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Hyundai Sonata Lease Questions

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Comments

  • Carman are the below numbers correct?

    GLS 60% .00048
    Ltd 58% .00095

    Also what are the rates for the SE?

    Thank you,

    Tommy
  • Hi Russell. Since you are new to leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    How sales tax is calculated on leased vehicles varies from state to state. If you let me know what state you are in, I may be able to point you in the right direction.

    Car_man
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  • Hi pegasus17. The numbers that you mentioned are correct.

    Car_man
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  • Hello Tommy . The money factors that you mentioned are right on the money.

    Hyundai Finance's current buy rate lease money factor for the 2011 Sonata SE is .00087.

    Car_man
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  • capplacappla Posts: 29
    Anyone lease a 2011 Sonata - please share your lease deals.
  • capplacappla Posts: 29
    Car_man - do you have the lease detail for all 3 2011 Sonata models for 15K per year?
  • pegasus17pegasus17 Posts: 536
    REF: 158
    Read earlier posts starting at #147. Lease terms for March 2010 are the same as Feb 2010. Residual values for 15k miles/year are typically 2% less then the 12k miles/year number. Money factors are the same for 12k/15k BUT do vary by model (GLS, SE, LTD).
  • capplacappla Posts: 29
    Thanks - do you or anyone else have residual percentage on the 2011 Sonata SE for 12K and 15K?
  • By 'valid', I mean one where a dealer would make enough money to cover costs associated with making the deal - turn a profit. Another assumption is that my credit score approves me for base rate.

    2011 Sonata Limited (base, no options):

    MSRP: 25,295 (inc. freight)
    Invoice: 24,368 (inc. freight)
    Residual: 60% (58% + .02% for only 10k/mile usage)
    Base Rate: 0.00095
    Down: $0
    Net Cap: 24,868
    Residual: 15,177
    Amt Financed: 9,691
    Depr Fee: 269.19
    Fin Fee: 38.04
    Total Fee: 307.24 (w/o tax)

    Also, what's the chance of arguing a dealer out of misc fees like acquistion and disposition fees?

    What kind of subsidizing does Hyundai provide to its dealers (ie: hold-back?) I believe I saw somewhere that Hyundai's typical holdback is 2% of invoice?

    What parts of an auto purchase does a saleman have the best margins / make the most money? What about a dealer (the 'boss')?

    Thanks ;)
  • Hi cappla. Here's the information that you're looking for. Hyundai Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata GLS with an automatic transmission and 15,000 miles per year are .00048 and 57%, respectively.

    The numbers for an otherwise identical lease of a 2011 Sonata Limited are .00095 and 58%.

    The numbers for a 36 / 15 lease of a 2011 Sonata SE are .00087 and 57%.

    Car_man
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  • yoonnyyoonny Posts: 33
    Your MSRP appears to be off. It's $25,495 + $720 + $135 (if floor mats/iPod cable included) = $26,350.

    Hyundai's holdback is base invoice * 2% or approx. $480.
    Hyundai is giving dealers $1,000 incentive which is not published.

    I would negotiate the price @ $23,600 or so, which already gives the dealer reasonable profit. If a dealer meets certain goals and gets good survey, Hyundai throws them more money so don't be fooled when a salesman says "I am losing money on this deal". It's almost always never true.

    Monthly lease payment for Limited w/o Nav should come around $300, tax included. If you roll acquisition fee ($595) and other fees into the payments then little higher.
  • That's very helpful voonny - thanks.
  • capplacappla Posts: 29
    Thank you Car_man!

    Do Hyundai's residuals change with the addition of the navigation system?

    Also, can you confirm that there is a $1,000 manufacturer to dealer incentive on the 2011 Sonata?
  • You're very welcome, cappla. The addition of navigation has no impact on the Sonata's lease program.

    I haven't heard about any dealer cash incentives on the '11 Sonata. Where did you see that?

    Car_man
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  • capplacappla Posts: 29
    Hi Car_man,

    There was a mention in post 164 regarding the dealer cash incentives.

