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Hyundai Tuscon Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi kenbonn. Hyundai's cash incentive for leases of the 2006 Tucson is actually higher than its normal customer cash incentive for it. The lease cash is $1,500. Since you have already gotten the dealer that you are working with to agree to lease you this truck at dealer invoice, have them subtract this $1,500 from your vehicle's capitalized cost and then use Hyundai Finance's buy rate lease money factor to calculate its monthly payment. The Tucson's money factors vary by trim level. If you describe the exact truck that you are interested in getting to me I would be happy to tell you what its current lease program is like.

    Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction. All you have to pay at lease signing will be your vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $50 increment, Hyundai Finance's $595 acquisition fee, and any required state taxes or fees. I always advise consumers against making capitalized cost reductions on leased vehicles because if their vehicle is totaled in an accident or stolen and never recovered, their down payment essentially disappears.

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  • Hi Car_Man,

    i just got a quote from a dealer in central NJ. it's a 06 limited with sunroof and a few other extras. MSRP is $26690 (including $600 destination). i dont know the invoice, but estimated at ~$24700, reasonable? the salesman offer me 36 month lease @ $320/month with $2000 down. all tax & fees included. he said he calculated based on $500 below invoice. i am note sure how to calculate these (MF, residual, etc.). do you think it's a fair deal?

    thanks a lot
    ax
  • Hello ax. I believe that a loaded 2006 Hyundai Tuscon AWD has a spread of just below $2,000 below its full MSRP and dealer invoice price. Plus Hyundai is currently providing $2,100 lease cash on this truck. This gives us a spread of around $4,000 to play with. You mentioned that you were quoted a price of $500 under dealer invoice for this truck. I personally would want to a little larger discount than that, given the $2,100 lease cash that is available on it right now. Shoot for a larger discount and see what happens. The worst the dealer can do is say no.

    As far as this truck's lease program goes, I believe that Hyundai Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2006 Tuscon Limited AWD with 15,000 miles per year are .00100 and 44%, respectively.

    Car_man
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  • thanks Car Man. this really helps a lot!

    ax
  • oh, a quick follow up question: when we calculate residual for lease, do we use MSRP as the base or the actual price after cash back and all the discounts? thx.
  • kyfdxkyfdx Posts: 27,671
    Always use MSRP to calculate the residual..

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  • Hi Car_Man,

    I live in Cincinnati, OH and received a quote of $17,995 for a used 2006 GLS 4wd with 11,300 miles. I also received a quote of $20,593 from another dealer for a new 2006 GLS 4wd. Which deal is better? I figured the depreciation in value is less for the used vehicle; therefore, my payment would be lower. I was thinking of leasing for 24-36 months.
  • You're very welcome, tucson2006.

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  • Hi amandaleigh. Which truck you should go with really depends upon whether you want to lease or finance your purchase. You won't be able to lease the used Tucson. If you want a really low monthly payment, you are going to have too lease the 2007 model. If you don't mind having a higher payment because you will eventually own your vehicle, then you might want to go with the used 2006 model. You're right that you'll likely end up paying less depreciation on the used Tucson, but to me there's always something great about getting a brand new vehicle that makes the additional depreciation worth it. Basically, there's not really any wrong answer in the new versus used debate, its more about what you would personally prefer to do.

    Car_man
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  • val6val6 Posts: 2
    A few questions: first, I'm trading in a 1997 Mercury Mountianeer in "fair" condition @ 137,000 miles- Kelly Blue book gives a trade-in at $2380, but the TMV appraiser gives $1645; the dealer I went to says $1500.

    A dealer gave me MSPR of 21,830. the lease term was 30 months (odd?) money factor of .00234, LEV A@ 51%, a rebate of 2100 (as of Nov 1), trade-in $1500, amount due at startup $3600 (I asked for 0) monthly is $368.

    Where does this deal stand?

    Many thanks!

    VAM
  • Hi val6. There's nothing wrong with trading in your current vehicle when you lease your new one. However, it would be in your best interest to have the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making down payments on leased vehicle because consumers who do risk losing them if their vehicles are totaled in an accident or stolen and never recovered.

    The reason why you were quoted a 30 month lease is this is the term that Hyundai is promoting on this car right now. The lease money factor and lease cash that you were quoted for this lease are right in line with Hyundai's current lease program for it.

    You never mentioned the selling price of the car that you are interested in leasing. This is an important number 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 the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary 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 its selling price is.

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  • val6val6 Posts: 2
    The sale price on my sheet is 21,164. Thanks
  • Thanks for the additional information, val6. OK, so you were quoted a selling price of $21,164 on a 2006 Hyundai Tucson that has an MSRP of $21,830. A base 2006 Tucson GLS 4WD has a spread of around $1,500 between its full MSRP and dealer invoice price. You are only being given a discount of $666 on this truck. I personally would try to negotiate another couple hundred dollars off of its selling price and then have the dealer subtract any available cash incentives from that.

    Car_man
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  • maxim49maxim49 Posts: 41
    Car_man - Can you please provide me the MF and residual for a 30 month lease and 12K miles a year for an 07 Tucson?

    Thanks!!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'd be happy to help you out, maxim49. Unfortunately, Hyundai is not currently running a special lease program on the 2007 Tucson. As a result, if you want to lease one you will either have to do so through an independent bank or use Hyundai Finance's standard lease program. Hyundai Finance's current standard buy rate lease money factor and residual value for a 36 month lease of a 2007 Hyundai Tucson GLS 4WD with 12,000 miles per year are .00325 and I believe around 44%, respectively. When negotiating your lease on this truck, make sure to use the $1,000 customer cash (only $500 in Hyundai's Western region) to negotiate an attractive capitalized cost.

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  • Based on my calculations & research, the Tuscon and Hyundais in general don't hold their value well. It's residual is only 41% after 36 months. I'd end up paying somewhere between $300-$375 a month for the lease. That doesn't make any sense to me (I mean - why would someone want to do that?) I can lease a Honda CR-V for $277 or so based on a conversation today w/ a dealer. Am I missing something here? Is the money factor lower than .0028 or so? I'm not putting anything down on a car I lease so I dont have any further cap cost reduction other than the incentives or rebates. Does it basically come down to the fact that it's not worth leasing a car that has a low residual value?
  • I see some 2008's on dealer lots here in NJ.

    Does anyone know the MF and residuals for 2008's, 36 mos. 12,000 miles/year?
  • 2008 Tucson GLS List $22,245 OUT DOOR $19115 Kansas City is this a good deal? 5 year bumper-bumper

    2008 Honda CR-V LX List $21,335 OUT DOOR $20,035 3 yr bumper-bumper

    In 3 years won't the Honda be worth more than the $920 diff

    Need to do tomorrow
  • bdl202bdl202 Posts: 1
    Hey Car Man! Can you tell me the current terms for a 3 yr, 12,000 mile lease on a hyundai tuscon SE and the hyundai tuscon limited? Im loooking for residual value, money factor, any incentives (i.e. cash back), and what % below invoice you think is reasonable to haggle over. Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi bdl202. Unfortunately I do not believe that Hyundai is currently providing any lease support on the 2008 Tuscon. As a result, you would probably better off financing or paying cash for one at this time.

    Car_man
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