Hyundai Sonata Lease Questions

odessit771

I have some more questions regarding leasing very base model with Automatic Transmission:
1. What is approximate MSRP and how much could I negotiate down from it (would invoice be ok deal)?
2. Money Factor
3. Residual Value
4. Any Promos or Incent/Rebates on leases currently available?
5. If I reside in Philadelphia where city sales tax is 8%, but State's sales tax is 7%. Which % will I be charged with? The dealership is not in Philadelphia but in different city of PA.

Thank you!

odessit771

Please let me know if I do math correctly:

Let's say that:

MSRP is 20400 and I negotiated down to 20200
Money Factor is .00015
Residual is 56%
12k per year / 36 mts

Then:

1. 20400*.56=11424 (car worth after 3 years)
2. 20200-11424=8776 (I will use that value)
3. 8776/36=244 (w/o interest or tax)
4. (20200+11424)*.00015=4.74 (interest)
5. 244+4.74=248.74 (with interest)
6. 248.74*.08= 268 (with tax)

Also, from where do I subtract loyalty rebate?

kyfdx

Your math is correct..

I don't know the exact numbers, but your money factor is more likely to be .0015 than .00015.. That will multiply your finance charges by ten..

If you are eligible for a rebate, that will come off the selling price, before you calculate the lease payment.

veren

Car_man or kyfdx, I'm getting close to wrapping things up on my new lease and I want to make sure that I don't get into it without knowing the MF and residual.

It would really help me out if you could please double check the top tier MF and residual for a 2011 Sonata 2.4L Limited with 15k miles per year for 36 months. The numbers Car_man gave me are a large departure from last month so I just want confirmation that they truly are accurate.

Also, how do I use the $1500 cash incentive to my advantage when I speak to the salesman.

bzjeep

Hi, I've been considering a lease on a 2012 Sonata SE 2.4 with standard features. I'm interested in a 3 year, 36,000 mile lease. My local dealer gave me a MF of .0014 with a residual of 58%. I used the Leaseguide.com calculator and used the Edmunds TMV and added in the acquisition fees, etc. with no money down and came out to just over $350/mo. with no money down, which is the ballpark price the saleman on the phone gave me. From what I'm reading, anything over $280 is overpriced. I did call the dealer and let them know what I was reading online here and they said they should be able to work out a price around $280-290 a month with no money down, but I've been told that numerous times in the past. I know my credit score is over 700 and I've completed one lease in the past, so I'm assuming I'll qualify for the one of the top tiers, but I'm just curious as to why my calculations and the dealer quote are so far off from what I'm reading here...

Thanks for any input here guys!

metalllitool

All these POM calculations don't seem to be working out in real life for me. The best a dealer could do for me on a 36 month/12k Sonata SE lease was $2,000 down, $270 a month. I contacted a bunch of other dealers to see if they could do $1,000/$270, and they all said that it's impossible based on their calculations. One of them also said that I should definitely get this deal if I somehow find it at another dealer.

So, no dealer wants to take my offer of $1000 down, 270 a month, and yet according to this site, even with the POM on the worst side of acceptable (.4) based on the MSRP of $23,545, I should not even consider paying more than $233 with 1000 down.

How can this be explained?

odessit771

Dear Experts:

I leased Sonata today. Please let me know if I got a good deal. Thank you!

2011 Sonata GLS PREZV - Base Model with 21495 MSRP

0 down, 0 deposit. Paid $500 at signing for: 1st month and doc, reg.

$238/ month - all inclusive.

36 months lease; 12k per year.

Fred Beans Hyundai

kyfdx

That is dirt cheap! Good job!

rcgeller

Pretty good deal, if I add $10/mo to bring you to 15K miles (what my formula has really been based on) you come to 0.43. Definitely right in the range of what you should and want to be paying.

Nice job.

rcgeller

Well first off, the range should be between 0.40 and 0.44. Based on my calculations with an MSRP of $23,545 and $1,000 down you should be in the range of:

$233-$260. (Your calculations were correct, a bit mixed in the wording)

*I would also like to point out that you are at 12K miles, most leases up here have been calculated with 15K miles, which actually even puzzles me more as the prices should be lower on a 12K lease

I see you are in NJ, I am unsure where though but I worked a deal, never took it as I live in Boston at the Hyundai dealership in Randolph, NJ. He had me at $311/mo with $0 down 15K miles with an MSRP of $25620.

