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Hyundai Sonata Lease Questions

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Comments

  • REF: 358
    1. i don't live in a big market
    2. I use this guy as a metric for discount from msrp
    http://www.bobpoynterchrysler.com/sonota.aspx
    3. Turbo is 1000 off msrp while Limited is over 2000 off MSRP; matters big time in a lease
    4. I leased a bare bones GLS w/ PEP2 last May for 240/month with $300 down
  • REF: 357
    1. I also live in Ohio where doc fees are a maximum set by law, not a minimum. That said, most dealers will say it's mandatory when it is not - just pure profit for them.
    Check out this link for the details:
    "Q21: How much can a seller entering into a retail installment contract charge a customer for the preparation of documents?
    A21: On June 30, 2006, an amendment to section 1317.07 of the Revised Code, which governs retail installment contracts, took effect.
    That section now provides that a seller entering into a retail installment contract can charge a fee of up to two hundred fifty dollars ($250) for preparation of documents related to the sale. Previously, the maximum fee that could be charged for document preparation was one hundred dollars.
    As a result of the amendment, motor vehicle dealers selling motor vehicles to customers under retail installment contracts can charge the customer this two hundred fifty dollar document preparation fee in addition to other fees associated with the sale of the vehicle (taxes, registration fees, etc.). It is important to note that the dealership is not required to charge the document preparation fee.
    The Department of Public Safety, Bureau of Motor Vehicles did not play any role in the adoption of the amendment to section 1317.07, and receives no portion of the document preparation fee. Instead, the fee is retained by the motor vehicle dealer."
    source: http://bmv.ohio.gov/dealer_licensing/dealer-faq.htm#A21

    2. If it was me, I would go for the turbo but try to get the monthly down a few bucks per month. Without knowing what the $910 additional fees are, what are you really paying?

    3. MSRP data should be taken from the window sticker BEFORE any dealer add-ons. HMF does NOT allow dealer-installed options to be residualized as part of a lease.

    Good LUCK.
  • I have not posted here previously but I wanted to share our leasing experience and thank all the contributors on the site for the excellent information. We had not leased before so I needed to do my research before heading to the dealerships. After seeing the new Sonatas on the road and reading about them we decided that was probably the best value for the dollar we would find in a decent-looking new car. We considered buying a used car but didn't want to part with our cash.
    Yesterday we leased a new Sonata GLS with the PEP for $219 inc. tax and nothing down. And i do mean NOTHING. They are even making the first payment, so we will only have 35 payments on the lease. The car really handles well and while I am giving up a few items I've come to enjoy - like heated seats, this is a beautiful, safe vehicle. For a base model it is very well equipped. It also has the mudguards and carpeted floor mats included.
    MF - .00047
    RV - 59%
    MSRP $21,850
    FINAL Price $18,800
    We bought a 2010 Subaru Outback Limited last year and really love that car. This is a great addition to the family garage and now the 16 y/o gets the 2003 Accord.
  • gr81gr81 Posts: 5
    Here is where I ended up - I am going today, did I get a good deal?

    2011 Sonata Limited Turbo

    36 month lease: $326/mo.
    $0 due at signing
    Vehicle Cost: $25220 Additional Fees: $730.56 Acquisition Fee $595, Titling Fees $65 Additional Doc Fees - tried hard to get them out but each dealer insisted, this one just lowered them.
    Residual Value: 59%
    Money Factor: .00068
  • gforce11gforce11 Posts: 225
    1. Sorry hear that. I think competition would make your sale price at least 10% off the MSRP.
    2. I don't think using a dealership's offered online price is a good metric. I would recommend using something like TrueCar.com
    3. In my area, the Turbo goes for 10% off MSRP and 11% for the non-turbo. And yes, $1000 makes a difference for sure. I've been leasing cars for over nine years.
    4. Congrats on the ride. May rates on the GLS were very attractive and your payments seem to reflect that. Good stuff.
  • gforce11gforce11 Posts: 225
    gr81,
    how many miles are you getting on this lease? what's your sales tax?
    I think you got an awesome sale price, assuming your MSRP is nearly $30k.
    The fees are a bit high though. What are those "additional fees"? I would have to dealer break it down to see if any of them are bogus, just to be one the safe side.
  • gr81gr81 Posts: 5
    12,000 Miles 6.5% sales tax so base rate without tax is 306.11

    I have to say this forum has been great in helping me through this process, thank y ou all.

