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Hyundai Sonata Lease Questions

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Comments

  • zman68zman68 Posts: 1
    I want to lease 2011 Sonata SE 2.0T. The dealer is quoting $377/mo(taxes will bring payment to $388) no money down fro 3 years, 12k per year. Dealer says they will not come off msrp. Any advice/help would be appreciated. I am in Charlotte, NC
  • tetovaritetovari Posts: 22
    To expensive . Don't pay more than 280 no money down .
  • LASHAWNLASHAWN Posts: 303
    See another dealer. There is no way they should be selling at msrp.
  • awoolfordawoolford Posts: 2
    Hi,

    What are the July MF and residual for the 2012 Sonata SE 2.4 and the 2012 Sonata Limited 2.4 with 15,000 miles for 36 months?

    Thank you
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the information that you're looking for, veren. Hyundai Finance's July buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata 2.4L Limited with 12,000 miles per year are .00046 and 49%, respectively for consumers who qualify for its top two credit tiers.

    When negotiating your deal on this car, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it through Hyundai Finance.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi awoolford. Hyundai Finance's July buy rate lease money factor and residual value for a 36 month lease of a 2012 Sonata SE 2.4 with 15,000 miles per year are .00100 and 57%, respectively for consumers who qualify for its top two credit tiers.

    The numbers for an otherwise identical lease of a 2012 Sonata Limited 2.4 are .00120 and 54%.

    When negotiating your deal on this car, make sure to take advantage of the $500 cash incentive that is currently available on leases of it through Hyundai Finance.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • verenveren Posts: 4
    edited July 2011
    Thanks Car_man for the info, however I was looking to lease the 2011 Sonata 2.4L Limited with 15,000 miles per year. Sorry I didn't make that clear.

    Do you know what the MF and residual is for 15k miles/yr for 36 months?

    With my high credit score, I shouldn't have any problems qualifying for the highest credit tier so please quote those numbers.

    Also, can you elaborate on that $1500 cash incentive. How do I qualify for that?

    Is the sale price reduced by $1500?

    How can I use this incentive to my advantage when I speak to the salesman in order to work out a better deal?

    Thanks so much for your help.
  • verenveren Posts: 4
    edited July 2011
    Car_man, from previous posts I can see that going to 15k miles/yr decreases the MF by 1%. This brings the MF on a 2011 Sonata 2.4L (non-turbo) Limited to 48%.

    That is a big drop in MF and residual from last month when it was 55% and 0.00056. It seems strange that Hyundai would make this lease so much less attractive when they're trying to get rid of the 2011s to make room for the 2012s.

    Can you please double check the MF and residual you quoted me. Again, I'm just interested in 15k miles/yr and Tier 1 credit numbers.
  • Trying to find a deal on a Sonata SE. Dealer in NJ would not go lower than 2,000 down, 270 a month on a Sonata SE without extra options.
  • odessit771odessit771 Posts: 12
    edited July 2011
    Hello! For all of the experts on this forum: I am looking to lease a base model of sonata (no options other than standard). My FICO is 740, I am located in Philadelphia area. What would be acceptable range for the lease? I am looking for all inclusive 230 or less (if possible), 0 down, no deposits. Is it possible? What are your recommendations/experiences?
  • odessit771odessit771 Posts: 12
    edited July 2011
    I have some more questions regarding leasing very base model with Automatic Transmission:
    1. What is approximate MSRP and how much could I negotiate down from it (would invoice be ok deal)?
    2. Money Factor
    3. Residual Value
    4. Any Promos or Incent/Rebates on leases currently available?
    5. If I reside in Philadelphia where city sales tax is 8%, but State's sales tax is 7%. Which % will I be charged with? The dealership is not in Philadelphia but in different city of PA.

    Thank you!
  • odessit771odessit771 Posts: 12
    edited July 2011
    Please let me know if I do math correctly:

    Let's say that:

    MSRP is 20400 and I negotiated down to 20200
    Money Factor is .00015
    Residual is 56%
    12k per year / 36 mts

    Then:

    1. 20400*.56=11424 (car worth after 3 years)
    2. 20200-11424=8776 (I will use that value)
    3. 8776/36=244 (w/o interest or tax)
    4. (20200+11424)*.00015=4.74 (interest)
    5. 244+4.74=248.74 (with interest)
    6. 248.74*.08= 268 (with tax)

    Also, from where do I subtract loyalty rebate?
  • kyfdxkyfdx Posts: 27,671
    Your math is correct..

