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Hyundai Sonata Lease Questions

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  • bhmr59bhmr59 Posts: 1,598
    If you're willing to go to Denville, NJ (I don't know how far that is for you), you should be able to get the same car (I assumed you're also getting floor mats)for a "purchase" price of $20,538--$1161 less.

    I'm not up on leases either, but as I understand them, it all starts with the actual purchase price.
  • It needs to be a local dealer. NJ is just not convenient.

    According this this thread, the selling price of leased cars can be negotiated in a similar manner as buying it.

    Car man, I would definitely appreciate your opinion, as you really seem to know your stuff.

    Thanks

    Jim
  • Update to this quote. It looks like the dealer is much less willing to negotiate a lower MSRP if I'm leasing the car as opposed to buying.

    Does anyone have information on current leasing offers for the v6 Sonata 2007?
  • Carman, hopefully you have some time to look over some exhaustive figures I've obtained from a kindly salesperson (not to many via email these days)

    Let me know what you guys think!

    Matching the $21,699 selling price, after the rebate - discount, the lease
    breaks down as follows.

    $25,930 MSRP
    44% residual for 36 month lease with 15,000 miles
    $11,409.20 lease end value

    0.00222 money factor

    $21,699 selling price
    $595 Hyundai's lease acquisition fee
    $1,360.44 cash cap reduction "portion of the $2,000 used as down payment"

    $20,933.56 adjusted cap cost

    $336.37 base monthly payment before tax

    $2,000 due at delivery

    $370.01 payment including tax (35 remaining)

    --------------------------------------------------------------------------------- - --

    48 month lease 15,000 miles per year

    The differences are:

    35% residual
    $9,075.50 lease end value
    0.00243 money factor

    $319.57 base payment
    $351.53 payment including tax
  • corcor Posts: 27
    Hello Everyone,

    I'm looking into either leasing or purchasing a 2007 Sonata GLS (manual) w/Sport Pkg. I'm trying to figure out what I should pay; as I've never done a lease before and am trying to keep my payments as LOW as possible. I've seen on the Hyundai website that there is a 2000.xx rebate; which would come in handy as I'm trading in my 2003 MINI Cooper (with about 2.5k negative equity - purchased used in 2/06). I've priced the car online to 17745.xx after rebate but am totally in the dark about what to do. Any help/advice is GREATLY appreciated!!

    Thanks,
    -Cor
  • dsiro7dsiro7 Posts: 1
    Today I was quoted a lease on a 2007 Sonata gls with a selling price of $19,28O. The cost after manufacturer and dealer discount was $15,495. The price I was offered was $199 for 24 months with $2000 down and no tax, title and tags or security deposit. Is this a good deal or should I finance and buy. I'm a first time leaser and have no idea what I'm doing. Any help would be appreciated.
    Thanks, Denise
  • wmarkwwmarkw Posts: 5
    Is this Fitzmall of MD?

    They have an ad in my local paper for 1,499 + 149/mo on a $19,280 MSRP.
    I don't know how or if they really do this, but Sonatas do have good lease deals right now.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Jim. Since you have never leased before you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    The selling price that you were quoted for this Sonata looks very attractive to me. It is probably equivalent to right around dealer invoice minus the $2,500 lease cash incentive that Hyundai is providing on the '07 Sonata right now. Just make sure that the dealer you are working with is using Hyundai Finance's current buy rate lease money factor of .00222 to calculate your car's monthly payment and you're in business.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Cor. Hyundai is currently providing $2,000 customer cash on the 2007 Sonata. Its cash incentive for leases is actually slightly higher than this, at $2,500. This cash will help you to negotiate an attractive capitalized cost for your lease. It sounds like you really aren't that familiar with how leasing works. If this is the case, you definitely should check out the following informative articles that are available here at Edmunds.com before visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Basically what you need to do is negotiate as low a selling price as possible on the car that you want, making sure to take advantage of the aforementioned cash incentive. Once you have a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using this car's buy rate lease money factor. You actually may want to consider going with an '07 Sonata with an automatic transmission instead of one that has a manual transmission. The GLS auto has a 39 month buy rate lease money factor of .00104 versus the stick's factor of .00222. The auto has a higher residual value as well.

