Hyundai Elantra Lease Questions

backybacky Member Posts: 18,949
in Hyundai
Looking to lease a new Elantra? Ask your questions here!
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  • davo07davo07 Member Posts: 2
    When leasing a vehicle, can the lesee choose the options and accessories on their vehicle of choice?
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Absolutely davo07. Leasing a vehicle is just like financing or paying cash for one in that consumers are free to get their vehicle equipped any way that they would like. Any factory installed options can be residualized and included in your vehicle's monthly lease payment.

    Car_man
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  • hyundai_slsmnhyundai_slsmn Member Posts: 57
    Hyundai has never had a lease program on Elantra. You would have to lease through an outside company and the payment would be ridiculous. There is talk of possible lease programs for the re designed 07 model. You can however lease a sonata.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Those of you who are interested in leasing a Hyundai Elantra are in luck. To start the year Hyundai Finance began offering leases on all Hyundai models. Its lease program on the 2007 Elantra is not special, Hyundai Finance's money factor of .00325 is equivalent to an interest rate of around 7.8%, but at least it has a lease program on it now. One might still be able to get a better lease payment by leasing this car through an independent bank, but the fact that Hyundai is at least now offering a lease program on this model bodes well for the possible introduction of an attractive lease on it in the future.

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  • firstbmw_gafirstbmw_ga Member Posts: 15
    edited April 2010
    Hi Car_man,

    Elantra GSL has a lease option that expires at the end of month for $159/month (24 months) + 1840 down, for a car with an MSRP of $17,615.

    I'm not keen on buying the car after 2 years, so residual value is not that important to me.

    Two questions
    - When the manufacturers offers specials like these, is this the best a consumer can get from the dealer ? or there are any other incentives that dealer can do to sweeten the deal ?
    - How does these numbers compare with best money factor rate / interest rate / buying prices you have seen for Elantra.

    Appreciate your input.

    Thanks.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi firstbmw_ga. Manufacturers' official advertised lease payments usually aren't bad, but they also usually leave a little meat on the bone so to speak. It makes sense of one thinks about it. Dealers would be more than a little annoyed if automakers advertised the cheapest possible deal on a vehicle. Savvy consumers in an area that has a decent level of competition who comparison shop are usually able to beat the selling prices that were used to arrive at official advertised payments.

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  • firstbmw_gafirstbmw_ga Member Posts: 15
    Hi Car_man,

    Thanks for your input... That's precisely what happened in my case.. I found another advertised special ($2595 down + $99/month), and was able to find another dealer to beat that...

    I leased a Hyundai elantra for $2495 + $92/month ($99.6 including local taxes). So far, I've been very happy with the car.

    Thanks.
  • hfranklinhfranklin Member Posts: 3
    edited May 2010
    Hi,

    Would you mind sharing with me/us where you got that deal? I am in the market for that car right now and it sounds good to me!!!

    Thanks.
  • firstbmw_gafirstbmw_ga Member Posts: 15
    I live in Atlanta metro area, and leased this car from Hyundai Mall of Georgia.

    Good luck on your next purchase / lease !!
  • hfranklinhfranklin Member Posts: 3
    firstbmw_ga,

    I just drove my new 2010 Elantra GLS home, and the first thing I want to do is I want to say THANK YOU for your post, and everyone else that posts here. You gave me a mark to shoot for, and I'm sure it would have been far worse without it.

    I got a 2 year lease and they required $2645 down. So I paid a bit more there. But I got them to up the limit from 12K miles per year to 15K miles per year, and my payments with taxes comes to $105.month.

    Another dealer here in Florida wanted $2995 down and a $595 dealer fee (yes, I said $595) so I did not even bother going there. They advertise $99/mo. but they don't tell you about the $595 dealer fee up front.

