I think you need to do some reading how leases work. There are only 4 components of a lease: -car price -interest rate (money factor) -residual -the above 3 components dictate the 4th, your monthly payment
Dealers are, for the most part, non-negotiable on components 2 and 3. The financing group tells them the current interest rate (based on your credit) and the manufacturer tells them the residual. (expressed as a percentage based on the # of miles the lease is).
So what can you do? Understand 2 and 3 and negotiate the hell out of #1. Thats it.
If you lease for 3 years/30k miles (instead of the typical 3/36), the car will be worth more at the end of the lease. So, your lease payments will go down, but the cost to buy the car at the end of the lease goes up.
If you lease for 3 years/90k miles (extreme, I know), the car will be worth less at the end of the lease. So, your lease payments will go up, but the cost to buy the car at the end of the lease will go down.
If cash flow right now is your issue and you truly will be buying out the lease, you should negotiate the lowest price for the car (always do this) and ask for the lowest amount of mileage lease they will offer.
Hi jasond02. Hyundai Finance's September buy rate lease money factor and residual value for a 36-month lease of a 2013 Sonata Limited Turbo with 12,000 miles per year are .00163 and 62%, respectively for consumers who qualify for its top credit tier.
When negotiating your deal on this car, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.
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Hi thetriplei. The residual value for a lease with 12,000 miles per year would be 1% higher than the residual value for a lease wit 15,000 miles per year. I'm not sure if Hyundai Finance offers leases with only 10,000 miles per year. If It does the residual values for that allowance would likely be 2% higher than the 15k resids.
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I am trying to figure out if a deal that I was quoted is a good deal or not. 2012 Hyundai Sonata Hybrid w/all options. MSRP: $32,370 Out the door price with all rebates, lease cash etc.:$27,620 Lease payment, 36 months, all taxes, doc fees, everything included, $ 349.00 a month including the monthly use taxes, 12,000 mi a year. I am not sure of the money factor but they said it was the Hyundai standard for top tier credit. Residual is $18,127. This is for a deal in Nasville, TN. I know sales tax is 7.25 percent but I think the leases are only taxed on the monthly payment. Any help would be appreciated. Thank you. Thinking about buying this vehicle this weekend.
You're very welcome carpanda1. Hyundai Finance's current buy rate lease money factor and residual value for a 48-month lease of a 2013 Sonata Limited with 12,000 miles per year are .00149 and 51%, respectively for consumers who qualify for its top credit tier.
When negotiating your deal on this car, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.
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Car_man, could you also provide the rates for the GLS for 3/36 for 10k and 12k? Also, if there is any difference between the GLS and GLS PZEV models in terms of the rates. Thought I would piggyback on this one so you could just respond in one shot.
Can you please provide the November residuals and money factors for the 2013 Hyundai Sonata Limited and Sonata Limited 2.0T each with Premium Package? 3-year lease with 12,000 miles.
I am interested in that info also. I saw yesterday an ad for a local dealer offering 2013 GLSes with Preferred Package for $169/month for 36 months with $1000 down, plus TT&L and first payment up front (tax = 6.25% on the payments, we pay tax in advance in Minnesota). That seemed like a good deal to me, maybe even worth checking it out even though our 2007 Sonata is still going strong (but no longer under warranty).
Where did you see that deal? Can you provide a link? Did you call/email and get any details on it? That seems like a pretty good deal, I'd like to get more info on it myself.
Walser Hyundai in Brooklyn Park, MN. I don't think we're allowed to post links to dealerships, but it's easy to track down on the Web. The deal was supposed to be good through Nov. 30, but only for in-stock cars so they could run out before that.
I put out a number of offers to dealers in the surrounding area and am just waiting on the responses from them. Will post the details on anything that proves worthwhile. In the meantime, from my research it appears that the acquisition fee is set by the finance company and not negotiable, but some things I read claimed it was. I thought perhaps it would be something similar to dealer doc fees where even if the dealer refuses to take them away you could often successfully demand they then be subtracted from the sale price with firm negotiation like many have suggested, though I'm not hopeful. Anybody have any input or insight about this?
Got this price on a rather odd lease deal on a 2013 Sonata GLS Package 2--does it seem like a good deal?
