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Hyundai Santa Fe Lease Questions

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  • lv2drvlv2drv Posts: 132
    Mrmister2000, I am so sorry. I don't know where I got six years. My husband just told me it was for 30 months. My husband said they said the residual is too high.
  • In that case, it looks like your total payments (before tax) over 30 months would be around $13,650?

    I believe someone else on this forum recently purchased an AWD Limited with Premium Package for around $25,100. Since that price was for an AWD I hazard to guess the best price you could negotiate for a 2WD of the same would be maybe $24,000.

    Now, since the actual MSRP of a 2WD Limited w/Premium is somewhere just shy of around $27,800 and the residual after 30 months is probably somewhere in the neighborhood of 58%, that means the residual value would likely be around $16,124 if the above guesses held true.

    So now we subtract $16,124 from a possible negotiated price of $24,000 (not the MSRP, from which the residual value was derived) and that means that over the course of 30 months the value of the truck that you could actually be expected to pay could be $7,876, which divided by 30 would be monthly payments of $263 before taxes.

    This are just guesses and assumptions, but in any case I'm quite certain that you could probably do a LOT better than $455/month, even without a down-payment.

    Does anyone else here agree/disagree? I tried to take my best guess, but other's inputs would certainly be appreciated. :)
  • dave_h2dave_h2 Posts: 100
    I am looking to lease an AWD Santa Fe in New York (Long Island specifically). Any info regarding local dealers that give quotes through the internet would be most appreciated.

    Thanks
  • rick2456rick2456 Posts: 320
    I have to concur. This seems very high. When you lease for this long, you are basically buying the vehicle as after 6 yrs, the residual value is only a few thousand dollars. Sounds like you are either getting ripped off big time or have around 10K in negative equity. If no neg equity, you should be able to buy this vehicle outright for 450/month-6yrs, if not less. Good luck.
  • $263 seams too good of a deal. I don't think that is factoring any interest into the deal at all.
  • I found a local dealer in WI that is offering its own employee pricing on any new 07 Sante Fe. Deal is invoice minus $100 bucks.
    I used the 30 month .00137 money factor, 58% residual MSRP 26515 (auto SE AWD) and negotiated price of 22926 +/-. Invoice minus $100 minus a $2000 lease rebate the local dealer said is available. using leaseguide.com as a guide I got $319 for 30 months with no down payment and $331 over 39 months.

    do those numbers seem real world or comparable to anyone that has recently leased?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi monkey145. Dealer invoice minus $100 minus the $2,000 lease cash that is currently available on the 2007 Santa Fe is a very good deal. The money factor that you were quoted looks great too. If you like the truck, I personally don't see any reason not to go for it.

    Car_man
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  • jwendlerjwendler Posts: 4
    I went to Sansone AutoMall in Avenel in NJ and priced an SE FWD Santa Fe. Base model. The dealer started at 389 per month for 30 with 2,000 down. We told him too much. They went down to 299 per month for 39 months, same $2,000, but would not tell us the residual, money factor or anything. Is 299 for 39 months a decent deal or not.
  • Hello all. Here's an update to my previous post... it seems that the current money factor on the lease of a 2007 Santa Fe Limited is now .00333, which is actually twice the amount that was quoted in this thread earlier. I think the money factor had previously been quoted as being only .00169, so either they have changed the leasing deals for the Limited, since that was posted here, or the original MF was way off to begin with.

    Either way, last week after 3 hours in the dealership I walked away from what had otherwise been an excellent price on an AWD Limited with Ultimate package, as the difference in the Money Factor compared to what I had expected it to be based on what I had read earlier in this thread had added an extra $100/month to the lease payments over 30 months! And all that extra money just in extra interest!

    I had driven the vehicle, "loved" the negotiated sales price, and was ready to sign the agreement, but there was no way in hell I was going to pay 8% interest on something I wouldn't even be owning and I can't afford to finance a vehicle that costs this much, even over 6 years.

    It really stinks, because I had researched this vehicle for over two years now, long before it had ever been released to the public and I really do LOVE this vehicle. BUT, Hyundai has to offer some MUCH more competitive leasing deals on the SE and Limited if they want my business. As for me, I've now completely given up on getting a Santa Fe and I'm now looking at Honda cars and Nissan SUV's instead, since they generally seem to have much more agreeable leasing specials on a regular basis. I might even try to wait it out until September when the Nissan Rogue gets introduced and see if they have any special introductory leasing deals for it.

