Hyundai Sonata Lease Questions

electricevo

Hey everyone - I will be going to Hyundai tonight to try and get in a Limited Sonata, 2.4L (non turbo).

I have tier 1 credit and will be going to Lester Glenn Hyundai in Toms River. I am wondering what is the residual and money factor rates that I should be looking for when making the deal? I am going to put $0 down, no trade. Thanks for your help!!

fred144

36mon 12k $300 mon.

fred144

Go on the Edmund lease calculator and plug in the numbers. It's not hard really.

luthan

just because my message followed yours in the list, doesn't mean i was actually talking to you.
notice how my message has "Replying to: netrisca (Apr 17, 2011 5:47 am)"

the person was talking about the setup that was around 28k MSRP, so YES i was correct with my numbers
i also mentioned how i paid nothing up front, taxes and everything were rolled into the lease

pinksnyper

I tried Lester Glenn and their pricing was terrible. They were nice though. Flemington was the best for me, personally. Ask for Dan, he's very knowledgeable and won't bust your chops on silly add ons and misc. fees - Picked up my 2011 Sonata 2.0T there on Saturday and our Tucson as soon as they locate a black one.

rcgeller

My apologies, however your post says "no money down + 1st payment + fees".

Your $330 does seem on target with nothing down.

electricevo

Ok Lester Glenn just got back to me. The price isnt that great.

2011 Sonata Limited (no nav, non-turbo)

MSRP $26,725

Residual: 55%
MF: .00056

Monthly: $349

Definitely seems too high to me. I just emailed him back for the net cap cost. I think $315 would be more reasonable right? This is their initial offer so I know I have some wiggle room left

fred144

They are way over priced. I have a limited Turbo. It listed for $28,465 and I have a tire warranty, paint and leather sealant, mats, cargo net, bumper applique, wheel locks, IPod cable, mud guards. My money factor was .00020 and residual 57% (turbo). I had $500 owner loyalty and a trade for $3500. I pay $208.99 36month 12k yr. They figured my car selling price $26,000. My dealer is Fred Beans in Doylestown, PA.

CarMan@Edmunds

You're welcome zizo2. Hyundai's 12,000 mile per year residuals are 1% higher than its 15,000 mile per year resids.

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CarMan@Edmunds

Hey dsinsocal1. to the best of my knowledge, the 56% residual value is correct.

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CarMan@Edmunds

Dsinsocal1, what you were told about the $250 cash incentive on leases is correct.

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CarMan@Edmunds

Yes, apoe, Hyundai's lease program is national, so it should be the same everywhere.

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apoe

Thanks Car_Man,

Test drove it yesterday, he acknowledged the correct lease rates...as another dealer is trying the same thing, inflating the money factor.

They didn't have any turbos so it was pretty uneventful.

electricevo

I actually just talked to some other dealers. It seems they will go lower than Lester Glenn but all the other deals $0 down doesnt include MV fees, taxes, etc, so wouldnt that make the deal of $349 with literally nothing down but 1st months payment, be not that bad?

This is Sonata limited 12k (no nav no turbo)

$349 month, $0 down, $349 due at signing

joebok

Fitzgerald Hyundai in Maryland is having the following special:

"Lease a New 2011 Sonata for $159 per Month. MSRP $21145. Lease examples are upon approved credit, with a 36 mo/12k miles per year term and $1999 down plus tax, tags, $99 doc. proc. fee and 1st payment due at signing. Offers expire 05/2/2011."

Is this a good deal?

rcgeller

Your tax, tags, doc fee (bs fee), and first payment come in close to an additional $2000

$159*36=$5724
$5724+$1999 down+$2000 tax, fees, etc...=$9723
$9723/$21145=0.45

This is not a good deal. It is OK but not good, check previous posts for many lessees with lower values. I myself am at 0.40. The lower your power of money calculation the better. It tells you how much value your money gets you. If you other fees are less than the $2000 I approximated then the value will go down and be closer to a good deal, but somewhere the out of pocket or monthly payment needs to go down.

niteflite888

that looks like a good deal. would come out to 240/month based on a 0 up front payment. that is pretty good. if it makes sense ask for an extra 3k miles per yr for $5-$10 more a month.

fred144

I bet tax isn't included and it's a GL with just automatic. I also think it probably includes $500 owner loyalty or military discount. If no plug that back into it. Your down payment is also going to be $2300 or $2400. When you get there you'll find cars w/addons and other warranty options. They have been advertising $199 w/ $2399 down this year. They are over loaded w/ GL models but have very few SE and Limited.

brian4001

Hi,

can anyone tell me what the RV and MF for the GLS is for 12,000mi/36 months

How does the lease incentive work? Is it applied at the dealership? Do I negotiate the price of the car and then bring up the fact about the $250 lease incentive?

or is it something hyundai sends after you lease the car?