My total cost will be $47 a month, 36 months, 12,000 miles a year (we drive less than 10,000 a year). Nothing out of pocket. In addition, I'll get two $250 gift cards ($500 total), never expire, good on goods and services at the dealership chain, e.g. parts, tires, maintenance. I own a 2004 Elantra GT so if I don't use the credits for the Sonata, will likely be able to use them on the GT.
I will turn in my 2007 Sonata GLS. 62k miles, very good shape mechanically (radio and CD player don't always work great), interior is fine but needs a thorough detail. But the exterior is a mess... major scrape with body panel damage on left rear (recent hit-and-run in a parking lot), additional damage to rear bumper (rear-ended a year ago, got paid by insurance but never fixed it), many dings and deep scratches, scraped front bumper, two beat-up wheel covers. I would not be surprised if it were $2000++ in repair costs if I were to repair the car (and eventually I'd have to, to prevent rust and before I sell it).
So factoring in the gift cards I figure a bit over $1 a day. And my wife has a new car with more features e.g. heated seats, better fuel economy, more power, Bluetooth, new tires, save $50 a year on AAA membership fees, and nothing but routine maintenance for 3 years (5 years if I keep it after the lease). Oh, residual is $14,100... if that's too high at lease end I can always turn in the keys.
I need to decide by Friday morning... not that the deal will go away, but the cars probably will with the $500 in gift cards, which expires this weekend.
Hi drinkjuice. Hyundai Finance's November buy rate lease money factor and residual value for a 36-month lease of a 2013 Sonata SE with 12,000 miles per year are .00100 and 61% for consumers who qualify for its top credit tier.
The numbers for the Turbo version of this car are .00133 and 63%.
When negotiating your deal on these cars, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of them.
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Hey sirjared. Hyundai Finance's November buy rate lease money factor and residual value for a 36-month lease of a 2013 Sonata GLS with 12,000 miles per year are .00123 and 62% for consumers who qualify for its top credit tier.
The residual value for a lease of this car with 10,000 miles per year would be 1% higher.
I don't think that PZEV makes any difference with the lease program.
There is a $1,500 cash incentive on leases of this car.
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Hi golfmaven. Hyundai Finance's November buy rate lease money factor and residual value for a 36-month lease of a 2013 Sonata Limited with 12,000 miles per year are .00136 and 58% for consumers who qualify for its top credit tier.
The numbers for an otherwise identical lease of a '13 Sonata Limited 2.0T are .00142 and 59%.
There's a $1,500 cash incentive on leases of these cars right now.
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I leased a Sonata Limited basic (just floor mats, cargo mat, mud guards as options) in November and I wonder whether I got a good deal. It was for 36 months, 12k miles. If I could do better I'd like to know because my mom wants me to help her lease the same car in December.
MSRP $26,901 Cap Cost $22,200 Sign & Drive - $290/mo (included 1st mo, 7% tax & all fees) I've seen some in this forum mention a Limited for $21,250 but the cheapest Trucar I saw in NJ was $23,312 and I worked from there.
Also, Car Man could you please tell me the residual, money factor and if there are incentives for the same basic 2013 Sonata Limited 36 months, 12,000 miles.
Thank you! This forum has been very helpful and informative!
REF: 1142 I get 25845 for a Limited with your stated options. How did it become 26901? Seems too high. Also, i assume the cap cost includes the 595 acq fee from HMF. Any other fees stipulated?
The invoice price was 25845, MSRP was 26901. The cap cost did not include the 595 acq fee, the monthly amount from the cap cost was $235.50, added $15.50 for tax and $31/ mo for all fees (acq fee, mv fee, tire, etc) for a total of $282 but took it as $290 sign & drive instead.
REF: 1145 I am confused. So your total lease cost is 35 payments of 290 and that's all? I assume "Sign and drive" means you put down zero money before taking delivery. Also, how did your MSRP go from 25845 to 26901? What did they add? What is a tire fee? State specific? I am looking to lease before Jan 2...thx
Sonata Limited 2013 with floor mats, cargo mat & mudguards
MSRP $26,901 Invoice $25845 Cap Cost $22,200 (based on some posts I've seen could maybe do better closer to $21,500k) NJ tax of 7% $558 All fees (MV, doc, bank fee) $1113
Payment would have come to $282 per month for 36 months but we did $290 with zero money down for 35 months.