    I've also seen this stated on multiple posts on http://www.hyundai-forums.com.

    (http://www.hyundai-forums.com/index.php?showtopic=46896&st=0&p=310473&#entry310- 473)

    &

    (http://www.hyundai-forums.com/t46694-new-incentives-for-april.htm)
  • yoonnyyoonny Posts: 33
    Correction:
    My MSRP was for pearl white color which added $200. So for non-pearl white cars, your MSRP is correct. So you may want to negotiate purchase price of around $23,400.

    11 Sonata has by far one of the most attractive lease deals right now. High residual value and low money factor makes it one outstanding buy.
  • doc_vdoc_v Posts: 11
    Hello Car_man,

    Thanks for all the great info however, I have a question. You stated that, "The numbers for a 36 / 15 lease of a 2011 Sonata SE are .00087 and 57%." According to Rick [ the finance manager at Cammisa Hyundai in Burlingame, CA] the numbers are actually .00127 and 59% respectively. Is he trying to pull a fast one on me or is it possible your numbers are incorrect? Also, according to him, the Costco membership "no haggle" price is $500 over invoice; I'd read somewhere, [not sure if it's was here] it was $100. Can you confirm which it is?

    Thanks!
  • doc_vdoc_v Posts: 11
    edited April 2010
    Update: I spoke with Randy Hall, of Jim Doten Hyundai in Richmond, CA and he quoted me, over the phone, a money value that concurred with your original statement if .00087% on the 2011 Hyundai SE. He also quoted a 59% residual value based on a 36 month / 12k annual mile lease. Not to mention his quote was cheaper than Cammisa by a difference of $500 down and $50 *less* per month; or a total of $2300 less over the term of the lease. Supposedly, both quotes were based on Costco "no haggle pricing" for a 2011 Sonata SE with ipod cable, floor mats, wheel locks and the Homelink / self dimming rear view mirrors package. [Or at least Cammisa claimed their price was based on Costco pricing. ...Clearly they were being less that truthful with me.] Cammisa also tried to convince me their price included a *standard* $500 regional factory advertising fee that, "all dealers charged"? ...What the? Has anyone else ever heard of this? It was sure news to me.

    I suppose the moral of the story is, even when someone "claims" to be offering you a "no haggle" price, it pays to shop around.

    On a side note, Randy from Jim Doten Hyundai was also very forthcoming about his inventory and informed me he had 4 SE models scheduled for delivery by the 20th where as Cammisa made it sound like it was a mystery when they'd be receiving any more SE's.

    I also paid a visit to San Leandro Hyundai and the rep there claimed the SE would *not even be released for another 6 months*! Not to mention both of their sales reps I spoke with knew *less* about the car than I had learned from the Hyundai web site. One tried to convince me the options offered in the brochure were incorrect. They were however more than eager to sell me the Sonata Limited they had sitting on the showroom floor.

    It's safe to say which dealership will be getting my business.
  • Besides www.edmunds.com & www.carsdirect.com, try the newest, www.truecar.com. Doesn't have lease info, but good for setting your basis selling price, with all options & incentives calculated.
  • Hi cappla. I'm pretty familiar with Hyundai's incentives and I don't recall ever seeing any mention of dealer cash on the Sonata. The people who mentioned it may have been mistaken.

    Car_man
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  • Hey Doc. The money factor and residual value that I mentioned earlier were definitely right. You were smart to shop around. I'm glad that you seem to have found a dealer who is willing to be straightforward with you.

    Good luck in finalizing your deal and make sure to let us all know how everything turns out.

    Car_man
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  • midas69midas69 Posts: 118
    Hi cappla. I'm pretty familiar with Hyundai's incentives and I don't recall ever seeing any mention of dealer cash on the Sonata. The people who mentioned it may have been mistaken.

