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Hyundai Santa Fe Lease Questions

Hi everyone. Please use the following discussion to post any questions that you have about leasing a Hyundai Santa Fe. Thanks.

Car_man
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  • tray1tray1 Posts: 4
    I have a 2004 Santa Fe with only 22,000 miles on it which is on a 5 yr. lease agreement. My clutch just gave out and the dealer I purchased it from closed 4 weeks after purchase. It had to be towed over 50 miles from my area to the next closest dealer for service. Of course, before even opening it up, they already are trying to assess the liability onto me. My mechanic looked at it before towing and warned me that they would do this. He advised that if it is clutch or transmission or any other power train problem, this should be covered under the 100,000 mile coverage. I already tried to contact customer service to no avail. In fact, the response was, "what do you want me to do?" Not very reassuring. Then the service mngr. tried to convince me to trade up and I waited another day before any action by my part. However, the service mngr. opened it up to diagnose anyway and found it not to be a defect in the clutch but rather the disc worn down to the rivets and the fly wheel may be damaged. I am looking at being liable for over $1400.00 and was told that the warranty on the clutch is only twelve months.
    Can you please clarify this problem and give me advise on how to make them take care of this under warranty. I know I have a fight on my hands but I need someone with expertise in my corner. Thanks.
    T Ray :cry:
  • Kirstie_HKirstie_H Posts: 10,867
    This discussion is mostly about pricing & establishing the lease deal. You might have better luck in one of these discussions:
    Hyundai Santa Fe: Problems & Solutions
    Warranty Claims Administration

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  • Deal offered on 07 Santa Fe SE AWD; Deepwater Blue

    MSRP: $26354
    Sale Price: $24,890 ($200 below invoice)
    Rate: .00126
    Residual: .48
    Acquisition Fee: $595
    Rebate: $1800 (offered on lease only)
    Adjusted Residual: $12,649
    Money Down: $1000 (+ first mo. Payment)
    Monthly Payment: $367
    Terms: 36 mo/ 15K miles/year

    Looking for advice, is this a good deal? Seems good to me considering if I buy out at end vehicle cost is still below MSRP. Thanks for any advice provided.
  • Hi colklink. $200 under dealer invoice minus any available cash incentives is a very good price for this truck. Furthermore, the money factor and residual value that you were quoted for this truck look about right to me. Since both of the main profit centers for dealers, the selling price and money factor, look good I personally don't see any reason not to pull the trigger on this deal if you like the truck.

    Car_man
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  • Forum members, can any of you tell me if this makes sense and is a viable solution that would work for me and allow me to not waste money in the process. I am thinking of leasing a 2007 Santa Fe - one of the main reasons is because I can do it without having to put any money down initially. The other reason is I can pay the monthlies without having to take out a bank note and also the monthlies will probably be lower as well. I drive enough each year where I could go anywhere between 15 - 18K miles per year. Would it make more sense to pay for additional miles up front just in case or take a chance and really see if I go that much past the allotted miles - where it would make sense at that point to purchase the car at the end of the lease. Has anyone ever experieinced something like this?
    This may sound crazy but I am trying to avoid having to take out a note right now and want the lower monthlies, but realize I may drive more than the alloted miles given to me. Any suggestions, experiences, or thoughts on how to approach this? How long to take the lease out for, etc..... Any help would be greatly appreciated, thanks. :confuse:
  • Can anyone please provide the lease numbers (mf & residual)
    on 2007 for 36 & 48 months w/ 15K miles per year
    - Sante Fe SE AWD: w/ touring and premium packages
    - Santa Fe Limited AWD: w/ touring and premium packages

    Thanks very much in advance. I am thinking about going to the Hyundai Dealer ship in Manchester NH. AutoFair Hyundai.
    Thanks again.
  • Hi wannanewcar. The highest mileage allowance that Hyundai Finance publishes residual values for is 15,000 miles per year. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is usually less expensive to do so at lease signing than it is to wait until the end of your lease and have to pay an excess mileage penalty. In fact, many banks actually provide lessees with a refund for any miles over 15,000 that they purchase at lease signing if they do not use them. I am not sure if Hyundai Finance does this, but you can ask the F&I person at the dealership you are working with to find out.