This included a $500 loyalty coupon, $1500 Hyundai lease incentive.
My mom wants to lease a Sonata also so I already spoke to the dealership that I may help her lease this month. Frankly believe I can do even better although felt this was a solid deal. If I do get the cap cost down I will post & let you know.
This was Flemington Hyundai, Flemington NJ. I started with Trucar price, spoke with internet manager and worked down from there.
I have 4 months left in my 36 month lease on a 2011 Sonata GLS. I was trying to get out of the lease early and lease a different brand of car. Hyundai Finance basically told me the only way to do it without penalty is to sell/trade the car for the payoff amount. This won't work because the payoff is $15K and the best trade-in price I've received is $11.5K from a dealer. A Volvo dealer wanted to cut me a check for the 4 remaining payments plus the $400 disposition fee, but Hyundai Finance says no. They say it will still be considered an early lease termination if I turn the car in more than 30 days early, regardless of the fact that I am paying them the money I would have paid them anyways, plus they get the car a few months early with less mileage on it. They will charge me a $400 early termination fee, any fees associated with auctioning the car off, and the difference between the payoff and the auction price. So technically, I could owe them a few thousand dollars. This seems wrong. I called them twice and talked to two different reps to make sure they weren't smoking crack and was told the same thing by both ladies. The salesman at the Volvo dealer also called them because he said he has never heard such BS in his 20 years in the business, and they told him the same thing.
Anyone else find it strange that Hyundai won't accept the money I will be paying them anyways, especially since they would be getting a car back that is worth more than it will be at lease end?
Anyone else find it strange that Hyundai won't accept the money I will be paying them anyways, especially since they would be getting a car back that is worth more than it will be at lease end?
You sort of answered your own question... The payoff is $15K and your car is worth $11.5K.. They are hoping you'll get rid of the car, otherwise, and they'll get their whole $15K.. and, if not, it's possible they have insured that residual, and can only collect if the lease term is completed..
And.. let's be clear... the bank owns the car... not Hyundai.. (even if they are named Hyundai Finance). They would much rather have the money, than have the car...
Try another dealer. I believe Hyundai has a buy back program that buys back all the cars with 6 months or less left. That's what I was told by the Paramus Hyundai
I don't think it is up to the dealers, it is up to Hyundai Finance (the bank). I'm guessing the primary reason they won't do it is because they would end up eating it on the car since it is worth way less than the payoff right now.
Finally I took the deal (18630) which I was offered in Chicago to my Madison dealer (Zimbrick), he matched the price ($18605 +135 doc fee (after 1500 +500 rebates)) . I am bad negotiator hence I said yes. At the last minute rather than buying I leased the car.
Here are the details : Lease for 36 months / 208 +10 (tax)=218$/month 200 $ down-payment for the first month. Residual =61% Price to buy after the lease –14,142
GLS + Popular Equipment Package (Ruby color – my wife wanted it) Carpeted Floor Mats Cargo Mat Cargo net Remote Start Rear Bumper Protector Wheel Locks
I will get the car tomorrow (as the car he has didn’t have remote start), as they need to get the vehicle.
Thank you everyone, this forum is really helpful. First I leased my Sienna and now Sonata.
Just leased a 2013 sonata gls with popular package and following options: Mud guards, Dargo mat, floor carpets, all weather floor mats, spoiler and wheel locks. 12K miles/36 months $0 down- just paid taxes and fees upfront $199 per month
REF: 1154 For a true assessment of your deal, need the following: msrp, sales price, residual %, money factor. Plus, what did you pay for taxes and fees? Was the acq fee paid upfront or rolled into the lease? Did you pay an optional doc fee? All these things matter...
Here's the information that you're looking for, klockboy. Hyundai Finance's January buy rate lease money factor and residual value for a 36-month lease of a 2013 Sonata Limited with 12,000 miles per year are .00126 and 55% for consumers who qualify for its top credit tier.
When negotiating your deal, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of this car.
