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Hyundai Sonata Lease Questions
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1. i don't live in a big market
2. I use this guy as a metric for discount from msrp
http://www.bobpoynterchrysler.com/sonota.aspx
3. Turbo is 1000 off msrp while Limited is over 2000 off MSRP; matters big time in a lease
4. I leased a bare bones GLS w/ PEP2 last May for 240/month with $300 down
1. I also live in Ohio where doc fees are a maximum set by law, not a minimum. That said, most dealers will say it's mandatory when it is not - just pure profit for them.
Check out this link for the details:
"Q21: How much can a seller entering into a retail installment contract charge a customer for the preparation of documents?
A21: On June 30, 2006, an amendment to section 1317.07 of the Revised Code, which governs retail installment contracts, took effect.
That section now provides that a seller entering into a retail installment contract can charge a fee of up to two hundred fifty dollars ($250) for preparation of documents related to the sale. Previously, the maximum fee that could be charged for document preparation was one hundred dollars.
As a result of the amendment, motor vehicle dealers selling motor vehicles to customers under retail installment contracts can charge the customer this two hundred fifty dollar document preparation fee in addition to other fees associated with the sale of the vehicle (taxes, registration fees, etc.). It is important to note that the dealership is not required to charge the document preparation fee.
The Department of Public Safety, Bureau of Motor Vehicles did not play any role in the adoption of the amendment to section 1317.07, and receives no portion of the document preparation fee. Instead, the fee is retained by the motor vehicle dealer."
source: http://bmv.ohio.gov/dealer_licensing/dealer-faq.htm#A21
2. If it was me, I would go for the turbo but try to get the monthly down a few bucks per month. Without knowing what the $910 additional fees are, what are you really paying?
3. MSRP data should be taken from the window sticker BEFORE any dealer add-ons. HMF does NOT allow dealer-installed options to be residualized as part of a lease.
Good LUCK.
Yesterday we leased a new Sonata GLS with the PEP for $219 inc. tax and nothing down. And i do mean NOTHING. They are even making the first payment, so we will only have 35 payments on the lease. The car really handles well and while I am giving up a few items I've come to enjoy - like heated seats, this is a beautiful, safe vehicle. For a base model it is very well equipped. It also has the mudguards and carpeted floor mats included.
MF - .00047
RV - 59%
MSRP $21,850
FINAL Price $18,800
We bought a 2010 Subaru Outback Limited last year and really love that car. This is a great addition to the family garage and now the 16 y/o gets the 2003 Accord.
2011 Sonata Limited Turbo
36 month lease: $326/mo.
$0 due at signing
Vehicle Cost: $25220 Additional Fees: $730.56 Acquisition Fee $595, Titling Fees $65 Additional Doc Fees - tried hard to get them out but each dealer insisted, this one just lowered them.
Residual Value: 59%
Money Factor: .00068
2. I don't think using a dealership's offered online price is a good metric. I would recommend using something like TrueCar.com
3. In my area, the Turbo goes for 10% off MSRP and 11% for the non-turbo. And yes, $1000 makes a difference for sure. I've been leasing cars for over nine years.
4. Congrats on the ride. May rates on the GLS were very attractive and your payments seem to reflect that. Good stuff.
how many miles are you getting on this lease? what's your sales tax?
I think you got an awesome sale price, assuming your MSRP is nearly $30k.
The fees are a bit high though. What are those "additional fees"? I would have to dealer break it down to see if any of them are bogus, just to be one the safe side.
I have to say this forum has been great in helping me through this process, thank y ou all.
I will take your advice on the additional fees.
Are you sure the add'l fees aren't the sales tax?
Otherwise, you need them gone or walk out and see what happens!
Know what you are paying for OR don't do the deal.
It's just a car to them...
Over a few emails with a dealer here in Columbus, OH I was given the following offer...
.00068 MF & 58% residual for a 2011 Sonata SE. $0 down for $285/month. He said about $30 more/month for a turbo. When I asked the invoice price being used to calculate that payment he quoted me the MSRP.
Upon asking the salesmen if that includes tax(6.75%) & fees he said it does. Obviously I don't know what fees they're charging yet as this is the only communication with the dealer I've had (haven't even gone for a test drive yet).
I'm assuming once I go in and test drive and see the lease worksheet I can get a better deal. And with multiple Hyundai dealerships here, I plan to visit/talk to all and use this to my advantage.
Any feedback would be very much appreciated. Thanks a lot.
This is what I got in NY, any one else can confirm this?
I saw someone else post that it was 61% for the limited turbo, in NY?