    Car_man
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    P.S. If you are trying to avoid entering an auto loan so that it does not show up on your credit report, keep in mind that leases do as well.
  • Hey wannanewcar. Hyundai Finance is currently only providing support on 36 month leases of the 2007 Santa Fe. If you were to lease a 2007 Hyundai Santa Fe SE AWD through Hyundai Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00279 55%, respectively. The numbers for an otherwise identical lease of a 2007 Santa Fe Limited AWD are .00283 and 55%. When negotiating your lease on this truck, make sure to take the $1,500 lease cash that Hyundai is currently providing on the '07 Santa Fe into account. It will help you to negotiate an attractive capitalized cost for your lease.

    Car_man
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  • where are you guys getting the $1500 lease cash from? don't see it on their website.
  • Howdy,

    I have begun getting pricing information from a few dealers in the area. They are all quoting 47% residual value, but the actual dollar amount is different. I though residual was calculated on the MSRP and not the selling price, but maybe I am wrong. For Example...If I have a selling price of $29,200 and a 47% residual rate how do I calculate the residual dollar amount? Are there any tricks I need to know about?

    thanks!
  • Howdy,

    Could someone provide some guideance and/or resources on pros and cons of trading in my car or sellnig it privately and using the cash as down payment. I seem to remember taxes come in to play and depending on the vehicle it may be better trading it in. I live in Canada if that helps with the taxes.

    Thanks
  • I'm no professional, so take my input with a grain or barrel of salt.

    I believe the residual is based on factors like length of lease and miles alloted per year. The more miles/year you add the lower the residual.

    The $1500 lease incentive was not advertised. The internet manager I was dealing with brought it up and factored it in to the deal.

    As far as selling/trading car: you'll likely get more $$ if you sell yourself. Not sure if how Canada laws and taxes work with selling a car. One thing to consider is not putting money down on a lease. Yes this will lower your payment, but it is lost money if something happens to the vehicle. If you do the calculations you'll find that you may be better off saving the money you would have used to lower the cap cost and applying it towards your payment each month.

    Just my input.
  • i like that idea on not putting the money down. is there any resources that you could point me to so that i could understand that scenerio a little better?
  • I wished I would have save all my links and documentation, but I lost it all somehow. Edmunds has some good info on leasing in their Tips section. If you do a google search on "auto leasing" or something similar you'll proabably find a lot as well. There are instructions out there to manually calculate the figures which I found very helpful to understanding the total deal.

    Real world scenario: My Santa Fe is my second lease I've ever done. The 1st was a G35 Coupe. I put about $3K down on the Coupe to get the payments where I wanted them. However, my family expanded and I transferred the lease after a year. So even though I saved $50/mo for that year, the $2400 was basically lost. Same thing if you total it. In a lease, the insurance will only pay what is owed on the car. Even if the value is greater, you don't get the difference.

    This time I walked out the door with just the bare minimum out of pocket. Good luck with the process and hope this helps.
  • Doubleh, the lease cash is not something that Hyundai advertises, but trust me it definitely exists.

    Car_man
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  • Hey doubleh. Vehicles' residual values are indeed based upon a percentage of their MSRPs including destination charges and the MSRPs of any options that can be residualized. Perhaps the specific Santa Fe model that you are interested in contains some options that cannot be fully residualized, such as dealer installed options. This is one possible explanation for the difference in residual value.

