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Hyundai Sonata Lease Questions

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Comments

  • th83th83 Posts: 164
    I think you're planning to lease the wrong car.

    The Sonata is a great buy with rebates and discounts, but it's not a great vehicle to lease for the same reasons. With all of the rebates and discounts, the car's resale value is lowered (and the higher the resale value, the lower the lease payments).

    If you must lease rather than buy, I'd suggest a Honda or Toyota.

    Right now, you can lease a loaded Accord V6 (a $28k vehicle) for at least $60 less per month than a Sonata Limited, with the same down payment.

    I leased my 2007 Accord EX-L V6 back in October. It's a 3 year lease and I put $2000 down and I pay only $280 per month with tax. However, my lease is 12,000 miles per year instead of 15,000/year. I'm not sure how much of a difference that makes in the payment amount, but it can't be much.
  • pjamesepjamese Posts: 15
    Does anybody know if they are still offering the .00104 MF on the Sonata and what the residual is?
  • jayessjayess Posts: 59
    Now I'm looking into leasing another Sonata, received a quote for a 2008 GLS w/basic package (01) for 24 months 12K miles at $438 down/$228 month, car has a residual of 58% and .00017 money factor.
    Also have a lease quote on a 2007 GLS w/premium pkg (02) w/same month-mileage-money factor and residual for $376 down/$243 month. The residual dollar difference on the '08 is $93 more but I'd be paying $293 less over the length of the lease...decisions decisions.
  • I'm currently thinking of trading in our 2005 pacifica to lease a sonata gls auto. we have around 1500 in trade equity. what do you think i would have to put up for a cash? I heard 1499 down and our trade equity should cover that? How is the tax figured in the trade as they are giving us 14000 on the pacifica? thanks!
  • pjamesepjamese Posts: 15
    Jayess- Are those pretax monthly payments and what part of the country are you in. thanks
  • jayessjayess Posts: 59
    pj- They're actually including tax. I'm in western PA, 7% sales tax and 10% lease. The down is essentially the 1st month plus tag/title. We have a plate to transfer, also a trade - haven't told them about either.

    carbuyer - the way it's done here is that the sales tax is on actual cash down - so if you were putting the $1499 in cash - sales tax on it. If you're applying your trade at the same value to the down, there wouldn't be any sales tax. Just keep an eye out to the residual value in the lease agreement, probably MSRP too and make certain that it is what was initially quoted to you if it was before you spoke of trade. You want to be certain that they don't look to make up the value of your trade elsewhere in the deal. oh and btw - the 1499/199 lease is on the GLS base model (01) and not the premium package (02) with the power seat, computer and trim.
  • I tried to negotiate on a 2008 sonata gls auto base today with fucillio in watertown ny. The sticker was 19,595 I offered 18,700. The sales man got mad & said fine I'll just give you wholesale for your trade! I then asked him if he was the only hyundai dealer in new york state he said no an I said good! Good bye! Look all I want to do is make a fair deal meet me halfway why catch an attitude? So I would appreciate anyone's help in finding a good deal on a sonata some where near Northern New York as fucillio's do not negotiate! Oh nice way to treat someone who just leased a car from them last june! Thanks
  • hskcarhskcar Posts: 1
    Good morning,

    I need some advice and guidance.

    Hudson County N.J. Sat 8/11 I began looking at a 24 month lease of a Sonata GLS...MSRP apx 18,300. I was told that this is a special program form the dealer..menaing the MSRP and residual are set and not negotiable. The deal is $1500 up front, 12,000 miles 24 month lease for $199.p/m + tax. ( I calculate it less than 220 p/m/when all is said and done)(Tax in NJ on lease is 7% of either the lease payments or the Capitalized costs). It seems like a good deal....what am I missing.