Thank you in advance!!!!

CarMan@Edmunds

No problem apoe.

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CarMan@Edmunds

Here's the information that you're looking for, brian4001.

Hyundai Finance's April buy rate lease money factors and residual values for a 36 month lease of a 2011 Sonata GLS with 12,000 miles per year are .00015 and 56%, respectively for consumers who qualify for its top credit tier.

I personally would negotiate as low a selling price as possible on the car that I want, stipulating that the $250 cash incentive is to be taken off of that. The dealer will include it in your deal one way or another, you won't be sent a check by Hyundai.

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schenard

Anybody know the money factor for April on the SE turbo. With to tier credit? Dealers are quoting me .00056

Thanks

wf0264

Thanks for all the info out here as I have used it to make offers - dealers have all come back higher at $330 per month and above. I was thinking closer to $300-$305. Here are details - dealing with 3 dealers in Phoenix AZ. Would like to close an offer this weekend. BTW tier 1 credit.

2011 Limited - no Nav, dealer window tint, mats,ect.
MSRP - $26,620
36 month lease at 15 K per. Used a residual of 54%
Money Factor at 0.00056
Tax at 8.95%
To give $1,228 down to cover 1st month, title, and registration
$250 lease incentive for cap reduction
Is there a non negotiable aquisition fee on all Hyundai leases?

Thanks for any advice

brian4001

thank you very much car_man

adamtennis

I would greatly appreciate it if anyone could post the current RV and MF for both the 2011 Hyundai Sonata SE and the 2011 Hyundai Sonata Limited, for a 36 month lease, 15k miles per year.

Thank you!

bbsstuff

Just leased this SE. Had a hard time finding one.

2011 Sonata SE - No Sunroof/Nav
Floor mats, cargo net, IPOD cable,Auto-Dim RV Mirror, Bumper protection

Sticker: $24,030
Sales Price: $21,982
0 Down
$279/36 Months 15K miles (includes everything but registation fees - appx. $250)

Seemed to be a good deal based on what I have read here.

rcgeller

Power of money calculation: 0.42

Good deal.

mon_clar

Hi everyone, first thanks for this great forum, extremely useful.

This is my first time leasing a car AND my first time even working with a dealership...my only other car I had for 10 years and I bought it from a friend.

I only found this forum tonight and I am reading through these pages of questions and am getting more and more lost. I am interested in leasing a 2011 Hyundai Sonata Limited without turbo or nav and carpeted floor, ipod cable and cargo nets. My fico score is 650 (not that great) and my dad is willing to cosign and his is 700 (meh...). I don't know what tier we would be considered and my first question is will we have a difficult time getting a lease?

I emailed the dealer at Global Hyundai in North Plainfield and they were willing to give me this info:
$26,430 MSRP
$24,995 Invoice
$2,205 Discount
$1000 Rebate

$23,225 - Selling Price
tier 1 - $242/month
tier 2 would be $289/month.

I am supposed to go into the dealership tomorrow to make this deal. I doubt I will be able to become an expert on leasing as you all between now and tomorrow but any pointers you all can give me about getting the best deal would be helpful, what items to negotiate and how much do you think I can reasonably get off, etc.? My dad is going tomorrow but he is useless in terms of negotiating at dealerships so I am on my own with this one.

Thanks!

tetovari

Hi there
I got SE Turbo for $260 a month with $2500 down ( all fees in) . 15000 miles a year . Now do the math . Make sure you test drive the car before you lease and make sure it goes straight . Mine pulls left since the first day . No fix available . The dealer says the car is going straight even though they tried like 6 times to fix it . I'm going for lemon law now and never buy Hyundai again . I hope this will help you .

mon_clar

i am definitely going to test drive, I read about the car's pulling left.

I should also mention I told them I would put $3500 down. You mentioned doing the math, I saw a calculation on here for determining a good lease of:

((Mo. Payment*Months)+Out-of-pocket down payment)/MSRP=Power of Money Calculation

try to get this calculation between .40 - .44, is this the calculation you speak of or something else?