    Car_man
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  • Doubleh, there's nothing wrong with trading in a vehicle when you lease a new one. However, it is in your best interest to have the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a capitalized cost reduction for your lease. I always advise consumers against making large down payments on leased vehicles because consumers who make them risk losing them if their leased vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • thanks, but it's still not making sense because i told the dealers the samething. i told them exactely what i was looking for and they provided the same residual percentage, but different residual amounts. are they playing games?
  • Hello,

    We are looking at trading in our 2005 Santa Fe (3.5L) for a new 2007 Santa Fe Limited (MSRP $27,600). The new Santy is a huge improvement over our current one!

    Anyways, I know a Santa Fe is probably not ideal to lease due to its horrible resale value, but I'm hoping the dealer can work some magic or Hyundai comes out with some good incentives.

    Does anyone know where Hyundai Financial posts its money factor and residual numbers? I'd like to get this information before going to the dealer again.

    We were quoted a $395 lease with $2,500 (or $440/month) down that included $550 refundable deposit, $550 acq. fee, $150 docs, and $1,500 in negative equity. We'll pull the trigger if we can get out the door with $0 down and $400 month, plus out of our 2005 Santa Fe which we still owe $19,100 on. We just don't want to own this car anymore and would rather get a better car for the same monthly payment for 3 years and then start over with nothing.

    I see Hyundai has a $1000 rebate along with $500 loyalty cash. So this gives us $1500 off MSRP right away before negotiating.

    Thanks!
  • danf1danf1 Posts: 935
    Santa fe Limited lease

    Front wheel drive origination support $1,550 + 500 loyalty
    30 months money factor is .00111 39 mos .00147 42 mos .00157
    Residual 30 mos 57% 39 mos 47% 42 mos 45%

    Four wheel drive has the same orig. support
    money factors 30 mos .00137 39 mos .00169 42 mos .00178
    Residual 30 mos 58% 39 mos 49% 42 mos 47%

    Deduct 1% from residual for 15,000 mile leases.
  • CarMan- I am looking for a 07 Santa Fe Limited, Pearl White 2 whl drive, with option 27 only. The MSRP is 30265 and the invoice including destination is 28733. What should my lease payment be for 30 months with zero down with strong credit. I have been having a hard time getting a straight answer from dealerships using the lease formula from this website. My projected lease payment is way under what the dealers are offering. I have been using a .0111 money factor and res value of 57%. I have also been factoring in a 1550 discount or rebate from Hyundai. Should I not be able to get this car for around invoice? Thanks in advance.
  • Hi everyone,

    Could someone please help me with the following lease question?

    I am currently thinking about leasing an 07 Santa Fe Limited AWD, XM, with the ULTIMATE package.

    A local dealer has the MSRP given as $32,450 for this combination, with a negotiated price of around $27,200. At this point, I have not told them of my intent to LEASE. Instead they currently think I would be buying/financing.

    First question, is it reasonable to think that as I would be leasing (instead of buying) I could expect them to add the $1,000 "cash back" which I believe they had initially deducted from the total back into the above price... now making it $28,200?

    Then, considering that Hyundai offers "$1,500 lease cash back" (assuming that this is still being offered?) that would bring the negotiated price back down to $26,700, in this case. Does that sound about right, or are my above assumptions wrong?

    Any feedback would be greatly appreciated!
  • Hi all, this board is full of great info. Thanks to prior posters. I'm looking at trading in my Mazda Tribute for a 07 Santa Fe Limited and leasing for 30 mos through Hyundai finance. They're offering almost $12K for my trade which is pretty good and I'm thinking about putting the entire thing down on the new truck. I see what people are writing about not doing that b/c it would be lost if I wrecked the new truck, but my salesperson is reassuring me that terms of the Hyundai lease include gap coverage which covers the full replacement value of the truck if I were to wreck it so, according to him, I would be safe putting all of that $ down? Comments?

    TIA.
  • Not really,

    Yes, the vehicle is insured with GAP coverage, but the insurance company will only pay whatever the remaining value is... be that $2,000, or $20,000 back to the leasing company if something bad happens to the car.

