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Hyundai Sonata Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi czcon1. Hyundai Finance's May buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata SE with 15,000 miles per year are .00087 and 57%, respectively.

    The residual value for a lease with only 12,000 miles per year would be 1% higher.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Nick. Normally banks do not require any sort of down payment on leases, regardless of a person's credit history. Having said that, given the fact that your brother does not have full-time employment and has never leased a vehicle before I am not surprised in the least that he has to pay a fairly high money factor to lease.

    You mentioned that the car was supposed to arrive at the dealer on Monday. Is the dealer swapping for this car? If so, these things often take a few days longer than they were originally supposed to. I don't think that a few days difference is any reason to panic yet. Of course, if this situation drags on then that's another story. To me, the annoying part of this situation is that your parents went all the way to the dealership expecting the car to be there and it wasn't. Someone should have called them to let them know that they didn't have the car yet. Not doing so is terrible customer service.

    Car_man
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  • shinng1shinng1 Member Posts: 2
    Car_man,

    RE: down payment/high money factor, thanks for your opinion. I keep thinking I "could have" gotten a lower down payment and a lower money factor, but maybe it's just me being overly concerned?

    RE: customer service, again thanks. I did a lot of research and negotiating, but the "tier" threw me off as I had originally assumed tier 1 (0.00048 money factor). We made the mistake of submitting the application to Hyundai Finance without taking the "no credit history" into consideration. I just knew that I couldn't do better on the selling price. The car is supposed to be delivered on Tuesday (today). I'm thinking if it isn't, that's 2 extra days we've waited and I call it off and work with another. Too drastic?

    Nick
  • co_car_nutco_car_nut Member Posts: 5
    Been reading these posts the past few days, and really appreciate everyone's input.

    Here's the deal I've been offered, on a Limited w/Nav, mats, cable, regular color:

    MSRP - $28250
    Negotiated Price - $25,936
    Doc Fee - $595
    Dealer Fee - $599
    Depreciation - .58 (3 year; 12k/yr)
    Money Factor - .00095 (tier 1; exc credit)

    ZERO OUT OF POCKET/SIGN AND DRIVE = $362/mo (this is rolling in the $595, $599 and $820 taxes into the monthly cost).
    or
    $1200 OUT OF POCKET (pay the 'fees' upfront) = $329/mo

    What do you think? Is this good, or can I do better? This was over the phone negotiating, the better of 2 local dealers price, about 45 minutes with each.

    Appreciate your help and comments!
  • jayriderjayrider Member Posts: 3,602
    If you can get the zero down deal for that car on paper --- then I recommend you sign. Everything seems in order. Would be interested if there are any surprises when you show up. Seems too easy. Taxes are higher in Illinois and have to be paid up front. Local dealer has 36 mo---15k per --- $379 for Ltd no nav. He leases all he can get.
  • co_car_nutco_car_nut Member Posts: 5
    edited May 2010
    Jayrider,
    Thanks for your advice. I had a wholesale re-thing about what I was looking for, and ended up getting a GLS, with popular package #2, IPOD connector and mats.
    3 yr/15k lease. Delivered MSRP $21800. Here's what I got (not the lease sheet details, but the highlights):
    - $299 out-of-pocket
    - $276/mo which includes tax
    - $10235 total cost, over lease life

    I think I did O.K., but would appreciate others comments. Thanks!
  • jayriderjayrider Member Posts: 3,602
    Figure your lease payment without taxes and fees. If it comes close to 1% of the cars msrp you have a good deal. The gls is a great buy or lease.
  • czcon1czcon1 Member Posts: 39
    I got a 2011 Sonata SE with Nav and sunroof, auto dimming mirror with homelink, floor mats, wheel locks, ipod cable.
    MSRP $26350
    My Price $23795
    Doc Fee $75
    Acquisition Fee $595
    Reg & Inspection $200 (EST)
    NY Tire Fee $12.50
    Tax at 8%
    36 Months at 15K for $297 a month with $1000 down which included first month payment.
    I also got 58% residual with .00087 money factor.
  • gperrgperr Member Posts: 157
    Car_man,

