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Hyundai Sonata Lease Questions

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Comments

  • danf1danf1 Posts: 935
    res 45% ccr 3500 mf .00266
  • Hi pjf22. Hyundai is currently providing $2,500 lease cash on 2006 Sonata GLS models. This means that you would be able to get a price of $15,795 without any sort of dealer discount on a car that has an MSRP of $18,295. You will be able to negotiate an additional discount on top of that. Hyundai Finance's current buy rate lease money factor for a 36 month lease of a 2007 Sonata GLS with an automatic transmission is .00146.

    Car_man
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  • Can you help me w/ a lease payment estimation.
    Dealer wants to sell me a 2006 GLS 4cy auto w/ sunroof/power driver seat /auto dim mirror w/ homelink & compass. Including $600 dest fee - MSRP=$21,345. Will sell to me for $17,500 + taxes&tags. My problem is I need to be at $16,500 after taxes&tags to keep a monthly payment I can afford. ALso, the car has 6K miles on it - dealer loaner.

    Do you think I can get them down to this. If not, what I should I lease it for & what is the money factor?

    Is the home equity loan still a good idea w/ the rates today?
    Thanks for your help.
  • I would be happy to help you out, ramants. The problem with leasing a 2006 Sonata right now is that Hyundai is no longer providing any sort of lease support on it. As a result, if you want to lease one, you would have to do so through an independent bank.

    I believe that the dealer invoice price of the car that you described is around $19,800, give or take a hundred dollars. When the $1,500 customer cash that is available on it is subtracted from that we arrive at $18,300. As you can see, $17,500 is a pretty good price for this car. I personally would want a larger discount than this to go with a demo model over a brand new one, but I doubt that you will be able to get the dealer to knock another thousand dollars off of this car's price like you are hoping.

    Home equity loans are good in that the interest charged on them is tax deductible, but interest rates on home loans are higher today than they were last year. Many home equity loans have variable interest rates that leave you exposed to the possibility of having to pay an even higher interest rate if rates increase. It is difficult to say where rates will head from here. While I am no economist, I personally believe that rates have peaked and that they may even start to drop by mid to late 2007, but it is difficult to say exactly what will happen. Whether you should go with a home equity loan or a conventional loan depends upon your personal situation, how much equity you have in your home, how much the deduction will help you on your taxes, etc...

    Car_man
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  • Thanks for the wise advice. I appreciate your help.
  • Hello Car_man,

    I would appreciate your input on this one. A local dealer offered 3,000 trade-in for my Honda Accord. I'm interested in a 2007 Sonata SE with an MSRP of 21,695. They said they have a 3,000 lease cash offer which I didn't know about and that my payments would end up between $275-$310 with just the first month's payment down for a 36 month lease. I don't understand too much abot this buy rate lease money factor and residual value but the approximate cap cost would be about 17,000 and a residual value? of about 9,400. They said the lease deal is better because if I buy the rebate is only 1,500. Does this sound like a good deal? And what would my monthly payments be exactly based on this info. Thank you for your help.
  • nadia3nadia3 Posts: 3
    Car_man,

    I checked with the dealer again and apparently they said I heard wrong. I would only get 2,000 for my trade-in instead of 3,000. How does this affect my monthly payments? Probably in the higher range, then? Thank you.
  • Looking at a 2007 Sonata Limited with the Ultimate pkg. MSRP 25,345. I'm not sure if the $1500 rebate is applied in a lease, so I left that off. Could you please find the money factor and residual for a 36 mnth / 12k lease? Thanks.
  • You're very welcome, ramants.

    Car_man
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  • Greetings nadia3. If you don't understand how leasing works, you definitely should check out the following articles that are available here at Edmunds.com prior to finalizing your deal: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. Understanding how leasing works is the best way to avoid being taken advantage of.

    For the month of October, Hyundai is providing $2,500 lease cash on the 2007 Sonata. This cash will help you negotiate an attractive capitalized cost for your lease. I would be happy to give you my opinion of this deal if you provide me with the selling price that you are bring given. This number will show me how much of a discount you are getting and it will enable me to estimate what your car's monthly payment should be.