Thanks for everyone's help!

rcgeller

Yes this is how far your money goes in getting the most amount of car for the least amount of money. Lets call your monthly payment x and your total out of pocket over the term of the lease y....

((x*36)+$3,500)=y

y/MSRP=between 0.40 and 0.44

If you can get your number between 0.40 and 0.44 it is generally a good deal. The lower the number the better, and if you can get in the 0.39 then it is a fantastic deal.

If you get a quote post up here and I can help you calculate if you have problems.

Good luck!

mon_clar

Should the monthly payment in this calculation include any tax? I think I read that sometimes the monthly payment they quote does that include tax.

rcgeller

If you are having tax built into your payment, then it is your final monthly payment. If you are paying the tax upfront, then add it to the out of pocket number.

htram516

regarding this calculation:

((Mo. Payment*Months)+Out-of-pocket down payment)/MSRP=Power of Money Calculation

Where MSRP is. Is that the MSRP of the vehicle or the negotiated price that you plug in there?

rcgeller

The vehicle (non-negotiated) price. The formula calculates how much you get for your dollar compared to Hyundai's value of the car.

We have to use this because it is congruent on all vehicles. If you use the negotiated value we could not compare it across all cars and trims as each dealer will have different values and the calculations would not work.

fred144

Use the MSRP only for figuring the residual value of the car ie: $27000 MSRP x the residual value % (55%, 56%,57%, etc.).

rcgeller

Here is an example (my car) for those trying to use the calculation:

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 (this includes all taxes, fees, etc...)

$288.50*36 months=$10,386 (this is my total out of pocket over the lease)
-if you have any down payments, anything you are paying out of pocket you would add it to this number.....for me.....

$10,386+$0=$10,386

$10,386/$25,570 (MSRP)=0.40617

Points to remember
-this is a 15K/year lease, if you are in a 12K/year add about $10 to your monthly payments to truly compare
-use the MSRP on the car, not your negotiated price; decreasing your MSRP is a game at the dealer, not the power of your money into the lease
-in my experiences a calculation that yields a number between 0.40-0.44 is generally a good deal. The lower the value the better
-your credit rating can really hurt you in a lease and buying a car; this figure is based on tier 1 hyundai motor credit. If you are lower in credit tier, your deal will be worse. If you on a lower credit tier, and are between 0.40 -0.44 you are getting a very good deal
-you need to add all your taxes, fees, etc in either your out of pocket costs when you pay them upfront, or if they are rolled into your monthly payment you do not need to add them

*it is all about preferences, but this calculation will help you see how far your money goes into getting the most car for your money and how well you compare to others from a financial standpoint

If you need help running numbers, reply and I will be happy to help. I hope this helps everyone become better consumers and get the best leases possible for their money

mon_clar

Hey everyone! Question, so I got my car on Saturday. I know I didn't get a great deal but I don't have the best credit so I negotiated down as much as I thought I could. My question today is about residual...I got a call this morning from the dealership basically begging me to come in today to re sign the contract. The finance guy basically told me he miscalculated my residual value and they need me and my dad (he cosigned) to come in. They even offered free oil changes for the length of the lease which sent up red flags because I know dealers don't give you free stuff because they are nice.

This is the deal:
MSRP: 26430
Total monthly payments: 10044
Amount paid at lease :4101 (includes first month)/registration/tire fee
Rebate from Hyundai: 250 (they totaled my amount due at lease including this to 4351)
Gross capitalized: 26107.46
Capitalized cost reduction: 3820.30
Residual Value: 14536.50 (this is what they are calling me in for)
Depreciation: 7750.66
Rent charge: 2293.34

Anything the lease experts see that I don't see? I just think its fishy they want to give me these oil changes seems they made a mistake maybe in my favor.

chrisinky

I'd like to do a 36mo/15,000 lease deal on one of the following in the next day or so:

GLS MSRP $22165 Popular Equipment,CN,CF,IC,MG
SE MSRP $23930 HL,CF,IC
LTD MSRP $26525 CM,CN,CF,IC

Based on an average of .42 POM and 0 down, I should expect payments of:

GLS $258
SE $279
LTD $309

Do I really care how they massage the numbers to arrive at this approximate payment? I don't qualify for any of the advertised rebates and am tier 1 credit at almost 800 Fico Score. Sales tax in Ky is 6%.

