Hyundai Motor Finance Lease-End Options
As your scheduled maturity date approaches, you want the peace of mind that comes with making an informed decision. That is why Hyundai has made the lease-end process simple. You have two basic options for dealing with the maturity of your current lease:
- Purchase your vehicle
- Return your vehicle
You may have noticed that you have been receiving End of Term reminder letters from Hyundai. In addition to going over with you the options laid out below, the notices include turn-in documents—an Odometer Statement and a Turn-In Receipt—that will help you in the turn-in process. These documents should be completed at the dealership at turn-in. We’ve made them available to you here by clicking on the link.
Purchase your vehicle
Purchasing the same vehicle that you have been leasing is a great idea. HMFC is devoted to making this process as simple for you as possible. For starters, the purchase price was pre-determined at lease signing and is set forth on the front of your lease agreement under the heading, “Purchase Option at End of Lease Term.” If you’re in the market for financing options, your Hyundai dealer may be able to assist you. Contact the dealership for details on how they can help you become the owner of your leased vehicle.
Should you choose to keep your lease vehicle, you may purchase your vehicle at the established purchase price. In some states, your lease purchase must be executed through a participating Hyundai dealership.* You will not be responsible for any excess mileage charges, disposition fee, or excess wear and use if you decide to purchase your vehicle. Refer to your lease agreement for any purchase option fee that may be due. You are encouraged to contact HMFC for specific purchase information between 15 and 30 days before your scheduled maturity date.
If you decide to purchase your current lease, an inspection is not necessary. Please contact HMFC with your intentions so that an inspection is not ordered on your vehicle.
Return your vehicle
Perhaps you saw a new Hyundai model that caught your attention, or perhaps you simply want the updated model of the car you’re currently driving. Whatever the reason may be, driving away in a new leased or purchased Hyundai begins by scheduling the return of your current leased vehicle. The process is as simple as A-B-C:
A. Have your leased vehicle inspected.
B. Set up a return appointment with the originating Hyundai dealer.
C. Return your vehicle to the Hyundai dealership.
A) Approximately 60 days before your scheduled maturity, a representative from HMFC’s third-party vehicle inspection company will contact you to schedule a complimentary vehicle inspection. The inspection will take approximately 30 to 45 minutes. At the completion of the inspection, you will receive a printout of the detailed inspection report for your records. This is NOT a bill. The report simply reflects the inspector’s estimated excess wear and use charges based upon the terms of your lease agreement so that you know what to expect after the vehicle is returned.
B) To set up an appointment to return your vehicle, you should contact the originating Hyundai dealership 7 to 15 days before your scheduled maturity date. This will allow you and the dealer time to make a decision on a new lease or purchase. If for any reason the originating Hyundai dealership is not convenient, please call the Hyundai Lease End Services Team toll-free at (800) 523-4030, extension 7566 to assist you in locating an alternate Hyundai dealer in your area.
C) On the day of your lease return, please take with you the following items:
- Odometer Statement
- Turn-In Receipt
- Copy of pre-termination inspection report prepared by HMFC’s third-party inspection company, along with receipts for repairs made to the vehicle.
- All keys with remotes
- Owner’s Manual
The dealership will provide you with copies of all the documents that you have signed. Once you have completed these simple steps, you must notify us that the vehicle has been returned and your lease turn-in is finished.
If leasing or purchasing another Hyundai vehicle is not in your immediate plans, simply follow the turn-in steps above. Also, please read through the section below, "After I’ve turned in my lease", for more information regarding your off-lease invoice.
After I’ve turned in my lease
If you’ve chosen to turn in your leased vehicle, you can expect to receive an off-lease invoice 30 to 45 days after your turn-in date. This invoice will include any charges for any applicable fees or amounts due, such as excess mileage charges, a disposition fee, and excess wear and use. If you paid a security deposit at lease signing, expect to receive a refund for any unused portion.
Excessive Wear and Use
HMFC takes a common-sense approach to excess wear and use. If any damage to the vehicle at lease-end is beyond reasonable, as determined by your lease agreement, it is considered excessive.
You are obligated to maintain your leased vehicle in good working order and repair and to return it to us in clean condition. If you do not, you will be liable for excess wear and use charges when the vehicle is returned at the end of the lease term.
A simple way to understand what is excessive as opposed to normal wear and use is by a visual inspection. Some examples of what may generally be considered excessive are:
- Broken or missing parts
- Broken or cracked glass or mirrors
- Multiple dings or dents on the same panel
- Damage from sand, water, or freezing (hail)
- Inoperable or major mechanical issues
- Tire/wheel damage, less than 1/8 inch of tread at the tire’s shallowest point
- Burn/tear holes larger than 1/8 inch to the interior1
To avoid paying excess wear and use charges, you should repair any damage noted on your pre-termination inspection report before returning your leased vehicle. You may contact your local Hyundai dealer about repairing the vehicle. If repairs are made, please be sure to bring proof of repairs, such as paid invoices or work order receipts for parts and services, when you return your leased vehicle to the dealer. Ask your dealer to visually inspect the vehicle and notate any repairs on the inspection report. Your off-lease invoice amount will reflect charges for unrepaired excess wear and use.
Mileage
Excess mileage may be charged to you at lease turn-in if you exceeded your allotted mileage limit. Please refer to your lease agreement for mileage limitations and rates for excess miles. Your off-lease invoice will reflect any charges for excess mileage.
1These examples do not encompass all of the items of excess wear and use that you are liable for. You should review your lease agreement under “Standards for Wear and Use” for more information.
