0:00
I got rear-ended and then my insurance process went through for the lease and the insurance
0:11
company and I came up with the number of value of the car for $25,000 and change
0:17
And they would say, they said they would contact Condé and they would pay off my lease, which
0:22
my end of lease payment was $14,000. So I was supposed to get the difference in a, in a check
0:30
and then when they contacted Hyundai Hyundai said that as for the contract of the lease
0:34
that is fair market value not the actual lease and price which is something that's
0:42
it's hidden in every contract and you don't find out because I've already got through this once but
0:47
I didn't realize it so this time I went in and I called Hyundai and I said hey what are you doing
0:53
And they said, well, it's in the contract. Fair market value for a lease. So I lost $10,000 for a Hyundai
1:01
And they are so ignorant that they still keep calling me and asking me if I want to buy a new Hyundai
1:08
I'm like, I went to the dealer and I sat at the dealership for two hours
1:13
And they said they would help me And at the end of the day nobody wanted to help me And that same dealer is still contacting me trying to get me to buy a new Hyundai So the lesson to be learned never do a
1:26
lease through the actual motor company, go through a third party. The car that I'm getting now is
1:31
through a third party leasing company here in Dallas, where at the end I can do whatever I want
1:36
with my car. So I can go out and sell it as a trade-in and take that money and give it to the
1:41
to the dealer, right, to whoever has my lease, or I can just turn it back in however I wish
1:49
Or if I get in an accident, I get the fair market value for myself
1:53
and I can pay off the actual value. But this is something that's hidden in all their leases, not only Hyundai
2:02
But right now I got a letter from a class action suit
2:06
of something like this going out with Hyundai. This is my second Hyundai car. and they're gonna all these companies are gonna get in trouble the thing is that
2:13
they don't care because they're too big the car was uh the car is um was valued by my insurance
2:22
company at 25,400 my end of lease payment with hyundai was 14,000 and i even told them i went
2:33
to the dealer to say if they give me this money i will use it as a down payment towards my new lease And nobody cared I was at the shop ready to sign on for a new one
2:44
I called them up and I told them my situation. And they said, it's in the contract
2:48
What else would you like? I said, I want my money. I said, it's not going to happen. If I would have had $14,000, I could have paid them $14,000
2:57
And they would have had to fight me not to give me the rest. You know, not to give me the title
3:02
because they already knew the car was total. So apparently there's something in the contract
3:06
and they are absolutely not helpful. During the pandemic, I didn't pay two months
3:14
but I called them up before and they said, no problem, we'll take care of it for you
3:18
And it started showing up on my credit report. I immediately paid up
3:23
It's still on my credit report. They are terrible. I would stay away from them
3:27
The best that they can do is give me my money, but I'm not getting another car with them. I already know who they are and I already know that they don't care
3:34
Too many negatives to fix this problem. Because I think nobody understands that when you crash a car and you're in a lease
3:40
the situations that you're in and your different options. You can actually take your car when you're at the end of lease
3:47
You can actually take your car to a dealership and they'll give you cash for that car
3:52
And then you can pay your end of lease You don have to just turn the car in You have cash value in your hand that you accrued through the period that you lease And the leasing companies want you to think
4:04
that you can just turn the car in and that's like the advantage. No, the advantage is that you have
4:08
cash on hand and you can trade up every time. But they want to make sure they're not too helpful
4:13
They want to win. If you get into a situation when you're in a end of lease and you know the
4:21
the value of your car, your buyout, and you know the actual market value of your car
4:27
you have to make sure that you take it to a dealer or you sell it yourself. If you get into an accident and the lease
4:33
the insurance companies have a pact with the finance companies like the big motor companies
4:39
to give them full market value so you will lose all the equity that you have gained
4:44
So the message to take home from this is to step away from the big motor companies
4:49
Ford, Hyundai, Toyota, leasing company, any leasing company, go to a third-party leasing
4:56
company and ask about your end-of-lease. Ask what happens if you get in an accident
5:00
Ask what happens if you want to turn your car and ask what happens if you want to trade
5:04
in your car. These are all options that are yours that you got to make sure that they're available
5:09
to you. And with a big motor company, you're limited. That's my message