    The quote I received via the Hyundai Associate Purchase Program specifically listed the dealer cash. We've also had a dealer posting on another forum that mentioned the dealer cash. It's real and explains how people have been getting prices over $1000 below invoice.
  • Leasing Costs: Once I have negotiated the purchase price of the car, what is the true cost of incurred by the dealer for leasing that car? Are the acquisition and disposition fees requested by the dealer the actual amount charged by HMA to the dealer, or just a $ they recommend the dealer charge and the dealer actually pays something less (or nothing at all)?

    Lease Wiggle: If HMA provides 15k and 12k mileage lease options, is there a way for a dealer to setup a 10k mileage (or less) lease deal? Are the least options set by HMA hard and fast, or can they negotiate and setup unique ones? I don't drive my car that much (i have 26k miles on my current lease after 39 months) and I don't want to pay for miles I won't use.
  • capplacappla Posts: 29
    Check truecar.com - using zip code 23219 for Richmond, VA & 30301 for Atlanta, GA.
  • What are the options available to dealers with setting down payments during lease agreements? What determines how low of an amount they are willing accept?

    Also, what kind of options are available for rolling lease fees (like acquistion and disposal) into the financed amount?
  • pegasus17pegasus17 Posts: 536
    REF: 178
    It's mostly all negotiable. I would exclude the $400 disposition fee from the lease as you can get that waived if you lease another Hyundai at lease end. FWIW, it makes little sense to make a large down payment on ANY lease.
  • Hello everybody
    Can you tell me if $300/month with $1500 down ( $595 Assignment fee + $300 Registration + $299 Doc fee + 1st month payment ) for a Sonata SE w/ Nav + ECM w/Homelink & Compass + Mats & Net is a good price.
    Thank you.
  • capplacappla Posts: 29
    What is the purchase price of the car? How many miles is this for and what is the money factor and residual stated by the dealer? Did you verify the dealers calculations on your own with the money factor and residual values shown in these posts? You can use http://www.leaseguide.com/calc.htm to verify.
  • The lease is for 15k, the money factor .00087, the residual 58%. The purchase price is $24,264 and the msrp $26,410. I see a diference in the residual from 57% to 58%.
  • capplacappla Posts: 29
    The residual of 58% and money factor of .00087 are what dealers have been quoting on the SE so that appears accurate.

    Probably still need a little more information to determine if the $300 payment and $1500 up front is inline with what you would expect based up on the MSRP and purchase price provided.

    Another good calculator you can use is http://theautoleasecalculator.com/.
  • pegasus17pegasus17 Posts: 536
    edited May 2010
    As i posted in the buying thread, you have to shop around and be prepared to walk out if you feel like you're getting a bum deal. There are many decent car dealers out there (at least here in Ohio):
    "Actually, I leased the car because i am the type who cannot buy the new-model design of any vehicle. Sales price for the lease was 19900. Hyundai Motor Finance had promo lease rates of 60% residual and an extremely low money factor of .00048 for the GLS in April. My payment is $223/month and out-the-door was $305 (first payment and BMV fees of $82; sales tax of 6.5% included in the monthly payment). This deal wasn't that hard to get at the end of this month so i reiterate that shopping around is necessary. Deal included $500 military bonus from Hyundai (taxed, of course)...lease is 36 months, 36000 miles with a $400 disposition fee at the end."
  • spohiospohio Posts: 13
    Has anyone seen the lease details for May yet? I am looking at a 3yr, 12k/year lease on a 2011 Sonata Limited. What MF and residuals should I expect? Does Hyundai require security deposit? I think I have seen that $595 acquisition and $400 termination are normal?
  • spohiospohio Posts: 13
    apparently, they are unchanged from last month. here is the deal i received:

    36 month lease, 12k mi/yr of 2011 Sonata Limited
    $595 acquisition fee
    $400 disposition fee
    $250 doc fee
    58% residual
    .00095 MF
    msrp: $26,115
    selling price : $24,000
  • Hi all,

    I've never leased a car before so I am needing some help. Looking to lease a 2011 Sonata Limited. It has a sticker price of 26,200 and then they have some sort of "market adjustment" on it of $1500. Huh? LOL

    Anyways,,,,,here are the numbers they gave us:

    market factor; .00095

    Residual 57% or $14,934

    36 mo/45,000 mile lease

    $2400 down=$334.85/mo + 9% tax

    $0 down=$385.80/mo + 9% tax

    Can somebody please tell me if this is sounding correct or if this is sounding like they think they saw me coming?? My guts telling me this is wrong.

