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Hyundai Sonata Lease Questions

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  • Carman are the below numbers correct?

    GLS 60% .00048
    Ltd 58% .00095

    Also what are the rates for the SE?

    Thank you,

    Tommy
  • Hi Russell. Since you are new to 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.

    How sales tax is calculated on leased vehicles varies from state to state. If you let me know what state you are in, I may be able to point you in the right direction.

    Car_man
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  • Hi pegasus17. The numbers that you mentioned are correct.

    Car_man
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  • Hello Tommy . The money factors that you mentioned are right on the money.

    Hyundai Finance's current buy rate lease money factor for the 2011 Sonata SE is .00087.

    Car_man
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  • capplacappla Posts: 29
    Anyone lease a 2011 Sonata - please share your lease deals.
  • capplacappla Posts: 29
    Car_man - do you have the lease detail for all 3 2011 Sonata models for 15K per year?
  • pegasus17pegasus17 Posts: 536
    REF: 158
    Read earlier posts starting at #147. Lease terms for March 2010 are the same as Feb 2010. Residual values for 15k miles/year are typically 2% less then the 12k miles/year number. Money factors are the same for 12k/15k BUT do vary by model (GLS, SE, LTD).
  • capplacappla Posts: 29
    Thanks - do you or anyone else have residual percentage on the 2011 Sonata SE for 12K and 15K?
  • By 'valid', I mean one where a dealer would make enough money to cover costs associated with making the deal - turn a profit. Another assumption is that my credit score approves me for base rate.

    2011 Sonata Limited (base, no options):

    MSRP: 25,295 (inc. freight)
    Invoice: 24,368 (inc. freight)
    Residual: 60% (58% + .02% for only 10k/mile usage)
    Base Rate: 0.00095
    Down: $0
    Net Cap: 24,868
    Residual: 15,177
    Amt Financed: 9,691
    Depr Fee: 269.19
    Fin Fee: 38.04
    Total Fee: 307.24 (w/o tax)

    Also, what's the chance of arguing a dealer out of misc fees like acquistion and disposition fees?

    What kind of subsidizing does Hyundai provide to its dealers (ie: hold-back?) I believe I saw somewhere that Hyundai's typical holdback is 2% of invoice?

    What parts of an auto purchase does a saleman have the best margins / make the most money? What about a dealer (the 'boss')?

    Thanks ;)
  • Hi cappla. Here's the information that you're looking for. 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 .00048 and 57%, respectively.

    The numbers for an otherwise identical lease of a 2011 Sonata Limited are .00095 and 58%.

    The numbers for a 36 / 15 lease of a 2011 Sonata SE are .00087 and 57%.

    Car_man
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  • yoonnyyoonny Posts: 33
    Your MSRP appears to be off. It's $25,495 + $720 + $135 (if floor mats/iPod cable included) = $26,350.

    Hyundai's holdback is base invoice * 2% or approx. $480.
    Hyundai is giving dealers $1,000 incentive which is not published.

    I would negotiate the price @ $23,600 or so, which already gives the dealer reasonable profit. If a dealer meets certain goals and gets good survey, Hyundai throws them more money so don't be fooled when a salesman says "I am losing money on this deal". It's almost always never true.

    Monthly lease payment for Limited w/o Nav should come around $300, tax included. If you roll acquisition fee ($595) and other fees into the payments then little higher.
  • That's very helpful voonny - thanks.
  • capplacappla Posts: 29
    Thank you Car_man!

    Do Hyundai's residuals change with the addition of the navigation system?

    Also, can you confirm that there is a $1,000 manufacturer to dealer incentive on the 2011 Sonata?
  • You're very welcome, cappla. The addition of navigation has no impact on the Sonata's lease program.

    I haven't heard about any dealer cash incentives on the '11 Sonata. Where did you see that?

    Car_man
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  • capplacappla Posts: 29
    Hi Car_man,

    There was a mention in post 164 regarding the dealer cash incentives.

    I've also seen this stated on multiple posts on http://www.hyundai-forums.com.

    (http://www.hyundai-forums.com/index.php?showtopic=46896&st=0&p=310473&#entry310- 473)

    &

    (http://www.hyundai-forums.com/t46694-new-incentives-for-april.htm)
  • yoonnyyoonny Posts: 33
    Correction:
    My MSRP was for pearl white color which added $200. So for non-pearl white cars, your MSRP is correct. So you may want to negotiate purchase price of around $23,400.

    11 Sonata has by far one of the most attractive lease deals right now. High residual value and low money factor makes it one outstanding buy.
  • doc_vdoc_v Posts: 11
    Hello Car_man,

    Thanks for all the great info however, I have a question. You stated that, "The numbers for a 36 / 15 lease of a 2011 Sonata SE are .00087 and 57%." According to Rick [ the finance manager at Cammisa Hyundai in Burlingame, CA] the numbers are actually .00127 and 59% respectively. Is he trying to pull a fast one on me or is it possible your numbers are incorrect? Also, according to him, the Costco membership "no haggle" price is $500 over invoice; I'd read somewhere, [not sure if it's was here] it was $100. Can you confirm which it is?