    If I had not found this forum, I KNOW it would not have went well like it did today. I am very pleased. I have a brand new, dependable vehicle for a couple of years, gets 35 m.p.g. highway, has Sirius satellite radio (first 3 months free) CRUISE CONTROL which I never had before, and A/C, power windows and door locks. Cheap, good, dependable transport for what I consider to be a very low, low, payment.

    THANK YOU EVERYONE!!!!!
  • firstbmw_gafirstbmw_ga Member Posts: 15
    Hi hfranklin,

    Congratulations on your new car... 3K milesper year extra is pretty sweet deal.

    I couldn't agree with you more on the value of these forums at Edmunds.

    Thanks.
  • acer925acer925 Member Posts: 1
    My Uncle had told me I could lease an Elantra for $95 per month with $1500 down, I think he had that offer. I didn't see anything close to that online so just wondering what other people have come across. I live in NY, Long Island.(11758). It seems great if its actually there. Any info.?
  • hfranklinhfranklin Member Posts: 3
    Acer,

    Don't know about NY, but go to this website:

    http://www.fitzmall.com/

    Click they Hyundai symbol at the bottom of the page. You will see a drop-down box appear advertising the Elantra for $69/month, but this is at a dealership in Maryland. I don't know the details on what they want down, or anything like that. But it is a start. You can call them and start asking questions if you want, maybe even drive down there if they are willing to deal.

    Good luck.

    PS - Make a screenshot of the drop-down box in case they say it isn't so.
  • ruthg3ruthg3 Member Posts: 20
    Could anyone please tell me the money factor and residual for Sept for an Elantra GLS? Is it different for the PZEV (which seems to be all that's available)? I need to lease a car for my mother-in-law to use so I'm trying to get the best price with what seems like an excellent car. I need to lease it ASAP since she has no other vehicle anymore. Thanks so much!!!
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi ruthg3. It appears as though Hyundai is currently only running 2-year leases on the Elantra.

    Hyundai Motors Finance's current buy rate lease money factor and residual value for a 24 month lease of a 2010 Elantra GLS with 15,000 miles per year are .00010 and 60%, respectively.

    When negotiating the deal on this car, make sure to take advantage of the $2,000 cash incentive that Hyundai is currently providing on leases of it through Hyundai Finance.

    Car_man
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  • noesysnoesys Member Posts: 2
    What are the current residual value, money factor, and incentives for a 2011 Hyundai Elantra Touring SE?

    Also, is this information available from any of the buying service web sites? I don't see anything on ConsumerReports, here on Edmunds, or TrueCar. Apparently, you have access to information about incentives that even these sites don't know about.

    As I'm looking to switch vehicles I'd rather not bother you each time I look at a different car to get a feel for what the costs might be.

    Thanks!
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hello noesys. Here's the information that you're looking for. Hyundai Finance's October buy rate lease money factor and residual value for a 24 month lease of a 2011 Elantra Touring SE with 15,000 miles per year are .00092 and 65%, respectively.

    Hyundai is not providing any cash incentives on leases of this model at this time.

    Unfortunately, I am not aware of any website that provides consumers with accurate information on manufacturers' current lease programs to the general public.

    Car_man
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  • chipchipersonchipchiperson Member Posts: 3
    Hi Everyone,
    Thank you to all who have posted either their great questions or their very helpful & informative answers in these forums. I feel much better about going into the purchasing process after reading hundreds of these posts. Can Car_man (or anyone else who may have the info) please give the Money Factor & Residual for the 2010 Hyundai Elantra SE PZEV? If I wanted to go longer than the 2 year lease offered by Hyundai Finance, can anyone offer other places for me to go look for a longer lease contract? Has anyone used the site Auto Leasing Direct to get lease quotes? Has anyone used software such as Expert Lease Pro to help them with the process of leasing a car? Thank you for any help with these questions.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    You're very welcome, chipchiperson. I'm glad that you find this forum so helpful.

    Hyundai is currently supporting two year leases on the Elantra. Hyundai Finance's November buy rate lease money factor and residual value for a 24 month lease of a 2010 Elantra SE with 15,000 miles per year are .00023 and 58%, respectively.