As a side note, the 0.40-0.44 is a range of which I created based on my lease experiences (4 cars) and the other users on this forum.

I hope this helps and brings some light to the situation.

metalllitool

Another dealer got back to me today. Same story. This is the 3rd dealer that tells me that they'll be losing money and it's impossible for them to give me a deal of 1000 down, 270 a month on an SE. This is over .44 and they're saying it's impossible. Maybe all these numbers are different in NJ or something...

odessit771

Can a customer with Hyundai lease relocate out of state or s/he is tied to the state the lease is from? Thanks!

marker9

To lease from Hyundai Finance what is the minimum FICO score to qualify?

mike08807

I've readiing this forum for the past 3 hours, great stuff, but I have a lot to learn! I have been debating the purchase or lease of an Elantra or Sonata and was hoping to gather info from the dealers through their internet sales managers but NONE have been forthcoming. Based on nothing scientific I sent an inquiry yesterday to 2 dealers to see if anyone can lease a Sonata (any model, including manual) for 200/mo 0 down, 12k/year for 36 mos. Based on the POM description given in this forum, I may be off, but wanted to get folks opinions. I'm still trying to find the post that describes and shows me how to calculate a lease deal based on MF and RV. Is there a specific place I should be looking?
Thanks, Mike

atx2

I am in Texas and would like to know the current MF and residual on a 2011 Hyundai GLS with 12k/year mileage and both 24 and 36 month lease terms.

Thx

aperregatturv

I went to a dealer and test drove Sonata SE and Hybrid both with no Navigation.
he offered me $23450 and $26230 as close to the best he can maybe few hundreds he said he can reduce. He gave me lease offer of
$337/m and $417/m and said he cannot go any below than this even with $1000 down.
36m/15k miles.
This is in Long Island, New York.
Please let me know this is the right price.
Thanks
I would like to lease in a week.

2011gtowner

Was this automatic or manual?

My local dealer in NJ is advertising:
2012 Sonata GLS w/Automatic
$1995 down
$99 per month
36 months
Excludes taxes and dealer fees

odessit771

Auto.

99+56+taxes+fees=??? I am sure it will be more than 240....

Please let me know the final numbers.

Thanks!

CarMan@Edmunds

Veren, Hyundai Finance's July buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata 2.4L Limited with 15,000 miles per year are .00046 and 48%, respectively for consumers who qualify for its top credit tier.

The $1,500 cash incentive is being provided by Hyundai on leases of this car through Hyundai Finance. Make sure to take this cash into account when negotiating your vehicle's selling price.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi odessit771. You can look up the MSRP and dealer invoice price of the exact model that you want over in the New Vehicle Pricing section of Edmunds.com.

If I was in the market for this car right now, I personally would shoot for a selling price of $500 to $750 over dealer invoice minus the available $1,500 cash incentive on leases.

Hyundai Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata GLS with an automatic transmission and 15,000 miles per year are .00021 and 49%, respectively for consumers who qualify for its top credit tier.

Hyundai is currently providing a $1,500 cash incentive on leases of this car.

The sales tax rate that you are charged will likely be based upon where you plan on registering your vehicle, not the location of the dealership.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi odessit771. While the rules for this probably vary from bank to bank, generally speaking lessees are free to move anywhere within the continental United States.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Welcome Mike. Since you are new to leasing, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi atx2. According to the latest information that I have seen, Hyundai Finance's July buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata GLS with 12,000 miles per year are .00021 and 50%, respectively for consumers who qualify for its top credit tier.

I don't believe that Hyundai is currently providing support on 24 month leases of this car.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

odessit771

Thank you Car_man!

Do you think I got a good deal?


2011 Sonata GLS PREZV - Base Model with 21495 MSRP (20195MSRP+720Freight&Handling+580options=21495)

0 down, 0 deposit. Paid $500 at signing for: 1st month and doc, reg.