    Can you please post the current Residual and MF for Lease of 2011 Sonata GLS and Ltd. for 24 & 36 months with 12k miles/year. Also any new Memorial day specials other than the current lease program?

    thanks

    gperr
  • blakeschiafoneblakeschiafone Member Posts: 11
    I am in NY and Hyundai Arlington, VA quoted the following for a 2011 SE without navigation:

    36 month/12k year
    $23,465 MSRP
    $21,500 selling price
    $0 down
    $595 Acq fee
    59% residual
    .00087 money factor
    $386 NY license/title fee

    $289/month. He said that did not include NY tax, but I think that's wrong. My calculations show it does include NY tax.

    I tried to see if he'd go lower than $21,500 selling price. Is it possible or no?
  • bigal77bigal77 Member Posts: 9
    Just leased a 2011 Sonata Limited with Nav yesterday. Here are the numbers I got:
    36 months/12000 miles
    Negotiaged price 25,323
    MF: .00095
    Residual: 58%
    Tax: 806.98 (VA 3%)
    Tags: 49
    Acq fee: 595
    Doc fee: 399
    1800 out of pocket including first month payment of 296.
    Monthly payments of 296

    Another dealer claimed that they could have given $280 a month for the same car same amount down after I pitted each dealer against each other. Is there any way the other dealer really could have gotten me that deal? Could I have done better? Thoughts?

    Thanks,
    Al
  • dowzampdowzamp Member Posts: 9
    The deal I arranged earlier in this thread fell through as the dealer was unable to obtain a vehicle that matched my requirements (seems to be a shortage of base Limited's in TN and surrounding area) so I'm back to teh drawing board.

    Based on this does anybody have any visibility of the lease deals that will be available for June

    Thanks
  • jayriderjayrider Member Posts: 3,602
    If you are not in a hurry, wait til the fall when the supply will improve. The new optima should also on you look list.
  • gperrgperr Member Posts: 157
    Car_man,

    Sorry to be hitting you in each of these forums about rates- but I am trying to decide between 5 different cars for either myself or my wife. Not sure who will get the new one yet. Mostly depends on the rates.

    Did the 2011 Sonata GLS & Limited rates remain the same for June?

    In May they were for 36 months 12k miles:
    GLS: .00048 / 60%
    LTD: .00095 / 58%

    thanks
    gperr
  • drdrakeramoredrdrakeramore Member Posts: 49
    Car_man:

    Can you share what current residual / MF are for a Limited no nav with 12000 per year?

    cheers
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey gperr. 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 12,000 miles per year are .00048 and 58%, respectively...not bad.

    I actually really like the way the new Sonata looks.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Not a problem at all, gperr. I completely understand the need to compare the programs for different vehicles when considering what to get. I always go with the best available deal when I'm in the market for a new ride. Please see my previous post for the info that you're looking for. Note that Hyundai is not currently providing support on 24 month leases of this car.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello drdrakeramore. 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 Limited with 12,000 miles per year are .00095 and 59%, respectively.

    Car_man
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  • bmwnewbie530ibmwnewbie530i Member Posts: 36
    Carman,

    Thank you so much for providing the most up-to-date money factors and residual values. Are there any additional incentives (mfg. to dealer, mfg. to customer, dealer to customer) or rebates whether publicized or non-publicized that one should be aware of when negotiating the capitalized cost?
  • kidlkcfkidlkcf Member Posts: 44
    Car_man,

