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Comments
Good news and ideas.
Your depreciation+rent charge=total monthly lease payments. In both scenarios the numbers add up to the $10,044 still.
Depreciation is the going to be how much the car loses value over the term of the lease. Generally, a car with a lower depreciation will have a lower monthly payment and vice versa.
The rent charge is the total of all the interest payments you are making on your loan. The higher the rent charge, the more interest your are paying and vice versa.
They want to increase your depreciation and lower your rent charge. For you as a consumer, you generally should care more about the rent charge. The higher it is, the more interest you are generally paying to the bank for the loan on the car. You are then technically paying the bank, in most cases, Hyundai Motor Finance. You do want to be conscious of the depreciation too, but more so when choosing a car (lower depreciation cars have lower lease payments generally as they will have higher resale values at the end), at this point, it is almost negligent.
It really depends on you, it will help your credit score more if you opt for the higher rent charge and make all your payments on time as it will show a higher amount paid off. I do not think the amount it will help your score will but much.
The reason, at least my view, the dealer wants to move the numbers around is because he can waive you to a higher credit level, making your rent charge go down, and use the excess money as down-payment (making depreciation go up). When he uses it at down-payment, it puts money into the dealership rather than Hyundai Motor Finance.
For you, it should not matter, your out of pocket and monthly payments stay the same. If he is offering you a remote starter which you say you do not need, and he is offering you oil changes that is because those are dealership parts. They are already paid for, and if he doesn't sell them, they are still his. If you do not want either, as you say the dealership is far away there are only a few things you can try to hit him up for. You will have to negotiate dealer options....all weather floor mats, plastic trunk liner, bumper protector, ipod cable.
I am unsure if this is a dealer thing, but someone in another forum said he was able to have them throw in an ipad as the Genesis and the Equus come with ipads with the user manuals on them. I personally would push for this one
Thanks for your help!
Car_man
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Hyundai Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata SE with 15,000 miles per year are .00056 and 56%, respectively.
The numbers for an otherwise identical lease of an '11 Sonata Limited are .00056 and 55%.
Car_man
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Do you know the rates for a Sonata SE 2.0 Turbo in two cases:
1) 36 month, 12k mi/yr
2) 24 or 30 mo, 12k/yr
3) 24 or 30 mo, 15k/yr
Thanks,
Could someone help me with the monthly lease rate for either a Sonata SE or Limited, with no extras, 18k miles per year, and zero downpayment. What would be a very good monthly rate (with tax and fees included)? One dealer is quoting me $350+tax for an SE.
Thank you,
Sam
SE with navigation/sunroof package
floor mats, cargo mat, cargo net, i-pod cable, mud guards, and rear bumper protector (could care less about these, but they're on the car)
MSRP $26,560
Agreed price $24,177 (via Zag)
Monthly Payment $357.63 (includes all taxes/fees)
Residual $14,608
Money Factor .00096
Is there negotiation in the Money Factor, or is that something set by Hyundai? Are these dealers trying to get me on the MF because they are selling at $1k below invoice? This is my first time considering a lease...
Thanks!!
i'd love to hear what others have to say.
$26,560*0.44=$11686.40 (0.44 is the most you should pay into the lease in total to consider it a good deal-in my experiences and others on this forum, many of us are lower than that, check back a few pages for those people, myself included)
$11686.40/36 months= $324.62 monthly payment
At worst, you should be paying $324.62 a month with all taxes, fees, etc... built in and nothing out of pocket.
To give you a reference, my car has a MSRP of $25,570 ($1,000 less than yours) and I am paying $288.50 with $0 down all taxes, fees, etc. built in. Make sure you are at tier 1 in your quote, and if you are, its on the dealer.
If you are at tier 2, ask to have them put in for a waiver to put you to tier 1. In general, the tier 1 to tier 2 rate comes to $15-20 a month difference. Tier 1 to tier 3 is close to $50 difference. My friend just got a stripped turbo (MSRP: $25,095) but has poor credit or not enough credit history and his lease is $325. And it is only that low because I went in there with him and put the dealer to the wall with the referral and loyalty.
Good luck.
So on to dealer b, they go a little better than 1k under invoice (msrp 26425, sell at 23,929), gave me 2k more on my trade, and .00056 MF. Payment of $308...
Needless to say, dealer b it is...
Thanks again! The info in this forum is priceless!
2011 Sonata GLS w/ popular package 12000 m/y.
& 22215 MSRP
(Inc. Carpeted Floor Mats, IPod Cable, Bumper Applique, Cargo Mat, Cargo Net, Mud Guard¡¦)
Plus, they already installed door guards and side strip sticker which I really hate¡¦.(is it possible to remove them by myself?)
