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Hyundai Sonata Lease Questions
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I was called once that they could get me out of my 2011 GLS for a new one for the same money. Turns out they just wanted to upsell me and with the new fees...was no benefit to me.
Good luck!
I am considering leasing a new 2013 Sonata GLS. I have a local dealer (Kirkland, WA) who is aggressive with advertising "deals" in the weekend paper. I have noticed that they start the weekly add on Thursday afternoons. This weekend they are advertising a 2013 Sonata GLS on a 36 mo / 12K lease for $77. Here is the breakdown of the pricing as described in the ad:
(http://www.hyundaiofkirkland.com/)
Sonata GLS
MSRP $22,450.00
HOK Discount $4,053.00
Sale Price $18,397.00
Lease Cash $1,500.00
Valued Owner $500.00
Competive $500.00
Military $500.00
College $400.00
Total other discounts $3,400.00
Discounted Sale Price $14,997.00
Down $999.00
Lease (3*12k) $77.28
I would need to put $999 down plus taxes, license, etc.
It appears to me that the have assigned a 36 month residual value on the car around .70 - .75.
Does my residual calculation appear to be correct, and isn't this a bit high?
Thanks for any comments,
-CR
2. Never, ever, put down more than $500 on ANY lease; if you don't understand why, you need to research a LOT more...knowledge is power
One way to cut through all the crap is ask the dealer, "How much per month for 36 months, 12k miles/year, with NOTHING out of pocket?", including just the discounts/rebates you qualify for. That means, you don't pay anything up front except maybe the first month's payment. Also find out what the residual is then. If they come back with something around $200 a month (less is good too!) and the residual is reasonable (which might not matter if you could just walk away after 3 years), I'd call that a good deal on that car, especially if it has the Preferred Package.
The car does not have the nav or panoramic sunroof. Is this a good deal?
BTW, there is no etc. in leasing!
http://www.edmunds.com/hyundai/sonata/2013/car-incentives.html?style=200417707&i- rr_section=customer_rebates_irr
So, we are off by quite a bit in your favor which makes me leery...
http://www.leaseguide.com/calc.htm
Would you be trading in your Accord to them?
I'm not trading in my Accord; I was leasing it. However, if you are asking whether I'll be turning it in at the Hyundai dealership, the answer is yes.
The reason i ask is that I have a Sonata lease and am looking at getting a new Accord lease. Every dealer has told me that I have some positive equity in my Sonata and that it makes sense to trade it in early to reap the reward of that small amount of equity and avoid paying the $400 disposition fee that Hyundai charges at lease end. (Honda does not).
Still curious why the numbers don't work out to $300/month...
The Hyundai dealership deals only with Hyundai and Subaru, by the way. I'm going back tomorrow to tell them I will take possession of the car on the 26th and leave them a deposit to hold it.
Thank you again for all of your help. It has been invaluable!
I'm really hoping someone could help me. Today I visited Hyundais dealership in MA.
I'm looking to lease a Sonata GLS with the performance package (fog lights, heated seats etc). Details:
Credit Score 680 invome $4500/month
The MSRP was $23495
Negative Equity of about $1800
zero down
looking for a 36/month lease of 15,000 miles
What should I expect to pay a month with these factors?
I want to keep my payment below $300/month.
What money factor rate and residual should I expect.
I really want to get the limited version MSRP of $29000, what would that be?
It's been a long time since I've boughten car, as I've been rebuilding my credit and I'm lost. I got a number today and felt totally snowballed by the guy, so I left and researched more online and it appears he was way off.
Honest advice needed.
Thanks,
AT
http://www.leaseguide.com/calc.htm
http://www.leaseguide.com/faqs.htm
You need the following bits of data before you can proceed:
msrp,sell price,mf,residual %
BTW, the neg. equity will put you over 300/month
Ballpark estimate:
msrp 23495, sell price 21695 (1800 below msrp)
56% residual; 0.00126 mf; 595 acquisition fee
assumed tax rate on lease 7% (depends on your state)
monthly payment $261.45
If i add the $1800 of negative equity to the cap cost,
it becomes 317/month
MSRP 23190
Selling price 19450.73. This is with a the following (22,478 selling, - 1027.27 markup ( some incentive) - another cap reduction of 2000) Honestly not really clear on how they came to 19450.73 , but that is capital cost. My calculations give me the same payment as they quoted of $200
MF - 0.00063
residual - 56% (15K lease)
36 months
Gave me a payment of $200
Cash down would be taxes of $531, Bank fee of $595 and first months payment of $200 and DMV. I can also roll into monthly which would be another roughly $$33/ month.