    Thank you

    Howard
  • Hi folks, I found fitzmall at http://www.fitzmall.com/ is offering 2008 Sonata GLS lease at 149 per month with 1499 down, is it a good offer? Thanks!
  • jayessjayess Posts: 59
    This is the current lease offer on the base model (01) i.e. without the premium package. We'd been looking at leasing the 2008, just made a deal last night on this car for $359.44 down and $183.74/mo including 10% lease tax. Of course we saved the trade for last minute, an 11 yr. old ford, and a previously good lease offer came down to this. There's a 58% residual and the MF was 0.00017.

    We also have an '07 GLS w/the premium package. The inset of the seats for the '08 have been redesigned from last year's model and it's as firm as with a lumbar, I've managed without a power seat for almost 40 years and no 'plastic' wood trim - these in the premium pkg. I'm very satisfied with the deal, as is my wife - even more important!! The car's pretty much identical to the 07 which we like. It's natural kakhi, a very classy color. :)
  • glp103glp103 Posts: 4
    Hi,

    I'm new to leasing, so how does this sound?

    Advantage Hyundai Hicksville NY

    $18,000.00 neg. price to start with.
    .ooo17 money factor.
    11,341.90 residual which I think equates to 60%
    $6658 depreciation value.
    If I did my math right the monthly payments should be $185.00 without tax for 36mo. Am I missing something and is this a good deal?

    Thanks Greg
  • glp103glp103 Posts: 4
    I forgot to mention in my post this is the 2008 Sonata GLS 4 cyl. base model. I am putting nothing down except the tax, tags, a $595 bank fee and 1st payment.
  • jayessjayess Posts: 59
    glp - yours is a 36 month lease ? our numbers are similar msrp, residual, money factor except that your payment - what is the tax rate ? - would seem to make your total cost to lease - or acquire if you choose to buy out the car at lease end - much greater that ours for the same vehicle.
  • glp103glp103 Posts: 4
    The tax is 8.65%. I have no intention of buying at the end of the lease so isn't a higher residual better for leasing?
    Yes I wanted a 36mo. lease.
  • jayessjayess Posts: 59
    Did you get 12K 15K miles/yr ?
  • hypodenhypoden Posts: 1
    I live in syracuse, we purchased our sonata in 2001 from them. Fuccillo in Syracuse claims not to be undersold. I would threaten Watertown with going to Syracuse or indeed go to Syracuse. It's always good to work one dealer against another.
  • glp103glp103 Posts: 4
    12k, I only drive 9000/yr.
  • Local dealer in Western NY state has this special. Wanted to know if it's for real or if I'll be wearing the "DUH" shirt.

    From the Hyundai website: Lease a 2008 Hyundai Sonata GLS A/T Base Option Package 01 for $199/month* for 24 months, $1,800 customer cash down plus $2,250 HMFC origination support, and $1,999 due at signing. See your local dealer for lease details. *The base monthly payment does not include tax, license, registration, options, and the like. This program is effective from September 11, 2007 through October 01, 2007

    My sales rep says that this would be my deal. I pay a total of $2500.00 up front. This includes all taxes and fees and the 1st month payment. 23 remaining payments of $169.00 per month. 24 month lease, 12,000 miles per year.

    Any assistance is appreciated.
  • Anyone?
  • duke16duke16 Posts: 36
    Only dealers charge so called "Cost Reductions",real true leases require no money down,maybe the 1st month
    payment & one more for security depending on your credit.These leases are through leasing companies,not car dealers.They can get any car you want at pricing below the car dealers.You can go to any dealer for service.One national lease co. is Enterprise Car Lease,the same co. thats the worlds largest car rental co.
  • Well , just to keep everyone informed we could not swing a deal for the hyundai sonata and ended up with a nissan altima 2008 2.5 SE 300.00 month for 36 months 12,500 per year.
  • Thanks for the update, carbuyer34. If you want to lease, you are definitely better off going with a Nissan Altima instead of a Hyundai Sonata. Nissan's lease program for the '08 Altima Sedan is very attractive, while Hyundai is not even providing lease support on the Sonata in most areas. Enjoy your new Altima :shades: and don't forget to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • nickerznickerz Posts: 3
    Are there any updates for the new '09 Sonata? I'm looking for the Residual and Money Factor so I can compute the monthly payment on a 24 month lease.
  • I am trying to lease a 2009 Hyundai Sonata GLS 4-cylinder 39/12 with AT and popular equipment pkg (02) I live in Nassau county, New York. I want to put all fees and taxes into the payment except first month and DMV. I also want dealer installed leather as the factory does not offer for this type of Sonata. fROM EXPERIENCE WHEREWILL I GET THE BEST DEAL AND PICK IT UP JUNE 30?