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So I just leased this car on Thursday. 2013 2.4 SE sunroof and Nav. Traded in my 09 Altima with negative equity of about $1,250. 48 mo lease 15k miles $309/month oil changes and tire rotations included in payment. Put $500 down to cover 1st month, licence and doc fees. Felt like a decent deal but not 100% sure. Thoughts?
Picked up a new 2013 GLS yesterday. I traded in 2012 Camaro with $6,000 negative equity. New lease is 48 months with $2,200 down to cover taxes dmv first month payment at $289 per month.
Does the 10 year 100k warranty transfer to a person if they buy out the car at the end of the lease or do you lose it because you didn't own the car while leasing and are buying it after? Also does Hyundai have a set price for fees (not the car price) when buying out the car at the end of the lease as long there are no other cost involved like excess mileage, damage, ect.
The 10 year/100k powertrain warranty transfers to the buyer if you leased the car and buy it out at the end of the lease. I specifically asked my Hyundai dealer that question when I leased a 2013 Sonata in November.
Your lease agreement will specify any fees that apply if you buy the car at the end of the lease, or turn it in. In my experience, these fees are negotiable at the end of the lease--especially if you buy the car... or buy or lease another Hyundai when turning in the leased car.
That seems like a pretty easy question to answer: is the SE worth at least $624 more to you than the GLS? If so, get the SE. If not, get the GLS.
IMO the price on the GLS is pretty good, but not exceptional... works out to $235/month. You might counteroffer with something like $220 with 0 out of pocket, see what they say. The worst that can happen is they say "no".
Also if you haven't compared price at any other dealership yet, you might do that, tell them what the offer is and see if they'll beat it--assuming you have other dealers in your area.
I asked a dealer why I couldn't use invoice pricing with Hyundais lease rates and make a cheaper payment than Hyundais advertised lease price based on msrp...they replyed...even tho its msrp it comes out cheaper than if you just wanted to lease a car based on invoice...huh...is it better to use their advertised lease price based on msrp then instead of trying to get a lease based on the same rate and price you work out with the dealer? Thanks
REF: 1171 You need to find a new dealer. They are full of it. Most advertised lease deals are not the best available. they don't disclose all the info you need to figure out how much the dealer is selling the car for.
If you want help, post the msrp, sell price, term, money factor and residual %. You can calculate the lease using a tool or we can help you.
Leasing is like a shell game. the dealer has more cards than us...
Comments
There are only 4 components of a lease:
-car price
-interest rate (money factor)
-residual
-the above 3 components dictate the 4th, your monthly payment
Dealers are, for the most part, non-negotiable on components 2 and 3. The financing group tells them the current interest rate (based on your credit) and the manufacturer tells them the residual. (expressed as a percentage based on the # of miles the lease is).
So what can you do? Understand 2 and 3 and negotiate the hell out of #1. Thats it.
If you lease for 3 years/30k miles (instead of the typical 3/36), the car will be worth more at the end of the lease. So, your lease payments will go down, but the cost to buy the car at the end of the lease goes up.
If you lease for 3 years/90k miles (extreme, I know), the car will be worth less at the end of the lease. So, your lease payments will go up, but the cost to buy the car at the end of the lease will go down.
If cash flow right now is your issue and you truly will be buying out the lease, you should negotiate the lowest price for the car (always do this) and ask for the lowest amount of mileage lease they will offer.
When negotiating your deal on this car, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.
Car_man
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Car_man
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Thanks for all your great posts! Can you please post the September MF & Residual for a 2013 Sonata Limited for a 48 month lease with 12k / year?
2012 Hyundai Sonata Hybrid w/all options.
MSRP: $32,370
Out the door price with all rebates, lease cash etc.:$27,620
Lease payment, 36 months, all taxes, doc fees, everything included, $ 349.00 a month including the monthly use taxes, 12,000 mi a year.
I am not sure of the money factor but they said it was the Hyundai standard for top tier credit.
Residual is $18,127.
This is for a deal in Nasville, TN. I know sales tax is 7.25 percent but I think the leases are only taxed on the monthly payment. Any help would be appreciated. Thank you. Thinking about buying this vehicle this weekend.
When negotiating your deal on this car, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.
Car_man
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Looking to lease a 2013 Sonata SE, 3/36 month 12k lease. Might go for the 2.0T version if the price is right.