I have a couple of questions.
When i asked about the taxes. They just calculated the 36 payments by my county rate, which is normal, but I always thought I paid taxes on the cap cost reductions also. Is this blended into my $200 payment, or do I not pay it?
second, I recently started my own business, am living off savings. I am not taking a salary to build the business. Will this come against me to get lease approval. I have excellent credit - not worried about that.
Thanks guys
http://www.leaseguide.com/calc.htm
1. I get 195/month using your numbers (pre-tax)
2. The mf is quite low at 0.00063; it is a Hyundai lease right?
3. you do pay tax on the $2000 incentives (somewhere)
4. Never put down more than $500 out-the-door on any lease.
do you have any insight on whether I will get approval without income - of can I just put it down that I do (Savings)?
and yep - Asked them to verify the MF and they confirmed it was .00063.
thanks
just to confirm at a credit score of 680 you feel the money factor should be .00126?
I was really snowballed today then. Taking all the numbers I gave you in my previous post; they came back with $383/month for 48 months....
Do you know the credit teirs and corresponding MF rates?
I did read all the links and understand more but can't find through a google search what a realistic MF rate would be for my credit score.
Want to close a deal (another dealership) on Tuesday.
1. First, click on rebates, incentives, prices. Then, look at how complicated the table to the right on the link is. Many combos of lease incentives and money factors (lease rates). You have to ask what the residual % and mf are for your situation.
http://www.cars.com/go/search/detail.jsp?tab=specs&recnum=&actLog=&listingId=110- 735046&paId=503253946&listingRecNum=7&criteria=sf1Dir%3dDESC%26mkId%3d20064%26st- kTyp%3dN%26mdId%3d22146%26rd%3d30%26crSrtFlds%3dstkTypId-feedSegId-mkId-mdId-trI- d%26zc%3d45324%26rn%3d0%26PMmt%3d1-1-1%26stkTypId%3d28880%26sf2Dir%3dASC%26sf1Nm- %3dprice%26sf2Nm%3dlocation%26isDealerGrouping%3dfalse%26trId%3d23836%26rpp%3d50- %26feedSegId%3d28705&tracktype=newcc&pageNumber=&numResultsPerPage=&largeNumResu- ltsPerPage=0&sortorder=descending&sortfield=PRICE&certifiedOnly=false&&aff=natio- nal
2. The GLS with the Popular equipment Package (PEP2) is about 22915. the one you quoted had extra crap that you don't need.
3. Why do you need to get out of the neg. equity car? it would be better to wait...
I am looking at a base model Sonata. MSRP was 22465. After valued customer coupon, autoshow rebates, graduation rebate and internet pricing the final cost came out to 17,510.
I have a 2011 Sonata, 3 years old with 56000 miles on it. It has some minor paint dings but nothing major. I owe 10150 on it. They are willing to give me 10400 for it.
The lease terms came out to 135/month which includes tax. They initially started at 164 a month. I would also have to put down 1500. So total for DP and 135 over 36 months is 6360.
My reasoning for leasing is the following. After 36 more payments on my current car, with interest it comes out to 10900 dollars for the next 3 years and I own it. Now I would hope it lasts another 3 years after that to make the total life of the car 9 years, three of which have already been used. If I were to lease the new car and replicate the lease again for another 36 months it would come out to 12,700. So I would be paying 1800 more but I would have two new cars in the same time?
Yes I am new to this so I dont have all of the terminology from the dealer currently available but I will try to get it later. I am just asking if the numbers look good or if I can push them more. Thank you in advance.
EDIT: 12K a year miles. Base GLS model.
12000 miles per year
Is this a good deal?
The money factor is a bit lower for 2.0T SE's at .00079, and the residual is higher by 2%. Between the Limited and SE models, the 2.0T SE seems to be the best bang for the buck for leasing.
Got this info from HERE
I did a google search and found it within seconds
Let me know how you do. I'm actually considering the Sonata 2.0T (again) myself. I almost got one 2 years ago, but the dealers around here (Charlotte, NC) treated the 2.0T as if it was sacred and wouldn't budge on the price (MSRP). I laughed at them, walked out the door and got an Accord instead. I got the Accord (an EX) for $260 down $260 per month, way less than the $340/month the Hyundai dealer wanted for an SE 2.0T with no options. $340/month is what I'd pay for a loaded Limited 2.0T, not a bare-bones SE.