    ALSO EVERYONE NEEDS TO KNOW THAT MILLENIUM HYUNDAI IN HEMPSTEAD LONG ISLAND NEW YORK IS DISPICABLE AND TYPICAL BAIT AND SWITCH ARTISTS I KNOW FROM HAVING BEEN IN THE BUSINESS A FEW YEARS AGO WITH MB FOR MANY YEARS AND I KNOW MOST OF THE INS AND OUTS
  • backybacky Twin CitiesPosts: 18,937
    I asked a local dealer about lease deals on a '09 Sonata GLS I4 today, and what they told me was interesting. They said right now there are no lease specials on Sonatas, so the best they could do would be over $300 a month, for 36 months, with a good chunk of money down. I noted that a Genesis V6 can be leased for only $399/month. :confuse: Anyway, I was wondering if anyone has heard differently.

    (P.S. There don't seem to be many good lease deals out there at all right now. Subaru looks to have some decent programs e.g. on the Impreza, and I got a pretty decent if not great quote on a Milan, but I'm not seeing the lease specials like I used to.)
  • Hey backy. What you were told is correct. The only vehicle that Hyundai is providing lease support on right now is the new 2009 Genesis. If you want to lease any other Hyundai vehicle, you will have to do so through an independent bank. If you want to lease your next vehicle, then you probably don't want to get a Sonata.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • jeffcjeffc Posts: 16
    My lease on this car will be up in about 5 months. Car is in excellent shape and only has 21,000 miles on it ( my limit would be 39,000 under the lease agreement.)

    The residual is $9,027.

    2 of my kids are very interested in the car as they know I pampered it and took excellent care of it, plus it has low miles.

    Does Hyundai allow family members to buy the car or is the deal only for me? Due to my wife becoming disabled and financial issues, I do not think I will be purchasing the car at lease end ( it is killing me as i love the car and had originally planned on buying it).

    Will they do this? What about if they buy and I co-sign for them? Or do I have to buy and then sell it to them?
  • jayessjayess Posts: 59
    Since the car will not have to be added back to into their inventory, spiffed up and marketed, my guess is that Hyundai really doesn't care whose money they accept. Unless there's something to the contrary in your original documentation, it might be easiest to have whichever of your kids is the winning bidder write the check to Hyundai (or to you and you write one to Hyundai) and once you receive the title from HMFC, amble over to AAA and transfer it to them. You can always ask the dealer if they could handle it for you - they should be thrilled not to have to take the vehicle back.
    If you are inclined to negotiate the buyout price I'd be interested in how that goes, I have an '07 that comes due next May - a lifetime I know - that we're interested in buying out. Negotiating worked with Ford, in the end a few less dollars is better than a two year old car back into inventory, no ?
  • m6userm6user Posts: 3,181
    it might be easiest to have whichever of your kids is the winning bidder write the check to Hyundai (or to you and you write one to Hyundai) and once you receive the title from HMFC, amble over to AAA and transfer it to them.