    In addition to this special money factor, Hyundai is currently providing a $2,000 cash incentive on leases of this car.

    You might be able to lease an Elantra for longer than 24 months, but it wouldn't make sense to do so because you would be missing out on a lot of lease support.

    Car_man
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  • chipchipersonchipchiperson Member Posts: 3
    Thank you Car_man!
    I've been away a couple of times in the past couple of weeks but finally got back to car shopping. We ended up getting a 2010 Elantra GLS with only floor mats, ipod cord & a sticker on the rear bumper that they call "rear bumper protection" lol for options. We can return it in 3 days if we don't agree with the deal. I wanted to let my attorney cousin look at the contract as I would anything major that I sign. But I wanted to see what people here think of the deal as he doesn't really know if the deal is good, just if the contract is OK. Here is the "sign & drive" deal we got: $199.00\month payment for a 36 month lease with 15,000 miles\year and we put zero down (they paid the first month so we only have 35 payments actually to pay out of pocket).
    MSRP: 17,795
    Cap cost: 15586
    Residual Value: 9253
    Interest: 832

    Thank you for any opinions on whether this is a decent deal, or if I'm totally getting ripped off.
  • chipchipersonchipchiperson Member Posts: 3
    "Bump"
    Anyone??
    Thanks!
  • ckop27ckop27 Member Posts: 4
    So I was just quoted a staggering 68% on the residual value on a 36 month lease on the 2011 Elantra. They said that this was by far the highest residual any car of theirs has ever seen. Just wondering what other people were hearing at there dealers since this dealer was not local for me!
  • megatron81megatron81 Member Posts: 2
    I just got 69% residual value from a quote today. I am going tomorrow morning to find out more information on the deal. The deal I am getting on a 2011 GLS (with sunroof installed aftermarket) is 243.77 month including tax and no money down. It is for 36 months and 12,000 miles year. I emailed another dealership in the area and they informed me they can beat that deal. So I will be heading there and posting what I find out.
  • megatron81megatron81 Member Posts: 2
    Here is what I got for the Elantra GLS w/sunroof and tinted windows *woohoo*

    I'm just gonna list stuff that looks important on the paper

    Vehicle Value 17,213.00
    Title and Registration 17.00
    Lease ACQ Fee 595.00
    Documentation Fee 99.00
    Sunroof and Tint 1,477.00
    -----------------------------------------------------
    Gross Capitalized Costs 19,419.00

    No money down so Gross = Adjusted Capitalized Costs

    Adj Capitalized Costs 19,419.00
    Residual Value 12,173.70
    Depreciation and Amortized Amounts 7,245.30
    Rent Charge 1,114.62
    Total of Base Payments 8,359.92

    Payment of 244.99 includes tax. First payment paid today. Lease is for 36 months, and 36,000 miles.

    I hope this helps some people out. I hope some people can beat this deal but that is as far as they would go here in Omaha, Ne. I know there will be better lease deals down the road for this car as the inventories pile up. I probably should have waited two or three more months but I do like this ride alot.

    Some questions real quick if someone could help me out.

    The residual value would be 12,173.70/19,419.00 = 63%

    Is this the correct way to figure that number out?

    Also the Rent Charge of 1,114.62 Is that basically the "interest" you pay?

    Thanks for the help.
  • kyfdxkyfdx Moderator Posts: 216,348
    Residual is a percentage of MSRP, not the CAP cost..

    And, yes.. the rent charge is the finance portion of the lease....

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  • ckop27ckop27 Member Posts: 4
    megatron81,

    The residual would be 65% for your deal since you would take your residual value and divide that by your MSRP (17,213.00 + 1,477.00). Also from what other people has mentioned, you should be able to negotiate at least $1,000 off cap on this car right now if you have multiple dealers in your area. Finally that rent rate seems pretty high. At a finance rate of .9% it would be only $450 and hyundai is known for having very low finance rates on their leases. Hopefully you can get a total end of month payment under $200 with zero down.