    Car_man
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  • Hey nadia3. There's nothing wrong with trading a vehicle in when leasing a new one. However, it would be in your best interest to have the dealer that you are working with cut you a check for your trade instead of using the proceeds from it as a down payment for your lease. I always advise community members against making down payments on leased vehicles. The main reason that I do so is that if your leased vehicle is totaled in an accident or stolen and never recovered, your down payment essentially disappears.

    Car_man
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  • Greetings stuffedmonkey. The bad news is that the $1,500 customer cash that is currently available on this car is not compatible with Hyundai Finance's special lease program. The great news is that Hyundai is providing $2,500 lease cash on it. This cash will help you to negotiate a very attractive capitalized cost for your lease. If you were to lease a 2007 Hyundai Sonata Limited through Hyundai Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00231 and 49%, respectively.

    Car_man
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  • nadia3nadia3 Posts: 3
    Hello Car_man,

    I wish I had checked out the links you gave me prior to getting my car. Since I didn't hear from you sooner I went ahead with it. I am very happy with car yet still I don't understand all these figure talks. The MSRP was 21,695. They said they give me a lease cash amount of 3,000 and still gave me the 3,000 for my car they originally offered. So the sale price was 15,695. The amounts I mentioned were close in the end but yet I'm still confused about the overall figures. The cap cost was around 17,200 and the residual value around 9,300. My payments are $300/month.
  • Hi nadia3. If you don't understand how leasing works, you can always 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.

    Car_man
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  • Hello, I have been offered the following deal on a 2007 Sonata GLS MSRP approx 18900.
    30month lease 15000 miles allowance
    I was going to either trade in my car worth approx 5000 or
    sell on my own & use cash towards deal
    Dealer said based on 5000.00 tradein they would give me a lease for 95.00 per month!!!!
    Tax fees & gap insurance included!
    Seems like a great deal Am I missing something?
    Thanks
    ReeceO
  • Car_man,
    Car_man,

    What is the Capital Cost Reduction, lease money factor, and residual on each of the cars above. Is there an option for a 10k/year mileage or lower, and how do they effect the above factors? And, does the Valued Owner Coupon, provide cash, or just lower the up front cash.

    Perfect Credit

    Thanks
  • Hi Car_Man,

    Got a question about a leased Sonata that hopefully you can help me with.

    My parents signed a lease for a 2007 Sonata near the beginning of October. The first month payment was taken out of a credit they were given. They took the car in for some minor service to the dealership this past weekend. At that time, the dealership told them that there was a mistake in the lease paperwork and that the company would not accept the lease as written (something about the interest rate being too low). The dealership asked that my parents sign a brand new lease, and apparently "acquiesced" to an amount that was between the number on the signed papers and what it "should have been." This was the first mention of any sort of lease error since they originally signed the lease (no phone calls, letters, etc.). My parents did not agree to sign this new lease and left the car at the dealership for the service (probably their mistake).

    When they went to pick up the car yesterday the dealership refused to give them the car back until/unless they signed the new lease. This sounds shady/borderline illegal to me.

    I looked at their lease and the supposed problem is the monthly rate being charged for depreiciation, $9.91 per month. The dealer explained that the error occured entering the rate for this amount, he said he misplaced the decimal. It's a standard boilerplate lease with only repo provisions if they are in default.

    Is this even legal for them to do? What recourse is available to them? Thanks.
  • Hi ReeceO. There's nothing wrong with trading in your current car if you would rather not deal with the hassle of selling it yourself, however it would be in your best interest to have the dealer that you trade it in to cut you a check for it rather than use the proceeds from it as a down payment for your lease. I always advise consumers against making large down payments on leased vehicles. Consumers who make them risk losing them if their leased vehicle is totaled in an accident or stolen and never recovered.

    Now let's take a look at this deal. You never mentioned the selling price of the car that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this lease if you let me know what its selling price is.