Can you please provide the November residuals and money factors for the 2013 Hyundai Sonata Limited and Sonata Limited 2.0T each with Premium Package? 3-year lease with 12,000 miles.
Many thanks,
golfmaven
I put out a number of offers to dealers in the surrounding area and am just waiting on the responses from them. Will post the details on anything that proves worthwhile. In the meantime, from my research it appears that the acquisition fee is set by the finance company and not negotiable, but some things I read claimed it was. I thought perhaps it would be something similar to dealer doc fees where even if the dealer refuses to take them away you could often successfully demand they then be subtracted from the sale price with firm negotiation like many have suggested, though I'm not hopeful. Anybody have any input or insight about this?
My total cost will be $47 a month, 36 months, 12,000 miles a year (we drive less than 10,000 a year). Nothing out of pocket. In addition, I'll get two $250 gift cards ($500 total), never expire, good on goods and services at the dealership chain, e.g. parts, tires, maintenance. I own a 2004 Elantra GT so if I don't use the credits for the Sonata, will likely be able to use them on the GT.
I will turn in my 2007 Sonata GLS. 62k miles, very good shape mechanically (radio and CD player don't always work great), interior is fine but needs a thorough detail. But the exterior is a mess... major scrape with body panel damage on left rear (recent hit-and-run in a parking lot), additional damage to rear bumper (rear-ended a year ago, got paid by insurance but never fixed it), many dings and deep scratches, scraped front bumper, two beat-up wheel covers. I would not be surprised if it were $2000++ in repair costs if I were to repair the car (and eventually I'd have to, to prevent rust and before I sell it).
So factoring in the gift cards I figure a bit over $1 a day. And my wife has a new car with more features e.g. heated seats, better fuel economy, more power, Bluetooth, new tires, save $50 a year on AAA membership fees, and nothing but routine maintenance for 3 years (5 years if I keep it after the lease). Oh, residual is $14,100... if that's too high at lease end I can always turn in the keys.
I need to decide by Friday morning... not that the deal will go away, but the cars probably will with the $500 in gift cards, which expires this weekend.
The numbers for the Turbo version of this car are .00133 and 63%.
When negotiating your deal on these cars, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of them.
Car_man
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The residual value for a lease of this car with 10,000 miles per year would be 1% higher.
I don't think that PZEV makes any difference with the lease program.
There is a $1,500 cash incentive on leases of this car.
Car_man
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The numbers for an otherwise identical lease of a '13 Sonata Limited 2.0T are .00142 and 59%.
There's a $1,500 cash incentive on leases of these cars right now.
Car_man
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MSRP - $ 28,355
Sign and drive - $341.00
Term - 36 mos.
18 k a year mileage
Any thoughts on how good a deal this was.
MSRP $26,901
Cap Cost $22,200
Sign & Drive - $290/mo (included 1st mo, 7% tax & all fees)
I've seen some in this forum mention a Limited for $21,250 but the cheapest Trucar I saw in NJ was $23,312 and I worked from there.
Also, Car Man could you please tell me the residual, money factor and if there are incentives for the same basic 2013 Sonata Limited 36 months, 12,000 miles.
Thank you! This forum has been very helpful and informative!
I get 25845 for a Limited with your stated options. How did it become 26901? Seems too high. Also, i assume the cap cost includes the 595 acq fee from HMF. Any other fees stipulated?
I leased a 2013 Sonata Turbo Limited (no nav) for $308.01 a month for 36 months, 12k . $0 down, and paid $614 for new plates and first month fee.
$595 bank fee and taxes are rolled into payments
Sticker price on car was $28,810.00 (mats, mud guards, cargo net, rear bumper protector, and wheel locks)
Gross capitalized cost = $27,133.64
Capitalized cost reduction = $1,500
Adjusted capitalized cost = $25,633.64
Residual value = $16,709.80
Depreciation = $8,923.84
Rent Charge = $2,164.52
Total of base payments = $11,088.36
Lease payments = 36
Base payment = $308.01
(itemization of gross cap cost)
Agreed value of vehicle = $25,462.88
Taxes= $1,075.76
Acquisition fee = $595
The invoice price was 25845, MSRP was 26901. The cap cost did not include the 595 acq fee, the monthly amount from the cap cost was $235.50, added $15.50 for tax and $31/ mo for all fees (acq fee, mv fee, tire, etc) for a total of $282 but took it as $290 sign & drive instead.