Thanks
I just walked into a dealership in ny, and they had a Sonata Turbo, That I was ready to buy. I got a decent amount on my trade untill we got to the lease for the Sonata Turbo.
They were trying to sell me the car at Full MSRP, and I was like hey I'm ready to buy a car im here with money, and they refused to take a penny off. The manager said he rather not sell the car to me.
He said he would not take a penny off the car because he said it is a "limited production car", I corrected him and said Limited avilablity at this time, then yes perhaps, "limited production" I think not, this isn't a 911 GT3 Porsche that we are talking about here, that there are only 300 getting produced or something, then it would be considered "Limited production"
He basacially went on to say that even though he could sell me the car at a lower price and still make money he refused to because he said he could sell it to someone else at MSRP. I'm thinking WTF, its the end of the month I'm ready willing and able to buy, and he is basically telling me " that 2 birds in the bush are worth better then 1 in your hand".
What worse about all this is that if you go to truecar.com, that dealership come up as a dealership this is willling to take money of the car and sell that turbo, at a lesser price, right on the truecar website. When I showed him the paper that I printed showing there agreed on price, he said no it was not vaild because this is a once again "limited production" car.
So if anyone has any recommendation of where to go, please let me know one way or another, thanks
The numbers for an otherwise identical lease of an '11 Sonata SE are .00068 and 58%.
Both of these trim levels are available with the turbo engine.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
They used to post their discount but no longer do, so I can't say how good their deals are now. That's too bad as I helped refer a few sales to them. (I'm 100 miles away in CT but the trip was well worth it.)
Of course the discounts on the 2011 Sonata aren't what they were in February, 2007.
Any updates for the money factor and residual value for the Sonata SE & Sonata SE 2.0T for the month of December?
Thanks a lot.
i was just quoted $247/mo with 0 down and 1660 due at signing for tax and fees for 36 months. this is for the Hyundai Sonata SE turbo.
am i getting a good deal?
the dealer says it is based on residual value of 61%
In order to really know how good of a deal you're getting you need to know the sale price of the car, what fees you're being charged, and the money factor being used to calculate your payment (as you already know the residual). Ask for a lease worksheet, this should include all of that information. Don't forget to ask about a disposition fee too. I'm also looking to lease the SE turbo as soon as I sell my car and these are all things I'm taking into consideration.
Here's a good article on how to calculate your own lease payments:
http://www.edmunds.com/advice/leasing/articles/48365/article.html
http://www.truecar.com/index.html will help you know how good of a sale price you're getting.
Hope this helps.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I'm a bit wary about this because I have never heard of such a tax credit. I learned through this process that because of how Illinois charges taxes on leases, the payment is generally higher than in most other states. I don't really care how he works the numbers out, I just don't want to end up owing more on taxes at some point during the lease. Does anyone know anything about such a tax credit being available? If so, is this a legit thing? Thanks in advance to anyone who has the information.
My 36 month lease / 12k miles per years is $279.01 (inclusive of 8.625% NY sales tax). Total out-of-pocket cash was $1,435.81 which consisted of $595 bank acquisition fee, $279.01 first month payment, and $82.50 in DMV fees. The remaining $479 was dealer profit in my opinion.
For those who are still wondering, according to the dealer, the residual on the SE 2.0T is now 61%. I think car_man hasn't provided a definitive residual for the Turbo models yet.
0 Due at Signing
Vehicle Cost 25,957
Total Fees 1,600 (approx)
Credits
1,000 Trade In
600 Dealer Paid
Not sure how great a deal I got but I felt pretty good about it
MSRP: $20,945.00
Cap w/o Lease Acq. Fee: $21,316.68
Lease Acq. Fee: $595.00
Gross Cap: $21,911.68
Cap Reduction $2,906.04
Net Cap Cost after Reduction: $19,005.64
MF: 0.00048
Residual: 61.41%
DMV Fee: $285.00
Taxes: $687.05
Depreciation Exp: $170.66
Finance Expense: $15.30
Mo. Payment $185.96
* Paid DMV Fees & Taxes Upfront
The 21,911 gross cap scared me at first, but I realized what a tiny MF I am paying and it is all solid. Got this deal on GLS Pop Package in late march of 2010. Sales manager said I was his nephew to qualify me. No Joke. The obvious problem with the way the #s were doctored is that my cap cost is above msrp and as a result i will always be upside down. Makes buyout a stone cold no no. Shame ... 2011 Elantra LTD is super sexy.
If I didnt get as great of a deal as I think ... let me know. Btw ... leased at Nemet Hyundai in Jamaica, Queens.
looking for mf & residual on limited w/nav for dec 2010 (i'm in Wash dc area if that matters)
thanks
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Are others doing better leasing? should I stick to buying?need advice on the lease....