    What a dissappointment. :(
  • dave_h2dave_h2 Posts: 100
    Yesterday I sent out requests via the “contact us” area of two Hyundai dealerships websites that are near to where I live in Nassau County - Long Island, NY. for a 2007 Hyundai Santa Fe SE 4dr SUV AWD w/XM (3.3L 6cyl). I am requesting no "optional" equipment, as all the standard features at this trim level seems to be all that I need.

    In my message I wrote that I am not sure if I want to purchase or lease. My actual intention is to lease – my last three vehicles have all been leases (two Dodge Caravans on 36 month terms and the current Mazda MPV ES on a 48 month term). But everything I have read so far says you shouldn’t reveal your intention to lease *until you have firmly established the purchase price*. If this is no longer correct, I would be interested to hear that.

    Dealer one came back with a simple quote: $24,114. This is a "special internet pricing quote" - which expires in 7 days and not valid after months end. I understand this is standard procedure.

    Strictly based on the quoted number, that looks pretty good to me.

    This site right here shows MSRP at $25,845 Invoice at $24,544 and "what others are paying" at $25,319.

    However, the same pricing area of this site here also shows that there is an “Incentive & Rebate” of -$1,000. I’m sure the dealer has factored this in.

    What can I expect if I lease?

    I am getting the impression that Leasing a Santa Fe is not such a “good deal.” Is this true? Is leasing Santa Fe’s a less-than-optimal approach?

    Any thoughts or advice would be most appreciated.
  • dave_h2dave_h2 Posts: 100
    OK, I've gotten further responses from my internet queries:

    The dealer who quoted a purchase price of $24,114 now comes back with this lease quote:

    Here's a lease quote on the 07 Santa Fe SE AWD, per your requirements.

    $461/mo. for 30 months, with 1st payment and DMV out of pocket ($529). Everything else rolled into payments. 12,000 mile per year allowance, $0.20 per mile thereafter.


    Yet the dealer who quoted a purchase price of $24,519 (a full $400 more) came back with these numbers for a lease:

    A lease on an AWD Santa Fe SE with everything in the payment except 1st month and DMV fees is $434/month

    When I asked about different term lengths, this was the follow-up response:

    The lease on a Hyundai Santa Fe SE AWD : 48 months 436; 60 months 387. These leases are with all in the payment and only coming up with 1st month and dmv.

    My questions:

    What is the current money factor out there now? In order to do my own calculations I need that bit of info. Also, what is the residual percentage?

    Thanks for any help in this regard. :)
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jwendler. You never mentioned the selling price or MSRP of the Santa Fe that you are interested in leasing. These are important numbers 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 this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle 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 these numbers are.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Dave. The $1,000 customer cash incentive that Hyundai is providing on the 2007 Santa Fe is not compatible with its special lease program, but an even better $2,000 lease cash incentive is. If I was interested in leasing an '07 Santa Fe, I would want a selling price of around $1,500 under invoice. It wouldn't hurt to stop by the following discussion to see how much other community members have paid for similar vehicles lately: "Hyundai Santa Fe: Prices Paid & Buying Experience". Remember that the cash incentive on leases of this truck is double its normal customer cash.

    Car_man
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  • jak51jak51 Posts: 17
    What are the current incentives, money factor and residual on a 07 Santa Fe Limited FWD. I am looking at 36 mos and 12,000 miles/yr. My lease is up next month.

    Thanks
  • haewallihaewalli Posts: 19
    thanks for all the info here, carman

    is there any way to find out what the current money factor and residual rate is for the 07 Santa Fe SE AWD?

    thnx :D
  • haewallihaewalli Posts: 19
    ok, after meeting with a dealer this past saturday, i now have some new numbers

    price: $25,552 (including $670 destination fee)
    minus special lease cash of $2,000 (tax calculated before, unfortunately)
    money factor: .00286 (6.86%, roughly)
    lease term: 42 months
    residual (45%) 12,035

    monthly payment of $437.73

    this is on a Santa Fe SE 4dr AWD w/xm (3.3L 6 cyl). no leather or moonroof. the standard SE model with XM radio.

    how does this deal look?
  • lcdoslcdos Posts: 7
    I guess this is the lease question. I shopped around the Houston hyundai dealers, and was told that if do the ballon finance, there is $1000 extra rebate.