$ 800 Down + $ 210 monthly (3years)
General question: is it worth negotiating the lease end purchase price? Meaning, will the dealer have any control over this? Or is the lease end purchase price automatically always the residual value in percentage terms * the MSRP? In other words, the terms are dictated by the manufacturer?
rcgeller -- thanks for all your helpful inputs on this thread. Based on your posts, I think I'm local to you. I've taken a real interest in the Sonata Ltd. I think the goal of .40 for the TOP/MSRP ratio provides an easy-to-calc benchmark -- very useful.
I am near Longwood, I got my car at Herb Connelly in Framingham, MA. If you want to use them I would be more than happy to put you in contact with them. (full disclosure: I also get a referral bonus for doing so).
They really met me where I wanted to be. The only other Hyundai dealers I know of are in Auburn (west of Worcester) and Herb Chambers is building one in Westborough, I imagine there is one on the Automile in Norwood too.
Email me if you want me to set you up at Herb Connelly with the guy I dealt with, he can take care of you too, no games, give him the number you want, and if he can do it, he will.
0.40 is a great goal. If you can get there, take the deal, no questions asked. It may be a little tougher these days to get it as the Sonata is becoming more of a mainstream car and the dealers know that if you do not buy the car, someone will. But in my experiences, if they want the business, they will make it worth your while.
Ultimately, they need the sale (volume) more than making money on the sale. Its all a numbers game.
Here is a great guide to residual values: http://www.leaseguide.com/articles/residualvalues.htm
Let me know if there is anything I can do to help.
RCG
$ 800 Down + $ 210 monthly (35 months)
I used $225 as a mo payment to bring you up to 15,000 miles/year to compare on the forum as we mostly are quoting that miles.
You should be very happy with that deal if you wanted a GLS with popular package only. Great value for your money.
Thanks for all the information. I would have been most happy to provide you as a reference. Unfortunately, I've already visited that dealership some days ago, so I'm too late. I'm out in MetroWest, so they are fairly close. Definitely a nice laid-back place (much different from some of the big dealerships!).
I think inventory is not as great as it could be all around -- perhaps the cars are selling really well. If you have a specific package and color combo in mind, it can be difficult, given the few cars on the lot. Separately, the current inventory function on the Hyundai site(s) for each dealer is rather lacking (not sure if it is showing their entire stock) -- I think they can do much better on their website in general.
I don't see PM/email functionality here on Edmunds, or I could send you a private message or email.
I hope to post some good news here very soon, but that remains to be seen.
Thanks again!
I am looking at a 2011 Sonata SE wih Nav. MSRP is $27,150 and selling price is $23,100. I am in FLorida. I am looking at a 3 year lease with at both 12,000 and 15,000 miles per year.
Thanks in advance
Sonata SE 2.0T with a few accessories like cargo net, ipod cable
MSRP - 25050
Dealer fees - 201.25
Acq. fee - 595
Grad discount and other incentives - 650
Negotiated Selling Price - 24448 (Cap Cost)
Tier 3 MF - .00173 (approx 4.15%)
Residual at 15,000 mi - 57%(of MSRP) = $14,279
Term - 36 months
Sales Tax = 7%
First month payment - 611 (Includes dealer fees, and first month payment)
Monthly rate - $365 (all incl)
P.S: I used the formula
{[(MF x (Cap Cost + Residual))+(Cap Cost - Residual)] / Term} x (1+Tax) = 373/month - 0 down, 0 payment at signing
Sounds like you didn't do to bad. thanks for the post I am going to print and take it to another dealer on Saturday.
Just created an account after reading this entire extremely helpful thread; I too am looking for the MF and residual on a Sonata SE 2.0 Turbo w/ Nav, for 36 mo., 12k mi/yr. Should qualify for Tier 2 credit w/o trouble.
Thanks in advance!
2011 Hyundai Sonata Limited 2.0T without Navi
With $362.80 cash down, your monthly payment would be $362.80, tax included. This is for a 36 month lease, based upon 12,000 miles per year, with a sales price of $25,771. Money factor: 0.00056 and Residual: 56%. The only additional costs would be your tag and title costs as they vary.
2011 Hyundai Sonata Limited 2.0T with Navi
With $380.01 cash down, your monthly payment would be
$380.01, tax included. This is for a 36 month lease, based upon 12,000 miles per year, with a sales price of $27,965. Money factor: 0.00056 and Residual: 56%.
The only additional costs would be your tag and title costs as they
vary.
I still feel like its high.
$362.80*36=$13060.80
$13060.80+$362.80 (down payment)=$13,423.60
$13,432.60+tags/title~$13,532.60 (total out of pocket)
$13,532.50/$25,771=0.5247
To give you comparison I will show you mine as I have in previous posts
Sonata Turbo SE 2.0T with a few extras
Monthly Payment: $288.50
-this payment includes all tax, title, doc, tags, etc... rolled in
Down Payment: $0
MSRP: $25,570
Miles: $15,000/yr
Extra coverage: Rim and Tire 100% covered full term of lease $0 deductible (if I get a flat or screw up the tire/rim it is fixed free of charge)
$288.50*36=$10,386
$10,386/$25,570=0.4061
If you were to take that lease, over the course of a 36 month period, I would pay roughly 12% (0.52-0.40) less than you.
