Help Needed with Lease

[undercoverbrother]

Hello CP

I have been tasked with getting out of my parents lease.

My dad took a bad fall in late June so this change of health and my mother dementia (which they had both tried to hide) have forced them to move into an Independent Living facility.

My dad, at 87, took out a lease last year on a 2024 Hyundai Kona. ####ing crazy.

He can't drive anymore and even if he could they can't afford the vehicle with their new living arrangements.

I have always bought vehicles and driven them for 10 years. I have never entered into a lease, never mind get out of a lease.

I need options on how to fix this mess.

[puffnstuff]

Generally you can either
1. buy out the lease and then sell the vehicle or
2. find someone to take over the lease

[Calgary14]

List it on Lease Busters?

[troutman]

Do you have Power of Attorney for your parents?

[Strange Brew]

If you don't have Power of Attorney, I would try and make that a priority. Once your parents actually lack capacity and you absolutely need it, it becomes quite a bit harder. You might already be at that point with your mother.

[blankall]

When did they lease the vehicle? The price of a new vehicle and/or the interest rate may have gone up substantially since then, making finding someone to take it over relatively easy.

I'm also assuming your father has barely driven the vehicle, making it nearly brand new?

It may be easier to get out of than you think. I'd even call the dealership, who may want to take it off your hands. It might also make sense to buy out the lease and then sell the car used yourself.

Honestly, nearly new cars sold at a slight discount, aren't as hard to move as you'd think. Especially if it's a model that's gone up in price by $5,000 or so since being purchased.

What are the payments on the lease and how long is the lease?

[lazypucker]

How could a 85 year old lease a brand new car in the first place?

[Wolven]

Originally Posted by puffnstuff

Generally you can either
1. buy out the lease and then sell the vehicle or
2. find someone to take over the lease

With tariffs and everything, you will likely find the car has a lot of it's original value still. It may have gone up in value with the price of new cars.

Did they get the Kona or the Kona electric?

[TorqueDog]

Originally Posted by lazypucker

How could a 85 year old lease a brand new car in the first place?

I'm kind of unclear why you think an 85 year-old leasing a new vehicle is an unlikely scenario.

[undercoverbrother]

Originally Posted by troutman

Do you have Power of Attorney for your parents?

We are working towards that, but my dad is onboard with not need/affording the vehicle

[undercoverbrother]

Originally Posted by blankall

When did they lease the vehicle? The price of a new vehicle and/or the interest rate may have gone up substantially since then, making finding someone to take it over relatively easy.

I'm also assuming your father has barely driven the vehicle, making it nearly brand new?

It may be easier to get out of than you think. I'd even call the dealership, who may want to take it off your hands. It might also make sense to buy out the lease and then sell the car used yourself.

Honestly, nearly new cars sold at a slight discount, aren't as hard to move as you'd think. Especially if it's a model that's gone up in price by $5,000 or so since being purchased.

What are the payments on the lease and how long is the lease?

$434 a month

ends some time in 2027

[undercoverbrother]

Originally Posted by lazypucker

How could a 85 year old lease a brand new car in the first place?

Yeah don't even ####ling start me on it

[undercoverbrother]

Originally Posted by Wolven

With tariffs and everything, you will likely find the car has a lot of it's original value still. It may have gone up in value with the price of new cars.

Did they get the Kona or the Kona electric?

Kona Preferred trim

[blankall]

Originally Posted by undercoverbrother

$434 a month

ends some time in 2027

It depends what kind of options you have on there, but that's not too far off from current lease rates. Someone, who is looking for a shorter lease term, may still want to take it on.

You can also come to arrangements where you retain a small portion of the lease, example $50/month, to get out of it. Could be a lot cheaper than a buyout.

[Bend it like Bourgeois]

There are way smarter people than me, and it will depend on what other assets you might want to protect etc., but I’d at least consider just driving it to the dealer, handing over the keys and waving goodbye.
Practically there is really nothing they can do. Take your dad to court? Ruin his credit? Great. Then what? They made the mess entering into the lease in the first place. They can clean it up.

[Sliver]

Originally Posted by Bend it like Bourgeois

There are way smarter people than me, and it will depend on what other assets you might want to protect etc., but I’d at least consider just driving it to the dealer, handing over the keys and waving goodbye.
Practically there is really nothing they can do. Take your dad to court? Ruin his credit? Great. Then what? They made the mess entering into the lease in the first place. They can clean it up.

What did you want them to do? Not let him buy a car because they figured he was too old? My Aunt's mom is, like, 97 and still drives. She's sharp as a tack, lives in her own house and goes to the old folks' home to help out "the old people".

They didn't make a mess. UCB is trying to solve this without fking over a business.

[TheIronMaiden]

Crowfoot Hyundai?

[Bend it like Bourgeois]

Originally Posted by Sliver

What did you want them to do? Not let him buy a car because they figured he was too old? My Aunt's mom is, like, 97 and still drives. She's sharp as a tack, lives in her own house and goes to the old folks' home to help out "the old people".

They didn't make a mess. UCB is trying to solve this without fking over a business.

It’s not fata-ing anyone. I say it as someone with spotless credit who takes obligations seriously and owns a business. I pay my bills.
There are risks entering into a contract with an octogenarian. Risks get priced. Who was in a better position to understand that - the lender or the 87 year old. No one made the lender sign up. Somewhere in their math, it allows for some of these deals to go sideways. You can bet they did not feel guilty charging a premium and will use any in every tool at their disposal. No one else should feel bad for doing the same.

[undercoverbrother]

Originally Posted by TheIronMaiden

Crowfoot Hyundai?

South Trail

[flamesfever]

Originally Posted by Bend it like Bourgeois

There are way smarter people than me, and it will depend on what other assets you might want to protect etc., but I’d at least consider just driving it to the dealer, handing over the keys and waving goodbye.
Practically there is really nothing they can do. Take your dad to court? Ruin his credit? Great. Then what? They made the mess entering into the lease in the first place. They can clean it up.

That's not the way to do business. There is a contract and the honorable thing to do is to honor it.

Also, I don't believe there is an increased risk for dealing with an octogenarian.

Probably the best thing would be to discuss the matter with the dealer and try to strike a deal that's best for everyone.