    Good Luck!
  • slee_stackslee_stack Member Posts: 28
    edited January 2011
    GLS Auto + Preferred Equipment Package. 36 mo, 15000 mi per year. Atlanta, GA.

    $1000 down
    $191/mo

    Based on 65% residual

    Good deal?
  • ckop27ckop27 Member Posts: 4
    Thats pretty much just paying market/MSRP price for the car (unless you have poor credit). You should at least try to knock off the $1000 down payment or try to bring your monthly payment down to $165 with $1000 down. This would mean you negotiated $1000 off MSRP which is doable even with the car being recently released.
  • slee_stackslee_stack Member Posts: 28
    edited January 2011
    I see how a lease could be in the $165/mo range with $1000 down as you mentioned.

    What % premium should I expect to pay for 3000mi extra mileage allowance?
  • superfillesuperfille Member Posts: 3
    Hi,

    I'm hoping to get some advice about leasing a '11 Elantra. The current deal Hyundai has going is $169 and $1699 due at signing for the GLS with automatic transmission. This seems like a good deal, but I'm wondering if there is room for negotiation even when a deal like this is going on. I see someone mentioned that you should be able to get $1000 off MSRP in an area with more than 1 dealer. I live in Atlalnta so that is certainly the case. Anyone know what I should expect in light of this dealer offer (or if I should expect anything at all)? Also, anyone in Atlanta have a recommendation for a quality dealership that is easy to work with?

    Thanks in advance!
  • witeoutruleswiteoutrules Member Posts: 7
    Hello,

    I'm just looking for Money Factor and Percentage RV for a 2011 Elantra Limited. 36months @ 12000miles per year.

    Are the rates posted affected positively or negatively by credit score? Mine is high in the 700s.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi witeoutrules. Hyundai is currently only providing support on 24 month leases of the Elantra.

    Its January buy rate lease money factor and residual value for a 24 month lease of a 2011 Elantra Limited with 12,000 miles per year are .00106 and 62%, respectively.

    Car_man
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  • witeoutruleswiteoutrules Member Posts: 7
    edited January 2011
    Car_man,

    I am wondering why then Hyundai is promoting a 36 month lease on the 2011 Elantra on their website? (advertised through 1/31/11)

    The example model is a GLS w/ popular equipment... but they wouldn't offer 36 months on a GLS and only 24 months on a Limited would they?

    Others posted earlier in January they were receiving 36 month offers with high 60s% on their 2011 deals.

    BTW thank you for the fast response
  • slee_stackslee_stack Member Posts: 28
    I agree that in light of 36mo promo financing, you state Hyundai only offers 24 month. Might you have the term mixed up?
  • ginterhelsigginterhelsig Member Posts: 8
    Its January buy rate lease money factor and residual value for a 24 month lease of a 2011 Elantra Limited with 12,000 miles per year are .00106 and 62%, respectively.

    With those numbers, $0 down, you're looking at $350 per month (based on a LIMITED with NAVI at a price of $21,000). Pretty nuts if you ask me.

    Someone please tell me I made a mistake in my calculations.
  • witeoutruleswiteoutrules Member Posts: 7
    I really believe the term as posted is mixed up and should say 36months. For a vehicle receiving top honors in residual value from ALG.. it's 24 month residual would be way higher than 62%. Frankly, based on what others have posted from the deals they have worked, I think even that % is low for 36 months.

    Use that residual and money factor on a 36 month and it makes a ton more sense.