    Car_man
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  • Hi chevyguy2. Hyundai is currently providing $2,500 lease cash on the '07 Sonata GLS and $3,500 on the SE V6. This cash will help you to negotiate attractive capitalized costs on these models. Hyundai Finance's buy rate lease money factor and residual value for a 36 month lease of a 2007 Sonata GLS Auto. with 12,000 miles per year are .00130 and 50%, respectively. Its numbers for an otherwise identical lease of a 2007 Sonata SE V6 are .00275 and 47%. I haven't seen residual values for leases of these cars with only 10,000 miles per year. I don't know if Hyundai Finance leases vehicles with that low a mileage allowance. You should be able to use the Valued Owner coupon to pay the items that you will owe at lease signing, like your car's first month's payment, security deposit, and acquisition fee, or to reduce its capitalized cost.

    Car_man
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  • Hi mattlee1010. If there was indeed a mistake in the lease and the bank will not accept the contract that the dealer submitted, your parents will probably either have to walk away from their car or sign a new lease. They don't have a whole lot of leverage here now that the dealer physically has their vehicle. If I was in this situation, I personally would tell them to keep the car and deal with a better dealership.

    Car_man
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  • gsvipulgsvipul Posts: 14
    I am looking out to buy the standard Sonata GLS V4 and would like to check if anyone knows if there are any Lease Specials being offered currently on Sonata's and if so, can you please advise how much I can negotiate for for a 24/30 month lease with 0 down.

    Appreciate your help.

    Thanks.
  • danf1danf1 Posts: 935
    Hyundai is offering a 30 month lease right now. 53% residual (12k miles), .00001 money factor and 2,300 origination support. With nothing douwn it should work out to about $225 per month plus taxes if you pay your first payment and plates up front.
  • gsvipulgsvipul Posts: 14
    Thanks danf1 for the info. Appreciate your help.

    Thanks.
  • Where you find this lease deal at? I'm trying to find the latest lease specials for a 2007 Santa Fe Limited.

    Help me!!!
  • danf1danf1 Posts: 935
    I'll post the details in the Santa Fe lease discussion for you.
  • jayessjayess Posts: 59
    You might want to start here: http://hyundaiusa.com/financing/specialoffers/special_offers.aspx
    For a while they were only offering lease deals on Sonatas at least here in western PA - we got into an '07 GLS at the end of October for a very reasonable cost > down > lease payment and buyout w/15K miles.
    If you're smart (I've leased before and sold cars eons ago) start with straight cash i.e. no trade or financing, make your best deal, then make it a lease at that figure and if you do have a trade throw it in at the very end. I've always called it my Columbo close...'oh one last thing'... And also keep in mind that if you do want to buy the vehicle at the end of the lease that figure is written down, just not in stone. I've negotiated lease buyouts before. In the end, they'd really rather take a few less pesos than have to take back a 2.5 yr old car with north of 30K miles and try to sell it (again).
    Geez I should probably bill you for all this great free advise ;) ;) Do your homework and go lease your new ride...good luck partner.
  • w9cww9cw Posts: 888
    We're considering the current 2007 Sonata GLS automatic 30-month lease offer. This would be for our daughter who recently graduated from university, is in an internship at a local hospital, and makes little money, thus my wife and I are looking at different options to assist her.

    Our first thought was to buy a used car for around $6K to $7K to get her through the next two years, but this has it pitfalls as you never know what extra repair costs are going to be required. The Sonata GLS lease piqued our interest.

    It appears that it's $199/mo for 30 months, with a $999 signing deposit, but I believe there's an additional down payment requirement ($800??). There is a $2,300 HMFC Origination Support - whatever that means. We are existing Hyundai owners, so the Loyalty Coupon should be applicable ($500).

