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Car Buying Advice - Winston Salem NC residual and MF for 2017 Sonata Sport 2.4L

capcocapco Posts: 23
edited August 2017 in Hyundai
Went to dealer with True Car Price which they were going to honor until they found out I was going for a lease, then said that price wasn't valid for a lease and they quoted me a higher price of 3K more. My question: will dealers give you different prices for lease vs purchase? My local Hyundai dealer is advertising sale price of $16,350 for a 2017 Sonata Sport 2.4L and another dealer advertising $18,388 for same but with the Value Edition package. Should it matter whether I am going to lease or purchase when negotiating a sale?

Also, would appreciate NC residual and MF (for A+ credit)

Thank you

Answers

  • kyfdxkyfdx Everywhere, USAPosts: 127,900
    capco said:

    Went to dealer with True Car Price which they were going to honor until they found out I was going for a lease, then said that price wasn't valid for a lease and they quoted me a higher price of 3K more. My question: will dealers give you different prices for lease vs purchase? My local Hyundai dealer is advertising sale price of $16,350 for a 2017 Sonata Sport 2.4L and another dealer advertising $18,388 for same but with the Value Edition package. Should it matter whether I am going to lease or purchase when negotiating a sale?

    Also, would appreciate NC residual and MF (for A+ credit)

    Thank you

    .00099 MF and 51% residual for 36/12
    $3500 lease cash

    It's entirely possible, and even probable that Hyundai has different incentives for lease vs. purchase. This is more typical than not.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • tonyg2016tonyg2016 midwest, usaPosts: 711
    capco said:

    My local Hyundai dealer is advertising sale price of $16,350 for a 2017 Sonata Sport 2.4L and another dealer advertising $18,388 for same but with the Value Edition package.

    those prices are not real UNLESS you qualify for every single one of current incentives...insert your zip in the link below:

    https://www.hyundaiusa.com/financial-tools/special-offers.aspx
  • capcocapco Posts: 23
    Still trying to negotiate a decent deal here. Each dealer I'm working with adds in about $595 acquisition fee, which is fine; I know I can't negotiate that. But at the same time, they all add in a "doc fee", "processing fee", or "administrative fee" of a similar amount (close to $600). Correct me if I'm wrong, but isn't that the same as the acquisition fee? I tried telling that to one dealer and they adamantly said no. Comments?
  • capcocapco Posts: 23
    P.S....that is in addition to DMV fees
  • tonyg2016tonyg2016 midwest, usaPosts: 711
    acq fee goes to hyundai motor finance (HMF) and is 595
    doc fee, dealer fee, processing fee is pure dealer profit add-on and completely optional; no limit in NC unlike other states where it is capped. fwiw, FL is worse; so just add it in to the cost of the car - you could still get a good deal
  • capcocapco Posts: 23
    Thanks Tony. I'll try to negotiate that down then.
  • kyfdxkyfdx Everywhere, USAPosts: 127,900
    capco said:

    Thanks Tony. I'll try to negotiate that down then.

    As mentioned, it's easier to negotiate the price lower, than to focus on removing a dealer fee.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • capcocapco Posts: 23
    Latest quote from dealer: 2017 Sonata Sport 2.4 value edition:
    MSRP: 25,545
    Discount: 2,368
    Rebate: 2,750
    Adj Cap Cost: 21,022
    Acquisition fee: 595
    RV: 51%
    MF: .00081 (I want to neg better for A+ credit)

    This dealer is advertising sale price of 18,188 with purchase vs lease. How close to that do you think is reasonable?
  • tonyg2016tonyg2016 midwest, usaPosts: 711
    you should wait for @kyfdx to confirm but i believe he posted:

    .00099 MF and 51% residual for 36/12
    $3500 lease cash

    so while the mf is better they are shorting you 750, (3500-2750)
    discount is reasonable, any doc fee?

  • tonyg2016tonyg2016 midwest, usaPosts: 711
    capco said:

    2017 Sonata Sport 2.4 value edition:
    MSRP: 25,545
    This dealer is advertising sale price of 18,188 with purchase...

    commenting on the purchase option: 25545-18188 = 7357 total discount from msrp
    RBC is 4000 on the sport (vs 3500 for lease), so they are discounting an additional 3357; there has got to be some fine print you excluded - doc fee or additional incentive?

  • capcocapco Posts: 23
    Yes, doc fee of $599 which I planned to pay up front. I managed to get them to drop the $737 in add-on options not requested. If I can get them to up the rebate to 3500 (I'm assuming this is the lease cash you speak of) I calculate monthly payment to be $228 (not including NC s/u tax). Does that seem about right?
  • tonyg2016tonyg2016 midwest, usaPosts: 711
    doc fee is part of the price, do not pay upfront
    recap:
    msrp 25545
    sell 23177 (exclude doc fee for now)
    lease cash 3500
    mf 0.00081
    rv 51%
    pre-tax monthly is 228 (no doc, no dmv, no tax)

    note: sedan sales are very slow right now; if they won't bite on this, shop the accord EX (as i know you are)
  • capcocapco Posts: 23
    I don't mean to sound ignorant, but not sure what you mean about not paying the doc fee up front. As in an earlier post, I'm also being charged the acquisition fee of 595, which I've added to the sale price in my calculation. Where does the dmv and doc fees come into play in your breakdown?
    Yes, I'm also looking at the accord. Not exactly apples to apples, but in my mind the accord ex is comparable to the sonata sport value ed. Honda offering a much nicer RV, but not so much in incentives.
    Would you clarify what RBC is?
  • tonyg2016tonyg2016 midwest, usaPosts: 711
    sorry, RBC = retail bonus cash (purchase only)
    my point is you can't get away from dmv fees but the doc fee is negotiable (to zero) if they are serious about the sale. acq fee of 595 goes to Hyundai Motor Finance (HMF) and is not negotiable.
    i don't know what dmv fees are in your state of NC.

    https://www.edmunds.com/car-buying/what-fees-should-you-pay.html#chart

  • capcocapco Posts: 23
    You've been a huge help Tony, thank you. Going to mull over one more day and make my deal next week.
  • tonyg2016tonyg2016 midwest, usaPosts: 711
    have you driven both cars?
  • capcocapco Posts: 23
    I have. They feel pretty comparable to me, maybe a slight edge nicer in the accord, but I think the sonata is a little more stylish, and I'm working on the value edition which is nice. I'd be happy with either one. Ending my current Altima lease, test drove the 2017 altima, which is improved over the 2014, but their RV is only 46%.
  • capcocapco Posts: 23
    Can you explain what the "lease cash" is?
  • kyfdxkyfdx Everywhere, USAPosts: 127,900
    capco said:

    Can you explain what the "lease cash" is?

    It's a dealer incentive from Hyundai.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • capcocapco Posts: 23
    That's what I thought. My dealer said if I can show where this figure came from they would honor it. Otherwise they are sticking to the 2750 they quoted me. Could not find it anywhere on a Honda website. This is for the EX?
  • MichaellMichaell ColoradoPosts: 121,371
    capco said:

    That's what I thought. My dealer said if I can show where this figure came from they would honor it. Otherwise they are sticking to the 2750 they quoted me. Could not find it anywhere on a Honda website. This is for the EX?

    Hold up. You started off asking about the Sonata. Did you switch over to the Accord? The lease incentives on that are indeed $2750.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • capcocapco Posts: 23
    Sorry, my mistake, I'm looking at both cars. Yes, the Sonata. Lease cash mentioned from my original post indicates 3500. I'm getting confused.
    As an added note, Honda is not offering any incentive on the accord EX that I want.
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