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Hyundai Elantra Lease Questions

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  • Thanks Car_man!

    I'm still getting bids for my Kia Optima LX 2007, and as soon as I sell it, I'll move into buying the Elantra Touring.

    I might ask you for the rates again in Feb :)

    Best,

    Mrcarbuyer
  • Hi lamstang94. I am not aware of any site that consistently provides accurate information on manufacturers actual lease programs to the general public.

    Hyundai Finance's current buy rate lease money factor and residual value for a 36-month lease of a 2012 Elantra GLS with an automatic transmission and 12,000 miles per year are .00190 and 62%, respectively for consumers who qualify for its top credit tier.

    Car_man
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  • You're very welcome Mrcarbuyer. Good luck in selling your Optima. The Elantra's lease program is supposed to be the same in February as it was in January, but please feel free to check back with me to make certain that is indeed the case.

    Car_man
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  • Hello Car_man
    I am visiting dealer tomorrow. This Elantra has manual transmission, is gray and it does have the preferred package which includes the alloy wheels, bluetooth and audio controls on the steering wheel. It also comes with floor mats, auto dimming mirror with compass and homelink and cargo net. The MSRP is $17,615. They want $4,000 down and payments will be at $179

    Is this a good deal?
  • Greetings Car_man,

    On the main site, it appears the incentives from Hyundai are up for February. Are there any updates to the lease details for a 2012 Elantra Limited for 36 months 15,000 miles/year? Is the $1,000 lease support still available in addition to the $500 cash?

    Money Factor:
    Residual:
    Any incentives:

    Thanks again for your help. I will post my results by the end of the month.
  • Hi springpin. $4,000 is way too much money to put down on a lease. I always advise consumers to put as little money down as possible when leasing. Consumers who make large down payments on leased vehicles risk losing part or all of the money that they put down if their vehicle is totaled in an accident or stolen and never recovered.

    Do you know what this car's selling price is? The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number it is much more difficult to tell how large a dealer discount you are being given and in turn if there is any room left to negotiate. Let us know what the selling price is and either myself or another helpful community member will let you know what they think.

    Car_man
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  • Greetings kopchikc. Hyundai Finance's February buy rate lease money factor and residual value for a 36-month lease of a 2012 Elantra Limited with 15,000 miles per year are .00190 and 61%, respectively for consumers who qualify for its top credit tier.

    I believe that there is only a $1,000 cash incentive on leases of this car right now.

    Good luck in your negotiations and make sure to let us know how everything turns out.

    Car_man
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  • Thanks Car Man,
    I leased 12,000 miles/36 months an A/T Hyundai Elantra GLS Red with preferred package+auto dimming mirror, etc . Sticker price was 19,320 and final price 19,000. This is the breakdown:

    -Gross Capitalized Cost: 19,595 (19,000+dealer fee of 595)
    -I put down $3500, they used $3179.24 as capitalized cost reduction and $320.76 to offset some taxes and fees: FL fee: 68.50, Electronic Filing fee:$93, Title fees: $136.10, tax: $236, finally they gave me a 'credit' of $1,000 to pay for all their fees.

    -Adjusted capitalized cost: $16, 415
    -Residual value:$11,978
    -Lease payments:177 +tax

    What do you guys think? The car is beautiful
    Dealer: Rick case hyundai in Davie, FL
  • Car_man,

    I am getting quoted 58% residual for a 2012 Limited w/Tech. Does the Tech package really knock 3% off the residual? I was told the GLS had a higher residual.
  • Good catch, kopchikc. Sorry about the confusion, the residual for the GLS version of the Elantra is 61%. The 58% residual value is correct for the Limited trim level.

    Car_man
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  • Hello Car_man,

    I have been reading this thread and enjoyed your feedback and insight. I am hoping you can assist me. My girlfriend and I are looking at leasing a 2012 Elantra Limited with Technology Package. Let's say we are able to get them down to MSRP around 23,350. Will there be additional fees or can we base our lease off of this cost? She has a credit score around 700, but only has about 6 months of a credit history. She has $6500 to put toward a car, but read your tip that one shouldn't put too much toward a down payment on a lease.

    What might we be looking at if she put $2000 down on a 36 month/15,000 mile lease?

    Thanks in advance.
  • My friend just leased the same car. He got it for 23200. Not having much credit might put her up in the Tier 2 credit rating which will increase her payments. The upfront fees were first months payment, money for the registration for plates, some BS dealer conveyance fee, he rolled the tax in the payment. He also only put $1000 down.What state are you trying to buy it in? Dealers have different fees but some are these are BS fees.
  • dan36124dan36124 Posts: 15
    edited February 2012
    Hey chcougar-

    I'm not car man, but figure maybe I can help.

    I looked up the Elantra Limited with Tech and I get MSRP of 23,470.
    Let's say they sell you the car for invoice. 22,413.
    a 15k residual should be 58% and the money factor is .00190 (4.56%)
    Also I figured a $1,000 incentive. I'm not sure where you live, but I guessed 7% sales tax and NO CAP COST REDUCTION. Never put down anything like that on a lease. If you total the car or it gets stolen and never found, that money is gone. Keep it in your account.

    So all that figured in, I get $303 a month, that's if they give her .00190, which is no huge bargain...But hopefully they would.

    The only things you should pay up front on a lease are registration, bank fee and first month. Make them dump the doc fee. Its just pure profit. The tax should be in the payment, don't pay it up front all at once. Also, keep in mind you'll only pay sales tax on the amount of car depreciation you use. Which would be 22417 (selling price) - 13612 (residual) = $8805. Only that is taxable.

    If you roll in an even $1000 in fees, it looks like $334, just to give you an idea.

    Hope that helps.
    :)
  • lamstang94lamstang94 Posts: 7
    edited February 2012
    Just got some prices on a 2012 limited elantra with nav, 12,000 miles a year. Dealer told me a residual of 59% and money factor of .00190. Is the residual correct? Price they gave me was 22990. Up front cost were:

    ACQ fee- 595
    first months payment- 290
    license and reg, title- 175
    dealer convy- 499
    cap reduction- 63.50
    tax on reg fees.

    Thinking about asking them to take another $300 off the prices of the car because of that bs conveyance fee. Was told $2500 down and $290 a month. What are your thoughts? Good deal??

    Thanks
  • Thanks. We live in Washington State, which bends people over on sales tax for auto purchases. I think it is something like 11-12% Thanks for the insight though. That is helpful. We are trying to decide to finance or lease. we would like the lower lease monthly payment, but if she has $6000 she could put down on finance then maybe that is better in the long run.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Thanks chcougar1. You're absolutely correct, you definitely should not make a large down payment when leasing. Consumers who put a lot of money down when leasing risk losing part or all of the money that they put down if their vehicle is totaled in an accident or stolen and never recovered. It's much safer to go with a zero down lease.

    The only things that would add to the selling price that you negotiated on the Elantra that you want are Hyundai Finance's acquisition fee of $595 (which can be paid at signing if you want) and any state taxes or fees, such as registration, tire tax, sales tax, etc...

    I need both this car's original full MSRP (including the destination charge) and the selling price that you negotiated to work up a lease payment for you. Let me know what those figures are and I'll gladly crunch some numbers for you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    By the way, if you want to put a lot of money down you would be better off financing rather than leasing. Hyundai is currently running a special financing program that you might qualify for, featuring 1.9% financing for 3 years, 2.9% for 4 years, 3.9% for 5 years or 4.9% for 6 years.

    Car_man
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  • Msrp is 22695 plus the 595 fee. WA state vehicle sales taxes are like 10-12% if we get it down to a flat 23000 including the fee but before taxes what is the estimated cost?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey chcougar1. According to my calculations, if you were to lease a 2012 Elantra Limited with Tech that has an MSRP of $22,695 and a selling price of $23,000 through Hyundai Finance right now for 36-months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $342.

    Car_man
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  • phredd44phredd44 Posts: 1
    Looking to lease 2013 Elantra Limited. Is there any info available for lease rates yet?

    In particular, do you have the Residual, MF, and fees for a 36 month lease with 12,000mi./yr.?

    Thanks
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