    Car_man
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    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings Denise. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Let's take a look at the specific deal that you were offered. A base 2007 Hyundai Sonata GLS with an automatic transmission has a spread of only $770 between its full MSRP and its dealer invoice price. Add to that the $2,500 lease cash that is available on this model and we have a total of $3,270 to play with. The selling price that you were quoted appears to be around $500 under invoice, which is a very good deal. You should double check that the dealer you are working with is using Hyundai Finance's buy rate lease money factor of .00104 to calculate your monthly payment, but this looks like a very attractive offer.

    If you decide that leasing is not for you and that you would rather finance this car, its selling price would be higher because you will not be able to take advantage of the $2,500 lease cash. You will however be able to use Hyundai's special financing rates of 0% for up to 3 years, 1.9% for 4 years, 2.9% for 5 years, or 4.9% for 6 years.

    Car_man
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    Prices Paid Forum
  • th83th83 Posts: 164
    I think you're planning to lease the wrong car.

    The Sonata is a great buy with rebates and discounts, but it's not a great vehicle to lease for the same reasons. With all of the rebates and discounts, the car's resale value is lowered (and the higher the resale value, the lower the lease payments).

    If you must lease rather than buy, I'd suggest a Honda or Toyota.

    Right now, you can lease a loaded Accord V6 (a $28k vehicle) for at least $60 less per month than a Sonata Limited, with the same down payment.

    I leased my 2007 Accord EX-L V6 back in October. It's a 3 year lease and I put $2000 down and I pay only $280 per month with tax. However, my lease is 12,000 miles per year instead of 15,000/year. I'm not sure how much of a difference that makes in the payment amount, but it can't be much.
  • pjamesepjamese Posts: 15
    Does anybody know if they are still offering the .00104 MF on the Sonata and what the residual is?
  • jayessjayess Posts: 59
    Now I'm looking into leasing another Sonata, received a quote for a 2008 GLS w/basic package (01) for 24 months 12K miles at $438 down/$228 month, car has a residual of 58% and .00017 money factor.
    Also have a lease quote on a 2007 GLS w/premium pkg (02) w/same month-mileage-money factor and residual for $376 down/$243 month. The residual dollar difference on the '08 is $93 more but I'd be paying $293 less over the length of the lease...decisions decisions.
  • I'm currently thinking of trading in our 2005 pacifica to lease a sonata gls auto. we have around 1500 in trade equity. what do you think i would have to put up for a cash? I heard 1499 down and our trade equity should cover that? How is the tax figured in the trade as they are giving us 14000 on the pacifica? thanks!
  • pjamesepjamese Posts: 15
    Jayess- Are those pretax monthly payments and what part of the country are you in. thanks
  • jayessjayess Posts: 59
    pj- They're actually including tax. I'm in western PA, 7% sales tax and 10% lease. The down is essentially the 1st month plus tag/title. We have a plate to transfer, also a trade - haven't told them about either.

    carbuyer - the way it's done here is that the sales tax is on actual cash down - so if you were putting the $1499 in cash - sales tax on it. If you're applying your trade at the same value to the down, there wouldn't be any sales tax. Just keep an eye out to the residual value in the lease agreement, probably MSRP too and make certain that it is what was initially quoted to you if it was before you spoke of trade. You want to be certain that they don't look to make up the value of your trade elsewhere in the deal. oh and btw - the 1499/199 lease is on the GLS base model (01) and not the premium package (02) with the power seat, computer and trim.
  • I tried to negotiate on a 2008 sonata gls auto base today with fucillio in watertown ny. The sticker was 19,595 I offered 18,700. The sales man got mad & said fine I'll just give you wholesale for your trade! I then asked him if he was the only hyundai dealer in new york state he said no an I said good! Good bye! Look all I want to do is make a fair deal meet me halfway why catch an attitude? So I would appreciate anyone's help in finding a good deal on a sonata some where near Northern New York as fucillio's do not negotiate! Oh nice way to treat someone who just leased a car from them last june! Thanks
  • hskcarhskcar Posts: 1
    Good morning,

    I need some advice and guidance.