    Figure in the advertised $595 acquisition fee and you'd be around $289 tax included w/ $0 down.
  • dowzampdowzamp Member Posts: 9
    Just got a quote of zero down and 35 payments for 275.10 including TN taxes - based on a 2011 Limited with a selling price of $19,800, MF of .00106 and a resdiual of 62%. This includes a ACQ fee of 595 and a doc fee of 399.50

    Thoughts?
  • witeoutruleswiteoutrules Member Posts: 7
    that matches what Car_Man posted earlier this month.. so the big stuff MF & Residual look good. 595 acquisition is correct, so i'm guessing your doc fees are right on.. seems kosher!
  • slee_stackslee_stack Member Posts: 28
    Why is there a doc fee on top of an acquisition fee? Is this normal or simply padded dealer profit?
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Good catch, witeoutrules. You're absolutely right. Hyundai's special lease program for the 2011 Elantra Touring is 24 months, but its program for the regular Elantra is 36 months. Sorry for the confusion. The money factors and residual values are the same, the term is just different.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Ha great username slee_stack.

    Assuming that is is not marked-up, all of the acquisition fee goes to the bank that you are leasing through, in this case, Hyundai Finance. The doc fee is really just dealer profit.

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  • eclaixpeclaixp Member Posts: 46
    Hi, I am interested in leasing a 2011 Elantra Limited but after reading some of your comments, I may have to reconsider. My brother leased a 2010 Volkswagen CC last year for $300/month, $0 down, 12k miles/year, 36 months. It seems that it would be unreasonable to lease a $20k Hyundai vehicle for almost the same lease price of a $30k Volkswagen vehicle. Any thoughts? I was hoping to be able to lease a Elantra Limited for $200/month, 12k miles/year, 36 months, $0 down.
  • ckop35ckop35 Member Posts: 2
    $200 a month with zero down seems reasonable for the limited without the Navi (Looking for a $1500-$2000 discount). Let us know how you do when you try to get the car!
  • witeoutruleswiteoutrules Member Posts: 7
    It is not possible if you do the math if the provided figures, even if they took $2000 off, which isn't going to happen on a brand new red-hot model.

    $0 down and a realistic $1000 off MSRP + Hyundai's $595 acquisition fee and you're at $243 before taxes on a Limited
  • witeoutruleswiteoutrules Member Posts: 7
    edited February 2011
    No harm no foul Car_man.

    When you can, can you post the Residual and Money Factor for the 2011 Elantra Limited as well as the GLS Auto Preferred (if it matters) for February? 36 months 12k miles per year.

    I think this is my month. Either this or a Mazda3.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi witeoutrules. Hyundai's February lease program is exactly the same as its January program was.

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  • kp3406kp3406 Member Posts: 6
    Hey Car_man,

    Could you please provide the MF and residual for february for the 2011 Elantra Touring GLS and SE models? For 24 and for 36 months and 10k/12k miles? Thanks a lot if this is possible!
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hey kp3406. Hyundai Finance's February buy rate lease money factor and residual value for a 24 month lease of a 2011 Elantra Touring GLS with 12,000 miles per year are .00077 and 66%, respectively.

    For some reason Hyundai is only supporting 24 month leases on the Elantra Touring and 36 month leases on Elantra non-Touring models.

    When negotiating your lease on this car, make sure to take advantage of the $500 cash incentive that is currently available on leases of it.

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  • danielalvaradodanielalvarado Member Posts: 12
    Here's the details on February leases I got from Las Vegas, NV:

    Elantra GLS Automatic
    Money Factor .00098
    Residual 66%
    12k/36 mo

    At full MSRP, no down, this is $214/mo + tax

    What do you think?

    P.S. do you also have the numbers for the 2011 Genesis Coupe?
    I was given these:
    12k/36 mo
    MF .00167
    Residual 59%
    MSRP 24350
    Selling price 21900
    Incentive 1000
    Payment $257.90 + tax

    Any input would be greatly appreciated, as I would like to pull the trigger this President's Day weekend.

    Thanks!
    --Daniel
  • ckop35ckop35 Member Posts: 2
    Thats a nice money factor and residual on the elantra though you should be able to get some type of discount off msrp at this point in the season. Maybe look under people's buying experiences (other feed) to see what kind of discounts they're getting?
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