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I leased my 2018 Limited 1.6T AWD 16 months ago because of the thousands off the price a lease offered. What are anyone's thoughts on paying the balance off early? I am new to leasing and it confuses me still.:unsure: At this time, I know I want to keep it!
 

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I've leased Honda's in the past and both times at the end Honda offered me a very competitive financing offer at the end. I don't know if paying the lease off early would effect that or if Hyundai would do the same. Check to see if there are penalties - probably not but worth a check. In the end it is x number of payments and they don't care when you pay them off - plenty of people prepay their lease so it wouldn't be something weird for them. I would be surprised if you did pay the remainder of the lease off and they opted to terminate it early - you will likely still be stuck in the time even without a payment.
 

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You can pay off your lease you have 2 options:

Pay off the vehicle in full and keep it.
Ask the leasing company how much it would cost to pay off your vehicle in full. Once you do, you will no longer have lease payments.

Buy out the lease with a credit union or bank and change lease to purchase vehicle. If you want to keep the vehicle, you could go to a credit union or bank to finance the vehicle by having them buy out the lease. The credit union or bank would have title until you pay them off.
 

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Hyundai has a well known penchant for trying to keep their lessees in Hyundai vehicles, so much so that I've seen some incredible offers made to get people to "upgrade" their leases to newer model year vehicles, for usually nearly the same monthly payment (sometimes slightly more or even slightly less). They love having lightly used 1-2 year old vehicles for sale as they can typically make more money selling those than they make selling new vehicles.

This of course is dependent on you keeping your vehicle as nice and clean and well maintained as possible, and usually they prefer you to be close to the annual miles on your contract. The offers normally come when your at the dealer getting service, ESPECIALLY if you make it known to the sales staff why your there (getting service on your leased vehicle), and show interest in the new models on the sales floor, maybe even take a test drive.

This exact scenario has happened four times to my son, (and he's upgraded three of the four times) whose been leasing Hyundai's since 2010, and he's currently in an Elantra GT-N line which is a hoot to drive.

For those reasons alone, I wouldn't pay off a lease early.
 
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