When negotiating your deal on this car, make sure to take advantage of the $1,500 cash incentive that Hyundai is currently providing on it.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I want the GLS with Popular package, mostly for the Alloy wheels and Heated Seats. Final Dealer found the car and with incentives and rebates that I qualify for he got me to 212 with no money down, or 230 with all tax, licensing, and fees. Best deal I have seen on it. I am pretty sure I am going to do it. It's 36 months 36000 miles. I have been keeping an eye on my mileage and i am averaging only 500 miles a month, so I am pretty sure the mileage won't be an issue. So I am thinking I am going to give it a go. Any Suggestions or things I should know?
Hyundai is providing a $1,000 cash incentive on leases of this car in May. Make sure to take it into account when negotiating your car's capitalized cost.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
After I went to my closest Hyundai dealership yesterday, I walked out because I felt I was being taken advantage of. I have to go back to another dealership ASAP. My current 2011 Sonata GLS 3yr lease ends in 2 months.
I would like to know your opinions of what I can expect my approximate payments to be on leasing a base 2013 Sonata GLS with the regular preferred package (power driver seat / alloy wheels) standard 3 yr. 12,000 miles, zero down with taxes rolled in.
I will be turning in my 2011 Sonata that has a residual payoff value of $12500. It's in excellent shape (just needs new tires) and has 33,000 miles on it.
There are supposed to be current incentives on returning it and getting a new one. And I have excellent credit.
Any advice would be GREATLY appreciated!
Thanks!
I was hoping I might be able to get one under $200 per month. I was sent a flyer form a dealership in my area that said $150 per month but you know how that goes, you get to the salesman and it's a whole different story.
First time trying to lease and found this offer and would love your opinion on what I can do to work the deal in my favor.
Thanks in advance.
2013 Hyundai Sonata 4dr Sdn 2.4L Auto SE 4dr Car
LEASE FOR ONLY $ 199.00 A MONTH
2013 Sonata SE. Lease for only $199.00 a month. 36 month lease. 12K miles per year(36,000 miles total). $.20 excess mileage charge. Zero security deposit. One at this payment DHS0838. HMF lease bonus $1,000. Valued Owner/Competitive Owner Coupon $500*. Military rebate $500** and $ 2,195 cash or trade equity due at lease signing. On approved credit. * Must be currently registered Hyundai owner or own any vehicle except Kia. **Active duty/retired military, veteran, reservists eligible. Proof of service required. Payment plus tax, license, doc fee and other Government fees apply. Offer ends 5/31/13 or when sold.
My advice is to figure out which Sonata you want - then let us know so you can get the appropriate MF / Residual to ensure the dealer isn't adding his points to the MF.
Hyundai is still very hot right now - but aren't happy with their sales results from last month - so there's a huge push ESPECIALLY in leasing to get them on the road.
You should definitely expect a discount of around $1500 and $1500 in lease cash/rebates!!
I currently have a 2011 Hyundai Sonata GLS I leased on 1/14/2011. I pay $250/mo - 36mo 12k miles/yr. I put down $1200 which included a trade in, taxes, first month payment and fees / tag etc.
The lease is up in Jan, I am currently 2k miles under my lease. The dealership wants me to trade in my car early for a GLS with the higher package with fog lights, alloy wheels. It would be nothing down, hand in keys and go payments would be $250 a month still for 36 months.
I asked about about the SE with navigation package, he said it would be $325/month with nothing down, just an increase in my monthly payment. My credit is not perfect, but in the lower 700's.
Are these good prices or can I do better elsewhere?
Just make sure you see how they acquired the numbers to come to that payment. DO NOT NEGOTIATE ON PAYMENT!!!
Make sure the money factor is .00102 ... They probably have you @ .00142 right now - and it shouldn't be. Residual is 60%.
Find out what kind of discount you've gotten to get to that $325 payment. I'm pretty sure you can get under $300, but i haven't run the physical numbers.
You should be getting at minimum a $1500 discount off MSRP ... BEFORE REBATES.
Good luck!
Can anyone provide current money factor/residual value info for the GLS and Limited models on a 3yr 12k mi lease? I've looked around and keep finding conflicting info.
Also, we're considering trading in my wife's car to purchase a 2013 Santa Fe Sport. I expect 6-7k for her trade in. Because of the low miles on my Sonata I'm confident there's 2k in equity above my buyout price. Any advice about negotiating the purchase of this car alongside the lease of a new sonata would be much appreciated.
I'm hoping we'll be able to get some real bargaining power by getting 2 cars.
MF is either .00095 or .00085 depending on exact model... Residual for all is 61%
LIMITED:
MF is .00109 across the board and residual is 58%
P.s. I was able to get $1500 in incentives