Three years ago, you got your first taste of luxury: a Genesis G70 lease. And you’ve loved every minute. Now, it’s time to let it out to pasture (or buy it outright). Whether you choose to purchase your G70 or return it to a Genesis dealership near you and get a new Genesis GV80 lease, there are some things you’ll want to know about the whole lease-end process.
What are your options when your lease expires?
How does returning a leased car work? You have three options when your Genesis lease ends:
1.) Return it to your Genesis dealer
If you go with option one (return it), you may have to pay disposition (turn-in) fees as well as any charges due to wear and tear and excess mileage.2.) Buy or finance it
With option two, you pay for the vehicle at its preset purchase price (residual price/value).3.) Return it and upgrade to another vehicle
Choose option three if you’d like to re-lease or purchase another vehicle of the same make as your current lease. As of 2021, there are several (1,525, to be exact) perks to financing or re-leasing a new Genesis G70, G80, G90 or GV80:
- Up to $400 off of your lease-return disposition fee
- Up to $500 off Excess Wear and Use charges
- Up to $625 off Excess Mileage charges
If you’d like to go over your Genesis lease-return options in more detail, please contact your authorized Genesis dealer directly. The sales team will be able to speak more accurately to your circumstances, allowing you to make the wisest decision.
What are “wear and use/tear” charges?
Manufacturers’ lease-end “wear and use” policies and fees vary. With a Genesis lease, lessees will be charged for damages per the brand’s Excess Wear and Used terms. Guidelines for acceptable wear and tear on your Genesis lease include:
- Scratches less than 4”
- Dings/dents less than 4”
- Windshield cracks less than 2”
- Window chips less than 1/2"
- Paint chips less than 1/2”
- Tire tread no more than 1/8” from the lowest point
A thorough evaluation from a Genesis lease inspector will uncover any potential charges, enabling you to have problems fixed prior to your lease-return date.
Do you need to make repairs before returning your lease?
Not necessarily, though it’s a good idea to visit a service center or body shop near you.
Exterior Wear & Use Charges
- Dents, Dings, and Scratches (Hood, Roof, Rear Bumper): $250/per instance
- Dents, Dings, and Scratches (All Other Areas): $225/per instance
- Chips in Paint: $55/per instance
- Punctures in Body Panels: $275/per instance
Tire Wear & Use Charges
- Low Tire Tread Depth: $220/per tire
- Missing, Cut, or Torn Tires: $220/per tire
- Non-Standard Tires: $220/per tire
- Wheel or Wheel Cover Scratches: $65/per wheel
- Bent, Broken, Cracked, or Warped Wheels: $830/per wheel
- Missing or Damaged Spare Tire: $320
Autoglass Wear & Use Charges
- Windshield Chips, Spiders, and Bulls-Eyes: $55/per instance
- Cracked Windshield: $495
- Substandard Window Tint: $100/per instance
Interior Wear & Use Charges
- Holes, Cuts, Burns, or Stains in Upholstery or Carpet: $100/per instance
Other Wear & Use Charges
- Missing Smart Keys: $350/per key
- Missing Standard Keys: $75/per key
- Missing Manufacturer Parts: At cost
These Genesis Excess Wear and Use charges are simply estimates and may not be accurate for your leased vehicle. Please consult with a Genesis Lease-End Concierge or your dealer for more details.
Do you need to make an appointment to turn in your lease?
Not necessarily, though making a lease-return appointment is more convenient for you and your dealer. If you do a walk-in lease return, you may have to wait for service.How long does it take to return a leased car?
With an appointment, turning in your leased luxury car will usually take no more than 30-60 minutes, if not quicker. If you bring all your keys, lease-end inspection paperwork, and all other documents, your Genesis dealer will simply need to check the boxes, and they may require the disposition fee to be paid before you leave.How long do you have to return a leased car before you get in trouble?
Once your lease expires, you’re obligated by law to return the vehicle to your Genesis dealer by its maturity date. There may be a lease-return grade period, though you’ll have to consult with Genesis Financial or your Genesis dealer to see if that’s an option.If you don’t return your Genesis lease by that maturity date, you may be charged extra and your vehicle can be repossessed, which you may also have to pay for.
Should you require extra time to say good-bye to your Genesis SUV lease, consult with your dealership or Genesis Financial to request an extension. It’s likely they can provide you with one.
How early can you turn in a leased car?
Your leased vehicle can be returned before the end of your lease contract, though that timeframe varies by dealer, make and region. At any point, in fact, you can return your lease and roll the balance over to another lease or purchase, but it’s not advisable. If you want to trade in a lease early, aim for 90 days before your current vehicle’s lease maturity date—you may be able to waive the extra payments if you have a good relationship with your dealer.Getting out of a car lease early is another matter entirely. There are ways to end your car lease before its maturity date, though doing so is risky and can be expensive. If you’re going to lease a car, it’s best to know ahead of time if you’ll be able to stick to its 24- or 36-month term.
Do you need to return your lease to the same dealership?
No, you can return your Genesis GV70 lease (or any Genesis model) to any authorized Genesis dealership, though it’s best for you if you stick to the same one (relationships and all that jazz).
Is your Genesis lease about to end? Keep an eye out for your authentic Lease-End Kit from Genesis Finance and be sure to make a turn-in appointment at a Genesis dealership near you.
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