$238/ month - all inclusive. (9%tax is included in this 238 payment)

36 months lease; 12k per year.

1500 cash incentive was accounted for.

Fred Beans Hyundai

sonata2462

Thanks everyone for posting your lease deal

I got Sonata SE 2.0t without navi in white

I don't know the figure but I closed the deal at $280/m 36m 12k miles (tax inld)

0 down 0 deposit, $815 out of pocket for dmv, reg, first month

any one got better deals? please let me know, thanks

msrp: 25600

annelovesmark

Hi! im interested in the turbo too but got a higher computation. May I know which car dealership you went to and how much was your downpayment? thanks a lot!

redls1

I talked to salesperson today and was quoted a residual value of 59% of a sonata se. I have a trade with about $800 negative equity. What payment or figures would I need to be at for a $330 a month payment? One dealer said it was possible and the other said I would have a $430 payment. I have atleast a 710 credit score.

rcgeller

You got a great deal. The 1500 cash incentive pushed it from a good deal to a great deal.

Well done.

POM Calculation: 0.43

peterpan223

Hi, I'm in So Cal, OC area.

I'm looking to lease a Sonata GLS, (hopefully with popular pkg).
$0 down, doc, dmv, 1st month at sign off, 36 mo. 15K miles/yr.

I do not have a good credit score as I ran into severe financial situation about 3 yrs ago.
Now, everything has been paid for and I do not have any debt. I do not have any active loan under my name either.

I believe my FICO is around 640.

Will I still qualify for a lease? If so, what kind of rate can I expect?

I did talk to one of the salesman real quick yesterday and he thinks there's a possibility.
But he did tell me that I won't be able to qualify for the $1500 cash.

Is there any truth to it?

Thank you.

LASHAWN

You should get the $1500 regardless of credit score.

eddiefast

Is there a $ 1500.00 incentive on the 2012 leases also?

Thanks

LASHAWN

YES

eddiefast

Thanks for the reply. I just had a manager at a Hyudai dealer tell me no. She said there was no incentive. typical bs.

Thanks again

Ed

peterpan223

Thanks for the reply.

Anyone know what type of payment I should expect with my credit score?

peterpan223

where can I get information about $1500 cash incentive for lease?

I cannot find it anywhere on Hyundaiusa nor on Edmunds.

It only offers $500 to current Hyundai owners.

Any help please.

Thanks

sonata2462

i dont understand what 1500 regardless means, my credit score was 715

mrtrance

What was the selling price of the car? Based on my calculations and your monthly lease payment it should have been around $18500? That includes the $1500 cash incentive as well.

mrtrance

Yes I would like to find some more details on this $1500 incentive as well and does it work on 2012 models as well and til when is it good for...just July or will it rollover for August as well?

odessit771

I think that sounds right.

wordnew

Hi all... does anyone know the residual and money factor numbers for August, and/or will they have changed much from July? Thank you.

lightcc

As of July, the incentive was $1500 for 2011 Sonatas, and $500 for 2012 Sonatas, for leases only (no incentive for purchases). That along with the fact that the MF corresponds to 1.99% financing instead of 3.9% for purchases (60 mo anyway) and even with the $595 lease acquisition fee, it seems to be a better deal to lease and then buy at the end of the lease.

The RV for 2011's was 50% for 12k leases (GLS), instead of 59% for 2012's (GLS) for 12k leases (1% less for 15k leases), so the extra $1000 doesn't even make up for the 9% greater amount you will pay over the term of the lease (on $20,000, that is $1800 more over the lease). However, if you intend to buy at the end of your lease, this will reduce the total you pay by $1000 when everything is said and done.

lightcc

Please also post the incentive, RV (for 15k miles), and top tier MF for 2012 Sonata GLS (Have they changed since July?). Many thanks!

mastercpt

Hope someone can give me guidance as I am trying to be prepared to negotiate the best lease deal on my first hyundai. I have read up on all the lease guides and read a lot of info here but there is one thing I am not sure about and that's the negotiated price of the car.