    I have enough cash for the purchase, so could anybody shed some light please? Is there any catch in this balloon thing? What do I need to be careful about? I plan to pay it off asap. Just want to get extra rebate.

    Thanks a lot!
  • haewallihaewalli Posts: 19
    first off - and this is directed at lcdos - i've never done the 'baloon' thing (it was never an appealing option for me) - but if it is as you say - a way for you to not have to pay taxes twice - then i suppose its a good thing.

    as for my ongoing negotiations - i've gotten this latest email from another dealer i am currently 'negotiating' with:

    Ok. Yesterday the lease programs changed. I will outline them below. Pricing is still the same, the terms have changed.

    These quotes are based on sign & drive(1st pmt and dmv out of pocket only).
    2007 Hyundai Santa Fe SE AWD

    $495 x 24 months

    $459 x 36 months

    $432 x 48 months

    The touring package is approximately $2600.00 more, therefore the pmt would increase by approximately $60.00 per month.

    If there is any other information I could provide to you, please dont hesitate to ask. Thank you.


    my first question would be - why would a lease program suddenly change on the 16th of the month? this sounds like BS to me. why would he feel compelled to do this?

    otherwise, the numbers look similar to the ones given me by the previous dealer. i'll be doing a bit more 'face time' this Saturday with at least one dealer (possibly more) as the emails only go so far.

    if anyone knows if there has been a sudden change in the 'lease program', i'd love to hear some confirmation of this.

    thanks.

    'wheels'
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jak51. If you were to lease a 2007 Hyundai Santa Fe Limited FWD through Hyundai Finance right now for 39 months with 12,000 miles per year (I don't believe that it is offering a special 36 month lease program on this model right now), its buy rate lease money factor and residual value should be .00288 and 48%, respectively. When negotiating your lease on this truck, make sure to take advantage of the $2,000 lease cash that is currently available on it. This cash will help you to negotiate an attractive capitalized cost.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi haewalli. The money factor and residual value that you were quoted for this truck look about right to me. The lease cash incentive that you mentioned is correct as well. You mentioned this truck's selling price, which is a very important number, but you never mentioned what its MSRP is. The MSRP will help me to evaluate your deal by showing me how much of a discount you are being given. Let me know what this number is and I'll tell you what I think.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi lcdos. Balloon notes are very similar to leases. They aren't used nearly as often though, usually just in states like Texas where the sales tax laws make them more attractive than leases. It is true that Hyundai Finance's cash incentive for Santa Fe leases and balloon notes is $2,000, while its normal customer cash is only $1,000, but if you weren't planning on leasing (or balloon noting ;) ) don't let this additional cash push you to do so. Make sure that you find out exactly how much it would cost you to purchase your truck right away if you go with the balloon note option before going in that direction. It may end up being more expensive to break your balloon note early than it would have been to just finance or pay cash for your Santa Fe in the first place.

    Car_man
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  • hoyasaxa1hoyasaxa1 Posts: 2
    Emailed 5 dealers last night requesting their best offer for a 2007 Santa Fe Limited FWD with Premium or Ultimate Packages. Below are the first two responses. My question is how much negotiating room is there on these two offers, how much lower can I expect to get these down? Any thoughts would be very much appreciated.

    Thanks.

    1. Ok This quote is for a Santa Fe Limited with the Ultimate package. 36 month lease with 2,500 due at signing.
    2. The vehicle is available now.
    3. MSRP 30,260.00
    4. Your price is 29,000 less a total cap reducation of 3,738 (your discount + acc fee + rebate of 2,000) = 26,355.32
    5. 29,000 +acc fee 595 - down 2500 = 27,095
    6. Lease term 36 with 12,000
    7. money factor = .00288
    8. Residual = 48%
    9. Monthly no tax 446.36

    1. 2007 Hyundai Santa Fe Limited with Premium Package with beige interior 2. Vehicle is ready for delivery tonight before 9:00 p.m.
    3. 27,860.00 - MSRP
    4. 26500-2000 origination support + 595 acq fee + 498 administrative fee - down payment 2500 5. 36 months 12K miles per year (if you would like a longer term it is
    available)
    6. .00288 assuming a+ credit rating
    7. 13,372.80
    8. 397 dollars
  • wooohaaawooohaaa Posts: 33
    Hello carman...

