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Hyundai Sonata Lease Questions

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Comments

  • pegasus17pegasus17 Posts: 536
    edited May 2010
    As i posted in the buying thread, you have to shop around and be prepared to walk out if you feel like you're getting a bum deal. There are many decent car dealers out there (at least here in Ohio):
    "Actually, I leased the car because i am the type who cannot buy the new-model design of any vehicle. Sales price for the lease was 19900. Hyundai Motor Finance had promo lease rates of 60% residual and an extremely low money factor of .00048 for the GLS in April. My payment is $223/month and out-the-door was $305 (first payment and BMV fees of $82; sales tax of 6.5% included in the monthly payment). This deal wasn't that hard to get at the end of this month so i reiterate that shopping around is necessary. Deal included $500 military bonus from Hyundai (taxed, of course)...lease is 36 months, 36000 miles with a $400 disposition fee at the end."
  • spohiospohio Posts: 13
    Has anyone seen the lease details for May yet? I am looking at a 3yr, 12k/year lease on a 2011 Sonata Limited. What MF and residuals should I expect? Does Hyundai require security deposit? I think I have seen that $595 acquisition and $400 termination are normal?
  • spohiospohio Posts: 13
    apparently, they are unchanged from last month. here is the deal i received:

    36 month lease, 12k mi/yr of 2011 Sonata Limited
    $595 acquisition fee
    $400 disposition fee
    $250 doc fee
    58% residual
    .00095 MF
    msrp: $26,115
    selling price : $24,000
  • Hi all,

    I've never leased a car before so I am needing some help. Looking to lease a 2011 Sonata Limited. It has a sticker price of 26,200 and then they have some sort of "market adjustment" on it of $1500. Huh? LOL

    Anyways,,,,,here are the numbers they gave us:

    market factor; .00095

    Residual 57% or $14,934

    36 mo/45,000 mile lease

    $2400 down=$334.85/mo + 9% tax

    $0 down=$385.80/mo + 9% tax

    Can somebody please tell me if this is sounding correct or if this is sounding like they think they saw me coming?? My guts telling me this is wrong.

    Thanks,,,in advance , for your help.
  • spohiospohio Posts: 13
    that $1500 is basically the dealer saying he thinks he should be allowed to sell the car for more than the msrp. You are looking at a car identical the one i leased (see the post right before your original). They have you paying way too much for the vehicle. My lease came out to $315/mo and I only handed over $400 at signing (i did have the owner loyalty rebate, so it would be $900 at signing if you do not have that.

    Around here (Ohio), it is somewhat difficult to find a good selection of 2011 unless they are GLS model.... yet they still agreed to more than $2000 off the sticker price. i think you need to shop around and use the internet departments rather than walking in to the dealership. i read somewhere that most dealerships pay their internet sales people based mostly on volume and their showroom sales people based on how much profit they make on a vehicle.
  • shyamyshyamy Posts: 23
    edited May 2010
    Here is the figure i was quoted on a fully loaded 2011 Sonata Ltd with Navigation.
    36 month lease, 12k mi/yr
    msrp: $28,228
    selling price : $27,250
    downpayment(fees + 1st month payment) = $1,492.00
    58% residual
    .00095 MF
    Monthly pymnt: $367.92

    Can you pls advise if the deal looks a good one? or can I get a better one?
  • pegasus17pegasus17 Posts: 536
    edited May 2010
    REF: 190
    Definitely NOT a good deal. Limited sell price should be 1800 under MSRP for a decent deal. I have a few questions for you:
    1. are you sure of the msrp?
    2. why is the out-the-door cost of 1492 so high? you never want to put that much down on a lease. Shoot for first payment plus BMV fees ONLY.
    3. My calculation based on your data is 360.70 (pre-tax), not 367.92
    4. what is your tax rate in your state?
    5. Remember, it's early in the month and deals were better last week prior to 4/30.
    i will be on later to check your responses...

    make sure you check the other sonata forum for price and buying experiences. Some guys got your car for 26228, much lower than your 27250

    http://townhall-talk.edmunds.com/WebX/.ef040b2/7038
  • shyamyshyamy Posts: 23
    Pegasus,
    Thanks for the response. Answers inline

    1. are you sure of the msrp? -- Yes
    2. why is the out-the-door cost of 1492 so high? you never want to put that much down on a lease. Shoot for first payment plus BMV fees ONLY. -- The split was as follows: $595 acq fees.
    $347 first month payment and the remaining ~$500 some other fees.
    3. My calculation based on your data is 360.70 (pre-tax), not 367.92 -- there is a $8.50/month DE state charge
    4. what is your tax rate in your state? Not sure..I'll check it out and post.