    Thanks,,,in advance , for your help.
  • spohiospohio Posts: 13
    that $1500 is basically the dealer saying he thinks he should be allowed to sell the car for more than the msrp. You are looking at a car identical the one i leased (see the post right before your original). They have you paying way too much for the vehicle. My lease came out to $315/mo and I only handed over $400 at signing (i did have the owner loyalty rebate, so it would be $900 at signing if you do not have that.

    Around here (Ohio), it is somewhat difficult to find a good selection of 2011 unless they are GLS model.... yet they still agreed to more than $2000 off the sticker price. i think you need to shop around and use the internet departments rather than walking in to the dealership. i read somewhere that most dealerships pay their internet sales people based mostly on volume and their showroom sales people based on how much profit they make on a vehicle.
  • shyamyshyamy Posts: 23
    edited May 2010
    Here is the figure i was quoted on a fully loaded 2011 Sonata Ltd with Navigation.
    36 month lease, 12k mi/yr
    msrp: $28,228
    selling price : $27,250
    downpayment(fees + 1st month payment) = $1,492.00
    58% residual
    .00095 MF
    Monthly pymnt: $367.92

    Can you pls advise if the deal looks a good one? or can I get a better one?
  • pegasus17pegasus17 Posts: 536
    edited May 2010
    REF: 190
    Definitely NOT a good deal. Limited sell price should be 1800 under MSRP for a decent deal. I have a few questions for you:
    1. are you sure of the msrp?
    2. why is the out-the-door cost of 1492 so high? you never want to put that much down on a lease. Shoot for first payment plus BMV fees ONLY.
    3. My calculation based on your data is 360.70 (pre-tax), not 367.92
    4. what is your tax rate in your state?
    5. Remember, it's early in the month and deals were better last week prior to 4/30.
    i will be on later to check your responses...

    make sure you check the other sonata forum for price and buying experiences. Some guys got your car for 26228, much lower than your 27250

    http://townhall-talk.edmunds.com/WebX/.ef040b2/7038
  • shyamyshyamy Posts: 23
    Pegasus,
    Thanks for the response. Answers inline

    1. are you sure of the msrp? -- Yes
    2. why is the out-the-door cost of 1492 so high? you never want to put that much down on a lease. Shoot for first payment plus BMV fees ONLY. -- The split was as follows: $595 acq fees.
    $347 first month payment and the remaining ~$500 some other fees.
    3. My calculation based on your data is 360.70 (pre-tax), not 367.92 -- there is a $8.50/month DE state charge
    4. what is your tax rate in your state? Not sure..I'll check it out and post.

    I'll check out another dealership nearby and see what their figures are.
  • pegasus17pegasus17 Posts: 536
    REF: 192
    My calculated pre-tax payment of 360.70 included the 595 acq fee in the capitalized cost of the lease. I recommend you find another dealer who is more willing to be straight and fair in the buying/leasing process. A guy on the other board says he is getting his LTD w/nav for 353/month including the NJ state tax and all fees. I am a bit skeptical but it is possible if he has an aggressive dealer.
  • dowzampdowzamp Posts: 9
    Just been offered the following and would be interested in others view:

    2011 Sonata Ltd
    36 month lease, 12k mi/yr
    msrp: $26,015
    selling price : $24,625
    doc fee: $595
    aquisition fee: $286
    Disposition fee: $600
    downpayment : 0
    58% residual
    .001395 MF (3.35apr)
    Monthly pymnt: $390 ish (including TN sales tax, 7%)