    I don't know the exact numbers, but your money factor is more likely to be .0015 than .00015.. That will multiply your finance charges by ten..

    If you are eligible for a rebate, that will come off the selling price, before you calculate the lease payment.

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • verenveren Posts: 4
    edited July 2011
    Car_man or kyfdx, I'm getting close to wrapping things up on my new lease and I want to make sure that I don't get into it without knowing the MF and residual.

    It would really help me out if you could please double check the top tier MF and residual for a 2011 Sonata 2.4L Limited with 15k miles per year for 36 months. The numbers Car_man gave me are a large departure from last month so I just want confirmation that they truly are accurate.

    Also, how do I use the $1500 cash incentive to my advantage when I speak to the salesman.
  • bzjeepbzjeep Posts: 2
    edited July 2011
    Hi, I've been considering a lease on a 2012 Sonata SE 2.4 with standard features. I'm interested in a 3 year, 36,000 mile lease. My local dealer gave me a MF of .0014 with a residual of 58%. I used the Leaseguide.com calculator and used the Edmunds TMV and added in the acquisition fees, etc. with no money down and came out to just over $350/mo. with no money down, which is the ballpark price the saleman on the phone gave me. From what I'm reading, anything over $280 is overpriced. I did call the dealer and let them know what I was reading online here and they said they should be able to work out a price around $280-290 a month with no money down, but I've been told that numerous times in the past. I know my credit score is over 700 and I've completed one lease in the past, so I'm assuming I'll qualify for the one of the top tiers, but I'm just curious as to why my calculations and the dealer quote are so far off from what I'm reading here...

    Thanks for any input here guys!
  • All these POM calculations don't seem to be working out in real life for me. The best a dealer could do for me on a 36 month/12k Sonata SE lease was $2,000 down, $270 a month. I contacted a bunch of other dealers to see if they could do $1,000/$270, and they all said that it's impossible based on their calculations. One of them also said that I should definitely get this deal if I somehow find it at another dealer.

    So, no dealer wants to take my offer of $1000 down, 270 a month, and yet according to this site, even with the POM on the worst side of acceptable (.4) based on the MSRP of $23,545, I should not even consider paying more than $233 with 1000 down.

    How can this be explained?
  • odessit771odessit771 Posts: 12
    Dear Experts:

    I leased Sonata today. Please let me know if I got a good deal. Thank you!

    2011 Sonata GLS PREZV - Base Model with 21495 MSRP

    0 down, 0 deposit. Paid $500 at signing for: 1st month and doc, reg.

    $238/ month - all inclusive.

    36 months lease; 12k per year.

    Fred Beans Hyundai
  • kyfdxkyfdx Posts: 27,671
    That is dirt cheap! Good job!

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • rcgellerrcgeller Posts: 66
    Pretty good deal, if I add $10/mo to bring you to 15K miles (what my formula has really been based on) you come to 0.43. Definitely right in the range of what you should and want to be paying.

    Nice job.
  • rcgellerrcgeller Posts: 66
    Well first off, the range should be between 0.40 and 0.44. Based on my calculations with an MSRP of $23,545 and $1,000 down you should be in the range of:

    $233-$260. (Your calculations were correct, a bit mixed in the wording)

    *I would also like to point out that you are at 12K miles, most leases up here have been calculated with 15K miles, which actually even puzzles me more as the prices should be lower on a 12K lease

    I see you are in NJ, I am unsure where though but I worked a deal, never took it as I live in Boston at the Hyundai dealership in Randolph, NJ. He had me at $311/mo with $0 down 15K miles with an MSRP of $25620.

    As a side note, the 0.40-0.44 is a range of which I created based on my lease experiences (4 cars) and the other users on this forum.

    I hope this helps and brings some light to the situation.
This discussion has been closed.