This is a good example of why you should never lease a car. You should always pay cash for a car you can afford. He's returning a car with very low miles with lots of life left in it. It will get sold again, and they will make even more on it. He has paid out a few thousand short of a new car. At the end of the day, the car isn't even his car anymore. He could have driven the '06 Sonata he had until now, and saved all the money he paid out to the finance company. He would soon have enough to pay cash for the next car. You're just making the finance company rich when you lease or get a loan. Think about this, car companies make more on financing than they do building the cars. Leasing is still financing a car. Stop getting ripped off by finance companies!
This is excellent advice from both Nonemechanic and jaydot10. After having to make two informed decisions (1-Buying a bucket of bolts, 2-leasing a new vehicle) buying is the way to go, hands down, -- especially when considering total money spent and the angst over damaging any part of the new vehicle. There is nothing like having a car and NOT being afraid to ding it, or find a surprise parking lot scratch/dent and now invisible hail wtf! lmao. was it the right choice for me to lease then? Yes! Now perception counts for a lot: Almost 36 months ago, i decided to lease, no money down, just over $200/month payments, nonfunctional 18 year old vehicle trade in for $500. Mediocre-poor credit. Solid employment/income. The other option i had was to save money for 6 months and buy or finance to own a car with a hefty 6 months worth of a down payment. [ i should make a response video, this is too much to type.] I have strong business instincts ( i had talked down the salesman from $2k down, trade in, and $400/month, this, without even knowing what i was doing] My goal is to extricate myself from these robber-car-companies by knowing EXACTLY what i want from my leasing company, and not agreeing until i get it. period. All while enjoying the better credit rating, and bringing my transportation needs into the 22nd century. I'm an asshole from The Bx when it comes to Negotiations. gonna go detail my car now...
jaydot10 is about the same thing. When you finance the car l, the car isn't yours until you pay it off. A lot of people I know only finance a car 3-4 years get bored of it and trade it anyway without fully paying of the car. What you think happens when you trade a car that's not fully paid for ? I'll let you think on that one
Good information on returning a leased car. But a few things i need to point out is 1) never put down any money on a leased vehicle, if the car gets totaled, then that down payment is gone.2) always by wear & tear insurance at the time of lease itself, which will be much cheaper & add it to the the lease amount 3) never lease more that 36 months - reason being you will be within the warranty period and also your tires will still be good & hence no need to replace them 4) advantage of leasing - if you have an accident - your insurance will cover the repairs & you return the vehicle without a problem, but if you owned that car - yes your insurance will repair it, but you will loose its re-sale value which they will not cover. Hope this info helps anyone who is considering leasing versus buying.
Excellent video explaining the real scenario in leasing a car , that a lot of us did not know , I was contemplating the option of leasing a car in the next month but after watching this video I really doubt it.
Fantastic video ! I’m returning my leased vehicle in a month and this video has helped me prepare for it ! This video was very detailed and you explained everything thoroughly. Thanks man for your help ! Well done
Hello, 007 i just got back from returning the car. Hyundai gave me a hard time to return it. Hyundai dealers didn't want to it up here. They all ego the same words "They don't have room for it" but once I said I was going to Lease another car. They said they had space for it. I just drove 1:25 minutes to the original place I leased the car. Took the train back 1:35 minutes.
That was some great information! Just like Len (ManicMechanic007) said, that is a lot of fees for the average person. A lot of people need to see this video before they get a leased vehicle, THANKS!
Thanks so much and I really appreciate it, you went above and beyond in explaining this difficult situation, is not easy to return the leased car, you would think that we all the money you paid them they could be happy, but instead they are so vicious.
I'm taking a big gulp because I've got to return my 2017 leased Camry in 2 months and I'm returning it in almost the same, good looking condition except I do not have any wheel damage but I'm over 2 miles from the lease agreement. Very informative video and thanks for uploading and sharing.
Very insightful video, thanks for sharing. I’m currently half way through a 48 month lease on a 2018 Elantra and I was wondering what to expect at the end, you pretty much answered all my questions. Honestly I don’t think I’ll lease a car ever again, another issue with leasing is trying to find someone who’s willing to take up your lease mid term if you don’t need the car anymore, even with a decent premium it’s not easy, especially with a base model... I’ve been trying for the past two months
Thanks for this video, im returning my lease in 9 months and im searching info about it. You have been very helpful and gave me a clear understanding on an estimate about what im going to be charged.
For the future, 1) The disposal fee is right on the lease document. Its clear and you saw it. 2) The disposal fee is not required if you have it removed at the time you negotiate the lease, 3) Buy only from companies that have a turn in allowance. 4) That inspector is not the dealer its the finance company representative. 5) Paint gauge is BS. If you have damage and its repaired by an authorized center....its not notable.
I was laughing trying to figure out what "hair damage" is.... Man that is funny, hail damage now that makes sense :) Great vid, very helpful thank you!!
Disposition fee was in the leasing contract. Wear and tear also in the contract. Everything is spelled out in the contract. Dent and scratches are covered up to a certain point. Length of a credit card is usual standard for leases. Also some lease companies have an allowance (damage waiver) built into contract for a certain amount. Usually it’s like $1,000. Leasing is not for cheap cars like Hyundai. You could have bought that out right as you now know.
I hear where you are coming from, and what you have realized is basically that cars are not cheap. When you make lease payments you are basically paying for the depreciation of the car while it is being used by you. That is not at all unreasonable you are getting a new car to drive! You are also paying for the borrowing of any money. Then yes there is wear insurance which you could have taken and it would have covered the "damage" and wear. I don't think you were screwed at all - cars loose value very quickly in the first few years and this is the time you have it so you need to bear the cost. It is still a good deal for many of us no matter what you can afford because having a new car every 3 or 4 years is the way to go. No matter HOW you cut the mustard a car is gonna cost you and I'd rather pay for something that is nice and new than for always repairing a car that is old and tired. And think of the price of repairs! And what about reliability? Many leases last the length of the warranty so you ALWAYS have a car under warranty! All this has value my friend! Cut the best deal you can and enjoy!