    I'll check out another dealership nearby and see what their figures are.
  • pegasus17pegasus17 Posts: 536
    REF: 192
    My calculated pre-tax payment of 360.70 included the 595 acq fee in the capitalized cost of the lease. I recommend you find another dealer who is more willing to be straight and fair in the buying/leasing process. A guy on the other board says he is getting his LTD w/nav for 353/month including the NJ state tax and all fees. I am a bit skeptical but it is possible if he has an aggressive dealer.
  • dowzampdowzamp Posts: 9
    Just been offered the following and would be interested in others view:

    2011 Sonata Ltd
    36 month lease, 12k mi/yr
    msrp: $26,015
    selling price : $24,625
    doc fee: $595
    aquisition fee: $286
    Disposition fee: $600
    downpayment : 0
    58% residual
    .001395 MF (3.35apr)
    Monthly pymnt: $390 ish (including TN sales tax, 7%)

    I'm thinking that the MF is too high and whether any of teh "fees" are up for negotiation
  • shyamyshyamy Posts: 23
    The mf should be 0.00095
    They offered me the same mf for my lease and when I asked they said that its the 'average' anount of all customers. If you know you have a good credit, you can tell them to make it 0.00095.
  • dowzampdowzamp Posts: 9
    Thanks - that was my thinking as I've seen 0.00095 from other dealers. Any views on the selling price and the fees?
  • houdini33houdini33 Posts: 14
    In case it helps anyone, I recently leased a 2011 Sonata Ltd., red w/ camel interior. 15k/36mo lease. This is for Northern VA (although I actually ended up leasing the car from a dealer in Maryland, but had a few other local VA dealers offer to match my deal). I don't have all of the specifics in front of me, but all-in-all, here is what it came out to:

    - $1500 was paid out of pocket (this included 1st months payment).
    - 35 monthly payments of $278 (TOTAL)

    This includes all taxes, fees, etc. Not a penny more. I did not need to do much negotiating - I got internet quotes from several dealers. One dealer gave me an initial quote of $285/month with $1500 out of pocket, without any negotiating at all. I think the sale price was around 23k. Hope this helps someone!
  • shyamyshyamy Posts: 23
    Hi..
    Which dealer in Maryland did you get this deal from?
    I stay close by so can check them out..
  • houdini33houdini33 Posts: 14
    It was fitzmall in gaithersburg. Overall I had a great experience with them. I did not original intend to buy there, but they ended up being the first dealer to get the color combo I wanted, so they won the business.
  • czcon1czcon1 Posts: 34
    What is the current Money Factor & Residual % rate on a 2011 Sonata SE for 12K and 15K per year?
    Thanks
  • czcon1czcon1 Posts: 34
    This might be a dumb question but I thought your sales tax was included in your monthly payment, because I see other posts stating with there OTD price the sales tax.
  • jayriderjayrider Posts: 3,602
    You can choose to pay the sales tax up front or roll it into the lease. Leasing numbers should include tax, t&l, inception fees. Just make the 1st payment [unless it's waived] and drive away.
  • dowzampdowzamp Posts: 9
    edited May 2010
    Just to complete the circle I ended up with a 2011 Sonata Limited with the following terms:

    MSRP 26,250
    3 month, 12k PA
    Selling price: 23,900
    Doc fee: 399.50
    Due at signing: 0
    Aq fee: 595
    MF: 0.00095
    Residual: 58%
  • shinng1shinng1 Posts: 2
    THIS IS URGENT, WOULD APPRECIATE A RESPONSE ASAP!

    I've posted in the forums before as "shinng" under the Infiniti G37 forums, but don't remember my email (hopefully Edmunds can retrieve).

    I negotiated a lease for my brother just recently for a Hyundai Sonata GLS with Pop Package 2. The biggest concern for me is regarding the "no credit history" and the subsequent increase in MF and down payment required.

    Credit Score=700, but he's a 1st time buyer (21 yo full time student, part time worker). Their excuse is "no credit history". They required us to put a "deposit" of $500 on the credit card. We did not sign any papers and have not taken delivery.

    Please let me know if I should walk away and work with someone else:

    MSRP: $21800
    Selling price: $20595
    Residual: 60%
    MF: 0.00165 (was told he was originally rejected for lease qualification, but the dealer "talked to Hyundai Finance" and got my brother bumped to a "tier 4" credit.
    Cap cost = $+595 to the selling price
    Down payment=$2500 ($829 fees-title,tax,reg,doc + 1671 down payment due to lack of history)
    Sales tax= 9.75% (LA county)

    Monthly payment = approximately $255.32

    Need help with the following:

    -a 700 is good, but i believe the no credit history. I also believe that we have to make it up by adding a down payment. Makes sense to me. However, should the money factor be increase as well?

    -also, my brother has not taken delivery as it was supposed to arrive Monday, but still has not arrived. My parents went into the dealership thinking it would arrive, which it didn't, but cut out a check for $2500. They did not sign papers. Should I stop the check immediately?

