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Hyundai Sonata Lease Questions

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Comments

  • john_doe_wnyjohn_doe_wny Member Posts: 28
    Thanks for the reply but I'm just looking into a lease now. I want all the details so when I have to get a new car I'm ready. Once my suv starts costing more than its worth I'll get a new car and with a lease I can get a better car for the payment and always be under factory warranty and with Hyundai I have the option to buy the car at the end of the lease and still have a great warranty while paying it off.
  • birddog8birddog8 Member Posts: 1
    I have been looking at a 2013 sonata that a person has for sale that he currently leases. The individual has only leased the car for 7 months of a 36 month lease. He has told me that he would have to pay off his lease obligation with the sales proceeds as well as pay the pre agreed price of the car at lease end. He would have to pay approx $3-4 thousand more than I would be willing to pay him for the car. How does a person proceed on processing this transaction to make sure its a clean clear title transaction?
  • pricediggerpricedigger Member Posts: 8
    We are looking to lease a fully loaded 2012 Sonata Hybrid with Navigation, Moonroof, leather etc. The MSRP is $32,370. Dealership in Southern California proposes a 36 month lease 12k miles per year at $337 per month including 9% sales tax. Total drive off and out of pocket is $500. Is this a reasonable deal, a good deal or a dynamite deal? Do not know what selling price is or money factor.
  • corriscarocorriscaro Member Posts: 1
    My dealer just called and wanted to know if we would be interested in trading in our 2012 Sonata that we leased from him (have about 18mos left on that lease which is $249/mo) for a 2013 Sonata at the same lease price of $249/mo. Is that something we should consider? Pros and cons? thanks so much!
  • ruthg3ruthg3 Member Posts: 20
    How did you pay your fees when you originally leased? If they are not included in the $249 you should be clear on whether you'd have to pay again. Also, I would compare the features of the two cars, for example 2012 had the panoramic sunroof, 2013 doesn't without a special package. Other than the year is there anything he's offering in the 2013 that isn't in the 2012?

    I was called once that they could get me out of my 2011 GLS for a new one for the same money. Turns out they just wanted to upsell me and with the new fees...was no benefit to me.

    Good luck!
  • cradlerobbercradlerobber Member Posts: 1
    Greetings,

    I am considering leasing a new 2013 Sonata GLS. I have a local dealer (Kirkland, WA) who is aggressive with advertising "deals" in the weekend paper. I have noticed that they start the weekly add on Thursday afternoons. This weekend they are advertising a 2013 Sonata GLS on a 36 mo / 12K lease for $77. Here is the breakdown of the pricing as described in the ad:

    (http://www.hyundaiofkirkland.com/)

    Sonata GLS

    MSRP $22,450.00
    HOK Discount $4,053.00
    Sale Price $18,397.00

    Lease Cash $1,500.00
    Valued Owner $500.00
    Competive $500.00
    Military $500.00
    College $400.00
    Total other discounts $3,400.00

    Discounted Sale Price $14,997.00

    Down $999.00
    Lease (3*12k) $77.28

    I would need to put $999 down plus taxes, license, etc.

    It appears to me that the have assigned a 36 month residual value on the car around .70 - .75.

    Does my residual calculation appear to be correct, and isn't this a bit high?

    Thanks for any comments,

    -CR
  • pegasus17pegasus17 Member Posts: 536
    1. You CANNOT possibly qualify for ALL those discounts
    2. Never, ever, put down more than $500 on ANY lease; if you don't understand why, you need to research a LOT more...knowledge is power
  • backybacky Member Posts: 18,949
    Even if there's only $2,000 in rebates (i.e. Lease Cash, plus either the loyalty or competitive rebate), this could still work out well because of the dealer's $4k discount before the manufacturer rebates.

    One way to cut through all the crap is ask the dealer, "How much per month for 36 months, 12k miles/year, with NOTHING out of pocket?", including just the discounts/rebates you qualify for. That means, you don't pay anything up front except maybe the first month's payment. Also find out what the residual is then. If they come back with something around $200 a month (less is good too!) and the residual is reasonable (which might not matter if you could just walk away after 3 years), I'd call that a good deal on that car, especially if it has the Preferred Package.
  • sueq2sueq2 Member Posts: 4
    Dealer offered this lease: $300.00 per month (taxes included) He gave me these numbers: MSRP $26,980, residual 55%, money factor .00126 It would cost me about $250 in fees (transfer, tax, etc.) with no money down.
    The car does not have the nav or panoramic sunroof. Is this a good deal?
  • pegasus17pegasus17 Member Posts: 536
    edited February 2013
    what is the sell price of the car? Also term, 36 months? Tax rate? Do you have any discounts like loyalty, military? There is $500 conquest bonus available - did they ask you what you drive now? There is also $1500 lease bonus cash now. At first glance that price is too high. Provide more detail and i can help you out...
    BTW, there is no etc. in leasing!
  • sueq2sueq2 Member 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!
  • pegasus17pegasus17 Member Posts: 536
    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 Member 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.
  • pegasus17pegasus17 Member Posts: 536
    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 Member 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!
  • pegasus17pegasus17 Member Posts: 536
    Very glad i could help. Good luck and enjoy your new car!
  • andrea2639andrea2639 Member Posts: 2
    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 Member 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
  • doogan3doogan3 Member Posts: 31
    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
  • pegasus17pegasus17 Member Posts: 536
    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 Member Posts: 31
    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
  • pegasus17pegasus17 Member Posts: 536
    the mf might change based on your credit score/situation; don't know how they look at SE people...
  • andrea2639andrea2639 Member Posts: 2
    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.
  • pegasus17pegasus17 Member Posts: 536
    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 Member 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 Member Posts: 36
    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 Member 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 Member Posts: 36
    I neglected to mention that the term is 36 months.
  • th83th83 Member 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 Member Posts: 36
    Thanks for your info however, T'm not looking for a Turbo. Just a loaded Limited 2.4 automatic for my wife.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi blueyfish. Hyundai Finance's March buy rate lease money factor and residual value for a 36-month lease of a 2013 Sonata Limited with 12,000 miles per year are .00126 and 55% for consumers who qualify for its top credit tier.