    I will take your advice on the additional fees.
  • REF: 365
    Are you sure the add'l fees aren't the sales tax?
    Otherwise, you need them gone or walk out and see what happens!
    Know what you are paying for OR don't do the deal.
    It's just a car to them...
  • Hi all. First, this forum has a lot of useful information. Wanted to run this by everyone out there to get some feedback:

    Over a few emails with a dealer here in Columbus, OH I was given the following offer...
    .00068 MF & 58% residual for a 2011 Sonata SE. $0 down for $285/month. He said about $30 more/month for a turbo. When I asked the invoice price being used to calculate that payment he quoted me the MSRP.

    Upon asking the salesmen if that includes tax(6.75%) & fees he said it does. Obviously I don't know what fees they're charging yet as this is the only communication with the dealer I've had (haven't even gone for a test drive yet).

    I'm assuming once I go in and test drive and see the lease worksheet I can get a better deal. And with multiple Hyundai dealerships here, I plan to visit/talk to all and use this to my advantage.

    Any feedback would be very much appreciated. Thanks a lot.
  • gotemallgotemall Posts: 4
    edited November 2010
    I guess depending on the state your in, the MF and RV will be different. As after reading a couple of posts they seem to be a couple of different MV and RV. I actually got a qutoe for an SE Turbo, 36months 15k, and the MF is supposed to be .00068 and the RV for 15k, is 60%

    This is what I got in NY, any one else can confirm this?

    I saw someone else post that it was 61% for the limited turbo, in NY?

    Thanks
  • I am new to leasing and I went to the Hyundai Dealership today in Brooklyn, NY. I really think they're trying to trick me, asking me how much I want to pay per month and saying how cap cost don't matter. They gave me a deal for 219/Month for 36 months, 12K, with 0 down. So I just have to pay 1st month, bank fee, dmv, etc. Is that a good deal? Also do it matter what the cap cost is if I plan on getting rid of it after the lease terms?
  • gotemallgotemall Posts: 4
    edited November 2010
    Hey anyone out there want to recommend a good dealer close to the NYC metro area, or close to NYC (NJ or CT).

    I just walked into a dealership in ny, and they had a Sonata Turbo, That I was ready to buy. I got a decent amount on my trade untill we got to the lease for the Sonata Turbo.
    They were trying to sell me the car at Full MSRP, and I was like hey I'm ready to buy a car im here with money, and they refused to take a penny off. The manager said he rather not sell the car to me.
    He said he would not take a penny off the car because he said it is a "limited production car", I corrected him and said Limited avilablity at this time, then yes perhaps, "limited production" I think not, this isn't a 911 GT3 Porsche that we are talking about here, that there are only 300 getting produced or something, then it would be considered "Limited production"

    He basacially went on to say that even though he could sell me the car at a lower price and still make money he refused to because he said he could sell it to someone else at MSRP. I'm thinking WTF, its the end of the month I'm ready willing and able to buy, and he is basically telling me " that 2 birds in the bush are worth better then 1 in your hand".

    What worse about all this is that if you go to truecar.com, that dealership come up as a dealership this is willling to take money of the car and sell that turbo, at a lesser price, right on the truecar website. When I showed him the paper that I printed showing there agreed on price, he said no it was not vaild because this is a once again "limited production" car.

    So if anyone has any recommendation of where to go, please let me know one way or another, thanks
  • I went to plaza hyundai in brooklyn. It has decent ratings on dealerrater.com. The experience is not that good though. They wanted to work out a price first before I even test drive the car. What is the point of that? The best ratings I seen is Maxon Hyundai in New Jersey which isnt far at all from NYC area.
  • Hey bmwnewbie530i. Hyundai Finance's November buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata Limited with 12,000 miles per year are .00068 and 57%.

    The numbers for an otherwise identical lease of an '11 Sonata SE are .00068 and 58%.

    Both of these trim levels are available with the turbo engine.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • bhmr59bhmr59 Posts: 1,601
    edited November 2010
    Contact Towne Hyundai in Denville, NJ. We got a great deal in 2007 on a Sonata SE...list $22080, purchase $16,651 plus dealer fee, reg & taxes. Total OTD was $18,189.

    They used to post their discount but no longer do, so I can't say how good their deals are now. That's too bad as I helped refer a few sales to them. (I'm 100 miles away in CT but the trip was well worth it.)

    Of course the discounts on the 2011 Sonata aren't what they were in February, 2007.
  • Looking to get into a Limited turbo, in Southern California. I am looking to put 0 down or the least amout possible. This would be my first lease. Any recommended dealerships in the LA area?
  • Hi Car_man,

    Any updates for the money factor and residual value for the Sonata SE & Sonata SE 2.0T for the month of December?

