Consumer complaint received 2022-11-14
Company: HYUNDAI CAPITAL AMERICA
State: CA
Product: Vehicle loan or lease
Sub-product: Lease
Issue: Problems at the end of the loan or lease
Sub-issue: Problem when attempting to purchase vehicle at the end of the lease

Complaint:
I purchased a lease with Hyundai in the city of XXXX California back in XXXX for a XXXX Hyundai XXXX  XXXX. I was around XXXX XXXX XXXX and paid the lease on time for 6 years straight. The Hyundai payments were XXXX a month. I gave a XXXX Hyundai XXXX for trade with a trade in value of {$6500.00} and also a {$2800.00} down payment for the somewhat brand XXXX Hyundai XXXX with that had just under XXXX miles. Because of my age and credit history I was taken advantage with a predatory lease! I was told that I would be able to purchase my car for {$10000.00} at the end of my lease, and if I didnt I would have to pay for wear and tare of the car as well as {$.00} a mile of excess use! When purchasing the lease they insisted on me purchasing the gap insurance they provided for just in case I didnt want to keep the car and had excessive mileage then it would cover what ever balance over the {$10000.00} it would take to purchase the car. This what lead to a higher payment to Hyundai per month! My perfect credit score allowed me to purchase this car and I was excited and wanted me to protect myself in so I thought! 6 years later with over {$23.00}, XXXX invested in paymentsnot including maintenance for the car plus a trade in we are in the pandemic and they would not allow me to purchase the car for what I we agreed the buyout would be! I couldnt not deal with original Hyundai XXXX that bought it from because they went out of business for bad business practices. The XXXX Hyundai XXXX  XXXX brand new value was {$23000.00} and after 6 years the value became {$18000.00} and the Hyundai would not honor the {$10000.00} value or not allow me a chance to make further payments to keep the car unless taking out a loan! They would not allow me to take out a loan because of going over XXXX miles in excess miles! With that the excess mile is now owed {$23000.00} which is the price of the car! Since then I have been backed in to a corner. Because of this my debt to Hyundai went from paid in full of lease to a inaccurate reporting on my credit report from owing nothing to owing {$14000.00}, and then over {$23000.00} in excess miles which is the price of the brand new Hyundai XXXX! I tried to settle the debt that I felt was of {$5000.00} which is the same amount I offered to give them as a down payment for the car at end of the lease and they said no they can only take {$18000.00}. They then sent me to collections with inaccurate reporting to an account that was maintained instead creating a new account for a new debt history that I never settled for. The collection company offered {$8000.00} pay off but I rejected it and they gave the account back to Hyundai where they wont come up with a reasonable resolution for a car that I worked very hard for to maintain and keep!

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation