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Hyundai Sonata Lease Questions
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Comments
The Sonata is a great buy with rebates and discounts, but it's not a great vehicle to lease for the same reasons. With all of the rebates and discounts, the car's resale value is lowered (and the higher the resale value, the lower the lease payments).
If you must lease rather than buy, I'd suggest a Honda or Toyota.
Right now, you can lease a loaded Accord V6 (a $28k vehicle) for at least $60 less per month than a Sonata Limited, with the same down payment.
I leased my 2007 Accord EX-L V6 back in October. It's a 3 year lease and I put $2000 down and I pay only $280 per month with tax. However, my lease is 12,000 miles per year instead of 15,000/year. I'm not sure how much of a difference that makes in the payment amount, but it can't be much.
Also have a lease quote on a 2007 GLS w/premium pkg (02) w/same month-mileage-money factor and residual for $376 down/$243 month. The residual dollar difference on the '08 is $93 more but I'd be paying $293 less over the length of the lease...decisions decisions.
carbuyer - the way it's done here is that the sales tax is on actual cash down - so if you were putting the $1499 in cash - sales tax on it. If you're applying your trade at the same value to the down, there wouldn't be any sales tax. Just keep an eye out to the residual value in the lease agreement, probably MSRP too and make certain that it is what was initially quoted to you if it was before you spoke of trade. You want to be certain that they don't look to make up the value of your trade elsewhere in the deal. oh and btw - the 1499/199 lease is on the GLS base model (01) and not the premium package (02) with the power seat, computer and trim.
I need some advice and guidance.
Hudson County N.J. Sat 8/11 I began looking at a 24 month lease of a Sonata GLS...MSRP apx 18,300. I was told that this is a special program form the dealer..menaing the MSRP and residual are set and not negotiable. The deal is $1500 up front, 12,000 miles 24 month lease for $199.p/m + tax. ( I calculate it less than 220 p/m/when all is said and done)(Tax in NJ on lease is 7% of either the lease payments or the Capitalized costs). It seems like a good deal....what am I missing.
Thank you
Howard
We also have an '07 GLS w/the premium package. The inset of the seats for the '08 have been redesigned from last year's model and it's as firm as with a lumbar, I've managed without a power seat for almost 40 years and no 'plastic' wood trim - these in the premium pkg. I'm very satisfied with the deal, as is my wife - even more important!! The car's pretty much identical to the 07 which we like. It's natural kakhi, a very classy color.
I'm new to leasing, so how does this sound?
Advantage Hyundai Hicksville NY
$18,000.00 neg. price to start with.
.ooo17 money factor.
11,341.90 residual which I think equates to 60%
$6658 depreciation value.
If I did my math right the monthly payments should be $185.00 without tax for 36mo. Am I missing something and is this a good deal?
Thanks Greg
Yes I wanted a 36mo. lease.
From the Hyundai website: Lease a 2008 Hyundai Sonata GLS A/T Base Option Package 01 for $199/month* for 24 months, $1,800 customer cash down plus $2,250 HMFC origination support, and $1,999 due at signing. See your local dealer for lease details. *The base monthly payment does not include tax, license, registration, options, and the like. This program is effective from September 11, 2007 through October 01, 2007
My sales rep says that this would be my deal. I pay a total of $2500.00 up front. This includes all taxes and fees and the 1st month payment. 23 remaining payments of $169.00 per month. 24 month lease, 12,000 miles per year.
Any assistance is appreciated.
payment & one more for security depending on your credit.These leases are through leasing companies,not car dealers.They can get any car you want at pricing below the car dealers.You can go to any dealer for service.One national lease co. is Enterprise Car Lease,the same co. thats the worlds largest car rental co.
Car_man
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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
(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.)
Car_man
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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?
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 ?
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.
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?"
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.
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.
Just wanted as many opinions as I can get? Is this a good buy or should I return it? Thanks
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.
Thanks
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
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...
I have some add'l info for 36mo/12k per year:
GLS, 60%, .00048
Limited, 58%, .00095
where is CARMAN?
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
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
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.