Thanks.....

PS, thanks for all the wealth of information on this post and for being so patient with all of us and our repetitive questions.

rcgeller

Your residual seems slightly low. My MSRP is $25,570 and my residual is $14,319.20 (56%).

Your residual seems to come in at 55% (14,536.5/$26,430). With your car being $900 more than mine and only $200 more in residual value that is the only place I see a possible error, but it is pretty close.

I would see what the dealer's recalculation comes to for your new residual value. If the increase is less than what you think the oil changes will be over the term of the lease, take it and resign.

Also, if you have no intention at all of buying the car at lease end, take it anyways, providing your monthly payment and out of pocket stay the same. The change in residual, higher or lower will not matter as you are not going to buy the car and you will be getting free oil changes.

rcgeller

Chrisinky,

Your calculations are correct.

How they get you to your number is really makes no difference, at least in my book. Just make them get you to those numbers, and if you are comfortable paying that, rest assured, it is a good deal.

chrisinky

Thanks rcgeller!! I'm going to try and keep my trade out of the calculations because I'm upside down. I'll take the hit in cash on the upside down part. As Dave Ramsey calls it, Stupid Tax.

chrisinky

Just got the numbers back and they look good:

2011 LTD $26,525 MSRP
$24,198 Internet Price
55% Lease end Value
.00056 MF
14,588.75 Residual
316.31 Lease payment (298.41 lease + 17.90 tax)
386.13 Down payment (1st month pmt plus 69.82 fees)

316.31 * 35 =11070.85
11,070.85 + 386.13 = 11,456.98
11,456.98/$26,525 = .431

All done over the phone with someone that wasn't the original salesperson. The original guy didn't want to take me seriously I suppose and just called the internet sales person.

Thanks again for all the valuable info.

rcgeller

Good job. Glad it all worked out.

Push him to make it a flat $310 and say you will sign today!

Good luck, and enjoy the car

mon_clar

Thank you so much! This makes sense.

chrisinky

The numbers above were based on 36/12,000, the 36/15,000 numbers are:

$26,525 MSRP
54% Lease end
14323.50 Residual
323.97 Lease payment including 6% state tax
393.97 down
.442 pom

I'll lean on him a bit, but hate to haggle over a few hundred.

If I'm paying $10,980 in payments (excluding the tax) plus the residual of $14323.50, the cost of the car if I bought at the end is $25303.50. That's a savings of 1221.50 off the MSRP. Why do they even bother quoting the bare bones price of $24,198? I'm sure they calculate something off that price don't they or does it just make the consumer feel better?

rcgeller

In all honesty, I would say its mostly a numbers game, but they do calculate it for their internal records, and use it for sales sold to report to their regions and Hyundai national.

Additionally, they would use it for residuals, and the statistics on prices cars sell for in regions and countries.

Its sales data, and a very large and complicated numbers game. Short of asking a sales manager, I would say just be the educated consumer on all areas that affect you, which ultimately is the price point.

Lean hard, if they want the deal, they will meet you there.

chrisinky

Looks like they are calculating the residual off the negotiated price, not the MSRP. Sorry if that should have been obvious, but just did the math. Where does the MF number of .00056 come into play. Once again, I know it should be obvious, but missing it some place.

rcgeller

MF is complicated, but it is used by companies to gauge the value of the lease on their end. Here is a link that describes it....bit above my head:

http://www.ehow.com/how_6905209_calculate-residual-mf-lease-payment.html

mon_clar

Hi rcgeller, just got off the phone with the dealership to get the exact numbers and now I am hearing another story, apparently the residual # is NOT changing, what is changing is below. I put a notation next to what numbers are changing and now he is saying he is throwing in remote starter and oil changes...I'm wondering what is going on here. FYI, I live 45 minutes away and don't see myself going down to do oil changes 45 minutes away every 4-5 months, and plus I don't need a remote starter, anything else you suggest I ask for?

MSRP: 26430
Total monthly payments: 10044
Amount paid at lease :4101 (includes first month)/registration/tire fee
Rebate from Hyundai: 250 (they totaled my amount due at lease including this to 4351)
Gross capitalized: 26107.46 now becomes 25,779.68
Capitalized cost reduction: 3820.30
Residual Value: 14536.50 now they are saying does not change
Depreciation: 7750.66 now becomes 9271.25
Rent charge: 2293.34 now becomes 772.75

Thanks!