Hyundai Lease Return in Chicago, Illinois

Many drivers prefer leasing a new Hyundai rather than purchasing one outright. This is because leasing offers certain advantages you don't get when you buy a new car. However, you need to consider the entire lease process before making any commitments. It isn't uncommon for drivers to misunderstand the leasing world, which is why we created this page. Our experts at McGrath City Hyundai break down how leases work, when it's appropriate to lease, and what to do when your lease expires. 

Many drivers prefer leasing a new Hyundai rather than purchasing one outright. This is because leasing offers certain advantages you don't get when you buy a new car. However, you need to consider the entire lease process before making any commitments. It isn't uncommon for drivers to misunderstand the leasing world, which is why we created this page. Our experts at McGrath City Hyundai break down how leases work, when it's appropriate to lease and what to do when your lease expires. 

Car-Buying Options

Essentially, you have three ways to purchase a new vehicle. First, and the most common, you can finance the car with a loan. Then, you make payments until you've paid off the loan. At this point, you own the vehicle and can do what you like. Many drivers enjoy not having a monthly car payment and keep the car for many years after they've paid off their loans.

A second option, and the least common, is you can buy a new car with cash. Most people don't have the $15,000 or more to purchase a new vehicle. Financially, you would save money over the vehicle's life by paying cash versus financing. You'll spend thousands of dollars in interest over the life of a loan that you can avoid by paying cash up front. 

The third option, leasing, offers you the benefits of driving a new car without the long-term commitment of financing or paying cash. A leasing term commonly lasts two years, at which point you can return the vehicle and walk away, or you can purchase the car if you fell in love with it. Of course, you can also return the leased vehicle and lease another car. At McGrath City Hyundai, we offer incentives for people to turn in their leased vehicle as part of a new lease.

How Hyundai Lease Return Works

Fortunately, we make returning your leased Hyundai easier than ever. We recommend you begin this process several months before your lease expires to give you enough time for a smooth transition. Follow the simple steps below, and you'll find it quick and straightforward.

Step One: Decide if you want to finance, pay with cash, or lease your next vehicle. Most drivers need a car, but you can skip this step and move to Step Three if you don't.

Step Two: Browse our inventory online or in-person to find the perfect Hyundai. We have a great selection of new vehicles ready to lease. You'll want to schedule a test drive before you sign any lease to ensure you like how it drives and feels.

Step Three: Determine if you have additional charges due at the end of your lease. Several factors can lead to charges when your lease ends. For example, if you have any damage to your leased vehicle, you will have to pay to fix it. Therefore, we suggest you assess your lease vehicle's condition to determine if additional charges apply. 

Our service center will inspect your vehicle when you turn it in and provide you with an estimate for repairs. However, we recommend you perform your own assessment. In some cases, you might find a more cost-effective solution.

You need to confirm your odometer reading as well. Your lease likely has a limit for allowable miles driven. Every mile over this number costs you money. Add all additional charges together to determine your financial obligation.

Step Four: Clean your vehicle inside and out before returning it. You want to remove all your personal belongings. Check the trunk, consoles, glove box, and any storage areas. We encourage our customers to look under seats and between seat cushions.

Step Five: Schedule your return after you've completed the previous steps. At this point, you should have a good idea of what you want in a new vehicle. Then, you can schedule the test drive while we complete the paperwork for signature.

Pros and Cons of Leasing

Leasing has grown in popularity over the last decade. However, you have pros and cons to consider like any decision before you sign a lease.

Pros to Leasing

You won't have a long-term financial commitment. A traditional car loan can run anywhere from three to seven years. On average, the term lands between five and six years. If you were to make six years of monthly payments of $500, you'd spend $36,000. By contrast, a $300/month lease for two years totals $7,200 and for six years $21,000, saving you $15,000.

You'll never be upside down on your vehicle because you'll never own your leased car. When you buy a car, you absorb the steep depreciation that occurs during the first few years, which usually results in owing more on your loan than the car's actual value. According to the Experian Credit Bureau, a vehicle depreciates 30% on average over the first two years.

Our lease customers enjoy driving the newest models with the latest technology and convenience features. If this sounds like you, you'll enjoy leasing too.

Cons to Leasing

Leasing creates a never-ending cycle of monthly car payments. They may be considerably lower than a monthly loan payment, but they won't end unless you break the cycle by purchasing a car. In addition, you never build equity with a lease. Once you pay off a car loan, the car is yours. You can sell it and use the money for something else or continue to drive the car and enjoy no monthly payments. If you want to buy a new car in the future, you can use the equity in your vehicle to apply as a down payment.

If you're in the market for a new vehicle to elevate your Chicago commute, leasing can provide you with significant advantages over purchasing. We invite you to check our current lease deals online to see what programs we have available. If you prefer a one-on-one consultation, please feel free to schedule a meeting with one of our Lease Managers. They'll sit down with you and review your financial situation and help you find the perfect lease deal and vehicle to fit your lifestyle.

Below are some frequently asked questions regarding your lease and what your next steps are:

•Q: I love my leased vehicle. Can I buy it?

•A: You absolutely can! And the best part? No negotiating over price! At the beginning of your lease, your vehicle is given a "residual" value. The residual value is the estimated value of your vehicle after the term of your lease. In your lease contract, you'll find your residual value and that's the number you can buy the car for; no questions asked.

•Q: I heard there's lots of penalties to pay at the end of a lease; is that true?

 •A: Not always. However, it is true that you may be charged for things like exceeding the lease mileage or excess wear and tear. Each manufacturer is a little different in terms of mileage overages but Hyundai is just $0.25/mile! Also, normal wear and tear is to be expected so Hyundai lease return inspections are very lenient! Typically, a good rule of thumb to follow is that if a dent or scrape can be covered by a dollar bill you won't be charged. Call us today to see how we may be able to help you minimize those costs!

•Q: I saw another Hyundai that I really want! Can I end my lease early?

•A:  An Early lease termination is definitely possible but, like most things in life, there's a sweet spot. Contact us at the dealership to learn more about your early lease termination options!

•Q: I loved my leasing my Hyundai but I'm planning to move to another brand for my next vehicle? What do I do now?

•A: While we're sad to see you go, we would be happy to take the vehicle off of your hands and make your transition to a new vehicle as easy as possible! Simply schedule an appointment with our lease return department, be sure you remove your personal belongings (garage door openers, iPass transmitters, CDs, etc.), and our team will handle the rest. It really is as simple as dropping the vehicle off and signing a couple papers!

•Q: Do I have to return my leased vehicle to the dealership that I originally leased it from?

•A: You don't; we can help you get out of your lease regardless of where you leased it originally! The best part is that it doesn't even have to be a Hyundai!