    So, if you put 12K down for a leased car and something happens to it, the insurance will pay whatever value is still owed on the car, but you essentially lose your entire 12K deposit (the insurance company will reimburse the leasing company for the remaining value of the vehicle, but they WILL NOT reimburse you for any down payment monies that you paid up-front.

    So you could look at it like this:

    Scenario 1: You only put $1,000 down and the car is completely totalled or stolen. Insurance pays the leasing company for the remaining money owed on the vehicle and you would only have lost $1,000 in down deposit money when all's said and done.

    Scenario 2: You put $12,000 down in order to get your monthly payments low, and then something bad happens to the car. Now you've just lost an extra $11,000 of your personal money, that you otherwise would not have.

    This is why many on this site strongly advise against making and down payment on a lease that is larger than the minimum required (that is, if a down payment is even required, at all).

    Hope these were good examples. Others here on this forum understand this topic much better than me, so hopefully if I forgot to mention something or got something wrong they'll pop in and correct me. :)
  • I'm feeling a little dense and like I'm missing the point, but if my insurance pays fair market value, and the leasing company's insurance pays the gap between that and the cost of replacing the lost or wrecked vehicle with a brand new one just like it, aren't I in the same position that I was in before (albeit, now rated with my insurance company) and I have all of the same options at lease end as I had before?
  • kyfdxkyfdx Posts: 28,432
    Your insurance won't replace the vehicle.. They will pay the bank for their interest in the vehicle. At that point, your lease is over. If the insurance payment is not enough to payoff the vehicle, then GAP insurance will pay the bank any shortage.

    Any downpayment you make on a lease is not considered.. or reimbursed.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi mrmister2000. The $1,000 customer cash that Hyundai is currently providing on the 2007 Santa Fe is not compatible with Hyundai Finance's special lease program. Even better though is the fact that Hyundai is providing a special $1,650 lease cash incentive on this truck that is. Make sure to take this cash into account when negotiating your vehicle's capitalized cost.

    Car_man
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  • lv2drvlv2drv Posts: 132
    My husband has talked to two dealerships. When all is said and done, the monthly payment will be about $455.00 per month for six years and with nothing down. He says it is about the residual. I don't see too many people talking about the amount of payment. Is this too high? It seems high to us. I think we are better off buying. Thanks for any help you can give.

    I had to edit this because I forgot an important detail. We want a Santa Fe Limited FWD Premium-Silver Blue. They also told him the cargo cover has to be ordered from parts, but I know from reading the forums that this isn't necessarily true.
  • Hi lv2drv,

    $455/month times 60 months means total payments of $27,300... and they are asking this for a FWD (not an AWD?) having only the Premium package? That's ridiculous and I'd avoid those dealers like the plague. You should be able to get a much better offer than what they are giving you. There are people here on Edmunds who have purchased (not leased) AWD Limited's with the Ultimate package (a configuration costing several thousand $$ more than what you are looking for) and yet have paid less in the end than what those dealers are asking in total for your lease payments.

    I'm just curious, but why would you want to lease for six years when the bumper-to-bumper warranty is only five years? I'm personally thinking about leasing an AWD Limited with the Ultimate Package (MSRP over $32,000) for 3 years and do not expect that I would have to pay any more than $350/month (taxes included) after a $1,500 down-payment. Perhaps the reason that your quoted monthly payments would be so high is because your lease term would be so long?
  • lv2drvlv2drv Posts: 132
    Thanks for your reply. The lease term is so long because we intend to keep the vehicle a long time. We tend to run them in the ground. We did want to lease because we have to sell a motorcycle and our Intrepid to buy or lease. I told my husband we had to have the SF before we leave on a trip to Louisiana, which is about 750 miles from here. We leave in mid-April, so time is short. If we lease, there is no hurry to sell the other vehicles. But it sounds like leasing is a joke, at least around here (dealers in Iowa and Illinois). So, we'll see what happens. We are leaning heavily toward buying and we'll have to sell the vehicles more quickly.
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