    I'm thinking that the MF is too high and whether any of teh "fees" are up for negotiation
  • shyamyshyamy Posts: 23
    The mf should be 0.00095
    They offered me the same mf for my lease and when I asked they said that its the 'average' anount of all customers. If you know you have a good credit, you can tell them to make it 0.00095.
  • dowzampdowzamp Posts: 9
    Thanks - that was my thinking as I've seen 0.00095 from other dealers. Any views on the selling price and the fees?
  • houdini33houdini33 Posts: 14
    In case it helps anyone, I recently leased a 2011 Sonata Ltd., red w/ camel interior. 15k/36mo lease. This is for Northern VA (although I actually ended up leasing the car from a dealer in Maryland, but had a few other local VA dealers offer to match my deal). I don't have all of the specifics in front of me, but all-in-all, here is what it came out to:

    - $1500 was paid out of pocket (this included 1st months payment).
    - 35 monthly payments of $278 (TOTAL)

    This includes all taxes, fees, etc. Not a penny more. I did not need to do much negotiating - I got internet quotes from several dealers. One dealer gave me an initial quote of $285/month with $1500 out of pocket, without any negotiating at all. I think the sale price was around 23k. Hope this helps someone!
  • shyamyshyamy Posts: 23
    Hi..
    Which dealer in Maryland did you get this deal from?
    I stay close by so can check them out..
  • houdini33houdini33 Posts: 14
    It was fitzmall in gaithersburg. Overall I had a great experience with them. I did not original intend to buy there, but they ended up being the first dealer to get the color combo I wanted, so they won the business.
  • czcon1czcon1 Posts: 39
    What is the current Money Factor & Residual % rate on a 2011 Sonata SE for 12K and 15K per year?
    Thanks
  • czcon1czcon1 Posts: 39
    This might be a dumb question but I thought your sales tax was included in your monthly payment, because I see other posts stating with there OTD price the sales tax.
  • jayriderjayrider Posts: 3,602
    You can choose to pay the sales tax up front or roll it into the lease. Leasing numbers should include tax, t&l, inception fees. Just make the 1st payment [unless it's waived] and drive away.
  • dowzampdowzamp Posts: 9
    edited May 2010
    Just to complete the circle I ended up with a 2011 Sonata Limited with the following terms:

    MSRP 26,250
    3 month, 12k PA
    Selling price: 23,900
    Doc fee: 399.50
    Due at signing: 0
    Aq fee: 595
    MF: 0.00095
    Residual: 58%
  • shinng1shinng1 Posts: 2
    THIS IS URGENT, WOULD APPRECIATE A RESPONSE ASAP!

    I've posted in the forums before as "shinng" under the Infiniti G37 forums, but don't remember my email (hopefully Edmunds can retrieve).

    I negotiated a lease for my brother just recently for a Hyundai Sonata GLS with Pop Package 2. The biggest concern for me is regarding the "no credit history" and the subsequent increase in MF and down payment required.

    Credit Score=700, but he's a 1st time buyer (21 yo full time student, part time worker). Their excuse is "no credit history". They required us to put a "deposit" of $500 on the credit card. We did not sign any papers and have not taken delivery.

    Please let me know if I should walk away and work with someone else:

    MSRP: $21800
    Selling price: $20595
    Residual: 60%
    MF: 0.00165 (was told he was originally rejected for lease qualification, but the dealer "talked to Hyundai Finance" and got my brother bumped to a "tier 4" credit.
    Cap cost = $+595 to the selling price
    Down payment=$2500 ($829 fees-title,tax,reg,doc + 1671 down payment due to lack of history)
    Sales tax= 9.75% (LA county)

    Monthly payment = approximately $255.32

    Need help with the following:

    -a 700 is good, but i believe the no credit history. I also believe that we have to make it up by adding a down payment. Makes sense to me. However, should the money factor be increase as well?

    -also, my brother has not taken delivery as it was supposed to arrive Monday, but still has not arrived. My parents went into the dealership thinking it would arrive, which it didn't, but cut out a check for $2500. They did not sign papers. Should I stop the check immediately?

    Very confused and I hope someone can help in this urgent request. Need to get advice by tomorrow at the latest!

    Regards,
    Nick
This discussion has been closed.