LOL my Audi AIM dude did the bare minimal and charged me $0. But let’s see what the scumbags at the dealership say once I go return the leased Audi next weekend lol
NoneMechanic101, you also have the option to buy the car, so if you buy the car they cant charge for all that damage stuff. even when you rent a car from a car rental place they give you damage waiver insurance.....................A loss damage waiver, also called a collision damage waiver, is a form of insurance offered by car rental companies to customers when they rent a vehicle. The purpose of a loss damage waiver is to release the renter from any liability in the event the vehicle is stolen or damaged while the renter is responsible for the vehicle.
but the to buy the car wouldn't your payment would have been the same all you had to do is continue paying the payments, or you didn't have the money to continue to buy it?
You're returning the car in excellent shape with brand new tires. I would have tried to argue the wear and tear charges because you put that amount into new tires already. Overall, great job at avoiding charges! I know many people who had about a grand in additional charges when they returned a leased vehicle.
Lease doesn't mean buy.. it works for some but not for everyone. What you paid for was for a new vehicle with no headaches and major car repairs for 4 years.. so 4 thousand s year to ride in style doesn't sound bad to me...
Mother California gold scratch remover. I don't know if it works for deep scratches. It did pretty good on the scratches my car had. Thank you for watching.
Wow great video my friend. I'm currently in a lease Honda Accord but when the lease is up I think I'll just buy and not have to deal with the leasing headache
I just decided to keep my car at the end of the lease, and want to share my experience to keep more money in your pocket. I contacted Hyundai a month before the end of the lease and discussed options including purchase. They said the easiest way was to go to a dealership and they would help to complete all of the paperwork. They told me my buyout was $14.5K which included state taxes. When we got to the dealership, they said the buyout was $15.2K, or $700 over what I was quoted by Hyundai. I declined and contacted Hyundai again. Seems you can buy your car from the finance company direct without $700 worth of documentation fees. Four pages of docs with 3 signatures and I mailed the check. I will have to go to DMV to transfer title, but well worth the savings.
What was the MSRP on your vehicle? $245/mo and $4k down seems high for a Sonata with, presumably, a $25-30k MSRP. Was it a high-mileage lease (e.g., 15k per year, 18k per year)? It's not uncommon for people to lease a vehicle worth twice that (e.g., $50k MSRP) over three years for that kind of money. The other thing to consider is the residual on a four year-old Sonata with however many miles the lease is for. If the residual is low, you'll pay more to lease it than even a more expensive car with a higher residual. An inexpensive car is not necessarily always inexpensive to lease.
You leased a Hyundai for four years... of course it is a bad deal. The bulk of lease payments the deprecation of the car from the purchase price to the residual value. You buy the car new for $25K, the lease agreement states the residual value is $15K. You pay that $10K difference over the lease. The problem is if you lease a car that had terrible resale value your going to pay a lot more for the lease. You should NEVER put any money down on a lease, never go over 3yr, and if you drive more than 12K a year... a lease is NOT for you. I would love to know the follow up here and see what he did with that car and how much he had to pay over all to get rid of the car. Leases CAN be good, but if you don't know what you are doing before going into it, you can really get screwed.
NoneMechanic101 I think everyone gets screwed by car dealers at some point I their life... It's like something that happens to most people. The dealers are so ready to make a sale, they don't care what it means to their customer. I say shame on the jerk dealer who told you a 4 year lease was a good idea. But at least you are out of it now!
HonestFellow , I'm happy I'm out of it. I have save a lot of money. Let me do some math. It's going to be a year that I have returned the car. 265 X 11= 2,915.00 This is how much I have save. Wow. The 265 is the monthly payment. The 11 is 11 month. I didn't put 12 month because next month would be the 12 month.
Thing is, if you still like the car at lease end, purchase it. I leased my 2015 VW Passat for 48 months - 48,000 miles. Now the moment I decided I wanted to keep the car I modified the suspension, tinted the windows and installed an awesome sound system in it and why not!? I still like the car. It gets close to 40 mpg and looks sexy. Just make sure that the vehicle is worth less than the residual value, that way you are financing the least amount possible. The Plan is to drop the payment. When I am ready for a new car I will definitely lease again.
You should do your research, find out the money factor for the car, find out the depreciation at 2,3,4 years, negotiate the price of the car BEFORE you lease it. the depreciation is different between models. and more so between different makes. as far as hail damage he is full of bs there is a 2 in diameter of dents each dent. scratches more than 2 inches. dont deal with them ever again, and that pain guage is BS.
You're absolutely correct. I should have do my research. I'm not dealing with never again. They made me take the car almost 100 miles back to the dealer I got it from.
@@NoneMechanic101 I'm new with leasing are they a pain with inspections if you're trying to end leasing completely ? Are they easier on inspections with people who are going to continue? Asking just in case maybe you know based off others experiences
Yes this helped me alot. We are over our miles so we tryna figure out if we gonna trade it in early and sign another lease or just buy the car and continue payments when the lease is up.
Thank you for this video it helps a lot. I’m about to return mine in a couple of weeks. The only thing you did not say that would’ve been helpful is if you cleaned it yourself or if you had it professionally done inside and out?
Thank you for this video! I leased a Nissan Sentra in 2016 because my 99 Volvo S70's trans went out... so I needed a car ASAP. If I had known the kind of car I got for the amount of money I've been spending I would have just gone and bought a shitty little saturn CAUSE IT'S THE SAME SHIT UNDER THE HOOD. My lease is up in May and I'll NEVER lease another car ever again... The next car I get will be mine and mine only.
