I just received my check for my buy back, but now I’ve been informed that I still need to make payments until Hyundai updates their system to reflect the check. I’m worried about my credit score dropping if a payment isn’t made. How long did it take for your payment to clear with Hyundai? Did you owe anything else after they got your check from customer affairs?
It took me about 2 weeks to get everything processed. I had some extra financing charges of around $100.
Will said:
It took me about 2 weeks to get everything processed. I had some extra financing charges of around $100.
What extra financing charges are you referring to?
Will said:
It took me about 2 weeks to get everything processed. I had some extra financing charges of around $100.
When they sent you the offer email, did it show what they were paying to Hyundai and your balance? Did you owe Hyundai money after that? I’m concerned because if my 30-day buyout is $38,000 and Hyundai pays $34,000, does that mean I have to pay them about $4,000?
@Jordan
I’m not fully clear on your situation, but in my case, I got a check for my equity and had to wait 2 weeks for the buy back team to process and send the bank’s check. The amount I agreed to for the buy back covered my outstanding vehicle loan and gave me my equity. However, I was still charged daily interest while waiting. Since I made more than the minimum payment each month, I ended up getting $2,000 back from the bank after they processed the check and noticed it was for more than I owed. If you accepted a deal where they didn’t plan to pay off your total loan, something might be wrong with your deal. Can you clarify further?
@Valen
I didn’t finance through a bank; it’s through Hyundai Motor Finance for my lease. My offer is, say, $5,000 coming to me, and my 30-day buyout is around $39,000, but Hyundai is paying Hyundai Motor Finance $35,000. So where does the other $5,000 come from? It seems like I might owe close to $4,000.
@Jordan
I understand your confusion. Leasing can be complicated, so maybe the process differs. Good luck to you!
Valen said:
@Jordan
I understand your confusion. Leasing can be complicated, so maybe the process differs. Good luck to you!
Thank you!
What model Hyundai did you get the lemon law buy back on? Our 2023 Santa Fe has been full of issues. We got a new transmission, and now the hybrid system keeps failing, causing the car to go into limp mode at 20 mph. The dealership says they can’t replicate the issues and want me to record it next time.
@Hadden
I had a 2023 Santa Fe, but it’s not a hybrid.
Your credit will drop when you close the account, regardless.
Dana said:
Your credit will drop when you close the account, regardless.
I get that, but I’m worried it will drop due to missed payments and also from closing it.
Dana said:
Your credit will drop when you close the account, regardless.
I get that, but I’m worried it will drop due to missed payments and also from closing it.
Make sure to keep up with your payments. It may feel odd paying for a car you no longer own, but if your payment is due, contact them for an extension or pay it and claim your money back later. Your credit score may dip slightly from closing an account, but it usually rebounds quickly, especially if the auto loan isn’t your oldest credit account.