    Can you provide this info for 15,000 miles/year? Thanks.
  • roger8228roger8228 Member Posts: 1
    New at leasing: lease payment of 203.00 , 7% tax incl. 5000.00 down witch includes all fees and taxes. Want to give large payment down to keep payments low. With 7500 down payment would be 144.00 tax included.I don't have money factor.Lease is for 36/12k Car list price is 28,115.00.
  • pegasus17pegasus17 Member Posts: 536
    REF: 226
    Large lease down payments are foolish. If you get into an accident early in the lease, you are out all that money. Gap insurance will not repay you for the down payment.
  • jayriderjayrider Member Posts: 3,602
    Put the 5k in your checking account and use it to pay down the lease. Same thing and you risk nothing. Don't trust youself ?--- send me the 5k and I'll send you 1/36th each month. ;)
  • drdrakeramoredrdrakeramore Member Posts: 49
    agree with the other posters - save your cash and use it to pay the monthlies. also, by my calculations, putting that much money down - even if you negotiate an average price for the car - should yield a monthly less than $100.

    download a decent car lease spreadsheet here. you can easily see how important the price of the car is in your lease - just change the numbers (and the 'rebates' or discounts off of price) and see.

    (thanks to Car_man) We know that the money factor right now is .00095 and the residual is 59% for a LTD w/ 12000.
  • heckymd55heckymd55 Member Posts: 7
    Car_Man,

    I am in Nevada, but looking to do a deal in California due to availability.
    Do you know if the MF/residual will remain the same for July?
    I am looking at a limited 12k/36 with no navi.

    From what I have read it seems to be .00095/58% currently, but was wondering if its best to wait a few more days until July.

    I received a quote online for a Limited no/navi, w/floor mats,cargo net,cargo mat,Ipod cable & sunroof wind deflector of $26,390 MSRP, selling price of $24,993 @ $313.11/month plus tax w/$1200 down, but when I do the math the numbers are off by a few dollars. does this deal sound fair?

    Thanks for your help :)
  • drdrakeramoredrdrakeramore Member Posts: 49
    edited June 2010
    I hear ya - when I plug the numbers I get 286.33 @ 7.72% tax (Denver). Even taking it up to 11% for California Crazy-ness yields 295.05. I think their numbers are off.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, bmwnewbie530i. Other than $500 owner loyalty cash, Hyundai is not currently providing any cash incentives on the 2011 Sonata.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi kidlkcf. I believe that Hyundai Finance's 15,000 mile per year residual values are 1% lower than its 12,000 mile per year resids. Its money factors for both mileage allowances are the same.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi heckymd55. Hyundai's current lease program is scheduled to run through July 6th. It is difficult to say what its program will be like after that date. I suspect that it will be fairly similar to the current one, but we won't know for certain until the 7th. Please feel free to check back with me for an update if you're interested.

    Car_man
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  • kohinoorkohinoor Member Posts: 16
    I was quoted the following lease rate for 3yr/36K. Please let me know if I can still do better.

    2011 Sonata SE include taxes(3% VA), title, and licensing fees:

    $0 down - $289/month
    $1999 down - $239/month
    $2999 down - $209/month
  • bigal77bigal77 Member Posts: 9
    Those numbers sound about right. I would go to truecar.com and get your best price then work the numbers yourself using the residual and MF rates that carman has posted. What dealer are you going with in VA? I went with Pohanka in Fredericksburg. I wouldn't recommend them they pull shady stuff with their numbers then proceed to lie about it. From what I could tell (over the phone) the dealership in Alexandria is the one to go with.
  • kohinoorkohinoor Member Posts: 16
    edited July 2010
    The quote is from Pearson Hyundai in Richmond. Thanks and I appreciate your reply.
  • bhmr59bhmr59 Member Posts: 1,601
    Based on the numbers you posted it will cost you more over 36 months if you pay either $1999 or $2999 down payment.

