Hyundai Veracruz Lease Questions

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  • jak51jak51 Member Posts: 17
    Interested in leasing a Veracruz limited FWD for 36 months and 12,0000 miles. What is the current money factor and residual. Also, is a 30 month lease standard for Hyundai?? If so, I will need those numbers.

    Thanks
  • fawn1fawn1 Member Posts: 1
    Is the acquisition fee for a 30 month, 15,000 mile, money factor .00301 lease a negotiable item or must it be paid in a leasing arrangement?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for, jak51. Hyundai Finance's current buy rate lease money factor and residual value for a 39 month lease (it is featuring 39 months leases instead of 36) of a 2007 Hyundai Veracruz Limited FWD with 12,000 miles per year are .00305 and 48%, respectively. There is also a 30 month lease that has a money factor of .00301 and a residual value of 57%. When negotiating your lease on this vehicle, make sure to take advantage of the $1,000 lease cash and $500 conquest cash that are currently available on it. The conquest cash is available to current owners of a select group of competitive models.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi fawn1. Hyundai Finance charged an acquisition fee of $595 on every vehicle that it leases. Individual dealers do not have the authority to waive this charge. You can either pay it at lease signing or roll it into your vehicle's capitalized cost to make it part of your lease payment.

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  • jrdahljrdahl Member Posts: 3
    Boy, that doesn't sound competive against some of its rivals like the Mazda CX-7, at 52% and .00138 for 36 months and 15000 miles. Too bad, as I saw it today and liked it
  • randypaperandypape Member Posts: 7
    hello,
    i'm looking at a 2007 Veracruz GLS with premium pkg and towing pkg. i can lease it for 412.00 -415.00 a month for 30 months. the residual value i was told is 18,462.00 and i would be putting 3000.00 down. the price was $ 27,862.00

    does this all add up or come out right? please let me know by e-mailing me at rpape1@wi.rr.com or susan.pape@ge.com
  • pegasus17pegasus17 Member Posts: 536
    extremely high! lease on veracruz is not competitive right now - may have to wait a bit until the hype settles down. consider $15-$16 per thousand of MSRP as the total monthly lease price before taxes as a good deal...
  • pegasus17pegasus17 Member Posts: 536
    I am updating my own post based on new info rec'd today from a local dealer. The Veracruz GLS (msrp 27120) has a supported lease til the end of july. 24 months/12k per year - 1999 down and 349/month. Includes 1000 HMFC support and the 595 acq fee. Residual is 63% and MF is .00154 with a sell price of 25666; Perhaps the edmunds host can verify this for us???
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi pegasus17. According to the latest information that I have seen, Hyundai Finance's July buy rate lease money factor and residual value for a 24 month lease of a 2007 Hyundai Veracruz GLS 2WD with 12,000 miles per year are .00154 and 62%, respectively. There is $1,000 lease cash on this model right now. As you can see, the dealer that you are working with was being very straightforward with you. If you'd like, you can share your thoughts on your sales experience by rating this dealer in the following section of this site: Edmunds.com Dealer Ratings & Reviews.

    Car_man
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  • pegasus17pegasus17 Member Posts: 536
    Pls provide the details of the NEW lease program for Sept on the new 2008 Veracruz...
  • clintcelaclintcela Member Posts: 2
    I just returned from a dealer and on the GLS base $27k package he would do $399 for a 24 month lease.
    He absorbed the $895 dealer fee and the $595 bank fee. The tag fees are in there too.
    I would just have to give $399 down for first month's payment.
    I always like to sleep on it so I will decide tomorrow.
    He said he could do the same deal for 36 and 48 months.

    Does it sound like a good deal?

    Oh, and FYI, the $299 lease promo on the mfr site is 24 months with $2499 inception (+dealer/bank/tag/tax and other fees).

    Clint
  • pegasus17pegasus17 Member Posts: 536
    I believe you can do much better. Look at the deal on this site, http://www.fitzmall.com/index.asp , for comparison. BTW, while there is an acquisition fee from the finance company, HMFC, there is no such thing as a dealer fee on a lease (at least here in Ohio). FWIW, I passed on a similar lease deal in July for zero down and 410/month total on a 24 month lease. Look at post #10 for lease details and if you need help calculating a REAL payment, let me know. You should not be in a rush to do this tomorrow as it is the beginning of the month and current lease deals expire at the end of the month. Information is power...
  • floridabuckeyefloridabuckeye Member Posts: 3
    Hello,

    I am in Orlando, FL and I have been given the following for leasing a 2008 Veracruz GLS 2WD with 12,000 miles per year with a money factor of .00145 and Residual value of 66%. The lease is for 24 months with a $1,500 trade in. The acquisition fee is 595.00 and they didn't add any dealer fees. The also threw in the standard maintenance, oil change, tire rotation, etc. for the duration of the lease. After taxes, tags, etc. the payment would be $404/month. Do the numbers add up? Is it a good deal?

