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Hyundai Sonata Lease Questions

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Comments

  • sueq2sueq2 Posts: 4
    The sell price is $25,319.00. The lease term is 36 months. The tax rate is 6%, but the $300.00 includes tax. No discounts. They did ask what I drive. I am ending a lease with a Honda Accord, but no one mentioned a conquest bonus. I am not aware of any $1500.00 lease bonus. What else do you need to know. I cannot thank you enough for your help!
  • I get 319 per month including the 6% tax rate using the simple calculator at leaseguide dot com. i included $2000 lease bonus cash (1500 + 500). Look here:

    http://www.edmunds.com/hyundai/sonata/2013/car-incentives.html?style=200417707&i- rr_section=customer_rebates_irr

    So, we are off by quite a bit in your favor which makes me leery...

    http://www.leaseguide.com/calc.htm

    Would you be trading in your Accord to them?
  • sueq2sueq2 Posts: 4
    Thank you for the links. They were most helpful...and the numbers do look awfully good.
    I'm not trading in my Accord; I was leasing it. However, if you are asking whether I'll be turning it in at the Hyundai dealership, the answer is yes.
  • You can trade in a leased vehicle provided they pay it off for you. So, they are not using any positive equity you MIGHT have in your Accord? Curious, how do you turn in an Accord to a Hyundai dealership? Is it a family of car brands at one dealer?
    The reason i ask is that I have a Sonata lease and am looking at getting a new Accord lease. Every dealer has told me that I have some positive equity in my Sonata and that it makes sense to trade it in early to reap the reward of that small amount of equity and avoid paying the $400 disposition fee that Hyundai charges at lease end. (Honda does not).
    Still curious why the numbers don't work out to $300/month...
  • sueq2sueq2 Posts: 4
    My lease on the Honda is up on 2/27, so the last payment has already been made. I have decided to turn it in to the Honda dealership after the scheduled inspection. The car is in perfect condition and I don't want to take a chance that problems will be "discovered" after it's turned in.
    The Hyundai dealership deals only with Hyundai and Subaru, by the way. I'm going back tomorrow to tell them I will take possession of the car on the 26th and leave them a deposit to hold it.
    Thank you again for all of your help. It has been invaluable!
  • Very glad i could help. Good luck and enjoy your new car!
  • Hello,

    I'm really hoping someone could help me. Today I visited Hyundais dealership in MA.

    I'm looking to lease a Sonata GLS with the performance package (fog lights, heated seats etc). Details:

    Credit Score 680 invome $4500/month
    The MSRP was $23495
    Negative Equity of about $1800
    zero down
    looking for a 36/month lease of 15,000 miles

    What should I expect to pay a month with these factors?

    I want to keep my payment below $300/month.

    What money factor rate and residual should I expect.

    I really want to get the limited version MSRP of $29000, what would that be?

    It's been a long time since I've boughten car, as I've been rebuilding my credit and I'm lost. I got a number today and felt totally snowballed by the guy, so I left and researched more online and it appears he was way off.

    Honest advice needed.

    Thanks,
    AT
  • pegasus17pegasus17 Posts: 536
    edited February 2013
    homework:
    http://www.leaseguide.com/calc.htm

    http://www.leaseguide.com/faqs.htm

    You need the following bits of data before you can proceed:
    msrp,sell price,mf,residual %

    BTW, the neg. equity will put you over 300/month

    Ballpark estimate:
    msrp 23495, sell price 21695 (1800 below msrp)
    56% residual; 0.00126 mf; 595 acquisition fee
    assumed tax rate on lease 7% (depends on your state)
    monthly payment $261.45

    If i add the $1800 of negative equity to the cap cost,
    it becomes 317/month
  • I was in a dealer here in NY today. Here is the deal I got which they say is rock bottom - But i am not done yet. End of month is always a good time to haggle

    MSRP 23190

    Selling price 19450.73. This is with a the following (22,478 selling, - 1027.27 markup ( some incentive) - another cap reduction of 2000) Honestly not really clear on how they came to 19450.73 , but that is capital cost. My calculations give me the same payment as they quoted of $200

    MF - 0.00063
    residual - 56% (15K lease)
    36 months

    Gave me a payment of $200

    Cash down would be taxes of $531, Bank fee of $595 and first months payment of $200 and DMV. I can also roll into monthly which would be another roughly $$33/ month.

    I have a couple of questions.

    When i asked about the taxes. They just calculated the 36 payments by my county rate, which is normal, but I always thought I paid taxes on the cap cost reductions also. Is this blended into my $200 payment, or do I not pay it?

    second, I recently started my own business, am living off savings. I am not taking a salary to build the business. Will this come against me to get lease approval. I have excellent credit - not worried about that.

    Thanks guys
  • Using this:
    http://www.leaseguide.com/calc.htm

    1. I get 195/month using your numbers (pre-tax)
    2. The mf is quite low at 0.00063; it is a Hyundai lease right?
    3. you do pay tax on the $2000 incentives (somewhere)
    4. Never put down more than $500 out-the-door on any lease.
  • doogan3doogan3 Posts: 5
    edited February 2013
    Thanks - I thought I pay tax somewhere. Not sure if they bang this on me when I go back..

    do you have any insight on whether I will get approval without income - of can I just put it down that I do (Savings)?

    and yep - Asked them to verify the MF and they confirmed it was .00063.
    thanks
  • the mf might change based on your credit score/situation; don't know how they look at SE people...
  • pegasus17 -

    just to confirm at a credit score of 680 you feel the money factor should be .00126?