My car lease is ending in one month and now the dealer is telling me there is a $400 payment at the end of the lease program. My signature is not on that part of the contract which I had no idea about this $400..What's this for ? I don't have any delay payments so the dealer is telling me it's just in the contract with no explanation. Need Help. What should I do ? thanks
Wow, way too many fees for the average person. They collect fees from you when you give it back and charge the future buyer extra for repairing the car. That way the dealer/manufacturer wins twice. Do you think you will ever lease again? Thanks for sharing.
Sad to see how bad they got this guy. I just got a 2018 Kona Limited. Zero down for 36 months, 14k will be total. With a protection package. I researched my tail off. Couldn't get anything off car due to its good reputation from abroad, where it was released earlier. But, I did refuse the protection and cost for mats and flaps until the finance guy "lowered" the costs. Kept my well running low mileage 2002 Sonata GLS. I am making an appt soon to get my wheel scratches out and so far no dings. I did buy winter rubber mats and in the protection plan I got the keys insured. I drive very little and my 2002 Sonata only has 128k miles. This new one since Oct, only 2k now, and I dont plan on purchasing it since I couldn't bargain up front. May bargain for the 2021 to purchase when its time. Just do your homework and do what's best for your situation. But always let a dealer know you will walk!
@@NoneMechanic101 better to know than not know. And it can be regional as well. But I do love Hyundai, this is my 3rd. Good luck giving your dealer hell on the next deal and thanks for sharing.
Thing is, if you still like the car at lease end, purchase it. I leased my 2015 VW Passat for 48 months - 48,000 miles. Now the moment I decided I wanted to keep the car I modified the suspension, tinted the windows and installed an awesome sound system in it and why not!? I still like the car. It gets close to 40 mpg and looks sexy. Just make sure that the vehicle is worth less than the residual value, that way you are financing the least amount possible. The Plan is to drop the payment. When I am ready for a new car I will definitely lease again.
With or without you downpayment ($4000), you would have paid the same total over 4 years. What you failed to realize is that there is a rent cost to lease. It is assessed monthly and its effectively your interest rate. You do realize you paid 4 years of interest, right? Also, you leased for 4 years which is automatically a mistake because that's 12 extra months of rent rate. You have to understand leasing fully before you get drawn in by what seems to be a low monthly fee. I suspect you interest rate was high.
Yeah bro i bought that extra coverage for wheels and body for my RT and already got one of the wheels witch had custom wheels with low profile tires replaced, i ran over this rock and it damaged my custom tire and rim and the extra insurance covered it if not it would have cost me 900 dls
Never heard about four years term for leasing. And what about mileage limit. Usually it's three years lease with the 12,000 miles per year and total 36,000 max. Did they give you additional 12,000 for four years lease.? If not than you may pay 10-20¢/mile over 36,000 miles, which is in your case is 10,000 miles...
Have many total miles allowed on the lease? 48,000 if 12,000/year for 4 years. So you were positive on miles. Did you get it appraised “as is” at a dealer/CarMax to see if you had equity in it? Also what was the residual value at the end, meaning what would it have cost to buy at end of lease?
If I wanted the car it was going to be about 11,500 thousand. I was good on the miles but they didn't give me anything for it. I didn't ask. No, I didn't get appraised. Should I had gotten appraised?
NoneMechanic101 could be the car had equity (was worth more that the residual) and you could buy at 11,500 and sell at (let’s say) 13,000 or just buy at 11,500 because it was less than market cost. What was the purchase price?
Your car looked practically brand new. These dealerships are thieves from the minute customers walk in! I also have to turn in my Lexus soon. I have paid $30K in 4 years. If I want to buy it the price is a set $22K. No negotiating. Ridiculous!! My mileage is very low however I also have the wheel damage as you show in your video and had to have a deep scratch repaired. I'm not looking forward to how much these people are going to want to charge me. That disposition fee is bullshit! Mine is $350 and it will be returned detailed and the inside is like new. Oh well, like they say here, live and learn. At least I didn't put anything down.
When I returned the car it was almost looking like new. That didn't stop them from charging me the extra things. I hope you have better luck then me. Good luck.
I also wanted to add. I have been leasing cars for 20 years and have never paid a penny. The gentleman making the video should have only paid for the scuffed rim. The seats can not be stained, but the car can be dirty. The hail damage is like a car ding. When I lease, I always ask the finance guy, which bank is the easiest to return a lease to. I have gotten good guidance asking that question. Also, if you use the financing arm of the manufacturer of the car, they will give you some love if you are over on miles and/or there is a little damage. They do that for customer loyalty. They do not make much on a car sale/lease. They make money when you bring it back for oil changes,repairs (even warranty) and recalls. It looks like AIM (Alliance Inspection Management) did the inspection. Be forewarned.
Also why did you have 3 payments of 132.50 you sure that wasn't your monthly payments?? Cause if you add that plus all the other fees and the buy out comes to about what the Hyundai was worth when buying brand new.
@@NoneMechanic101 something went wrong in your case cause you normally dont pay twice a month.. a lease is a single monthly payment. How much was the car being sold for at the time?
@@josealmeida479 , It was once a month but I decide to pay twice a month because of the way my paid day. so in reality my bill was 275.00 a month. If I remember correctly the car was worth about 22,000.
I salute you for making this eye opening video , that every person should watch before leasing a car , I have few questions, 1- Can a hyundai car leased from one dealer be returned to another dealer in the same city (both are hyundai dealers ) 2 - what if they dont have the model right away that I want, will I get a offer on a model that they get deliver from someplace else. thanks so much
a good salesman would have made all that info available before the contract is ever signed. leasing is ideal for me, my lease is always way under the given milage, and i treat a lease like a rental.