    Do the math.
  • mk_shinimk_shini Member Posts: 2
    i lease 2011 sonata SE last weekend.

    sale man called me monday. they need car back cuz HMF refused lease to me xD

    is that possible? they checked my credit score, i have lease agreement...

    i must returrn my car to dealer? or can i do smth?
  • ral2167ral2167 Member Posts: 791
    Are you going to be made whole? meaning you'll get all your down payment, etc. did you trade in a car?
  • rico84rico84 Member Posts: 7
    Car_man,

    Do you have the new lease numbers for 2011 GLS, SE, and Limited?
  • lionmilklionmilk Member Posts: 14
    Yeah,

    I would like to get numbers for SE for 12K/y 36 months too
  • oxford9oxford9 Member Posts: 13
    Car Man, you are the greatest. I too am in need of these rate for the Hyundai Sonata for both the GLS and the Limited, What is the lowest mileage allowance they offer inasmuch as my yearly mileage is under 5k? Also, do they offer any finanical incentive to prepay all of the lease payments? If so, is there any reason why prepaying is not a good idea? Thanks.
  • romayerromayer Member Posts: 4
    I am very interested in these numbers, as well. Thanks in advance!
  • jlo1979jlo1979 Member Posts: 4
    Hi all, I'm planning on leasing a Sonata SE in late August/early September, historically has MFs and Residuals changed much between July and August/September? The reason I can not sign now is because I will be moving at the end of August and it would be foolish of me to move a car 2k miles, especially since I have a car available to me until that time.

    Thanks in advance to your thoughts!
  • rico84rico84 Member Posts: 7
    I was at Hyundai this past weekend and found out the residual and money factor for a
    2011 Sonata GLS w/pop equip at 36mon/12k/yr.
    Residual - 57%
    Money Factor (Lease Factor) - 0.0001
  • oxford9oxford9 Member Posts: 13
    I was given the exact same information with the addition that for 15k the residual drops to 56% and that these numbers are good until August 2, 2010.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I certainly do, rico84.

    Hyundai Finance's July buy rate lease money factor and residual value for a 36 month lease of a 2011 Sonata GLS with 15,000 miles per year are .00010 and 55%, respectively.

    The numbers for an otherwise identical lease of an '11 Sonata SE are .00050 and 55%.

    The '11 Sonata Limited numbers are .00050 and 56%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Please see my previous post for the information that you're looking for, lionmilk.

    Hyundai Finance's residual values for leases with 12,000 miles per year are 1% higher.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks oxford9 :blush: . Please look back two posts for the information that you're looking for.

    The lowest residual values that I have seen mentioned for Hyundai Finance leases is 12,000 miles per year. Its 12k residuals are 1% higher than its 15k residuals. You can ask the dealer if they lease vehicles with fewer miles than that. They might offer a 10k lease, but I doubt that they do 5k.

    Many banks do allow the pre-payment of leases in exchange for a reduction in the money factor that is used to calculate the interest portion of consumers' monthly payments. I have never heard of Hyundai offering such a program. The money factors on the 2011 Sonata are already so low that they really couldn't offer much of a reduction on them. You're probably better off going with a regular lease on this particular model.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jlo1979. It's tough to provide an apples to apples comparison because Hyundai was not providing lease support on the Sonata last year. Having said that, if I recall correctly the company's lease program in August of last year was basically the same as it was in July.

    Hyundai's current lease program on the 2011 Sonata is scheduled to run through the end of September. I don't expect the company to make any changes to it in August, but one never knows what will happen for certain until that time comes.

    Car_man
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  • rico84rico84 Member Posts: 7
    Car_man great thanks for the information.

    I saw your post for the 12k mile 36 month lease on the gls and you said it is 1% higher on the residual. I received a quote last week and it was 57%, which is 2% higher. So, it sounds like your numbers will be in affect after August 2, 2010, which is when the current rates end. If thats true then that isn't much of a difference since I will be leasing soon, very soon :) ...Obviously this is just an assumption.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, rico84. I strongly suspect that Hyundai's current lease program for the Sonata will be the same in August as it is now, but we won't know for certain until that date arrives.

    Car_man
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  • kmouradiankmouradian Member Posts: 36
    Car_Man,

    What are the residuals and MF's for the 2011 Hyundai Sonata GLS and SE for 36 months/15k miles year? Did anything change for August from July?

    Thanks a bunch!
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