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Hyundai Sonata Lease Questions

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Comments

  • neptune343neptune343 Member Posts: 2
    Courtesy Hyundai of Tampa. Contact the internet dept.
  • fred144fred144 Member Posts: 22
    I leased 2011 Turbo Ltd No nav. I added Mats, mud guards, bumper applique, wheel locks, cargo net, and Ipod cable. MSRP $28,365.
    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.
  • netriscanetrisca Member Posts: 15
    Hm, my offer from LIC Hyundai seems way too high from what I am reading here:

    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?
  • rcgellerrcgeller Member Posts: 66
    fred144,

    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
  • rcgellerrcgeller Member Posts: 66
    Netrisca,

    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.
  • fred144fred144 Member Posts: 22
    Yes. By about $30 to $40 per month.
  • netriscanetrisca Member Posts: 15
    Thanks for the heads up!
    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

  • rcgellerrcgeller Member Posts: 66
    In my experience, you want to be below the 0.44 threshold to consider it a decent deal. The lower you are the better. If you look a few posts up, someone came in around 0.38 which is one of the best I have seen. I am just north of 0.40. On a car that MSRP=$25,050 (Base Turbo)...

    $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!
  • marbetd77marbetd77 Member Posts: 13
    Doylestown isn't all that far from me. Thanks for posting, sounds like a very good deal.
  • pinksnyperpinksnyper Member Posts: 75
    edited April 2011
    Hello everyone. I'm very interested in the Sonata 2.0T in either SE or Limited trim w/o nav or other options. Having trailed through the backlog of posts here, I'm trying to simplify my life before hitting the dealerships.

    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!
  • johnysc430johnysc430 Member Posts: 3
    I just closed on a deal in NY, 1500 out of pocket

    2.0t no navi
    15k miles per year
    36 months

    255 a month
  • pinksnyperpinksnyper Member Posts: 75
    Wow that's a fairly good deal, no? I'm assuming that's the SE since you didn't specify. What dealer, just so I have some cannon fodder when backing up the claim? Did you by any chance get pricing on the limited with the same down payment/mileage when you were there?

    How do you like the SE trim inside? I haven't seen it - are the leather/cloth seats nice?
  • puddin53puddin53 Member Posts: 1
    Sorry to say the quote I got on a Sonata limited was not even close to what I see on this forum! Over $400 a month and that's with $3K down from a local PA dealer in Chambersburg. I can't figure it out? My credit's got to be top notch and I could even pay cash for the vehicle. I talked to a friend of mine who works at the dealership (not in sales) and he suggested leasing the vehicle. He's done the same for his wife @ $280 per month (36 months X 15K miles). Any suggestions on how to get a reasonable offer from a dealership? I l live in Western MD, but wouldn't hestitate traveling to the "Big City" (Balt./Wash.) to get a reasonable offer.
  • netriscanetrisca Member Posts: 15
    Thanks rcgeller!

    By fees rolled in do you mean all but sales tax? Including dealer, DMV registration, bank loan fee etc?
  • rcgellerrcgeller Member Posts: 66
    Netrisca,

    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
  • rcgellerrcgeller Member Posts: 66
    Pinksnyper,

    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
  • pinksnyperpinksnyper Member Posts: 75
    Good deal. What dealer?
  • netriscanetrisca Member Posts: 15
    Awesome, which dealer?
  • netriscanetrisca Member Posts: 15
    rcgeller you still have to pay the sales tax separately though, correct? The quote they gave me was for 320/mo plus, 0 down and separate sales tax + bank fee + dmv fees.
  • pinksnyperpinksnyper Member Posts: 75
    2011 Sonata 2.0T Limited
    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
  • niteflite888niteflite888 Member Posts: 30
    Just a general question on returning leased cars back to hyundai. Other than a fee due upon return (forgot what the fee is called), are there any other unexpected fees? I can imagine they would try to assess fees for body damage, extra wear and tear, excess mileage, but how picky do they get? what about like a 1/2" diameter ding in the door? or some scratches on the bumper from street parking? or a scratched or missing wheel cover?
  • apoeapoe Member Posts: 7
    including TTL.