    I'm also going to ask for more on my trade in because it is extremely low according to Edmunds. Thanks!
  • selooseloo Member Posts: 606
    What is the cost of the car? Not counting your trade.

    Please put it terms of below the invoice price.
  • bobw3bobw3 Member Posts: 2,989
    Of course just because a dealer in one part of the country is selling at a particular price, there's no reason to expect a dealer in another part of the country to sell it for the same. So you may want to determine the general market area. Plus if any trade or financing were involved, that will affect the price...just passing on some education to you ;)
  • floridabuckeyefloridabuckeye Member Posts: 3
    The MSRP is $27,820...we are getting the price as $26,385...
  • selooseloo Member Posts: 606
    Bobw3,

    Thanks for your input.

    I see that you are still somewhat sensitive concerning this issue.

    If you have some valid input instead of very general negatively biased comments about the car market, it would be greatly appreciated.

    The savvy members that use this board are here to discuss ways to save money on a car deal, not to give extra money to the dealer. Surely you must understand this concept and want to get the best deal possible.
  • selooseloo Member Posts: 606
    You can do better. That looks to be above the invoice price. Unless you must buy a car today, time is on your side.
  • floridabuckeyefloridabuckeye Member Posts: 3
    Thanks for your help! I started this leasing journey a few months back, so more time is not a big issue yet. :shades:
  • bobw3bobw3 Member Posts: 2,989
    Sort of funny how the word "savvy" is thrown around by some folks. My posts are not negative but trying to show the whole picture of car buying. Some people think they're "savvy" just because they paid below invoice only to have lost money on the trade-in, financing, add-ons, extended warranties, etc.
  • selooseloo Member Posts: 606
    Your pitch sounds very much like an "old school" car salesman.

    While, I cannot speak for everyone, I fully understand the real 'net' or 'dead' cost of a car, the invoice is just a good reference point for discussion.

    Trade-in - I do not trade-in with a dealer, I always sell the car myself. Usually, I get about 25% more by selling it myself. Most people on these boards know to keep that part of the transaction separate.

    Financing - Unless the dealer is offering special financing (like 0%) I pass. If your credit is good, there are numerous places to get cheap money.

    Add-ons - This is old school stuff, (can you say ziebart, fabric protection, this list goes on and on) I never pay for this stuff. Add to this list prep fees, document fees, marketing fees, etc....

    Extended Warranties - You also have to know how to make a deal on this product. In most cases this product has a 75-100% mark-up. You really have to do your homework before purchasing this product.

    Your point is well taken and I do not claim to know everything about the car business. Please enlighten us with your words of wisdom?
  • bobw3bobw3 Member Posts: 2,989
    Exactly...that's why I mentioned the issues beyond invoice pricing. It's good that you agree. But you can easily find the invoice price of a vehicle online. I thought for a moment that you expected dealers to come to these forums and start offering their best price.
  • hardhawkhardhawk Member Posts: 702
    The dealers should come to these forums and offer their best price. Then we would know who to stay away from and who to deal with. ;)
  • kyfdxkyfdx Moderator Posts: 260,567
    They can't do that, though... That would violate forum rules.. :)

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  • hardhawkhardhawk Member Posts: 702
    I know, but it would be fun!
  • pegasus17pegasus17 Member Posts: 536
    My local sales dude told me the following on a 24 month/24k mile lease:
    GLS - .00145mf; fwd 66%/ awd 67%
    SE - .00160mf; fwd 64%/ awd 65%
    Also there is $1000 origination support from HMFC. Please complete (i.e., LIMITED data) and confirm the above...THX
  • thedthed Member Posts: 2
    Hey...sorry if this is a newb question, but I'm wondering if I'm getting a deal.. (I have googled it and I don't know what the $1000 HFMC means...)

    I want to lease a 2008 GLS...

    $2400 down + tax + DMV = $3519
    $299 month 24/12,000 miles

    Seems like this is the basic offer, want to know how low I can go and what the $1000 HFMC means.