My parents leased a Honda Accord in 2016, lease is due next August. The car salesman at that time told them they had 20,000 miles per year, and just recently they told them they only had 12,000 mpy, and since they already surpassed that number they are charging my parents more, I now they should have double checked the contract but, i feel sorry for my them since they are not any good with all this paperwork, and they are old, do you think there is a way to at least get the best money back off of this lease? I think the guy who made the paperwork was low key using a very fraudulent way to convince my parents they were getting a great deal.
If they signed the paper work. They probably can't do anything about it. If you go to court the company may win. If they are going to least another car. They may waiver the fee. If it was me. I won't least another car.
@@NoneMechanic101 yeah, deep down I just wanted to tell them they could fix all this or make something good out of it, I think they will end up paying for the car so they can avoid paying the tear and wear fee, thank you fpr your reply and your video!! very detailed explanation!
Either lease or buy. Don't move from one method to another. What this guy forgets is that if he had purchased the car his monthly loan payments would have been 50% more than a lease. That amount more than accounts for his lease-end costs. If you don't want to drive the same car for 5,6 or 7 years, then lease. If you drive your car until it has 150,000+ miles on it, buy.
This is a good example of why you should never lease a car. You should always pay cash for a car you can afford. He's returning a car with very low miles with lots of life left in it. It will get sold again, and they will make even more on it. He has paid out a few thousand short of a new car. At the end of the day, the car isn't even his car anymore. He could have driven the '06 Sonata he had until now, and saved all the money he paid out to the finance company. He would soon have enough to pay cash for the next car. You're just making the finance company rich when you lease or get a loan. Think about this, car companies make more on financing than they do building the cars. Leasing is still financing a car. Stop getting ripped off by finance companies!
Yes, My friend I should have kept my other car. Waist of money leasing a car.
This is excellent advice from both Nonemechanic and jaydot10. After having to make two informed decisions (1-Buying a bucket of bolts, 2-leasing a new vehicle) buying is the way to go, hands down, -- especially when considering total money spent and the angst over damaging any part of the new vehicle. There is nothing like having a car and NOT being afraid to ding it, or find a surprise parking lot scratch/dent and now invisible hail wtf! lmao. was it the right choice for me to lease then? Yes! Now perception counts for a lot: Almost 36 months ago, i decided to lease, no money down, just over $200/month payments, nonfunctional 18 year old vehicle trade in for $500. Mediocre-poor credit. Solid employment/income. The other option i had was to save money for 6 months and buy or finance to own a car with a hefty 6 months worth of a down payment. [ i should make a response video, this is too much to type.] I have strong business instincts ( i had talked down the salesman from $2k down, trade in, and $400/month, this, without even knowing what i was doing] My goal is to extricate myself from these robber-car-companies by knowing EXACTLY what i want from my leasing company, and not agreeing until i get it. period. All while enjoying the better credit rating, and bringing my transportation needs into the 22nd century. I'm an asshole from The Bx when it comes to Negotiations. gonna go detail my car now...
I'm from the BX also. I'm happy to hear that this video helped you out.
jaydot10 is about the same thing. When you finance the car l, the car isn't yours until you pay it off. A lot of people I know only finance a car 3-4 years get bored of it and trade it anyway without fully paying of the car. What you think happens when you trade a car that's not fully paid for ? I'll let you think on that one
They lease it again
Good information on returning a leased car. But a few things i need to point out is 1) never put down any money on a leased vehicle, if the car gets totaled, then that down payment is gone.2) always by wear & tear insurance at the time of lease itself, which will be much cheaper & add it to the the lease amount 3) never lease more that 36 months - reason being you will be within the warranty period and also your tires will still be good & hence no need to replace them 4) advantage of leasing - if you have an accident - your insurance will cover the repairs & you return the vehicle without a problem, but if you owned that car - yes your insurance will repair it, but you will loose its re-sale value which they will not cover. Hope this info helps anyone who is considering leasing versus buying.
Thank you for the information. It's going to help someone.
All of the above are the exact reasons why I will keep leasing for short terms.
How do you lease a car without putting any money down?
Anthony Hernandez good credit
Good info fam thanks
Excellent video explaining the real scenario in leasing a car , that a lot of us did not know , I was contemplating the option of leasing a car in the next month but after watching this video I really doubt it.
Leasing isn't worth it.
Fantastic video ! I’m returning my leased vehicle in a month and this video has helped me prepare for it ! This video was very detailed and you explained everything thoroughly. Thanks man for your help ! Well done
Glad it was helpful! Thank you for watching.
Hello, 007 i just got back from returning the car. Hyundai gave me a hard time to return it. Hyundai dealers didn't want to it up here. They all ego the same words "They don't have room for it" but once I said I was going to Lease another car. They said they had space for it. I just drove 1:25 minutes to the original place I leased the car. Took the train back 1:35 minutes.
NoneMechanic101 dang man! That blows.
Did you have another car at home after you returned the lease? Did you end up buying cash on your next car?
If you go back to the same dealer, they HAVE to take it back no matter what
That was some great information! Just like Len (ManicMechanic007) said, that is a lot of fees for the average person. A lot of people need to see this video before they get a leased vehicle, THANKS!
Thanks so much and I really appreciate it, you went above and beyond in explaining this difficult situation, is not easy to return the leased car, you would think that we all the money you paid them they could be happy, but instead they are so vicious.
They just want the money
We live and learn that's what life is about now you know what to expect.
I learned.
I'm taking a big gulp because I've got to return my 2017 leased Camry in 2 months and I'm returning it in almost the same, good looking condition except I do not have any wheel damage but I'm over 2 miles from the lease agreement. Very informative video and thanks for uploading and sharing.
