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Hyundai Sonata Lease Questions

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  • Well , just to keep everyone informed we could not swing a deal for the hyundai sonata and ended up with a nissan altima 2008 2.5 SE 300.00 month for 36 months 12,500 per year.
  • Thanks for the update, carbuyer34. If you want to lease, you are definitely better off going with a Nissan Altima instead of a Hyundai Sonata. Nissan's lease program for the '08 Altima Sedan is very attractive, while Hyundai is not even providing lease support on the Sonata in most areas. Enjoy your new Altima :shades: and don't forget to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience.

    Car_man
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  • nickerznickerz Posts: 3
    Are there any updates for the new '09 Sonata? I'm looking for the Residual and Money Factor so I can compute the monthly payment on a 24 month lease.
  • I am trying to lease a 2009 Hyundai Sonata GLS 4-cylinder 39/12 with AT and popular equipment pkg (02) I live in Nassau county, New York. I want to put all fees and taxes into the payment except first month and DMV. I also want dealer installed leather as the factory does not offer for this type of Sonata. fROM EXPERIENCE WHEREWILL I GET THE BEST DEAL AND PICK IT UP JUNE 30?

    ALSO EVERYONE NEEDS TO KNOW THAT MILLENIUM HYUNDAI IN HEMPSTEAD LONG ISLAND NEW YORK IS DISPICABLE AND TYPICAL BAIT AND SWITCH ARTISTS I KNOW FROM HAVING BEEN IN THE BUSINESS A FEW YEARS AGO WITH MB FOR MANY YEARS AND I KNOW MOST OF THE INS AND OUTS
  • backybacky Twin CitiesPosts: 18,689
    I asked a local dealer about lease deals on a '09 Sonata GLS I4 today, and what they told me was interesting. They said right now there are no lease specials on Sonatas, so the best they could do would be over $300 a month, for 36 months, with a good chunk of money down. I noted that a Genesis V6 can be leased for only $399/month. :confuse: Anyway, I was wondering if anyone has heard differently.

    (P.S. There don't seem to be many good lease deals out there at all right now. Subaru looks to have some decent programs e.g. on the Impreza, and I got a pretty decent if not great quote on a Milan, but I'm not seeing the lease specials like I used to.)
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey backy. What you were told is correct. The only vehicle that Hyundai is providing lease support on right now is the new 2009 Genesis. If you want to lease any other Hyundai vehicle, you will have to do so through an independent bank. If you want to lease your next vehicle, then you probably don't want to get a Sonata.

    Car_man
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  • jeffcjeffc Posts: 16
    My lease on this car will be up in about 5 months. Car is in excellent shape and only has 21,000 miles on it ( my limit would be 39,000 under the lease agreement.)

    The residual is $9,027.

    2 of my kids are very interested in the car as they know I pampered it and took excellent care of it, plus it has low miles.

    Does Hyundai allow family members to buy the car or is the deal only for me? Due to my wife becoming disabled and financial issues, I do not think I will be purchasing the car at lease end ( it is killing me as i love the car and had originally planned on buying it).

    Will they do this? What about if they buy and I co-sign for them? Or do I have to buy and then sell it to them?
  • jayessjayess Posts: 59
    Since the car will not have to be added back to into their inventory, spiffed up and marketed, my guess is that Hyundai really doesn't care whose money they accept. Unless there's something to the contrary in your original documentation, it might be easiest to have whichever of your kids is the winning bidder write the check to Hyundai (or to you and you write one to Hyundai) and once you receive the title from HMFC, amble over to AAA and transfer it to them. You can always ask the dealer if they could handle it for you - they should be thrilled not to have to take the vehicle back.
    If you are inclined to negotiate the buyout price I'd be interested in how that goes, I have an '07 that comes due next May - a lifetime I know - that we're interested in buying out. Negotiating worked with Ford, in the end a few less dollars is better than a two year old car back into inventory, no ?
  • m6userm6user Posts: 2,961
    it might be easiest to have whichever of your kids is the winning bidder write the check to Hyundai (or to you and you write one to Hyundai) and once you receive the title from HMFC, amble over to AAA and transfer it to them.

