocala so that was the only place to go to do the buyout. They charged a non-negotiable $999 fee for "paperwork". It was a disgusting thing to do to a customer at the end of our relationship!! Done with them!

The terms of a lease buyout should be in your original lease agreement.

Quote:

Originally Posted by hillyridge (Post 2067088)

In August my Hyundai lease ends. After reading the experiences of others I thought I should see what options I have for a buy out. First I called Hyundai Finance and they told me I had to go through the dealer (Jenkins Hyundai in Leesburg) and that was the only way I could purchase the vehicle. So I called Jenkins only to find out their computer system was down and they could not give me a buyout quote. Question: Is there something unique to Florida that the Lessee has to buy from the dealer?

Yes. In Florida, a "Leasing Company" cannot directly sell you a vehicle, unless they're a Licensed Dealer in FL. Also, Florida does not have a "cap" on Dealer Fees, unlike many other states.

Quote:

Originally Posted by Dynsol (Post 2066808)

Need Advice!

My current leased vehicle is at the end of contract. Market conditions indicate a shortage of New Vehicles available to lease at a reasonable price point.

My current dealer has indicated many leasee are purchasing the vehicles as a possible solution.

I have been to three different dealerships (GM) and over and above the payment of Florida sales taxes, each dealer wants to mark up the sale contract by approx. $600-$800 to handle the paperwork. They disguise this paperwork fee as (Administration fee) (Florida Fees) (Paperwork settlement) etc.

While I do not mind paying a small/reasonable charge to complete a minimal computer generated paperwork situation, I think the mark up of $600-$800 is exorbitant and greedy. GM Financial (current lease holder) indicate they do not have any involvement in my purchase of the vehicle and dealers can charge whatever they want.

So, open for suggestions or if someone know a GM Dealer willing negotiate the paperwork price so that I may purchase the vehicle.????:pray:

Thank You :pray:

I just purchased my leased vehicle from Lincoln. The lease buyout price was incredible due to the soaring used vehicle prices (about $10,000 less). I didn’t have any up charge but had to pay Michigan sales tax. The only downside is that I had to go back to Michigan in February. 🥶🥶

Quote:

Originally Posted by Dynsol (Post 2066808)

I just leased a new vehicle when my lease was ending and got the best deal ever because of the equity in the car. My lease payment went down by almost $100

We just brought out our lease in NY in December with Honda Financial. Go directly thru the financing company.

Quote:

Originally Posted by njbchbum (Post 2066860)

The one time we leased a vehicle we wanted to purchase the car at the end of the lease. We skipped the dealership and went directly to the leasing company to negotiate the purchase price. Wound up considerably less than the amount stated on the contract! Have you tried negotiating with your leasing company yet?

Wish I had read this advice prior to buying out my lease. Thanks for posting this. Who knew?

I would think that now is the time to buy your leased vehicle at the buyout price quoted on the original lease. Because with the current tremendous increase in used car prices, it would be advantagious.

I bought my Honda Accord and paid what was listed as the buy out costs me at lease end. The finance company owns the vehicle and usually is bought back by the dealership that provided the car for the initial transaction. I've heard of dealerships trying to get some money out of these transactions now that used cars are a premium today. Call the finance company and not the dealership.