    I know absolutely nothing about leasing, as I've never done it before. I've always paid cash for new cars. I guess I need to start doing my homework should I wish to take advantage of this offer before January 31.
  • jayessjayess Posts: 59
    The origination support is HMFC's 'contribution' to the deal, essentially it offsets the final cost. On the assumption that you'd not be a 'sub-par' borrower, and as existing (cash) customers there probably wouldn't be a security deposit required so the $999 looks like 800 down and the 1st month's lease payment of 199 (plus tax). Seems like a good deal to me. Again - unless they recognize you as a customer, go in looking to make a cash deal, then use the coupon, then do the lease.
    You'd be spending less than your 6-7K figure over 2 yrs and have the peace of mind of a new car under warranty for your daughter. As you noted, do your homework, see the lease link on this site, and remember, they need to move the vehicle by the 31'st that's to your advatage. We have an 07 GLS I4 and so far quite satisfied. Best of luck.
  • beardiebeardie Posts: 44
    Jayess.. I had to laugh reading your post. I have a daughter in the same situation...internship in Clinical Psych. at a university = very little money. What we did a few years ago was get her a program car...one year old Grand Prix with 17K on it for half the price of a new one. She still has it, and it's been great. It now has over 55K. If I were to look now however, I would go for the Sonata GLS, as we just picked one up for my wife. I couldn't believe the deal...we got the GLS with premium pkg. for the $199. It seems to be fine so far...lots of room and a pretty quiet ride.
  • w9cww9cw Posts: 888
    beardie . . . I am the originator of the post, as my daughter's the one who needs a car. Jayess was kind enough to respond to my query.

    One dealer offered me a slightly different proposition than the Hyundai's nationally advertised $199/mo for 30 months, $999 security deposit, taxes, etc. They offered $219/mo for 39 months (period). No $999 security deposit, no other down payment (if required), and no taxes. The $219/mo for 39 months is it. I don't know if this is better or worse than the nationally advertised lease. It's time to get out the calculator, etc. and start doing my homework again!

    We've never leased before, and, thankfully, never had to finance a car purchase. I guess we're old school - save up the money until you have enough to buy - that's always been our mantra. Buying is much less confusing than leasing, especially when you are a "leasing newbie" like me.
  • bhmr59bhmr59 Posts: 1,601
    You might also compare what it would cost you to buy; down payment, monthly pament and your options at the end of 39 months rather than just throw the $ out the window to rent.
  • beardiebeardie Posts: 44
    w9cw....I guess you really have to consider how long your daughter plans on keeping the car. If the answer is 6+ years, then buying the car is probably the wiser financial decision. On the other hand, I got the $219 deal you were offered for $199. When I considered taking money out of the bank as you would do (lost interest), plus depreciation,plus the tax on the entire vehicle (versus only being taxed on the amount paid for the lease) I felt the $199 a month for 30 months is the way to go. I'll be able to get another new car then, and have only spent $2400 a year in total for this new one. Most cars' depreciation alone is more than that.Again, it's a personal decision, but I've leased a number of cars in the past and have been very happy with them. Good luck with whatever you decide.
  • I leased a '07 Sonata for 169 a month, No money dwon 30 months 12K miles per year. I recieved 2000(owned a hyundai 1000 + 1000) in incentives and they have me 2800 for my old 1997 Nissan Atima - where most dealers were only giving me 1500-2000. Was this a decent deal, should I buy it after the elase for 10.1 ? that equals around 15.2 for the car?
  • mromamroma Posts: 1
    We are interested in leasing the 07 Sonata and are wondering how the currently advertised $500 (or is it $1000) owner loyalty offer would effect the current $999 down/ $199/mo. 30 mo. lease deal. Also, how does Hyundai verify that you are a current owner. My family has two Hyundais, but officially they are "owned" by my in-laws. What do they need as proof and how does it work?
    Thanks,
    ~m
  • you have to show them a copy of the registration so the dealer gets reimbursed from hyundai.
  • and it has to be an immediate family member in the same household and you can never have used that vehicle for a valued owner rebate before.

    also im surprised noone has mentioned it but Hyundai just pulled all dealer cash incentives. we were doing the sonata leases for $149/mo $149 total down for current owners and around $165/mo $165 down for non current owners. Of course the $1500 in dc is gone so for anyone who was shopping and couldnt pull the trigger, you definitely waited too long
  • Because putting a down payment on a leased vehicle is anathema to me. I took the Sonata GLS offer of 30 month/199 per mo. + tax/999 + tax at signing offer and got it reworked to 30 month/ 231 per month +tax/231 + tax at signing.