    Thanks for the help!
  • pegasus17pegasus17 Member Posts: 536
    HMFC=Hyundai Motor Finance Company is kicking in $1000 to support the deal on top of the already good money factor and residuals. Basically, take $1000 off your down payment. FYI, it is NOT a good idea to put a lot of money down on a lease. Minimum down and a higher monthly payment is better. Reason: if you get in an accident, all the down payment is gone although the car is covered by what is called gap insurance. Based on the limited posts in this thread, you can see that not too many people are interested in leasing the VC. Not sure why...good luck
  • thedthed Member Posts: 2
    Thank you so much for the help. This is what I've figured out after hours and hours on the internet..

    MSRP - $26,900
    Cap Cost - $24,000 (which includes the $595 Aq Fee, $1000 HFMC)
    DMV = $192.50
    Res/MF = 66%/.00145

    In NY, so I would have to pay tax on cap up front... Seems like a good deal to me... am I missing something? Their numbers don't match mine, so I'll have to look at the paperwork.

    Thanks again!
  • pegasus17pegasus17 Member Posts: 536
    i have a leasing spreadsheet that i use to calculate payments as i have leased 3 times in the past 10 years. if you pass me your info i can calculate your payment before taxes...missing info that i need is the purchase price (which dealers often exclude from negotiations)...also, where are you finding a bare bones VC for 26900? lowest one i have seen here in OH is 27120 and that was an 07

    Using your data and a sell price of 24979 (msrp 26900)
    zero down, pretax payment = 345.50
    2400 down, pretax payment = 242
  • floridacoltfloridacolt Member Posts: 4
    Dealership called today (11/6) with new incentives on Vera Cruz. We had told them at end of October we would wait until end of year pricing. They are offering the SE w/leather for $380/mo incl. taxes for 24 months. That's what I've been told over the phone. Sounds like a good deal. What do you think? Need to get back to them yet today. Can anyone respond that quickly?
  • floridacoltfloridacolt Member Posts: 4
    Since posting my message on 11/6 dealership has called back & it's a different person. Seems that he doesn't think the deal offer (see comment #32) is viable. Any thoughts, anyone?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi floridacolt. Hyundai is running a decent lease program on the 2008 Veracruz right now. If you were to lease a 2008 Veracruz SE through Hyundai Finance right now for 24 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00160 and 64%, respectively. Negotiate as low a selling price as possible on the Veracruz that you want and then have the dealer use the aforementioned lease program to calculate your monthly payment. I have not crunched the numbers, but I would not be surprised if you were able to beat the monthly payment that you were initially quoted.

    Car_man
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  • floridacoltfloridacolt Member Posts: 4
    The guy who quoted the deal is no longer w/dealership. I've been told he was giving wrong info to me and others. Seems the dealers that I've contacted in a couple of cities in Florida don't want to negotiate on price. Seems they want to work off list price. In all the years we've leased (20+) the dealers have always come down off the list. Finding this true w/husband dealing w/GMC and Dodge for a truck. What gives? We're willing to drive a bit of a distance to get a good deal. Our current leases expire at the end of next month, so we need to get really good deals. I'm not saavy on crunching numbers but seems the game has changed considerably. Am I right?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi floridacolt. One should never, ever pay full MSRP for a Hyundai. I'm very surprised that you were not able to find a dealer in your area that was willing to provide you with a decent discount on one. This truck has a spread of at least $1,400 between its full MSRP and dealer invoice price plus Hyundai is providing a $1,000 cash incentive on leases of it right now. If I was in the market for one, I personally would want a discount of $1,500 to $2,000. If I couldn't find a dealer that was willing to give me that much of a discount after entering into serious negotiations with several in my area, I'd go for a different vehicle. Try stopping by the "Hyundai Veracruz Prices Paid and Buying Experience" discussion to see how much other community members have paid for this model lately.

    Car_man
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  • ghgolfnutghgolfnut Member Posts: 4
    Here is the offer on O8 LTD AWD, 24months/12000 (mats and rails )
    MSRP=36775 (inc 695 dest chg) / sell price = 33693
    Rebate = 1000
    Trade in = 500 (old Van needs work)
    Taxes = 741 / Govt fees = 64.50
    MF/RES - .00190/64%, purchase price at end of lease = 23536
    No money out of pocket
    23 payments of 540.00
    DEAL or NO DEAL.
    Thanks
  • sayrahulsayrahul Member Posts: 4
    I have been reading many posts with money factor .. what is this?
  • greymattregreymattre Member Posts: 2
    Does anyone know the specifics of the January '08 Veracruz lease special?

    The HyundaiUSA website shows a $299/month lease on the GLS FWD, but does not give any more detail. For other trims, it says call dealer.