So for the current promo 2012 Sonata GLS The MSRP is $21455 with a Cap cost of $18,880 and $2599 down will get you $199 a month lease. I however want a 2012 Limited 2.4 w/out Nav which has a MSRP of $27,105 (I know wont be a $199/per month lease) . According to zag and truecar the Best local price is $24,463 for this car. So I guess my question is, Where does my negotiated Cap cost start? Should I start at $24,463 or are there other lease deals that I can start cheaper?

Thanks in advance

lightcc

If I've got this right...

The CAP cost is not just the purchase price, it is the final capitalize cost of the car being put into the formulas. Therefore, it is reduced by any downpayment and increased by any additional fees (notably the $595 lease/acquisition fee in the case of leases through Hyundai). The $400 disposition fee also does not factor in since that is paid separate at the end of the lease.

Therefore the $18,880 CAP cost you gave as an example included the $2599 down payment, but would also include the $500 lease incentive (reduces CAP), the $595 acquisition fee (increases CAP), etc. There is probably a statement that tax/title/reg is separate, meaning the tax is added to the payments (normal) and the title/reg is paid with the downpayment.

In other words - they figured $18,880 based on the MSRP - your downpayment and/or payments would be reduced if you negotiate a lower price. Don't forget, though, dealer doc fees are typically added to those low prices you can find online.

Also, the RV (residual value) and MF (Money factor) are both worse for leasing on the limited than for the GLS - If I remember right the RV was 55% instead of 59% for July (12k lease), and MF was 0.0015 instead of 0.00083 - along with the higher price it made the limited lease over $100 higher in my calculations.

mastercpt

Thank you, that does make sense. I was getting hung up where the discount to $18880 came from but that is just the down payment and $500 lease incentive. Lease incentive looks like it just cancels out the acquisition fee. So if I set a CAP goal of around $24k since Truecar/zag is $24463 and I get a $400 Graduate school rebate I should get the best deal possible.

CarMan@Edmunds

Hi wordnew. Hyundai's lease program is exactly the same in August as it was in July. Hyundai Finance's buy rate lease money factor and residual value for a 36 month lease of a 2012 Sonata 2.4L Limited with 15,000 miles per year are .00120 and 54%, respectively.

When negotiating your deal on this car, make sure to take advantage of the $500 cash incentive that is currently available on leases of it through Hyundai Finance.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi lightcc. Hyundai's lease program is exactly the same in August as it was in July. Hyundai Finance's buy rate lease money factor and residual value for a 36 month lease of a 2012 Sonata 2.4L GLS with 15,000 miles per year are .00083 and 58%, respectively.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

jbellis74

Hello. I have some questions about leasing a 2011 or 2012 Sonata. I really want the Hybrid model because of the great gas mileage. I checked the inventory at my local dealer and found this http://www.millenniumhyundai.com/VehicleDetails/new-2011-Hyundai-Sonata-4dr_Sdn_- 2.4_Auto_Hybrid-Hempstead-NY/1213718343

Does anyone know if the $199 per month special applies to the Hybrid models or is that just for the base models?

TIA
Jason

tenpin288

From the Hyundai site

Lease a 2011 Hyundai Sonata 2.4 GLS A/T for $199/month for 36 months, $2,399 due at lease signing ($2,200 customer cash down plus $199 for 1st month payment). Note: 2012 offer is similar.

http://www.hyundaiusa.com/financial-tools/special-offers.aspx

No lease specials on the Hybrid. Sorry.

sonata_search

I'm being told by a MD dealership that they will match this offer for a lease on a 2012 Sonata -- $199/month, plus tags, taxes, and processing fee up front.

http://hyundai.specialleasedeals.com/LeaseSpecial.aspx?did=53&year=2012&make=Hyu- ndai&model=SONATA&vid=400877145

As I understand it, this works out to about $2300 up front, including $1225 tax, $285 tags, $595 processing fee, and $199 first month payment.

That seems better than the offer discussed in the thread above -- $2,200 customer cash down, plus $199 for 1st month payment. http://www.hyundaiusa.com/financial-tools/special-offers.aspx. (I think this offer rolls the $595 processing fee into the monthly payment)

But, the deal I believe I'm being offered doesn't require the $2,200 customer cash down, and seems to be a much better option.

Am I reading this correctly, and if so, is it typical for a dealership to go below what the national offer is?

Thank you.