In my situation I was under on the miles. So Im not sure. The dealer may not charge you. Thank you for watching🔧
Very insightful video, thanks for sharing. I’m currently half way through a 48 month lease on a 2018 Elantra and I was wondering what to expect at the end, you pretty much answered all my questions. Honestly I don’t think I’ll lease a car ever again, another issue with leasing is trying to find someone who’s willing to take up your lease mid term if you don’t need the car anymore, even with a decent premium it’s not easy, especially with a base model... I’ve been trying for the past two months
Yes, absolutely. I won't lease again
Thanks for this video, im returning my lease in 9 months and im searching info about it. You have been very helpful and gave me a clear understanding on an estimate about what im going to be charged.
If you are not going to lease again make sure the car is clean and the tires are in good shape. Thank you
Amazing video. Thanks for this looking to lease or buy a car right now
Thank you for watching. I appreciate it!
Great video! I’m about to return my lease in a few weeks. Thanks for the info! 👍🏾!
Let me know how it goes. 🔧
Thank you. For this video
I am about to return my Kia Sportage and this will help me to be prepare. Thank you a lot.
Yes my friend be ready. Im glad I was able to help. Good luck.
I’ve walked away clean from all my leased vehicles, except for one $75 charge for scratches on one wheel. That’s pretty damn good, I think.
Pretty good
How?
How??
HOOOWWWW we all wanna know!
Thank you for sharing the information with us. My lease is about to come to an end in a month and I learned a lot from your video. Good job!
Thank you for watching. Let me know how it goes.
For the future, 1) The disposal fee is right on the lease document. Its clear and you saw it. 2) The disposal fee is not required if you have it removed at the time you negotiate the lease, 3) Buy only from companies that have a turn in allowance. 4) That inspector is not the dealer its the finance company representative. 5) Paint gauge is BS. If you have damage and its repaired by an authorized center....its not notable.
I was laughing trying to figure out what "hair damage" is.... Man that is funny, hail damage now that makes sense :) Great vid, very helpful thank you!!
Lol
Lmao me too. We don't have hail here so I was like wtf.
Thanks for sharing the information 👍🏾
You're welcome
I'm returning mine tomorrow. It's my first and last!!
@@kellmarktv Speaking for myself. Leasing a car isn't worth it.
great video, the passion and chock-full-of-info outwieghs the haphazard use of presentation-language. Overall a very enthralling video, for real.
Thank you
Interesting and informing. Thank you, friend, for taking the time to share.
Thank you for watching.
Thanks for all the good info.....I learned a lot from this video. Thank you
Your welcome. Thank you for watching. I appreciate it.
Disposition fee was in the leasing contract. Wear and tear also in the contract. Everything is spelled out in the contract. Dent and scratches are covered up to a certain point. Length of a credit card is usual standard for leases. Also some lease companies have an allowance (damage waiver) built into contract for a certain amount. Usually it’s like $1,000.
Leasing is not for cheap cars like Hyundai. You could have bought that out right as you now know.
Did he say "a lying inspection manager" 7:07. LOL
Lol
Thanks!!! It really helped up
You are welcome. Thank you for watching👍
Thanks! I am returning a lease in a few months and this helps!
Thank you for watching.
I hear where you are coming from, and what you have realized is basically that cars are not cheap. When you make lease payments you are basically paying for the depreciation of the car while it is being used by you. That is not at all unreasonable you are getting a new car to drive! You are also paying for the borrowing of any money. Then yes there is wear insurance which you could have taken and it would have covered the "damage" and wear. I don't think you were screwed at all - cars loose value very quickly in the first few years and this is the time you have it so you need to bear the cost. It is still a good deal for many of us no matter what you can afford because having a new car every 3 or 4 years is the way to go. No matter HOW you cut the mustard a car is gonna cost you and I'd rather pay for something that is nice and new than for always repairing a car that is old and tired. And think of the price of repairs! And what about reliability? Many leases last the length of the warranty so you ALWAYS have a car under warranty! All this has value my friend! Cut the best deal you can and enjoy!
Thank you for this comment. I appreciate it.👍
Good video. I wish I viewed it before I leased my current car. I ain’t leasing no more.
I understand. I'm not leasing either.
If they check the paint thickness, you know they’re really doing the most!
I couldn't believe that he was checking pain thickness.
Wtf
LOL my Audi AIM dude did the bare minimal and charged me $0. But let’s see what the scumbags at the dealership say once I go return the leased Audi next weekend lol
NoneMechanic101, you also have the option to buy the car, so if you buy the car they cant charge for all that damage stuff. even when you rent a car from a car rental place they give you damage waiver insurance.....................A loss damage waiver, also called a collision damage waiver, is a form of insurance offered by car rental companies to customers when they rent a vehicle. The purpose of a loss damage waiver is to release the renter from any liability in the event the vehicle is stolen or damaged while the renter is responsible for the vehicle.
I didn't have the money. I believe it was about 11,000 thousand dollar.
oh ok
but the to buy the car wouldn't your payment would have been the same all you had to do is continue paying the payments, or you didn't have the money to continue to buy it?
You're returning the car in excellent shape with brand new tires. I would have tried to argue the wear and tear charges because you put that amount into new tires already. Overall, great job at avoiding charges! I know many people who had about a grand in additional charges when they returned a leased vehicle.
I loved this car. I didn't abuse it. I really took care of it. No they didn't give me a break. I had to paid all the extra charges.
Lease doesn't mean buy.. it works for some but not for everyone. What you paid for was for a new vehicle with no headaches and major car repairs for 4 years.. so 4 thousand s year to ride in style doesn't sound bad to me...
You sure are right new vehicle is no headaches but leasing isn't for me. Thank you for your comment and for watching. I appreciate it.
@@NoneMechanic101 np good luck..
Informational. Will show this to anyone interested in leasing. Thanks
Thank you for watching
Thanks for making this video. It helped a lot.
Your welcome my friend.