    I was really snowballed today then. Taking all the numbers I gave you in my previous post; they came back with $383/month for 48 months....

    Do you know the credit teirs and corresponding MF rates?

    I did read all the links and understand more but can't find through a google search what a realistic MF rate would be for my credit score.

    Want to close a deal (another dealership) on Tuesday.
  • REF: 1195
    1. First, click on rebates, incentives, prices. Then, look at how complicated the table to the right on the link is. Many combos of lease incentives and money factors (lease rates). You have to ask what the residual % and mf are for your situation.

    http://www.cars.com/go/search/detail.jsp?tab=specs&recnum=&actLog=&listingId=110- 735046&paId=503253946&listingRecNum=7&criteria=sf1Dir%3dDESC%26mkId%3d20064%26st- kTyp%3dN%26mdId%3d22146%26rd%3d30%26crSrtFlds%3dstkTypId-feedSegId-mkId-mdId-trI- d%26zc%3d45324%26rn%3d0%26PMmt%3d1-1-1%26stkTypId%3d28880%26sf2Dir%3dASC%26sf1Nm- %3dprice%26sf2Nm%3dlocation%26isDealerGrouping%3dfalse%26trId%3d23836%26rpp%3d50- %26feedSegId%3d28705&tracktype=newcc&pageNumber=&numResultsPerPage=&largeNumResu- ltsPerPage=0&sortorder=descending&sortfield=PRICE&certifiedOnly=false&&aff=natio- nal

    2. The GLS with the Popular equipment Package (PEP2) is about 22915. the one you quoted had extra crap that you don't need.

    3. Why do you need to get out of the neg. equity car? it would be better to wait...
  • jcolexx1jcolexx1 Posts: 1
    edited February 2013
    Ok first off I apologize for not having any other numbers. I will call the dealership today and try to get them.

    I am looking at a base model Sonata. MSRP was 22465. After valued customer coupon, autoshow rebates, graduation rebate and internet pricing the final cost came out to 17,510.

    I have a 2011 Sonata, 3 years old with 56000 miles on it. It has some minor paint dings but nothing major. I owe 10150 on it. They are willing to give me 10400 for it.

    The lease terms came out to 135/month which includes tax. They initially started at 164 a month. I would also have to put down 1500. So total for DP and 135 over 36 months is 6360.

    My reasoning for leasing is the following. After 36 more payments on my current car, with interest it comes out to 10900 dollars for the next 3 years and I own it. Now I would hope it lasts another 3 years after that to make the total life of the car 9 years, three of which have already been used. If I were to lease the new car and replicate the lease again for another 36 months it would come out to 12,700. So I would be paying 1800 more but I would have two new cars in the same time?

    Yes I am new to this so I dont have all of the terminology from the dealer currently available but I will try to get it later. I am just asking if the numbers look good or if I can push them more. Thank you in advance.

    EDIT: 12K a year miles. Base GLS model.
  • blueyfishblueyfish Posts: 26
    edited March 2013
    I want to lease a Sonata Limited with the package. What are the March Money Factors and Residuals? It is not a Turbo. Ready to move on this within a week. Thanks

    12000 miles per year
  • asca2asca2 Posts: 7
    edited March 2013
    Hi, I received an offer for a Hyundai Sonata Base Model lease for $263.00 a month /36 months, including tax, no money down, 15000 miles and additional warranty for any issues up to $5000 at the time of return of the car after lease is finished.

    Is this a good deal?
  • blueyfishblueyfish Posts: 26
    I neglected to mention that the term is 36 months.
  • th83th83 Posts: 164
    edited March 2013
    The March money factor and residual for a 2013 2.0T Limited are .00100 and 57% for a 36 month, 12k mile/year lease. Add 1% to the residual for 10k/year and subtract 2% for 15k/year, for those wondering.

    The money factor is a bit lower for 2.0T SE's at .00079, and the residual is higher by 2%. Between the Limited and SE models, the 2.0T SE seems to be the best bang for the buck for leasing.

    Got this info from HERE

    I did a google search and found it within seconds :)

    Let me know how you do. I'm actually considering the Sonata 2.0T (again) myself. I almost got one 2 years ago, but the dealers around here (Charlotte, NC) treated the 2.0T as if it was sacred and wouldn't budge on the price (MSRP). I laughed at them, walked out the door and got an Accord instead. I got the Accord (an EX) for $260 down $260 per month, way less than the $340/month the Hyundai dealer wanted for an SE 2.0T with no options. $340/month is what I'd pay for a loaded Limited 2.0T, not a bare-bones SE.
  • blueyfishblueyfish Posts: 26
    Thanks for your info however, T'm not looking for a Turbo. Just a loaded Limited 2.4 automatic for my wife.
This discussion has been closed.