    How much should the selling price be on the following deal?

    2007 Santa Fe GLS AUTO FWD with XM (bare bones GLS)
    floor mats

    MSRP 23110 including destination
    Edmunds invoice 22224
    Residual 59% (24 month/12K miles)
    Money factor .00039
    $500 down.

    I believe there is $2000 in rebates from hyundai for leasing.

    acc fee $495 and dealer fees of $250
    tax rate is 7.5%

    How much do you think I clould get the selling price down to? And what would the monthly payment be?

    Thanks!
  • aephemeaepheme Posts: 48
    hoyasaxa1, Any further progress with this deal?

    Does anyone know if there are any incentives / rates change for the month of July?

    Is the .00288, 48% deal valid for Zero Down? Is the $1000 acq fee + admin fee a requirement?

    Looks like the best deal out there would be:

    Invoice - $1000 (reported market discount) - $2000 (customer cash)?
  • hoyasaxa1hoyasaxa1 Posts: 2
    Went back and forth with a couple dealers. Got the sale price down to invoice $26,100 less the $2,000 rebate. Going to close tonight and will work on eliminating the acq and admin fees (approx $1,000). I will provide an update when we receive the vehicle.
  • mikejones1mikejones1 Posts: 21
    What do you think of the following lease deal? Do you think there is money left on the table? I told the dealer I wanted 299 month including tax and I would put max 500 down.

    So... here is what he came back with...

    2007 Santa Fe GLS (FWD, Auto, Floor mats)
    24month\12K

    MSRP: 23,110 (includes destination)
    Edmunds invoice: 22,224
    Residual: 59% (13,635)
    Money Factor: .00039
    Selling Price: 20450 (Includes acq fee and doc fee. I got this number from leaseguide.com after punching in the MSRP, down payment, residual, money factor, tax rate, lease term then played around to get the monthly payment to be 299 including tax.)
    Down Payment: 450
    Tax 7.5%

    299 month including taxes. Also will pay first month of 299 so left with 23 payments of 299.

    Do the numbers look correct? Was I correct in calculating the selling price the way I did?

    Thanks

    Mike
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi wooohaaa. I am not personally all that familiar with what the market is like for the Hyundai Santa Fe in your area right now, but I would not be surprised if you were able to negotiate this vehicle's selling price down to $500 over invoice and then have the $2,000 lease cash that is available on it subtracted from that.

    According to my calculations, if you were to lease a 2007 Hyundai Santa Fe GLS 2WD that has an MSRP of $23,110 and a selling price of $20,724 through Hyundai's captive finance company right now for 24 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $319.

    Good luck in your quest for a new Santa Fe and make sure to stop back and let us know how everything turns out. In fact, you can share your thoughts on the dealer that you end up buying from by looking up the dealer in the following section of Edmunds.com and writing a review of your sales experience: Edmunds.com Dealer Ratings & Reviews.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi hoyasaxa1. Dealer invoice minus the $2,000 lease cash is a very attractive selling price for a Hyundai Santa Fe. Thanks for taking the time to share the details of your deal with everyone. If you'd like, you can share the details of your sales experience with an even wider audience by visiting the Edmunds.com Dealer Ratings & Reviews section of this site.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Mike. The selling price that you came up with for the Santa Fe that you want looks great to me. It is essentially $225 over invoice minus the $2,000 lease cash. If you like the Santa Fe, I personally don't see any reason not to pull the trigger on this deal.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • pjamesepjamese Posts: 15
    Just wanted to share the deal I got in Southern CA at the end of June, but incentives are still the same today. This is for a 48mo lease with 15,000 miles per year.

    MSRP-$24,610
    Adjusted Cap Cost-$20,278.18
    Residual-$9,351.80
    MF- .00288
    Out The Door- $825
    Payment is $339.77 including the 7.75% tax
This discussion has been closed.