Thank you very much for all the information.👌🏻
Your welcome. Thank you for watching
Thank you so MUCH for sharing this! Would you mind sharing what you used to get rid of the scratches?
Mother California gold scratch remover. I don't know if it works for deep scratches. It did pretty good on the scratches my car had. Thank you for watching.
Thank you for this video. Very helpful!
You're welcome. Thank you for watching!
Damage insurance.....damage waver...thank you for telling us to get this at leasing signing...Important!!!..:)
Yes, these 2 things are very important. Don't want any suprises.
A lot of great info here. Gonna need to finish and review a few times later. Wow
Thank you for watching! When you finished and review. Let me know what you think.
@@NoneMechanic101 yes I will ty fam
Did you buy the tires at the original dealership or like at any random tire shop
I when to a tire shop in the neighborhood
Wow great video my friend. I'm currently in a lease Honda Accord but when the lease is up I think I'll just buy and not have to deal with the leasing headache
Leasing is a headache. I'm with you. I'm buying not leasing. Thank you for watching!
My wife leased a Jeep Cherokee. She have to return it in a few months.
Thank you, You sound like a Boriqua.
Yes, I'm a Boriqua. Lol Thank you for watching!
Did you return the jeep yet? I'm getting ready to turn my in. How did you make out ?
Thank you, very helpful
You are welcome
Hey! Man! Thanks for sharing. Good to know.
Thank you for watching!
I just decided to keep my car at the end of the lease, and want to share my experience to keep more money in your pocket. I contacted Hyundai a month before the end of the lease and discussed options including purchase. They said the easiest way was to go to a dealership and they would help to complete all of the paperwork. They told me my buyout was $14.5K which included state taxes. When we got to the dealership, they said the buyout was $15.2K, or $700 over what I was quoted by Hyundai. I declined and contacted Hyundai again. Seems you can buy your car from the finance company direct without $700 worth of documentation fees. Four pages of docs with 3 signatures and I mailed the check. I will have to go to DMV to transfer title, but well worth the savings.
Thank you very much. Great information!👍🔧
Thank you for info.
Your welcome
Great video thanks for taking the time for filming this
You are welcome. Thank you for watching.
informative, thank you.
You're welcome. Thank you for watching
What was the MSRP on your vehicle? $245/mo and $4k down seems high for a Sonata with, presumably, a $25-30k MSRP. Was it a high-mileage lease (e.g., 15k per year, 18k per year)? It's not uncommon for people to lease a vehicle worth twice that (e.g., $50k MSRP) over three years for that kind of money.
The other thing to consider is the residual on a four year-old Sonata with however many miles the lease is for. If the residual is low, you'll pay more to lease it than even a more expensive car with a higher residual. An inexpensive car is not necessarily always inexpensive to lease.
I paid to much for this lease. I gave the car back with about 10 thousand less miles on it. it isn't worth to least.
one of the biggest mistakes I've made. Thanks for this
I'm with you. I spend all that money for nothing. I'm driving a 1998 Dodged Grand Caravan and I'm very happy with it.
@@NoneMechanic101 can't wait to get out of the lease next year.That's probably what I will do, buy an older but reliaable car in cash
@@mrperfectjohn5 Keep me inform. Thank you for watching.
Thank you, it helped a lot.
Your welcome
thanks for the tips
You are welcome. Thank you for watching🔧
Great Info
Thank you!
Can’t you trade in a lease if you decide to go with a deferent brand?
Yes, I believe with the same company
You leased a Hyundai for four years... of course it is a bad deal. The bulk of lease payments the deprecation of the car from the purchase price to the residual value. You buy the car new for $25K, the lease agreement states the residual value is $15K. You pay that $10K difference over the lease. The problem is if you lease a car that had terrible resale value your going to pay a lot more for the lease. You should NEVER put any money down on a lease, never go over 3yr, and if you drive more than 12K a year... a lease is NOT for you.
I would love to know the follow up here and see what he did with that car and how much he had to pay over all to get rid of the car. Leases CAN be good, but if you don't know what you are doing before going into it, you can really get screwed.
I first i didn't know what I was getting into. You are right. I got a bad deal
NoneMechanic101 I think everyone gets screwed by car dealers at some point I their life... It's like something that happens to most people. The dealers are so ready to make a sale, they don't care what it means to their customer. I say shame on the jerk dealer who told you a 4 year lease was a good idea. But at least you are out of it now!
HonestFellow , I'm happy I'm out of it. I have save a lot of money. Let me do some math. It's going to be a year that I have returned the car. 265 X 11= 2,915.00 This is how much I have save. Wow. The 265 is the monthly payment. The 11 is 11 month. I didn't put 12 month because next month would be the 12 month.
HonestFellow so what car would you recommend to lease ? A civic? What car doesn’t drop in price that much ?
Thing is, if you still like the car at lease end, purchase it. I leased my 2015 VW Passat for 48 months - 48,000 miles.
Now the moment I decided I wanted to keep the car I modified the suspension, tinted the windows and installed an awesome sound system in it and why not!? I still like the car. It gets close to 40 mpg and looks sexy.
Just make sure that the vehicle is worth less than the residual value, that way you are financing the least amount possible. The Plan is to drop the payment. When I am ready for a new car I will definitely lease again.
You should do your research, find out the money factor for the car, find out the depreciation at 2,3,4 years, negotiate the price of the car BEFORE you lease it. the depreciation is different between models. and more so between different makes. as far as hail damage he is full of bs there is a 2 in diameter of dents each dent. scratches more than 2 inches. dont deal with them ever again, and that pain guage is BS.
You're absolutely correct. I should have do my research. I'm not dealing with never again. They made me take the car almost 100 miles back to the dealer I got it from.