    Thanks a lot.
  • silvexsilvex Posts: 9
    edited December 2010
    hello everyone,

    i was just quoted $247/mo with 0 down and 1660 due at signing for tax and fees for 36 months. this is for the Hyundai Sonata SE turbo.

    am i getting a good deal?

    the dealer says it is based on residual value of 61%
  • Silvex,

    In order to really know how good of a deal you're getting you need to know the sale price of the car, what fees you're being charged, and the money factor being used to calculate your payment (as you already know the residual). Ask for a lease worksheet, this should include all of that information. Don't forget to ask about a disposition fee too. I'm also looking to lease the SE turbo as soon as I sell my car and these are all things I'm taking into consideration.

    Here's a good article on how to calculate your own lease payments:

    http://www.edmunds.com/advice/leasing/articles/48365/article.html

    http://www.truecar.com/index.html will help you know how good of a sale price you're getting.

    Hope this helps.
  • Hi car_guy11. Hyundai's December lease program for the Sonata is exactly the same as it was in November.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Good evening all. I had a lease question that I hope someone can answer. I met with a finance guy at a dealership tonight and as we were going over some numbers he was trying to demonstrate to me that a higher selling price for a car can actually result in a lower lease payment. He put the selling price into his computer at $1000 more than we had discussed, and then entered what he explained was a tax credit that dealerships have an opportunity to use. The result was a monthly payment about $4 less than when the selling price was lower.

    I'm a bit wary about this because I have never heard of such a tax credit. I learned through this process that because of how Illinois charges taxes on leases, the payment is generally higher than in most other states. I don't really care how he works the numbers out, I just don't want to end up owing more on taxes at some point during the lease. Does anyone know anything about such a tax credit being available? If so, is this a legit thing? Thanks in advance to anyone who has the information.
  • I want to lease a 2011 Hyundai Sonata Limited 2.0T fully loaded within the next couple of days. I've totaled it on HyundaiUSA.com and it came out to $30,195. The dealer said he would come down to $26,795. Does the price need to be higher or lower for a lower monthly payment? Their current promotion says you can lease a 2011 Sonata for 199/mo. for 36 months with $2,399 due at signing. I only want it for 24 months with $2,000 down. Or would 36 months be better? Any body have any idea what the lease rate or the insurance would be?
  • I want to get the Limited 2.0T. The MSRP is $30,195 with dealer offering $26,795. Which would get me a better lease? What are cap costs? And is there anything I should know/research before heading to the dealer?
  • Just picked up my new Sonata SE 2.0T and wanted to share the details on the forum. I got it with Sunroof/NAV, carpeted floor mats and ipod cable. For lease comparison purposes, the total MSRP was $27,600.

    My 36 month lease / 12k miles per years is $279.01 (inclusive of 8.625% NY sales tax). Total out-of-pocket cash was $1,435.81 which consisted of $595 bank acquisition fee, $279.01 first month payment, and $82.50 in DMV fees. The remaining $479 was dealer profit in my opinion.

    For those who are still wondering, according to the dealer, the residual on the SE 2.0T is now 61%. I think car_man hasn't provided a definitive residual for the Turbo models yet.
  • So... do you think $26,795 is a good deal on a Limited 2.0T? Here in AL, our sales tax is 8%... so it might be around the same price per month. I am wanting to get down to $225/mo. Think it's possible with only $2,000 down or less?
  • At the same dealership, I could have gotten the Limited 2.0T with NAV and carpeted floor mats for about $299 per month (inclusive of NY sales tax) with about $1,500 out-of-pocket. For comparison purposes, the MSRP on the Limited 2.0T was $30,000 even. By the way, the cap cost on both the SE 2.0T and the Limited 2.0T was between $1,500 and $1,900 below invoice. I assume that is some combination of the $1,000 dealer incentive and about $500-$900 in additional dealer holdbacks.
  • gr81gr81 Posts: 5
    At the end of November I got a 2011 Hyundai Sonata Limited Turbo no navi for $296 per month (including tax) Ohio

    0 Due at Signing

    Vehicle Cost 25,957
    Total Fees 1,600 (approx)

    Credits
    1,000 Trade In
    600 Dealer Paid

    Not sure how great a deal I got but I felt pretty good about it
  • 36mo./15k per year

