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Hyundai Sonata Lease Questions
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Comments
I got tire and wheel warranty, paint and leather sealant. I had a trade for $3000 plus $500 owner loyalty. My lease through Hyundai 3yr/36000 is $209 a month including tax. 57% residual $15931.50 No one could come close. I get all my cars from Fred Beans in Doylestown, PA. They are the best.
2011 SE Turbo 2.0 base model (no frills) lease
0 down
12K miles/year
~3K for sales tax / dmv fees
319/mo for 36 months
25K-ish MSRP
This is too high, right?
Fantastic value here. You got a heck of a deal. My compliments to you, you have one of the lowest (if not the lowest) power of money calculation I have seen to date....
$209+$10(bring you to 15K/year to compare to most others in the forum)=$219
($219*36)+$3,000=$10884 (do not add $500 loyalty b/c it is not out of pocket cash)
$10884/$28,365=0.3837
Again, great deal....they are out there
Pardon the phrase but you would be getting porked:
$319+$10 (bring you to 15K/year)=$329
($329*36)+$3000 (other fees and out of pocket expenses)= $14,844
$14,844/$25,050 (this is the base 2.0T MSRP)=0.59257
I can comfortably say that is the worst Sonata Turbo lease I have ever seen. I would not even go back to that dealer, seems like they are just trying to screw you.
**one caveat is your credit rating. If you only qualify for tier 4 (and I do not know their guidelines but assume that would be 575 or lower) then your lease price is adjusted accordingly (lower the credit rating, higher the payments)
I do know the difference between tier 2 and tier 1 (best) is close to $20/month. I originally qualified for tier 2 and they got a Hyundai waiver to qualify me to tier 1 to get the best deal.
Good luck, seems like you need it after that quote.
I will have a co-signer on the lease with excellent credit so that should be an issue.
What is the approximate lease payment I should be looking for?
Also, are there any specific questions I have to ask? I already have a sample list:
- What are the dealer fees
- Is oil change / extra service included
- What are the early lease termination rules
$25,050*(0.44)=$11,022
$11,022/36=$306.16
$306.16-$10=$296.16 (because you only want 12K/year)
You should be at or below $296.16 with $0 out of pocket and all fees/taxes/etc rolled in if you want to consider it a "good" deal
I would shoot for $275 and work up if you need to. Good luck!
Can anyone tell me some pricing info or real-life lease pricing on both of these with 15,000miles/yr 36month leases? I'm looking to put appx $1,500 down either way (total out of pocket).
if Car_man can give me any numbers that would be awesome!
2.0t no navi
15k miles per year
36 months
255 a month
How do you like the SE trim inside? I haven't seen it - are the leather/cloth seats nice?
By fees rolled in do you mean all but sales tax? Including dealer, DMV registration, bank loan fee etc?
By fees I mean everything the dealer tries to build into the price. Some of them are taxes, destination, paperwork, registration, plates....the list goes on for many dealers but those are the main ones. You should not have to pay a cent out of pocket and still be at or below your $296.
rcgeller
2011 Sonata 2.0T
Wheel Locks
Bumper Guard
Trunk Tray
All Weather Floor Mats
First Years Oil Changes and Tire Rotations Free
Rim and Tire Coverage Bumper to Bumper (flat tire, scratch rim, etc... even if its your fault, it gets replaced at no cost, no deductible, no copay-->Usually ~ $15 extra/mo but I am including it in my final number for those who really want to compare)
MSRP: $25,570
Down Payment $0.00
36months
15,000 miles/year
Monthly Payment: $288.50
MSRP: $27,915
Sales price: $24,621 (includes $500 Owner loyalty and lease rebate of $250)
residual: $15,353.25
money factor: .00056
$1577 down (tax paid upfront in NJ)
36months - $312
15K lease
2011 Hyundai Sonata 2.0T SE
MSRP: $25,145
Sales price: $22,269 (includes $500 Owner loyalty and lease rebate of $250)
residual: $14332.65
money factor: .00056
$1425 down (tax paid upfront in NJ)
36months - $274
15K lease
SE 2.0t with nav and white/black
$385 with 2K down and $450 with 0 down.
Limited with nav and white/tan no turbo
$425 with 2K down and $488 with 0 down
update MSRPs worse than I thought..
the msrp's are $27,910 and $28,860
Who finances the lease
What is the length of the lease
Is this a closed end lease
Are there any manufacturer rebates
What is the MSRP
What is the residual value
What is the gross capitalized cost
What is the adjusted capitalized cost
What is the money factor
What is the mileage limit (also cost / mile overage)
What is the total amount due at closing
Is there a refundable security deposit
What is the bank fee / dealer service fee
What is the cost of the license, registration and taxes
What are the dealer acquisition fees
What is the purchase option fee
What is the disposition fee at the end of the lease
What is the early lease termination fee
I figure 342/mo off of MSRP alone. He is just fishing.