    Be careful. Based on what state you live in, that could be a taxable event. I believe that any (and each) transfer of title in the state of illinois is a taxable event based on the value of the car. You wouldn't want to pay sales tax on the vehicle twice in short order unless the price is so great that it would be worth it. I'm sure there is some way to get around this but it just has to be done right. Maybe joint ownership at purchase and then a quit claim of some kind to remove parent from the title. I'm not a legal expert by any means. I'm sure that people have done this before and possible another forum on just leasing could be checked.
  • Just wondering if anyone has any info on the question about negotiating the residual. What kind of success has anyone had offering a lower residual to buy the car at lease end?
  • Entered into a lease over Labor Day weekend for a 09 Sonata GLS (base, no options) for 289 per month (39 months), including taxes and fees and 417 down payment (1st months + DMV fees)...

    Negotiated Price: 18888
    Total Payments: 11309
    Residual: 9939

    Have no prior lease or purchase experience...

    Was this a good deal or have i been "had?"
  • I have an 06 Sonata and the lease is finished on 4/17/2009. I have 8k mile overage (at I think .20/mile) and about $1500 in front and rear bumper damage. Payoff is 8400, but I don't want to buy. Should I turn it in and buy another vehicle outright, or trade-in for another vehicle? What's my best option?
  • bhmr59bhmr59 Posts: 1,598
    So, at your present mileage you'll have to pay about $3100 to hand the car back to them. Plus each additional mile will in the next 2 months will cost you about $.20.

    You're probably better off buying the car. Then wait a few months if you want to get a different car.

    Without knowing all your details of the lease, I hope you will think twice before leasing again.
  • wvgasguywvgasguy Posts: 1,405
    So you have two leased vehicles? Sounds like you didn't get the milage you needed on this one. You need to set your lease up closely to the use you plan for it.
  • jayessjayess Posts: 59
    According to your numbers, you're $3100 out of pocket plus a disposal fee - see your lease contract. Even if you don't want to keep the vehicle, you might want to fix the bumpers - probably for less than 1500 they're quoting and then sell it yourself. Even with all the rebates dealers are offering for new, this wonderful economy seems to be driving a market for newer used vehicles. And even though you don't mention which trim level, 06 is recent enough.
    FYI, Hyundai will absolutely not negotiate on the buyout figure, I tried. Twice actually, in PA HMFC can't sell direct to the consumer it has to go through the dealer. I checked with them they said no, asked them to check with Hyundai - nada. Then I called Hyundai the lease end disposal dept - nada as well.
    We have an leased 07 GLS w/the 02 pkg maturing on May 1. Has just shy of 30K miles, I like it and the gross out of pocket, total lease payments+residual is still pretty reasonable so we plan to buy it out.
  • samir1010samir1010 Posts: 13
    I've got a 2007 Hyundai Sonata GLS 4cyl that I leased for my wife and our lease is up in August and I can't figure out if I should keep it or not. My residual payoff is $10800. Its only got 22k miles on it as of now. By then I might have another 1k on it. What worries me is the low resale values on Hyundai so I don't want to pick it up and then get screwed later on if I try to sell it. But $10800 does seem like an ok price to me compared to what I'm seeing around in the market.

    Just wanted as many opinions as I can get? Is this a good buy or should I return it? Thanks
  • bhmr59bhmr59 Posts: 1,598
    The biggest depreciation hit has already occurred and you paid for it in the lease.

    If you like the car and it has less than 25,000 miles, look to see what else you could buy for that $10,800. Ask if the 10/100K warranty applies if you buy the car you have been leasing.
  • jayessjayess Posts: 59
    The 10/100K warranty applies to a (1st) lessee who buys out the vehicle at the end of the lease - see pg. 2 sec P of the warranty booklet 'For 2004 Models and Newer' . That was an important factor in our buying out the residual of our '07 earlie rthis month. With 40k or 4 yrs on the bumper/bumper and the 10/100k powertrane, to me your buyout seems like a reasonable value.
  • samir1010samir1010 Posts: 13
    Glad to hear that about the warranty. Did you try to negotiate the buyout price at the end of the lease?