    Thanks!
  • doc_vdoc_v Posts: 11
    edited April 2010
    Update: I spoke with Randy Hall, of Jim Doten Hyundai in Richmond, CA and he quoted me, over the phone, a money value that concurred with your original statement if .00087% on the 2011 Hyundai SE. He also quoted a 59% residual value based on a 36 month / 12k annual mile lease. Not to mention his quote was cheaper than Cammisa by a difference of $500 down and $50 *less* per month; or a total of $2300 less over the term of the lease. Supposedly, both quotes were based on Costco "no haggle pricing" for a 2011 Sonata SE with ipod cable, floor mats, wheel locks and the Homelink / self dimming rear view mirrors package. [Or at least Cammisa claimed their price was based on Costco pricing. ...Clearly they were being less that truthful with me.] Cammisa also tried to convince me their price included a *standard* $500 regional factory advertising fee that, "all dealers charged"? ...What the? Has anyone else ever heard of this? It was sure news to me.

    I suppose the moral of the story is, even when someone "claims" to be offering you a "no haggle" price, it pays to shop around.

    On a side note, Randy from Jim Doten Hyundai was also very forthcoming about his inventory and informed me he had 4 SE models scheduled for delivery by the 20th where as Cammisa made it sound like it was a mystery when they'd be receiving any more SE's.

    I also paid a visit to San Leandro Hyundai and the rep there claimed the SE would *not even be released for another 6 months*! Not to mention both of their sales reps I spoke with knew *less* about the car than I had learned from the Hyundai web site. One tried to convince me the options offered in the brochure were incorrect. They were however more than eager to sell me the Sonata Limited they had sitting on the showroom floor.

    It's safe to say which dealership will be getting my business.
  • Besides www.edmunds.com & www.carsdirect.com, try the newest, www.truecar.com. Doesn't have lease info, but good for setting your basis selling price, with all options & incentives calculated.
  • Hi cappla. I'm pretty familiar with Hyundai's incentives and I don't recall ever seeing any mention of dealer cash on the Sonata. The people who mentioned it may have been mistaken.

    Car_man
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  • Hey Doc. The money factor and residual value that I mentioned earlier were definitely right. You were smart to shop around. I'm glad that you seem to have found a dealer who is willing to be straightforward with you.

    Good luck in finalizing your deal and make sure to let us all know how everything turns out.

    Car_man
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  • midas69midas69 Posts: 118
    Hi cappla. I'm pretty familiar with Hyundai's incentives and I don't recall ever seeing any mention of dealer cash on the Sonata. The people who mentioned it may have been mistaken.

    The quote I received via the Hyundai Associate Purchase Program specifically listed the dealer cash. We've also had a dealer posting on another forum that mentioned the dealer cash. It's real and explains how people have been getting prices over $1000 below invoice.
  • Leasing Costs: Once I have negotiated the purchase price of the car, what is the true cost of incurred by the dealer for leasing that car? Are the acquisition and disposition fees requested by the dealer the actual amount charged by HMA to the dealer, or just a $ they recommend the dealer charge and the dealer actually pays something less (or nothing at all)?

    Lease Wiggle: If HMA provides 15k and 12k mileage lease options, is there a way for a dealer to setup a 10k mileage (or less) lease deal? Are the least options set by HMA hard and fast, or can they negotiate and setup unique ones? I don't drive my car that much (i have 26k miles on my current lease after 39 months) and I don't want to pay for miles I won't use.
  • capplacappla Posts: 29
    Check truecar.com - using zip code 23219 for Richmond, VA & 30301 for Atlanta, GA.
  • What are the options available to dealers with setting down payments during lease agreements? What determines how low of an amount they are willing accept?

    Also, what kind of options are available for rolling lease fees (like acquistion and disposal) into the financed amount?
  • pegasus17pegasus17 Posts: 536
    REF: 178
    It's mostly all negotiable. I would exclude the $400 disposition fee from the lease as you can get that waived if you lease another Hyundai at lease end. FWIW, it makes little sense to make a large down payment on ANY lease.
  • Hello everybody
    Can you tell me if $300/month with $1500 down ( $595 Assignment fee + $300 Registration + $299 Doc fee + 1st month payment ) for a Sonata SE w/ Nav + ECM w/Homelink & Compass + Mats & Net is a good price.
    Thank you.
  • capplacappla Posts: 29
    What is the purchase price of the car? How many miles is this for and what is the money factor and residual stated by the dealer? Did you verify the dealers calculations on your own with the money factor and residual values shown in these posts? You can use http://www.leaseguide.com/calc.htm to verify.
  • The lease is for 15k, the money factor .00087, the residual 58%. The purchase price is $24,264 and the msrp $26,410. I see a diference in the residual from 57% to 58%.
  • capplacappla Posts: 29
    The residual of 58% and money factor of .00087 are what dealers have been quoting on the SE so that appears accurate.

    Probably still need a little more information to determine if the $300 payment and $1500 up front is inline with what you would expect based up on the MSRP and purchase price provided.

    Another good calculator you can use is http://theautoleasecalculator.com/.
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