    Are they putting a rebate on the MSRP, giving a low finance rate or what?
  • gunner599gunner599 Member Posts: 7
    I have been quoted on a 2008 Hyundai Veracruz GLS lease with 15,000 miles/yr, a monthly payment of $356. This is with only $1500 due at signing (includes first months payment). This is as low as I could find in my area.

    Is this a good deal? I need to know soon because current vehicle lease is expiring.

    MG
  • gunner599gunner599 Member Posts: 7
    Correction, I just went to a local dealer and he beat the price in my previous post. The monthly on the lease is $323 and all the other items remain the same (15k/yr, 24 mo. lease, $1500 at signing).

    This seems like it would be hard to beat on such a new 2008 Veracruz but I need to know if someone has gotten a better deal?!

    MG
  • floridacoltfloridacolt Member Posts: 4
    Be sure to go to their website. Do you really need the 15k? If unsure, go with 12k. It will lower your payment. If not sure, see how much they charge per mile then estimate how much you might go over. See what the difference is between your monthly payment w/12k and w/15k over the term of the lease. Now compare the figures between what you estimate you'll go over and the savings over the term of the lease. Does the $323 include sales tax? If so, sounds like you have a decent deal. Remember, check the deal on their website because they had a $249 (or near that) and a $299 lease in December. Difference was amount of down payment. Good luck. I ended up going with Mazda CX-9 because Hyundai wouldn't deal on the SE and I wanted homelink that was factory installed and also like having dual air zone. Hyundai is anxious to get the GLS out on the road. I read in paper that they are anticipating good sales growth in 2008 but 2007 didn't fare as well as they hoped.
  • gunner599gunner599 Member Posts: 7
    floridacolt,

    Thanks for the reply. I actually got them to finalize at $315/mo. (includes sales tax) and a big part of what I wanted was very little cash out of pocket for a lease. It does seem like a good deal and I don't see them going much lower in the future if sales catch on.
  • tifightertifighter Member Posts: 3,730
    2WD or AWD?

    25 NX 450h+ / 24 Sienna Plat AWD / 23 Civic Type-R / 03 Montero Ltd

  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi greymattre. I am familiar with the advertised payment that you are referring to. Hyundai is currently providing a $1,000 cash incentive on leases of the 2008 Veracruz that was used to reduce the capitalized cost of the advertised vehicle. It is also providing special lease money factors on this truck. Hyundai Finance's current 24 month buy rate lease money factor for the 2008 Veracruz GLS FWD is .00145. Let me know if you have any other questions.

    Car_man
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  • steevosteevo Member Posts: 389
    Car_man,
    Do you know the Residual on that 24 month Veracruz?
    Also is Hyundai only providing lease support on GLS model?
  • brennerbbrennerb Member Posts: 11
    Have begun the "enjoyable" process of contacting dealers re: a 2008 Veracruz Limited FWD and have been told that Hyundai is not "anxious" to lease these (vs. financing them) and have no programs running right now. Was quoted $540/month for the car (3/36) with no other options.

    Does anyone have any different information?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings brennerb. $540 per month for a Hyundai :surprise: . That's nuts. Hyundai is running a special lease program on the Veracruz right now. Let's work up a sample lease payment on a base model just to get an idea of what the payment on one would be like. According to my calculations, if you were to lease a 2008 Hyundai Veracruz Limited FWD that has an MSRP of $36,445 and a selling price of $33,336 ($500 over dealer invoice minus the $1,000 lease cash) through Hyundai Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $529. Wow, sure enough, that's pretty close to the payment that you were quoted. Sheesh, that's BMW / Mercedes-Benz territory. Forget about leasing this truck.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I sure do, steevo. Here you go. Hyundai Finance's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Hyundai Veracruz GLS 2WD with 15,000 miles per year are .00145 and 65%, respectively. The numbers for an otherwise identical lease of an '08 Veracruz GLS AWD are .00160 and 66%. If you were to lease with only 12,000 miles per year, this truck's residual values would be 1% higher. When negotiating your lease, make sure to take advantage of the $1,000 lease cash that Hyundai is currently providing on this model.

    Car_man
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  • brennerbbrennerb Member Posts: 11
    Actually, this month's program (expires tomorrow 2/29) isn't bad for a 24-month lease of the Limited ($2,499 down, $439/month) based on an MSRP of $34,745 (incl. Dest.). The best I was quoted so far for 36 months (based on same MSRP) is $455/month with close to $3,200 down. I'll try to get those numbers down.
  • cjkbme2wcjkbme2w Member Posts: 82
    Is it possible to get a copy of your spreadsheet? If so, please send to

    ckunitsky@yahoo.com

    I am new to leasing and it would take me forever to put this together

    Sincererly,
    Craig
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