    When negotiating your deal on this car, make sure to take advantage of the $1,500 cash incentive that Hyundai is currently providing on it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • blueyfishblueyfish Member Posts: 36
    Thanks Car_Man for your reply. I leased this car Friday and all numbers matched yours. So far, my wife loves the Sonata.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome blueyfish. I'm glad that everything worked out. I hope that you and your life enjoy your new ride :shades: !

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • bestkeeperbestkeeper Member Posts: 2
    Looking to lease and I am trying to do all the research possible whether I should lease, and I am positive that I am going to do it with the Sonata. Got a great deal from a local dealer. Called all 5 hyundai Dealers in town, Everyone quoted me 290 a month except one.

    I want the GLS with Popular package, mostly for the Alloy wheels and Heated Seats. Final Dealer found the car and with incentives and rebates that I qualify for he got me to 212 with no money down, or 230 with all tax, licensing, and fees. Best deal I have seen on it. I am pretty sure I am going to do it. It's 36 months 36000 miles. I have been keeping an eye on my mileage and i am averaging only 500 miles a month, so I am pretty sure the mileage won't be an issue. So I am thinking I am going to give it a go. Any Suggestions or things I should know?
  • wantasonata1wantasonata1 Member Posts: 1
    I'm curious if anyone knows the rate factor, residual, and incentives being offered in May? I want to see if the offers I'm receiving are competitive and as low as they can go.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings wantasonata1. Hyundai Finance's May buy rate lease money factor and residual value for a 36-month lease of a 2013 Sonata Limited (non-Turbo) with 15,000 miles per year are .00109 and 56% for consumers who qualify for its top credit tier.

    Hyundai is providing a $1,000 cash incentive on leases of this car in May. Make sure to take it into account when negotiating your car's capitalized cost.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • davepqdavepq Member Posts: 2
    edited May 2013
    I have been reading the posts here and some of the replies are simply amazing!

    After I went to my closest Hyundai dealership yesterday, I walked out because I felt I was being taken advantage of. I have to go back to another dealership ASAP. My current 2011 Sonata GLS 3yr lease ends in 2 months.

    I would like to know your opinions of what I can expect my approximate payments to be on leasing a base 2013 Sonata GLS with the regular preferred package (power driver seat / alloy wheels) standard 3 yr. 12,000 miles, zero down with taxes rolled in.

    I will be turning in my 2011 Sonata that has a residual payoff value of $12500. It's in excellent shape (just needs new tires) and has 33,000 miles on it.

    There are supposed to be current incentives on returning it and getting a new one. And I have excellent credit.

    Any advice would be GREATLY appreciated!

    Thanks!
  • backybacky Member Posts: 18,949
    FWIW... I have recently seen GLS leases advertised as low as $209/month, 36 months, 12k miles a year, with only first payment up front. This is in the Twin Cities and does not require the leasee to be leasing a Hyundai now. I would expect to get special consideration if I were a current leasee. For example, the lease on my Sentra is expiring soon and I have been offered multiple incentives by Nissan for leasing another Nissan. I was also offered special incentives by a local Hyundai dealer for turning in my Sentra to them and leasing a new Hyundai.
  • davepqdavepq Member Posts: 2
    Thanks Backy.

    I was hoping I might be able to get one under $200 per month. I was sent a flyer form a dealership in my area that said $150 per month but you know how that goes, you get to the salesman and it's a whole different story.
  • xian5681xian5681 Member Posts: 13
    Hey Carman,

    First time trying to lease and found this offer and would love your opinion on what I can do to work the deal in my favor.

    Thanks in advance.

