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Hyundai Sonata Lease Questions

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  • bhmr59bhmr59 Posts: 1,598
    You might also compare what it would cost you to buy; down payment, monthly pament and your options at the end of 39 months rather than just throw the $ out the window to rent.
  • beardiebeardie Posts: 44
    w9cw....I guess you really have to consider how long your daughter plans on keeping the car. If the answer is 6+ years, then buying the car is probably the wiser financial decision. On the other hand, I got the $219 deal you were offered for $199. When I considered taking money out of the bank as you would do (lost interest), plus depreciation,plus the tax on the entire vehicle (versus only being taxed on the amount paid for the lease) I felt the $199 a month for 30 months is the way to go. I'll be able to get another new car then, and have only spent $2400 a year in total for this new one. Most cars' depreciation alone is more than that.Again, it's a personal decision, but I've leased a number of cars in the past and have been very happy with them. Good luck with whatever you decide.
  • I leased a '07 Sonata for 169 a month, No money dwon 30 months 12K miles per year. I recieved 2000(owned a hyundai 1000 + 1000) in incentives and they have me 2800 for my old 1997 Nissan Atima - where most dealers were only giving me 1500-2000. Was this a decent deal, should I buy it after the elase for 10.1 ? that equals around 15.2 for the car?
  • mromamroma Posts: 1
    We are interested in leasing the 07 Sonata and are wondering how the currently advertised $500 (or is it $1000) owner loyalty offer would effect the current $999 down/ $199/mo. 30 mo. lease deal. Also, how does Hyundai verify that you are a current owner. My family has two Hyundais, but officially they are "owned" by my in-laws. What do they need as proof and how does it work?
    Thanks,
    ~m
  • you have to show them a copy of the registration so the dealer gets reimbursed from hyundai.
  • and it has to be an immediate family member in the same household and you can never have used that vehicle for a valued owner rebate before.

    also im surprised noone has mentioned it but Hyundai just pulled all dealer cash incentives. we were doing the sonata leases for $149/mo $149 total down for current owners and around $165/mo $165 down for non current owners. Of course the $1500 in dc is gone so for anyone who was shopping and couldnt pull the trigger, you definitely waited too long
  • Because putting a down payment on a leased vehicle is anathema to me. I took the Sonata GLS offer of 30 month/199 per mo. + tax/999 + tax at signing offer and got it reworked to 30 month/ 231 per month +tax/231 + tax at signing.

    Is this a good deal? The $231/mo. also includes tags and title. One thing more. I have been told different things about a doc. fee. One person told ne a 595 doc fee would have been required on top of the 999, another told me it was built into the 999. anyone know the answer?

    Thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi mroma. It is important to negotiate the lowest possible selling price when leasing a vehicle. Shop around for the lowest price that you can on the Santa Fe that you want, making sure to take advantage of the $2,300 lease cash and $500 owner loyalty cash that are currently available on it (if you are eligible for it). Then have the dealer calculate your vehicle's monthly payment using Hyundai Finance's buy rate lease money factor. You may not qualify for the owner loyalty program if your in-laws technically your Hyundais rather than you.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi tasteckler. You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

    A $595 doc fee is outrageous. While registering your vehicle and getting your plates for you is a legitimate service that dealers deserve to be reimbursed for most dealers charge a doc fee that's around $100 to $200, not $595. I always advise consumers not to focus on all of the little fees that dealers try to charge on deals, but instead try to look at the big picture. You are trying to drive off in the car or truck that you want, paying the lease total amount of money possible. Look at the out-the-door price of the vehicle that you want, including all of the fees. If the total cost of your car at this dealer is less than or equivalent to what you would expect to have to pay for it elsewhere, it doesn't matter how the price breaks down.

    Car_man
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  • Hello everyone! Thank you ahead of time for any information that anyone can give regarding my first attempted lease:)

    Right now I'm considering leasing a 2007 Sonata from a dealership in the Pittsburgh area. After talking to the rep via email for a few days, I've received the following offer:

    2007 HYUNDAI SONATA LTD V6 w/ ULTIMATE PACKAGE

    $25,830 Manufacturers Suggested Retail Price
    $21,699 Internet Special (includes rebate / discount)
    -$2000 Downpayment
    $19,699 Remaining Principle

    Based on $19,699, 3 year / 15,000 mile lease would run 305 per month plus sales tax 7% plus lease tax 10% = $359 per month. Never heard of a lease tax before...evidently we are not the only county to have one.

    Do you guys think this is a good deal? I'm kinda clueless on this stuff. This guy was offering me a better rate than some of the other internet dealers I contacted. Is there a way to calculate based on the final negotiated MSRP, what a fair lease rate is for the vehicle?

    Please any advice or info you can offer will be greatly appreciated!

    Jim
  • 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: 38,518
    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.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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.

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