    MSRP: $20,945.00
    Cap w/o Lease Acq. Fee: $21,316.68
    Lease Acq. Fee: $595.00
    Gross Cap: $21,911.68
    Cap Reduction $2,906.04
    Net Cap Cost after Reduction: $19,005.64
    MF: 0.00048
    Residual: 61.41%
    DMV Fee: $285.00
    Taxes: $687.05

    Depreciation Exp: $170.66
    Finance Expense: $15.30

    Mo. Payment $185.96

    * Paid DMV Fees & Taxes Upfront

    The 21,911 gross cap scared me at first, but I realized what a tiny MF I am paying and it is all solid. Got this deal on GLS Pop Package in late march of 2010. Sales manager said I was his nephew to qualify me. No Joke. The obvious problem with the way the #s were doctored is that my cap cost is above msrp and as a result i will always be upside down. Makes buyout a stone cold no no. Shame ... 2011 Elantra LTD is super sexy.

    If I didnt get as great of a deal as I think ... let me know. Btw ... leased at Nemet Hyundai in Jamaica, Queens.
  • cmcduffiecmcduffie Posts: 3
    edited December 2010
    are your money factor & residual from march 2010...or dec?

    looking for mf & residual on limited w/nav for dec 2010 (i'm in Wash dc area if that matters)

    thanks
  • Hi cmcduffie. Hyundai Finance's December buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata Limited with 15,000 miles per year are .00068 and 56%, respectively.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • thanks, that's just what i needed! this is the only site where i received a prompt and relevent response. I really appreciate it! :D
  • I have never leased a vehicle and was wondering if the current $199/month deal they are offering on the GLS is decent deal.
    Are others doing better leasing? should I stick to buying?need advice on the lease....
  • For those who have leased from Hyundai. What has your lease return experiences been? What about excess wear charges?
  • driver5211driver5211 Posts: 3
    edited December 2010
    I was at a dealership last night and was quoted at $390 for a Sonata SE Turbo with Nav. on a 36 month / 12,000 mile lease. With tier 1 credit and $1500 out of pocket. I dont understand how it can be so high when it seem like most people here are at around $300.

    The MSRP was 27,495, I believe we had agreed at around 26,400 for the car.

    Any suggestions?
  • I picked up my Sonata SE Turbo with NAV, carpeted floor mats, and ipod cable on December 11th for $279.01 (tax included) and just under $1,500 out of pocket. $390 is ridiculous as even the Limited Turbo with NAV can be had for around $300 per month with $1,500 out of pocket.
  • Interested in a Limited Sonata where the dealer lowered the pricefrom $26k to $24k but I became very surprised at the $4,597.26 down payment for the lease for 12k mile & $241 monthly payments for 3 year lease.

    I did catch the additional items from the "speedy gonzalez" salesman.....
    57% residual
    $595 Cap Cost
    $23,956 Cash Cap

    Let me know ASAP if I need to take my business elsewhere or demand additional changes as this is a christmas gift.

    Thanks a bunch
  • Hi,

    I got a quote for Sonata GLS with Popular Package 2 (that is, without navigation).
    36 Months / 12K per year lease. Monthly payment 240.84 including tax with zero down and only the first month's payment out the door. The agreed price was 2,000 below invoice, which is 18912.00 (MSRP 21815.00). The residual is 59% and the money factor is 0.00047, and I was told that this will remain at least until Jan 3, 2011.

    One question I have is, in Maryland, do you pay the tax for the entire purchase price, even for leasing?
    Or, does the 6% tax only apply to the amount I will pay over the lease term?
  • I was hoping to lease a 2011 Sonata SE 2.4L w/ Nav package but it's been difficult to schedule time to sit down with a dealer. Now I may have to leave town and may not get a deal signed before the end of the 3rd, when supposedly the holiday deals end.

    So, if I can't get a deal done tomorrow, what deals/negotiating power will I be losing...just the $500 HMotor Financing cash?

    Is the dealer allowed to hold a current offer until the end of the week? Thanks.

    It looks like here in SoCal SE's with that package aren't in abundance. Most dealers have between 0 and 2 of them, with silver/gray and black/black being the easiest to find. What would it cost my nearby dealer (or cost me) to put me in a color that's at another store, maybe 10-30 miles away or so?

    Thanks.
  • Current 1/2011 rates (MF & Residual)

    2011 2.0T Sonata Limited/w Nav.

    36 months

    12K miles/yr.

    Thank you

    NE FL area
  • Car_man,

    Do you have information on Hyundai's post holiday pricing? Such as incentives, etc.

    Also looking for the Money Factor & Residual Value for both the SE and SE Turbo models.

    36 months/12K miles and 36 months/15K miles.