    Very confused and I hope someone can help in this urgent request. Need to get advice by tomorrow at the latest!

    Regards,
    Nick
  • Hi czcon1. Hyundai Finance's May 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 .00087 and 57%, respectively.

    The residual value for a lease with only 12,000 miles per year would be 1% higher.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi Nick. Normally banks do not require any sort of down payment on leases, regardless of a person's credit history. Having said that, given the fact that your brother does not have full-time employment and has never leased a vehicle before I am not surprised in the least that he has to pay a fairly high money factor to lease.

    You mentioned that the car was supposed to arrive at the dealer on Monday. Is the dealer swapping for this car? If so, these things often take a few days longer than they were originally supposed to. I don't think that a few days difference is any reason to panic yet. Of course, if this situation drags on then that's another story. To me, the annoying part of this situation is that your parents went all the way to the dealership expecting the car to be there and it wasn't. Someone should have called them to let them know that they didn't have the car yet. Not doing so is terrible customer service.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • shinng1shinng1 Posts: 2
    Car_man,

    RE: down payment/high money factor, thanks for your opinion. I keep thinking I "could have" gotten a lower down payment and a lower money factor, but maybe it's just me being overly concerned?

    RE: customer service, again thanks. I did a lot of research and negotiating, but the "tier" threw me off as I had originally assumed tier 1 (0.00048 money factor). We made the mistake of submitting the application to Hyundai Finance without taking the "no credit history" into consideration. I just knew that I couldn't do better on the selling price. The car is supposed to be delivered on Tuesday (today). I'm thinking if it isn't, that's 2 extra days we've waited and I call it off and work with another. Too drastic?

    Nick
  • co_car_nutco_car_nut Posts: 5
    Been reading these posts the past few days, and really appreciate everyone's input.

    Here's the deal I've been offered, on a Limited w/Nav, mats, cable, regular color:

    MSRP - $28250
    Negotiated Price - $25,936
    Doc Fee - $595
    Dealer Fee - $599
    Depreciation - .58 (3 year; 12k/yr)
    Money Factor - .00095 (tier 1; exc credit)

    ZERO OUT OF POCKET/SIGN AND DRIVE = $362/mo (this is rolling in the $595, $599 and $820 taxes into the monthly cost).
    or
    $1200 OUT OF POCKET (pay the 'fees' upfront) = $329/mo

    What do you think? Is this good, or can I do better? This was over the phone negotiating, the better of 2 local dealers price, about 45 minutes with each.

    Appreciate your help and comments!
  • jayriderjayrider Posts: 3,602
    If you can get the zero down deal for that car on paper --- then I recommend you sign. Everything seems in order. Would be interested if there are any surprises when you show up. Seems too easy. Taxes are higher in Illinois and have to be paid up front. Local dealer has 36 mo---15k per --- $379 for Ltd no nav. He leases all he can get.
  • co_car_nutco_car_nut Posts: 5
    edited May 2010
    Jayrider,
    Thanks for your advice. I had a wholesale re-thing about what I was looking for, and ended up getting a GLS, with popular package #2, IPOD connector and mats.
    3 yr/15k lease. Delivered MSRP $21800. Here's what I got (not the lease sheet details, but the highlights):
    - $299 out-of-pocket
    - $276/mo which includes tax
    - $10235 total cost, over lease life

    I think I did O.K., but would appreciate others comments. Thanks!
  • jayriderjayrider Posts: 3,602
    Figure your lease payment without taxes and fees. If it comes close to 1% of the cars msrp you have a good deal. The gls is a great buy or lease.
  • czcon1czcon1 Posts: 34
    I got a 2011 Sonata SE with Nav and sunroof, auto dimming mirror with homelink, floor mats, wheel locks, ipod cable.
    MSRP $26350
    My Price $23795
    Doc Fee $75
    Acquisition Fee $595
    Reg & Inspection $200 (EST)
    NY Tire Fee $12.50
    Tax at 8%
    36 Months at 15K for $297 a month with $1000 down which included first month payment.
    I also got 58% residual with .00087 money factor.
  • gperrgperr Posts: 129
    Car_man,

    Can you please post the current Residual and MF for Lease of 2011 Sonata GLS and Ltd. for 24 & 36 months with 12k miles/year. Also any new Memorial day specials other than the current lease program?

    thanks

    gperr
  • I am in NY and Hyundai Arlington, VA quoted the following for a 2011 SE without navigation:

    36 month/12k year
    $23,465 MSRP
    $21,500 selling price
    $0 down
    $595 Acq fee
    59% residual
    .00087 money factor
    $386 NY license/title fee

    $289/month. He said that did not include NY tax, but I think that's wrong. My calculations show it does include NY tax.

    I tried to see if he'd go lower than $21,500 selling price. Is it possible or no?
This discussion has been closed.