I am confused. So your total lease cost is 35 payments of 290 and that's all? I assume "Sign and drive" means you put down zero money before taking delivery. Also, how did your MSRP go from 25845 to 26901? What did they add? What is a tire fee? State specific?
I am looking to lease before Jan 2...thx
Sonata Limited 2013 with floor mats, cargo mat & mudguards
MSRP $26,901
Invoice $25845
Cap Cost $22,200 (based on some posts I've seen could maybe do better closer to $21,500k)
NJ tax of 7% $558
All fees (MV, doc, bank fee) $1113
Payment would have come to $282 per month for 36 months but we did $290 with zero money down for 35 months.
This included a $500 loyalty coupon, $1500 Hyundai lease incentive.
My mom wants to lease a Sonata also so I already spoke to the dealership that I may help her lease this month. Frankly believe I can do even better although felt this was a solid deal. If I do get the cap cost down I will post & let you know.
This was Flemington Hyundai, Flemington NJ. I started with Trucar price, spoke with internet manager and worked down from there.
Hope this helps.
Anyone else find it strange that Hyundai won't accept the money I will be paying them anyways, especially since they would be getting a car back that is worth more than it will be at lease end?
You sort of answered your own question... The payoff is $15K and your car is worth $11.5K.. They are hoping you'll get rid of the car, otherwise, and they'll get their whole $15K.. and, if not, it's possible they have insured that residual, and can only collect if the lease term is completed..
And.. let's be clear... the bank owns the car... not Hyundai.. (even if they are named Hyundai Finance). They would much rather have the money, than have the car...
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Here are the details :
Lease for 36 months / 208 +10 (tax)=218$/month
200 $ down-payment for the first month.
Residual =61%
Price to buy after the lease –14,142
GLS + Popular Equipment Package (Ruby color – my wife wanted it)
Carpeted Floor Mats
Cargo Mat
Cargo net
Remote Start
Rear Bumper Protector
Wheel Locks
I will get the car tomorrow (as the car he has didn’t have remote start), as they need to get the vehicle.
Thank you everyone, this forum is really helpful. First I leased my Sienna and now Sonata.
Thanks
San
12K miles/36 months
$0 down- just paid taxes and fees upfront
$199 per month
any comments on if I got a decent deal?
For a true assessment of your deal, need the following:
msrp, sales price, residual %, money factor. Plus, what did you pay for taxes and fees? Was the acq fee paid upfront or rolled into the lease? Did you pay an optional doc fee? All these things matter...
THANKS CARMAN!
When negotiating your deal, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of this car.
Car_man
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Need the following to evaluate your deal:
msrp, sell price, residual %, money factor, tax rate, doc fee amount...
Car_man
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Is this a good deal?
Your lease agreement will specify any fees that apply if you buy the car at the end of the lease, or turn it in. In my experience, these fees are negotiable at the end of the lease--especially if you buy the car... or buy or lease another Hyundai when turning in the leased car.
- GLS + Premium pkg w Bluetooth, heated seats, aluminum wheels, etc... and
- SE
for the GLS + premium I have a delaer offer of $206/month for 36 months with 12K per year - $1050 in taxes up frint and zero down.
for the SE: $219 with $1206 in taxes and delivery fees. Zero cao cost reduction fees.
How does this compare ?
Allen
IMO the price on the GLS is pretty good, but not exceptional... works out to $235/month. You might counteroffer with something like $220 with 0 out of pocket, see what they say. The worst that can happen is they say "no".
Also if you haven't compared price at any other dealership yet, you might do that, tell them what the offer is and see if they'll beat it--assuming you have other dealers in your area.
You need to find a new dealer. They are full of it. Most advertised lease deals are not the best available. they don't disclose all the info you need to figure out how much the dealer is selling the car for.
If you want help, post the msrp, sell price, term, money factor and residual %. You can calculate the lease using a tool or we can help you.
Leasing is like a shell game. the dealer has more cards than us...