    Thanks a lot. This forum has been very helpful. I hope to lease soon.
  • I live in rochester, ny, but I have a deal that allows me to get a discount on cars at certain authorized dealerships. the closest one that i would deal with is in NJ. I asked them for the price of a Sonata SE Turbo with nav and sunroof, no money down. I let me know up front that I know the residuals are high and the money factor should be great. He quoted me 321/month for 36-month 36,000 mile lease with not a dime out of pocket. What do you guys think?
  • Thanks for the info bmwnewbie530i. I'm trying with a different dealership in the coming week. Hopefully I will get a more reasonable quote. It was hard to take the salesman and his manager seriously at $390. My numbers should come out similar to yours. The SE I drove had the same options.

    What was your cap cost, MF?

    with 61% residual?

    Thanks again.
  • joe02joe02 Posts: 19
    I'm in FL and working on a deal for a 2011 Sonata Limited Turbo with No Nav. Does anyone have the Residuals and Money Factor for Jan?

    Here are what I've got so far for my sales price and fees.
    MSRP $27,865.00
    Sales Price $24,150
    Fees: ~$780
    Jan MF ???
    Jan Resid ???

    With the Dec 2010 MF and Resid my numbers are:
    $314.75/mo inc tax with zero down and fees rolled in.

    Thoughts...and Lease Rates please.

    Thanks
  • Joe- Your timing couldn't have been better to post this question. I am looking at same vehicle and have the same "residual and MF question" as you.

    Specifically looking at 36-month term with 10K or 12K miles (don't know if they even offer 10K/ yr option though). Also insight into Mfg. current incentives would be helpful. -I am looking to work my deal in NE if that makes a difference

    Joe- Anything special on how you got the sell price down to $24,150 with Edmunds having invoice sitting around $25,986?
  • joe02joe02 Posts: 19
    I'm searching everywhere and still don't have the MF or Resid yet. When I get them I will post.

    I would say to just go with the 15k lease because its only around $12 more a month and you don't have to worry about your miles so much.

    To get my offer I pretty much requested a quote from a bunch of local dealerships on the model I wanted. One place came through with a great offer of 24,150. Make sure to aim for the best deal you find on truecar.com for your area.
  • Car_man or anyone else that can help.
    Looking to get a 2011 Sonata Lmtd Turbo.
    I think until Jan 3 it was 61% on 3 yrs 36K miles.

    Dealer tells me lowered to 59%, another tells me 57%, yeah he's not right (for turbo).
    Does anyone have any knowledge on this, hoping to finish up tonight with purchase.
    Thx
    allroad anger
  • FYI
    Had another dealer call me and said 57% on a lmtd turbo. He said it has always been this. That is not what I have read here in the forums in the last few months. This along with the $400 disposition fee at lease end has me rethinking Hyundai altogether!
  • joe02joe02 Posts: 19
    Still no luck on Resid or MF for me either. Was that 57% for 12k or 15k?
  • dan412dan412 Posts: 26
    edited January 2011
    Hello,

    I could use this info as well for the Sonata 2.4L Auto Ltd (+ Nav pkg). With MSRP at 28,150, a dealer was offering a monthly payment of 350, with upfront OTD figure (tags, license, doc fees, etc + 1st payment) at around 2200. I thought this was a bit on the high side. He says the residual was 55%, but when I pressed for the money factor, he was reluctant to provide it - instead wanted to know how much I was willing to pay a month. He offered the same specs (without navigation) for 275 a month.

    Does this seem like a reasonable deal?

    Thanks in advance.
  • joe02joe02 Posts: 19
    Do not let them work with you on just the basis of payments. Start by establishing the sales price, then you will know your payments by finding the MF and Residual for your vehicle. With 2k down those payments seem off.

    Use Trucar.com to see what you should be paying. Pricing for NY, NY I see you should be paying $24,343. You can even print the certificate and they are supposed to honor it.

    I did the calculations based of Dec Lease rates using the truecar.com value with zero down and it seems they are trying to rob you.

    2011 Sonata Limited W/ Nav
    MSRP $28,115
    Sales Price $24,343
    Term: 36 months
    Fees Rolled in: $770
    Residual: 55%
    MF: .00068
    Tax: 8.5% (I think I saw that for NYC tax but I may be wrong)
    Miles: 15K

    Base Payment: 274.25
    Base + Tax: 297.56
    Base + Tax + Fees: $320.77 Zero Down Lease, just paying first month (May be more fees in NY?)

    With 2k down it should be around $259/mo
This discussion has been closed.