    Be careful. Based on what state you live in, that could be a taxable event. I believe that any (and each) transfer of title in the state of illinois is a taxable event based on the value of the car. You wouldn't want to pay sales tax on the vehicle twice in short order unless the price is so great that it would be worth it. I'm sure there is some way to get around this but it just has to be done right. Maybe joint ownership at purchase and then a quit claim of some kind to remove parent from the title. I'm not a legal expert by any means. I'm sure that people have done this before and possible another forum on just leasing could be checked.
  • Just wondering if anyone has any info on the question about negotiating the residual. What kind of success has anyone had offering a lower residual to buy the car at lease end?
  • Entered into a lease over Labor Day weekend for a 09 Sonata GLS (base, no options) for 289 per month (39 months), including taxes and fees and 417 down payment (1st months + DMV fees)...

    Negotiated Price: 18888
    Total Payments: 11309
    Residual: 9939

    Have no prior lease or purchase experience...

    Was this a good deal or have i been "had?"
  • I have an 06 Sonata and the lease is finished on 4/17/2009. I have 8k mile overage (at I think .20/mile) and about $1500 in front and rear bumper damage. Payoff is 8400, but I don't want to buy. Should I turn it in and buy another vehicle outright, or trade-in for another vehicle? What's my best option?
  • bhmr59bhmr59 Posts: 1,601
    So, at your present mileage you'll have to pay about $3100 to hand the car back to them. Plus each additional mile will in the next 2 months will cost you about $.20.

    You're probably better off buying the car. Then wait a few months if you want to get a different car.

    Without knowing all your details of the lease, I hope you will think twice before leasing again.
  • wvgasguywvgasguy Posts: 1,405
    So you have two leased vehicles? Sounds like you didn't get the milage you needed on this one. You need to set your lease up closely to the use you plan for it.
  • jayessjayess Posts: 59
    According to your numbers, you're $3100 out of pocket plus a disposal fee - see your lease contract. Even if you don't want to keep the vehicle, you might want to fix the bumpers - probably for less than 1500 they're quoting and then sell it yourself. Even with all the rebates dealers are offering for new, this wonderful economy seems to be driving a market for newer used vehicles. And even though you don't mention which trim level, 06 is recent enough.
    FYI, Hyundai will absolutely not negotiate on the buyout figure, I tried. Twice actually, in PA HMFC can't sell direct to the consumer it has to go through the dealer. I checked with them they said no, asked them to check with Hyundai - nada. Then I called Hyundai the lease end disposal dept - nada as well.
    We have an leased 07 GLS w/the 02 pkg maturing on May 1. Has just shy of 30K miles, I like it and the gross out of pocket, total lease payments+residual is still pretty reasonable so we plan to buy it out.
  • samir1010samir1010 Posts: 13
    I've got a 2007 Hyundai Sonata GLS 4cyl that I leased for my wife and our lease is up in August and I can't figure out if I should keep it or not. My residual payoff is $10800. Its only got 22k miles on it as of now. By then I might have another 1k on it. What worries me is the low resale values on Hyundai so I don't want to pick it up and then get screwed later on if I try to sell it. But $10800 does seem like an ok price to me compared to what I'm seeing around in the market.

    Just wanted as many opinions as I can get? Is this a good buy or should I return it? Thanks
  • bhmr59bhmr59 Posts: 1,601
    The biggest depreciation hit has already occurred and you paid for it in the lease.

    If you like the car and it has less than 25,000 miles, look to see what else you could buy for that $10,800. Ask if the 10/100K warranty applies if you buy the car you have been leasing.
  • jayessjayess Posts: 59
    The 10/100K warranty applies to a (1st) lessee who buys out the vehicle at the end of the lease - see pg. 2 sec P of the warranty booklet 'For 2004 Models and Newer' . That was an important factor in our buying out the residual of our '07 earlie rthis month. With 40k or 4 yrs on the bumper/bumper and the 10/100k powertrane, to me your buyout seems like a reasonable value.
  • samir1010samir1010 Posts: 13
    Glad to hear that about the warranty. Did you try to negotiate the buyout price at the end of the lease?