    Is this a good deal? The $231/mo. also includes tags and title. One thing more. I have been told different things about a doc. fee. One person told ne a 595 doc fee would have been required on top of the 999, another told me it was built into the 999. anyone know the answer?

    Thanks in advance.
  • Hi mroma. It is important to negotiate the lowest possible selling price when leasing a vehicle. Shop around for the lowest price that you can on the Santa Fe that you want, making sure to take advantage of the $2,300 lease cash and $500 owner loyalty cash that are currently available on it (if you are eligible for it). Then have the dealer calculate your vehicle's monthly payment using Hyundai Finance's buy rate lease money factor. You may not qualify for the owner loyalty program if your in-laws technically your Hyundais rather than you.

    Car_man
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  • Hi tasteckler. You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

    A $595 doc fee is outrageous. While registering your vehicle and getting your plates for you is a legitimate service that dealers deserve to be reimbursed for most dealers charge a doc fee that's around $100 to $200, not $595. I always advise consumers not to focus on all of the little fees that dealers try to charge on deals, but instead try to look at the big picture. You are trying to drive off in the car or truck that you want, paying the lease total amount of money possible. Look at the out-the-door price of the vehicle that you want, including all of the fees. If the total cost of your car at this dealer is less than or equivalent to what you would expect to have to pay for it elsewhere, it doesn't matter how the price breaks down.

    Car_man
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  • Hello everyone! Thank you ahead of time for any information that anyone can give regarding my first attempted lease:)

    Right now I'm considering leasing a 2007 Sonata from a dealership in the Pittsburgh area. After talking to the rep via email for a few days, I've received the following offer:

    2007 HYUNDAI SONATA LTD V6 w/ ULTIMATE PACKAGE

    $25,830 Manufacturers Suggested Retail Price
    $21,699 Internet Special (includes rebate / discount)
    -$2000 Downpayment
    $19,699 Remaining Principle

    Based on $19,699, 3 year / 15,000 mile lease would run 305 per month plus sales tax 7% plus lease tax 10% = $359 per month. Never heard of a lease tax before...evidently we are not the only county to have one.

    Do you guys think this is a good deal? I'm kinda clueless on this stuff. This guy was offering me a better rate than some of the other internet dealers I contacted. Is there a way to calculate based on the final negotiated MSRP, what a fair lease rate is for the vehicle?

    Please any advice or info you can offer will be greatly appreciated!

    Jim
  • bhmr59bhmr59 Posts: 1,601
    If you're willing to go to Denville, NJ (I don't know how far that is for you), you should be able to get the same car (I assumed you're also getting floor mats)for a "purchase" price of $20,538--$1161 less.

    I'm not up on leases either, but as I understand them, it all starts with the actual purchase price.
  • It needs to be a local dealer. NJ is just not convenient.

    According this this thread, the selling price of leased cars can be negotiated in a similar manner as buying it.

    Car man, I would definitely appreciate your opinion, as you really seem to know your stuff.

    Thanks

    Jim
  • Update to this quote. It looks like the dealer is much less willing to negotiate a lower MSRP if I'm leasing the car as opposed to buying.

    Does anyone have information on current leasing offers for the v6 Sonata 2007?
  • Carman, hopefully you have some time to look over some exhaustive figures I've obtained from a kindly salesperson (not to many via email these days)

    Let me know what you guys think!

    Matching the $21,699 selling price, after the rebate - discount, the lease
    breaks down as follows.