"$28,860 is 55% for 12k miles and 54% for 15k miles and the money factor for that same car is .00173. Andy the residual for the SE is 58/57 with the same money factor"
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I will say, that historically, small SUVs have pretty much "sold themselves", and rarely had much in the way of incentives...
The mainstream family sedan is where you usually see the lease incentives.... Looks like Hyundai is no different, at this time..
regards,
kyfdx
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Edmunds Moderator
MSRP: $25,145
Sales price: $22,269 (includes $500 Owner loyalty and lease rebate of $250)
residual: $14332.65
money factor: .00056
$1425 down (tax paid upfront in NJ)
36months - $274
15K lease
The easiest way is to learn the residuals, money factors and invoice price of the car in question (all available here) then use one of the available lease calculators posted on the internet (or create your own via Excel) and know *exactly* what you should be paying for the car.
Then you can send out emails to 5 dealerships (to the Fleet/Internet Mgr) with a solid, realistic offer for them to accept or decline. Then it just depends on which dealership is closer and/or which one has the car that best fits your needs/wants.
I actually scouted out 3 different dealerships in the area and knew exactly what cars they had on the lot that I would be happy with, and I framed my offers to each dealership using the real numbers from those individual cars.
You save yourself a lot of headaches and guesswork that way.
36 months lease with 15K miles
298.24 / month
57% residual value
money factor 0.00056
MSRP 28190
States tax,1 month down+$600 in fees due at signing
How's that?
Herb Connelly Motors Framigham, MA. If you want to contact them, let me know, and I will put you in contact with my person there. Not sure where you are all out of.
rcgeller
No, sales tax gets built in. My prices I am quoting have everything put in. The only way I lease vehicles. There is no out of pocket at all!
((Mo. Payment*Months)+Out-of-pocket down payment)/MSRP=Power of Money Calculation
Make sure you included all taxes, title, fees, etc in the calculation.
You should be below 0.44 to be an OK lease; below 0.42 to be a good lease; and below 0.40 to be a great lease
Example being if you feel $250/mo with nothing down is the price you want, call or show up at the dealer and say something along these lines...."I have a deal at another dealer, for $253/mo with $0 out of pocket all my fees, taxes, registration, etc... rolled in. I want to make the deal here though with you, not with them. I need you to come in at $245, everything rolled in and I will sign for the car right now"
If they want your business they will either meet you @$245 or come back with $250 b/c it is a round number.
*disclaimer, I just made up figures for you to see, work it to your numbers, figure out what you feel you would like to pay, and show them the guns. Good luck and let us all know if it worked, if not, and what your final numbers are!
$0 out of pocket (0.44):
$28190*0.44=$12403.60
$12403.60/36=$344.54 monthly payment
$0 out of pocket (0.40):
$28190*0.40=$11276.00
$11276.00/35=$313.22 monthly payment
So with $0 out of pocket $313.22-$344.54 is where you should be. (lower the better)
$3200 out of pocket (0.44)
$28190*0.44=$12403.60
$12403.60-$3200=$9203.60
$9203.60/36=$255.65
$3200 out of pocket (0.40)
$28190*0.40=$11276.00
$11276-$3200=$8076
$8076/36=$224.33
So with $3200 out of pocket $224.33-$255.65 is where you should be. (lower the better)
You will if you push hard enough, but do not let them think they have ever already sold you on the car. If they think they have already sold you on it, they can sit on it want wait until you come back.
Also, there are a lot of "special" discounts you can get applied to the car. Some are college discount, circle discount, and the list goes on. They will tell you they cannot combine them, but they can use one, and you can tell them to make it happen like they did use all of them and knock it off the price overall. I used the circle ($250) and college grad ($400) discounts. They took the $400 off the top, and just ate the extra $250 out of the price.
Good luck!
Get your price ( sale price) and use the lease calculator. You will also need the msrp for residual calcations butthat grts done by calculator as well. If you are paying taxes for the whole sale price like i did (illinois), then with no money down + 1st payment + fees, your monthly should be around 330.
Also, whats the bank fee for?
Sorry Luthan, but my MSRP is $25,570 and I put nothing down, at all and I am at $288.50/mo. This includes full sales tax as it is the same in MA, dealer fees, title, registration, everything.
Link me this lease calculator, I would love to see what it spits out as my proper number.