    Hudson County N.J. Sat 8/11 I began looking at a 24 month lease of a Sonata GLS...MSRP apx 18,300. I was told that this is a special program form the dealer..menaing the MSRP and residual are set and not negotiable. The deal is $1500 up front, 12,000 miles 24 month lease for $199.p/m + tax. ( I calculate it less than 220 p/m/when all is said and done)(Tax in NJ on lease is 7% of either the lease payments or the Capitalized costs). It seems like a good deal....what am I missing.

    Thank you

    Howard
  • Hi folks, I found fitzmall at http://www.fitzmall.com/ is offering 2008 Sonata GLS lease at 149 per month with 1499 down, is it a good offer? Thanks!
  • jayessjayess Posts: 59
    This is the current lease offer on the base model (01) i.e. without the premium package. We'd been looking at leasing the 2008, just made a deal last night on this car for $359.44 down and $183.74/mo including 10% lease tax. Of course we saved the trade for last minute, an 11 yr. old ford, and a previously good lease offer came down to this. There's a 58% residual and the MF was 0.00017.

    We also have an '07 GLS w/the premium package. The inset of the seats for the '08 have been redesigned from last year's model and it's as firm as with a lumbar, I've managed without a power seat for almost 40 years and no 'plastic' wood trim - these in the premium pkg. I'm very satisfied with the deal, as is my wife - even more important!! The car's pretty much identical to the 07 which we like. It's natural kakhi, a very classy color. :)
  • glp103glp103 Posts: 4
    Hi,

    I'm new to leasing, so how does this sound?

    Advantage Hyundai Hicksville NY

    $18,000.00 neg. price to start with.
    .ooo17 money factor.
    11,341.90 residual which I think equates to 60%
    $6658 depreciation value.
    If I did my math right the monthly payments should be $185.00 without tax for 36mo. Am I missing something and is this a good deal?

    Thanks Greg
  • glp103glp103 Posts: 4
    I forgot to mention in my post this is the 2008 Sonata GLS 4 cyl. base model. I am putting nothing down except the tax, tags, a $595 bank fee and 1st payment.
  • jayessjayess Posts: 59
    glp - yours is a 36 month lease ? our numbers are similar msrp, residual, money factor except that your payment - what is the tax rate ? - would seem to make your total cost to lease - or acquire if you choose to buy out the car at lease end - much greater that ours for the same vehicle.
  • glp103glp103 Posts: 4
    The tax is 8.65%. I have no intention of buying at the end of the lease so isn't a higher residual better for leasing?
    Yes I wanted a 36mo. lease.
  • jayessjayess Posts: 59
    Did you get 12K 15K miles/yr ?
  • hypodenhypoden Posts: 1
    I live in syracuse, we purchased our sonata in 2001 from them. Fuccillo in Syracuse claims not to be undersold. I would threaten Watertown with going to Syracuse or indeed go to Syracuse. It's always good to work one dealer against another.
  • glp103glp103 Posts: 4
    12k, I only drive 9000/yr.
  • Local dealer in Western NY state has this special. Wanted to know if it's for real or if I'll be wearing the "DUH" shirt.

    From the Hyundai website: Lease a 2008 Hyundai Sonata GLS A/T Base Option Package 01 for $199/month* for 24 months, $1,800 customer cash down plus $2,250 HMFC origination support, and $1,999 due at signing. See your local dealer for lease details. *The base monthly payment does not include tax, license, registration, options, and the like. This program is effective from September 11, 2007 through October 01, 2007

    My sales rep says that this would be my deal. I pay a total of $2500.00 up front. This includes all taxes and fees and the 1st month payment. 23 remaining payments of $169.00 per month. 24 month lease, 12,000 miles per year.

    Any assistance is appreciated.
  • duke16duke16 Posts: 36
    Only dealers charge so called "Cost Reductions",real true leases require no money down,maybe the 1st month
    payment & one more for security depending on your credit.These leases are through leasing companies,not car dealers.They can get any car you want at pricing below the car dealers.You can go to any dealer for service.One national lease co. is Enterprise Car Lease,the same co. thats the worlds largest car rental co.
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