    2013 Hyundai Sonata 4dr Sdn 2.4L Auto SE 4dr Car
    LEASE FOR ONLY $ 199.00 A MONTH
    2013 Sonata SE. Lease for only $199.00 a month. 36 month lease. 12K miles per year(36,000 miles total). $.20 excess mileage charge. Zero security deposit. One at this payment DHS0838. HMF lease bonus $1,000. Valued Owner/Competitive Owner Coupon $500*. Military rebate $500** and $ 2,195 cash or trade equity due at lease signing. On approved credit. * Must be currently registered Hyundai owner or own any vehicle except Kia. **Active duty/retired military, veteran, reservists eligible. Proof of service required. Payment plus tax, license, doc fee and other Government fees apply. Offer ends 5/31/13 or when sold.
  • oilmuttoilmutt Member Posts: 5
    I leased a 2013 sonata 2.4L with power driver seat for 36 mo.,36k miles for 0down at $220.00 per mo. including all fees and taxes. You should be able to beet my price with the current competive marketplace.
  • salesguyjaysalesguyjay Member Posts: 22
    On a GLS with pref pack you can definitely negotiate to be at or near that 200/month mark.

    My advice is to figure out which Sonata you want - then let us know so you can get the appropriate MF / Residual to ensure the dealer isn't adding his points to the MF.

    Hyundai is still very hot right now - but aren't happy with their sales results from last month - so there's a huge push ESPECIALLY in leasing to get them on the road.

    You should definitely expect a discount of around $1500 and $1500 in lease cash/rebates!!
  • steebsteeb Member Posts: 4
    Hello,

    I currently have a 2011 Hyundai Sonata GLS I leased on 1/14/2011. I pay $250/mo - 36mo 12k miles/yr. I put down $1200 which included a trade in, taxes, first month payment and fees / tag etc.

    The lease is up in Jan, I am currently 2k miles under my lease. The dealership wants me to trade in my car early for a GLS with the higher package with fog lights, alloy wheels. It would be nothing down, hand in keys and go payments would be $250 a month still for 36 months.

    I asked about about the SE with navigation package, he said it would be $325/month with nothing down, just an increase in my monthly payment. My credit is not perfect, but in the lower 700's.

    Are these good prices or can I do better elsewhere?
  • salesguyjaysalesguyjay Member Posts: 22
    Credit is fine - Still puts you @ Tier 1.

    Just make sure you see how they acquired the numbers to come to that payment. DO NOT NEGOTIATE ON PAYMENT!!!

    Make sure the money factor is .00102 ... They probably have you @ .00142 right now - and it shouldn't be. Residual is 60%.

    Find out what kind of discount you've gotten to get to that $325 payment. I'm pretty sure you can get under $300, but i haven't run the physical numbers.

    You should be getting at minimum a $1500 discount off MSRP ... BEFORE REBATES.

    Good luck!
  • steebsteeb Member Posts: 4
    So I went to the dealer tonight and they offered the SE pack1 (without nav) for 299/mo. I am trying to get them to go for under $300/mo for the SE with nav.
  • salesguyjaysalesguyjay Member Posts: 22
    What was the money factor? How much did they discount the car? Let me know - lets make sure you get a good deal :)
  • newleaser2newleaser2 Member Posts: 1
    My 2011 sonata lease is up in a few weeks, I'm planning on heading to the dealership this weekend to turn that one in and lease another.

    Can anyone provide current money factor/residual value info for the GLS and Limited models on a 3yr 12k mi lease? I've looked around and keep finding conflicting info.

    Also, we're considering trading in my wife's car to purchase a 2013 Santa Fe Sport. I expect 6-7k for her trade in. Because of the low miles on my Sonata I'm confident there's 2k in equity above my buyout price. Any advice about negotiating the purchase of this car alongside the lease of a new sonata would be much appreciated.

    I'm hoping we'll be able to get some real bargaining power by getting 2 cars.
  • salesguyjaysalesguyjay Member Posts: 22
    GLS:
    MF is either .00095 or .00085 depending on exact model... Residual for all is 61%

    LIMITED:
    MF is .00109 across the board and residual is 58%
  • tashakoritashakori Member Posts: 1
    I just leased a Sonata (GLS) Yesterday in Michigan. The money factor for this vehicle is currently set at 0.00089 and 60% residual on a three year lease. FYI, the money factor is the same regardless of the mileage. Hope this helps.

    P.s. I was able to get $1500 in incentives
  • artiyomartiyom Member Posts: 4
    Hi. So I'm thinking of leasing 2013 Hyundai Sonata GLS, and this is going to be my first leasing experience and there are couple things I don't understand. Here on Edmunds, it says that there is an option without down payment (it's what I need), which will cost 255 dollars. So am I understanding this correctly, that I will go to the dealer, pick my car, pay couple hundredths of dollars for title and registration things and that's it? No other payments? Then I take the car home and pay monthly 255+9% tax which is $278? And that's it right? Or there is something that I'm missing? Also it says that there is some "Lease Cash: $1,500" - what exactly this means? Am I going to receive 1500 check from the Hyundai? I live in LA if it matters.
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