This calculation has been dubbed the Power of Money Calculation by the great contributors of this forum. Use it to your advantage, and do not take that lease.
2.0T Limited Non Nav - MSRP $28,195
2.0T Limited Nav - MSRP $30,295
Wouldn't that explain the near $75-$100 difference??
I don't believe that Hyundai is currently providing support on any other terms for this model.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
The residual value for a lease with only 12,000 miles per year is 1% lower.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
The residual is lower on a 12k mile lease, am I understanding that correctly? Why is that, and in terms of $ how different would your payment be? The 12k leases are always less than 15k regardless right?
Thanks
"2011 White/black SE Turbo Sonata with navigation and sunroof
$25,563.00 +++ or $26,763.00 with after market leather (We've done thousands). Located in the Bradenton area.
OR
2011 White/black Limited Turbo Sonata
$25,744.00 +++ "
I was leaning towards the Limited being that its less, so I recieved the next email with the breakdown.
"Per your request (lets just say I can get the car from St Petersberg)
Addendum
$29,485.00 +++ = $32,257.57
MSRP
$28,440.00 +++ = $31,150.93
Invoice
$26,744.00 +++ = $29,352.11
Your Price
$25,744.00 +++ = $28,292.00
+++ = (tax, transfer tag, dealer fee)"
Now I told them that I'm not paying an addendum, in which he came back and said, well you are still getting this under invoice, by 1K. I looked up the TMV and TrueCar and his price is still less. It would be nice to get it without that additional 1K on there which is what I am going for, but the way he explained it I am not paying the addendum? Thing is, neither car is his, they are about 200 miles away.
I am waiting for the lease prices, which I wanted to have the sale price worked out and then I will know what I am up against.
What do you guys think? Also, that POM calculation is based off that MSRP listed or am I basing it off that final number?
As a result of the higher residual values, vehicles with lower mileage allowance have lower monthly payments.
Sorry again for the confusion.
Car_man
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Can you provide the RV and MF for the Sonata GLS with 12,000mi/36month lease.
Is there also a cash lease incentive for the month of May?
Thank you.
My main question is about the Money Factor. Who determines this amount, how do I know what I am getting a good deal on this? Allot of people are talking about the .00056 number but these folks seem to have a Tier1 credit rating and mid 700's credit score. What kind of number should I be looking at if were in the mid to upper 600's?
Currently I'm at a deal on 2011 Sonata SE:
MSRP 24050
Down payment: 1st payment, inception fee. $800
$307+tax X 35
15K/year lease
I think that deal is not good enough but I haven't found out what my MF number is, nor do I know what a good MF should be for me and my credit rating.
By the POM number here I should be at worst at $293 but my dealer seems to think it's almost a laughable number. The finance guy told me he couldn't do that. He said he couldn't get under $300 with no money down, and I thought this was just a STARTING point for our negotiations.
Any ideas?
TIA.
I started reading and could not stop.I am in the process of negotiating a lease for a sonata GSE popular package. So far I got
2000 down (total out the door)
209 plus tax for 36 months.
15k miles a year.
My credit is 780 ish....
Does this look acceptable?
2011 Sonata Limited 2.4 WITHOUT navigation
Gross Capital Cost:$25091.50
Residual Value: $14304.60
36 months and 15K miles a year
0 down I MEAN 0! I only paid the first month payment
Monthly payment $341.00 includes taxes without $321.70
$400.00 due when handing in the car (will most likely be waived if I lease or buy from them)
I originally had a trade in but it was muddying the waters they were making too much off of me.
Went to Carmax and they are giving me $2500.00 more for my trade in.
I am a girl so I am sure I go the girl price but I feel like I did okay.
What do you think????
I got a offer of $308+tax X 35 and $800 down with 1st payment for a SE with NO Nav and I walked. I hope to do better. I'm in GA too, what dealer did you deal with? I had my dealer tell me the SONATA is a hot car right now and they didn't seem to be all that interested in doing business. We're going to a different dealer tomorrow.
We're looking at a Nissan Maxima now. A nicer car, and the dealers are willing to work the deals.
I got the Maxima, even though it pushed my bank account to crazy limit, but I didn't wanna regret it a year down the road.
2011 Sonata Limited Turbo
MSRP $30,230
36 Months
15K a year
I was only paying first months payment with $0 down.
I have been quoted $419 including tax today. That seems WAY high to me. I was targeting $375 including tax.
What is the current residual and MF for the limited , turbo at 36months, 15K?
Does the Sonata simply not lease well?
Thanks!