    Thanks
  • jayessjayess Posts: 59
    I tried to negotiate the residual - more than once - to no avail, the buyout is firm. They'll tell you this when the lease-end calls from HMFC begin. I tried with several different CS reps and supervisors as well as the dealer where we had to do the buyout - I'm in PA which is one of the states where it can't be done directly through Hyundai. They'll all tell you the same thing, "Hyundai does not negotiate".
  • avalon2000avalon2000 Posts: 25
    Looking for residual & money factor for 2009 Sonata V6 Auto Ltd

    36 mo.
    15k
    sign & drive
    NYC metro area
    sales tax 8.375%

    Sticker: $29140
    Price: $22,400 +TTG

    Option Group 5 [incl. Nav]
    Bluetooth
    Cargo Mat
    Floor Mats
    Mud Guards
  • Hi avalon2000. Unfortunately, Hyundai is not providing lease support on the 2009 Sonata right now. That means if you really want to lease one, you will have to do so through an independent bank. Chances are that any lease through an independent bank will not be very attractive.

    If you really want a Sonata, you probably should either pay cash for it or finance it through Hyundai Finance at 4.39% for up to 5 years. Either way, this car is eligible for a $3,000 cash incentive.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Supposedly, Hyundai has a subsidized lease on the new 2011 sonata. Interested in a std 36mo, 12k/year with zero down...
  • hey CARMAN. Need some lease data (MF, residual %s, etc) please.
    Supposedly, Hyundai has a subsidized lease on the new 2011 sonata. Interested in a std 36mo, 12k/year with zero down...
  • pegasus17pegasus17 Posts: 536
    edited February 2010
    Still need SE data!
    I have some add'l info for 36mo/12k per year:
    GLS, 60%, .00048
    Limited, 58%, .00095

    where is CARMAN?
  • Looking to Lease a 2011 Limited in Northwestern Ohio. Anyone have a dealer to recommend? This will be our first time leasing and we have a 2004 Accord that we own. We'd rather not sell the Accord on our own. Would dealers buy our Accord (write us a check) if at the same time we lease a new vehicle? Or will dealers require us to use the Accord to reduce the cap cost? Any other suggestions on how to go from owning to leasing? Thanks.
  • Pegasus17, here is the information that you're looking for. Hyundai Motors Finance's current 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 .00048 and 60%, respectively.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi tweety6583. You absolutely can trade in your current Accord when you lease a new vehicle. I always advise consumers to keep the two transactions, their trade and their new lease, separate. Have the dealer tell appraise your Accord. If you are OK with what they are willing to give you for it, have them cut you a check for it rather than using the proceeds as a down payment for your lease. I always advise consumers not to make large down payments on leases vehicles. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • russ67russ67 Posts: 6
    Hi, Car man

    Can you briefly explain the lease math to me? I think I understand financing is only for the difference between sale price and residual value, but does one pay sales tax for the entire sales price of the vehicle? And what exactly is the purpose of the money factor? I was quoted a note of $429 for a 36 month lease on a 2011 Sonata limited with 500 down and 15k miles per year. This seems higher than some examples I've heard, and I am trying to figure out why. The sales price was 24990, with a 57% residual. What do you think?

    Thanks,
    Russell
  • pegasus17pegasus17 Posts: 536
    edited March 2010
    REF: 151
    Please consider educating yourself on the leasing process before you go back to a dealer. It isn't difficult once you understand the pieces of the puzzle. If you can do algebra or a simple spreadsheet, you can understand the lease calculations. check out this site for leasing 101:
    http://www.leaseguide.com/lease07.htm

    carman:
    According to my dealer source, March lease rates are the same as Feb 2010:
    GLS 60% .00048
    Ltd 58% .00095
    Both for the standard 36 month, 12k per year lease with 595 acq fee (and
    $400 disposition fee)
    Please confirm or revise.
This discussion has been closed.