Thank you for this video
You are welcome. Thank you for watching
@@NoneMechanic101 I'm new with leasing are they a pain with inspections if you're trying to end leasing completely ? Are they easier on inspections with people who are going to continue? Asking just in case maybe you know based off others experiences
@@stephgarcia8653 , watch this other video I made. It will give you the answer. ruclips.net/video/Q9MXf-QH4m0/видео.html
Yes this helped me alot. We are over our miles so we tryna figure out if we gonna trade it in early and sign another lease or just buy the car and continue payments when the lease is up.
I'm glad that this video was able to help you out. Thank you for watching!
Thank you for this video it helps a lot. I’m about to return mine in a couple of weeks. The only thing you did not say that would’ve been helpful is if you cleaned it yourself or if you had it professionally done inside and out?
I cleaned the car myself. It was a lot of work. Thank you for watching.
Thank you for this video! I leased a Nissan Sentra in 2016 because my 99 Volvo S70's trans went out... so I needed a car ASAP. If I had known the kind of car I got for the amount of money I've been spending I would have just gone and bought a shitty little saturn CAUSE IT'S THE SAME SHIT UNDER THE HOOD. My lease is up in May and I'll NEVER lease another car ever again... The next car I get will be mine and mine only.
My car lease is ending in one month and now the dealer is telling me there is a $400 payment at the end of the lease program. My signature is not on that part of the contract which I had no idea about this $400..What's this for ? I don't have any delay payments so the dealer is telling me it's just in the contract with no explanation. Need Help. What should I do ? thanks
The 400 Dollars may be the payment we have to pay for not leasing again but what I would do is to speak to the management to find out.
nice job on the video!
Thank you for watching. I appreciate it.
Great video
Thank you!
Wow, way too many fees for the average person.
They collect fees from you when you give it back and charge the future buyer extra for repairing the car.
That way the dealer/manufacturer wins twice.
Do you think you will ever lease again?
Thanks for sharing.
Sad to see how bad they got this guy. I just got a 2018 Kona Limited. Zero down for 36 months, 14k will be total. With a protection package. I researched my tail off. Couldn't get anything off car due to its good reputation from abroad, where it was released earlier. But, I did refuse the protection and cost for mats and flaps until the finance guy "lowered" the costs. Kept my well running low mileage 2002 Sonata GLS. I am making an appt soon to get my wheel scratches out and so far no dings. I did buy winter rubber mats and in the protection plan I got the keys insured. I drive very little and my 2002 Sonata only has 128k miles. This new one since Oct, only 2k now, and I dont plan on purchasing it since I couldn't bargain up front. May bargain for the 2021 to purchase when its time. Just do your homework and do what's best for your situation. But always let a dealer know you will walk!
Yes, they did get me. I didn't do my research and paid for it. You done good. Thank you for sharing.
@@NoneMechanic101 better to know than not know. And it can be regional as well. But I do love Hyundai, this is my 3rd. Good luck giving your dealer hell on the next deal and thanks for sharing.
You are welcome.
Thing is, if you still like the car at lease end, purchase it. I leased my 2015 VW Passat for 48 months - 48,000 miles.
Now the moment I decided I wanted to keep the car I modified the suspension, tinted the windows and installed an awesome sound system in it and why not!? I still like the car. It gets close to 40 mpg and looks sexy.
Just make sure that the vehicle is worth less than the residual value, that way you are financing the least amount possible. The Plan is to drop the payment. When I am ready for a new car I will definitely lease again.
I probably would have bought the car but I didn't have the money
Do you know what Car Dealerships charge you for a leased car over the allowed mileage??
I have heard of some dealership not charging over allowes mileage but remember all dealerships are different.
With or without you downpayment ($4000), you would have paid the same total over 4 years. What you failed to realize is that there is a rent cost to lease. It is assessed monthly and its effectively your interest rate. You do realize you paid 4 years of interest, right? Also, you leased for 4 years which is automatically a mistake because that's 12 extra months of rent rate. You have to understand leasing fully before you get drawn in by what seems to be a low monthly fee. I suspect you interest rate was high.
Money factor plays a huge roll. Many don't know this
Yeah bro i bought that extra coverage for wheels and body for my RT and already got one of the wheels witch had custom wheels with low profile tires replaced, i ran over this rock and it damaged my custom tire and rim and the extra insurance covered it if not it would have cost me 900 dls
The extra coverage is a smart move
Never heard about four years term for leasing. And what about mileage limit. Usually it's three years lease with the 12,000 miles per year and total 36,000 max. Did they give you additional 12,000 for four years lease.? If not than you may pay 10-20¢/mile over 36,000 miles, which is in your case is 10,000 miles...
The lease was a 4 years lease. When I returned the car I was under miles.
If you doing 4 year might as well finance that shit 🤦🏽♂️
I wish I knew it at the time :(
I wish I would have seen this video before I leased...
When I made this video. I though about you , myself and all those that are about to lease a car. Thank you for watching!
Dude, you got ripped off when you leased the car. I have been leasing cars for a while.
Yes, I agree with you
They ripped me off, but never again.
No dude might as well you kept it. Excellent video.
Thank you👍
How would you find out if you have a damage waiver or insurance?
Sorry my friend. I'm not sure. You probably have to call your insurance company
@@NoneMechanic101 thank you sir. That's what i was thinking. Thanks for the very good straight forward information.
@@lanewsreport1752 , you are welcome. Thank you for watching. I appreciate it
Have many total miles allowed on the lease? 48,000 if 12,000/year for 4 years. So you were positive on miles.
Did you get it appraised “as is” at a dealer/CarMax to see if you had equity in it?
Also what was the residual value at the end, meaning what would it have cost to buy at end of lease?
If I wanted the car it was going to be about 11,500 thousand. I was good on the miles but they didn't give me anything for it. I didn't ask. No, I didn't get appraised.