    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
  • netriscanetrisca Member Posts: 15
    Highway robbery!!! This should be a finance, not a lease!
  • apoeapoe Member Posts: 7
    edited April 2011
    I'm a returning customer too...works out to about 52%...I asked for the MSRPs but the SE is 30410. The other "just came off the truck" so he hasn't given it to me. Talk, talk, talk...so short in supply etc..

    update MSRPs worse than I thought..

    the msrp's are $27,910 and $28,860
  • netriscanetrisca Member Posts: 15
    This is nuts. They should first of all be selling below MSRP. And for a returning lessee??? I am currently working another route: I email 5 dealerships with a simple quote request. Next, my second email contains the following:

    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
  • apoeapoe Member Posts: 7
    It took ten emails to get numbers out of him. My first email was this is what I want, give me your best price, I don't need to come in except to pick up the car...I don't waste their time, you don't waste mine.

    I figure 342/mo off of MSRP alone. He is just fishing.
  • netriscanetrisca Member Posts: 15
    yeah.. I do the same no need to go there and waste my time. Once they answer (hopefully) if I like it I will call them back. I'm in no rush my old car still drives well :D
  • apoeapoe Member Posts: 7
    Can someone give me a good calculation that I should target off of the MSRP?

    "$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"
  • pinksnyperpinksnyper Member Posts: 75
    I got a money factor of .0005 on the Sonata 2.0T SE. Is this a typo or something? I have 760+ credit and no lates or marks on my credit. Is that considered Top Tier?
  • kyfdxkyfdx Moderator Posts: 235,217
    .0005 is equivalent to 1.2% APR..

    Edmunds Price Checker
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    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • pinksnyperpinksnyper Member Posts: 75
    Yeah is that a special rate for this month or something? We are looking at the Tucson too and it is 3 times that rate (making the lease payment higher by $70 for a $2,000 cheaper vehicle!)
  • kyfdxkyfdx Moderator Posts: 235,217
    Car_Man is the lease expert... and, has access to those numbers...

    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

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • pinksnyperpinksnyper Member Posts: 75
    Sonata 2.0T SE (no other options)
    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
  • apoeapoe Member Posts: 7
    Are these residuals and money factors consistent across the country?
  • fred144fred144 Member Posts: 22
    You should be at $240 a month.
  • dsinsocal1dsinsocal1 Member Posts: 27
    edited April 2011
    "I email 5 dealerships with a simple quote request. Next, my second email contains the following..."

    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.
  • netriscanetrisca Member Posts: 15
    Yeah thats what it pretty much boils down to
  • netriscanetrisca Member Posts: 15
    I just got a quote which seems nice to me: 2011 Sonata 2.0T with navigation

    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?
  • rcgellerrcgeller Member Posts: 66
    Pinksnyper/Netrisca,

    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
  • rcgellerrcgeller Member Posts: 66
    Netrisca,

    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!
  • rcgellerrcgeller Member Posts: 66
    It is OK, you are just above 0.44. Shoot for $250 to consider it a good deal.
  • rcgellerrcgeller Member Posts: 66
    Still getting taken for a ride. Do you calculation:

    ((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
  • netriscanetrisca Member Posts: 15
    edited April 2011
    Okay so my sales tax + taxes + monthly / MSRP = 0.47 I wonder how the hell they have calculated the money factor as 0.00056. I will call them back anyway to ask for a lower price :)
  • rcgellerrcgeller Member Posts: 66
    If they are jerking you around you can try the ultimatum method. I have used it when playing dealers. When you finally figure out the price you feel you should pay, go slightly lower and tell them you will sign the papers if they can meet you at that price. Often they will counter with the price you are actually looking to pay.

    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!
  • netriscanetrisca Member Posts: 15
    Yep my strategy is to let them wait for a couple of days now o they get angry and then come back with the demand of sale price under the MSRP (invoice price please) and a lower monthly. I will be looking into your money power formula and use that as well. Thanks for the help!
  • netriscanetrisca Member Posts: 15
    The only thing with this is though, the MSRP on my car is $28190 with the options I want. Considering local taxes are $2300 + bank fee $600 + registration my total comes down to like $3200 upfront. So my monthly payment has to be less than $250 according to your money power rates. I don't think that I will ever got that low for a 2.0 SE w navigation will I :D
  • rcgellerrcgeller Member Posts: 66
    Lets do your calculation in a few different scenarios....

    $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!
  • luthanluthan Member Posts: 24
    You wont pay msrp right? I got the SE Turbo with navigation for 25k.
    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?
  • rcgellerrcgeller Member Posts: 66
    At that rate you would be paying more than 0.50. Yikes If you want to base it off a $25K MSRP (incorrect) with nothing down you should be closer to $280 not $330.

    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.
  • pinksnyperpinksnyper Member Posts: 75
    Can you run the numbers out for me Fred on how you get $240? I appreciate it
This discussion has been closed.