    $25,930 MSRP
    44% residual for 36 month lease with 15,000 miles
    $11,409.20 lease end value

    0.00222 money factor

    $21,699 selling price
    $595 Hyundai's lease acquisition fee
    $1,360.44 cash cap reduction "portion of the $2,000 used as down payment"

    $20,933.56 adjusted cap cost

    $336.37 base monthly payment before tax

    $2,000 due at delivery

    $370.01 payment including tax (35 remaining)

    --------------------------------------------------------------------------------- - --

    48 month lease 15,000 miles per year

    The differences are:

    35% residual
    $9,075.50 lease end value
    0.00243 money factor

    $319.57 base payment
    $351.53 payment including tax
  • corcor Posts: 27
    Hello Everyone,

    I'm looking into either leasing or purchasing a 2007 Sonata GLS (manual) w/Sport Pkg. I'm trying to figure out what I should pay; as I've never done a lease before and am trying to keep my payments as LOW as possible. I've seen on the Hyundai website that there is a 2000.xx rebate; which would come in handy as I'm trading in my 2003 MINI Cooper (with about 2.5k negative equity - purchased used in 2/06). I've priced the car online to 17745.xx after rebate but am totally in the dark about what to do. Any help/advice is GREATLY appreciated!!

    Thanks,
    -Cor
  • dsiro7dsiro7 Posts: 1
    Today I was quoted a lease on a 2007 Sonata gls with a selling price of $19,28O. The cost after manufacturer and dealer discount was $15,495. The price I was offered was $199 for 24 months with $2000 down and no tax, title and tags or security deposit. Is this a good deal or should I finance and buy. I'm a first time leaser and have no idea what I'm doing. Any help would be appreciated.
    Thanks, Denise
  • wmarkwwmarkw Posts: 5
    Is this Fitzmall of MD?

    They have an ad in my local paper for 1,499 + 149/mo on a $19,280 MSRP.
    I don't know how or if they really do this, but Sonatas do have good lease deals right now.
  • Hi Jim. Since you have never leased before you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    The selling price that you were quoted for this Sonata looks very attractive to me. It is probably equivalent to right around dealer invoice minus the $2,500 lease cash incentive that Hyundai is providing on the '07 Sonata right now. Just make sure that the dealer you are working with is using Hyundai Finance's current buy rate lease money factor of .00222 to calculate your car's monthly payment and you're in business.

    Car_man
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  • Hi Cor. Hyundai is currently providing $2,000 customer cash on the 2007 Sonata. Its cash incentive for leases is actually slightly higher than this, at $2,500. This cash will help you to negotiate an attractive capitalized cost for your lease. It sounds like you really aren't that familiar with how leasing works. If this is the case, you definitely should check out the following informative articles that are available here at Edmunds.com before visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Basically what you need to do is negotiate as low a selling price as possible on the car that you want, making sure to take advantage of the aforementioned cash incentive. Once you have a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using this car's buy rate lease money factor. You actually may want to consider going with an '07 Sonata with an automatic transmission instead of one that has a manual transmission. The GLS auto has a 39 month buy rate lease money factor of .00104 versus the stick's factor of .00222. The auto has a higher residual value as well.

    Car_man
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  • Greetings Denise. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Let's take a look at the specific deal that you were offered. A base 2007 Hyundai Sonata GLS with an automatic transmission has a spread of only $770 between its full MSRP and its dealer invoice price. Add to that the $2,500 lease cash that is available on this model and we have a total of $3,270 to play with. The selling price that you were quoted appears to be around $500 under invoice, which is a very good deal. You should double check that the dealer you are working with is using Hyundai Finance's buy rate lease money factor of .00104 to calculate your monthly payment, but this looks like a very attractive offer.

    If you decide that leasing is not for you and that you would rather finance this car, its selling price would be higher because you will not be able to take advantage of the $2,500 lease cash. You will however be able to use Hyundai's special financing rates of 0% for up to 3 years, 1.9% for 4 years, 2.9% for 5 years, or 4.9% for 6 years.

    Car_man
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