Should I had gotten appraised?
NoneMechanic101 could be the car had equity (was worth more that the residual) and you could buy at 11,500 and sell at (let’s say) 13,000 or just buy at 11,500 because it was less than market cost. What was the purchase price?
Wow, I really don't remember
Your car looked practically brand new. These dealerships are thieves from the minute customers walk in! I also have to turn in my Lexus soon. I have paid $30K in 4 years. If I want to buy it the price is a set $22K. No negotiating. Ridiculous!! My mileage is very low however I also have the wheel damage as you show in your video and had to have a deep scratch repaired. I'm not looking forward to how much these people are going to want to charge me. That disposition fee is bullshit! Mine is $350 and it will be returned detailed and the inside is like new. Oh well, like they say here, live and learn. At least I didn't put anything down.
When I returned the car it was almost looking like new. That didn't stop them from charging me the extra things. I hope you have better luck then me. Good luck.
NoneMechanic101, yeah but you monthly payments would have been much higher if you would have bought the car instead of leasing it
You are correct. I didn't think on buying it. I though of just having it for a few years.
I understand
I also wanted to add. I have been leasing cars for 20 years and have never paid a penny. The gentleman making the video should have only paid for the scuffed rim. The seats can not be stained, but the car can be dirty. The hail damage is like a car ding. When I lease, I always ask the finance guy, which bank is the easiest to return a lease to. I have gotten good guidance asking that question. Also, if you use the financing arm of the manufacturer of the car, they will give you some love if you are over on miles and/or there is a little damage. They do that for customer loyalty. They do not make much on a car sale/lease. They make money when you bring it back for oil changes,repairs (even warranty) and recalls. It looks like AIM (Alliance Inspection Management) did the inspection. Be forewarned.
Thank you for the information
Also why did you have 3 payments of 132.50 you sure that wasn't your monthly payments?? Cause if you add that plus all the other fees and the buy out comes to about what the Hyundai was worth when buying brand new.
It was 2 payments a month. What happened in that situation was that in one of the month they only charged me one payment
@@NoneMechanic101 something went wrong in your case cause you normally dont pay twice a month.. a lease is a single monthly payment. How much was the car being sold for at the time?
@@josealmeida479 , It was once a month but I decide to pay twice a month because of the way my paid day. so in reality my bill was 275.00 a month. If I remember correctly the car was worth about 22,000.
What product did u use for the scratches u did say
Turtle Wax Color Magic 500ml
is the insurance included in your monthly payments?
No, when I did the calculation it was without the insurance .
I salute you for making this eye opening video , that every person should watch before leasing a car , I have few questions, 1- Can a hyundai car leased from one dealer be returned to another dealer in the same city (both are hyundai dealers ) 2 - what if they dont have the model right away that I want, will I get a offer on a model that they get deliver from someplace else. thanks so much
Please see watch this video ruclips.net/video/Q9MXf-QH4m0/видео.html
a good salesman would have made all that info available before the contract is ever signed. leasing is ideal for me, my lease is always way under the given milage, and i treat a lease like a rental.
👍
Do you know what the money factor was for your lease and what the residual value was on the car?
I had the value but at this moment I don't remember
My parents leased a Honda Accord in 2016, lease is due next August. The car salesman at that time told them they had 20,000 miles per year, and just recently they told them they only had 12,000 mpy, and since they already surpassed that number they are charging my parents more, I now they should have double checked the contract but, i feel sorry for my them since they are not any good with all this paperwork, and they are old, do you think there is a way to at least get the best money back off of this lease? I think the guy who made the paperwork was low key using a very fraudulent way to convince my parents they were getting a great deal.
If they signed the paper work. They probably can't do anything about it. If you go to court the company may win. If they are going to least another car. They may waiver the fee. If it was me. I won't least another car.
@@NoneMechanic101 yeah, deep down I just wanted to tell them they could fix all this or make something good out of it, I think they will end up paying for the car so they can avoid paying the tear and wear fee, thank you fpr your reply and your video!! very detailed explanation!
@@QueMeVezWei ,thank you for watching. I hope all goes well.
Either lease or buy. Don't move from one method to another. What this guy forgets is that if he had purchased the car his monthly loan payments would have been 50% more than a lease. That amount more than accounts for his lease-end costs. If you don't want to drive the same car for 5,6 or 7 years, then lease. If you drive your car until it has 150,000+ miles on it, buy.
Point taken. Thank you.
Wow I'm returning my car to Kia in a few months and I'm a little worried.
You have enough time to get things fix. Start with the little things. You would be 👌
What if I want to purchase the vehicle at the end of my lease? Do I still have to pay "ware and tear"?
No you don't have to pay the wear and tear. Once you purchased the car. The car is your.
If you decide to buy out the vehicle do you still get charge for wear and tear ??
If you going to buy the car. The car will be yours. you don't have to pay wear and tear.
Dumb question
leasing is for expensive cars not some raggedy ass cheap hyundai!
If someone has the money.
CheAp aSs HyUNdAi you seem like the person who'd think GMC is expensive.
He got screwed because they always waive damage costs in a lease up to $1,000. His finance company did a number on this guy!
Yes they did a number on me because I didn't lease again.
It’s not gonna be yours but you are forgetting the service you got from the car for 4 years.
This car I was a good ride
Very helpful info.
Thank you for watching
So it’s better to lease a car that doesn’t drop so much in value ?
I would never again lease a car that isn't going to be mine.
What was the msrp for the car?
msrp?
What was the price of the total price??
The car was worth about 22,000
After watch this I realized 🤔 am in trouble 🥺😶
You probably get a better deal than me. Stay encourage🔧
Never again!! That's fuck't up bruhh!!!
Never again for me also👍
the gas you spent in the course of three years add another 6 grand lol
🤔 That's a lot of 💰