    Thanks
  • jayessjayess Posts: 59
    I tried to negotiate the residual - more than once - to no avail, the buyout is firm. They'll tell you this when the lease-end calls from HMFC begin. I tried with several different CS reps and supervisors as well as the dealer where we had to do the buyout - I'm in PA which is one of the states where it can't be done directly through Hyundai. They'll all tell you the same thing, "Hyundai does not negotiate".
  • avalon2000avalon2000 Posts: 25
    Looking for residual & money factor for 2009 Sonata V6 Auto Ltd

    36 mo.
    15k
    sign & drive
    NYC metro area
    sales tax 8.375%

    Sticker: $29140
    Price: $22,400 +TTG

    Option Group 5 [incl. Nav]
    Bluetooth
    Cargo Mat
    Floor Mats
    Mud Guards
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi avalon2000. Unfortunately, Hyundai is not providing lease support on the 2009 Sonata right now. That means if you really want to lease one, you will have to do so through an independent bank. Chances are that any lease through an independent bank will not be very attractive.

    If you really want a Sonata, you probably should either pay cash for it or finance it through Hyundai Finance at 4.39% for up to 5 years. Either way, this car is eligible for a $3,000 cash incentive.

    Car_man
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  • Supposedly, Hyundai has a subsidized lease on the new 2011 sonata. Interested in a std 36mo, 12k/year with zero down...
  • hey CARMAN. Need some lease data (MF, residual %s, etc) please.
    Supposedly, Hyundai has a subsidized lease on the new 2011 sonata. Interested in a std 36mo, 12k/year with zero down...
  • pegasus17pegasus17 Posts: 536
    edited February 2010
    Still need SE data!
    I have some add'l info for 36mo/12k per year:
    GLS, 60%, .00048
    Limited, 58%, .00095

    where is CARMAN?
  • Looking to Lease a 2011 Limited in Northwestern Ohio. Anyone have a dealer to recommend? This will be our first time leasing and we have a 2004 Accord that we own. We'd rather not sell the Accord on our own. Would dealers buy our Accord (write us a check) if at the same time we lease a new vehicle? Or will dealers require us to use the Accord to reduce the cap cost? Any other suggestions on how to go from owning to leasing? Thanks.
  • Pegasus17, here is the information that you're looking for. Hyundai Motors Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata GLS with 12,000 miles per year are .00048 and 60%, respectively.

    Car_man
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  • Hi tweety6583. You absolutely can trade in your current Accord when you lease a new vehicle. I always advise consumers to keep the two transactions, their trade and their new lease, separate. Have the dealer tell appraise your Accord. If you are OK with what they are willing to give you for it, have them cut you a check for it rather than using the proceeds as a down payment for your lease. I always advise consumers not to make large down payments on leases vehicles. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • russ67russ67 Posts: 6
    Hi, Car man

    Can you briefly explain the lease math to me? I think I understand financing is only for the difference between sale price and residual value, but does one pay sales tax for the entire sales price of the vehicle? And what exactly is the purpose of the money factor? I was quoted a note of $429 for a 36 month lease on a 2011 Sonata limited with 500 down and 15k miles per year. This seems higher than some examples I've heard, and I am trying to figure out why. The sales price was 24990, with a 57% residual. What do you think?

    Thanks,
    Russell
  • pegasus17pegasus17 Posts: 536
    edited March 2010
    REF: 151
    Please consider educating yourself on the leasing process before you go back to a dealer. It isn't difficult once you understand the pieces of the puzzle. If you can do algebra or a simple spreadsheet, you can understand the lease calculations. check out this site for leasing 101:
    http://www.leaseguide.com/lease07.htm

    carman:
    According to my dealer source, March lease rates are the same as Feb 2010:
    GLS 60% .00048
    Ltd 58% .00095
    Both for the standard 36 month, 12k per year lease with 595 acq fee (and
    $400 disposition fee)
    Please confirm or revise.
This discussion has been closed.