The MSRP was 27,495, I believe we had agreed at around 26,400 for the car.
Any suggestions?
I did catch the additional items from the "speedy gonzalez" salesman.....
57% residual
$595 Cap Cost
$23,956 Cash Cap
Let me know ASAP if I need to take my business elsewhere or demand additional changes as this is a christmas gift.
Thanks a bunch
I got a quote for Sonata GLS with Popular Package 2 (that is, without navigation).
36 Months / 12K per year lease. Monthly payment 240.84 including tax with zero down and only the first month's payment out the door. The agreed price was 2,000 below invoice, which is 18912.00 (MSRP 21815.00). The residual is 59% and the money factor is 0.00047, and I was told that this will remain at least until Jan 3, 2011.
One question I have is, in Maryland, do you pay the tax for the entire purchase price, even for leasing?
Or, does the 6% tax only apply to the amount I will pay over the lease term?
So, if I can't get a deal done tomorrow, what deals/negotiating power will I be losing...just the $500 HMotor Financing cash?
Is the dealer allowed to hold a current offer until the end of the week? Thanks.
It looks like here in SoCal SE's with that package aren't in abundance. Most dealers have between 0 and 2 of them, with silver/gray and black/black being the easiest to find. What would it cost my nearby dealer (or cost me) to put me in a color that's at another store, maybe 10-30 miles away or so?
Thanks.
2011 2.0T Sonata Limited/w Nav.
36 months
12K miles/yr.
Thank you
NE FL area
Do you have information on Hyundai's post holiday pricing? Such as incentives, etc.
Also looking for the Money Factor & Residual Value for both the SE and SE Turbo models.
36 months/12K miles and 36 months/15K miles.
Thanks a lot. This forum has been very helpful. I hope to lease soon.
What was your cap cost, MF?
with 61% residual?
Thanks again.
Here are what I've got so far for my sales price and fees.
MSRP $27,865.00
Sales Price $24,150
Fees: ~$780
Jan MF ???
Jan Resid ???
With the Dec 2010 MF and Resid my numbers are:
$314.75/mo inc tax with zero down and fees rolled in.
Thoughts...and Lease Rates please.
Thanks
Specifically looking at 36-month term with 10K or 12K miles (don't know if they even offer 10K/ yr option though). Also insight into Mfg. current incentives would be helpful. -I am looking to work my deal in NE if that makes a difference
Joe- Anything special on how you got the sell price down to $24,150 with Edmunds having invoice sitting around $25,986?
I would say to just go with the 15k lease because its only around $12 more a month and you don't have to worry about your miles so much.
To get my offer I pretty much requested a quote from a bunch of local dealerships on the model I wanted. One place came through with a great offer of 24,150. Make sure to aim for the best deal you find on truecar.com for your area.
Looking to get a 2011 Sonata Lmtd Turbo.
I think until Jan 3 it was 61% on 3 yrs 36K miles.
Dealer tells me lowered to 59%, another tells me 57%, yeah he's not right (for turbo).
Does anyone have any knowledge on this, hoping to finish up tonight with purchase.
Thx
allroad anger
Had another dealer call me and said 57% on a lmtd turbo. He said it has always been this. That is not what I have read here in the forums in the last few months. This along with the $400 disposition fee at lease end has me rethinking Hyundai altogether!
I could use this info as well for the Sonata 2.4L Auto Ltd (+ Nav pkg). With MSRP at 28,150, a dealer was offering a monthly payment of 350, with upfront OTD figure (tags, license, doc fees, etc + 1st payment) at around 2200. I thought this was a bit on the high side. He says the residual was 55%, but when I pressed for the money factor, he was reluctant to provide it - instead wanted to know how much I was willing to pay a month. He offered the same specs (without navigation) for 275 a month.
Does this seem like a reasonable deal?
Thanks in advance.
Use Trucar.com to see what you should be paying. Pricing for NY, NY I see you should be paying $24,343. You can even print the certificate and they are supposed to honor it.
I did the calculations based of Dec Lease rates using the truecar.com value with zero down and it seems they are trying to rob you.
2011 Sonata Limited W/ Nav
MSRP $28,115
Sales Price $24,343
Term: 36 months
Fees Rolled in: $770
Residual: 55%
MF: .00068
Tax: 8.5% (I think I saw that for NYC tax but I may be wrong)
Miles: 15K
Base Payment: 274.25
Base + Tax: 297.56
Base + Tax + Fees: $320.77 Zero Down Lease, just paying first month (May be more fees in NY?)
With 2k down it should be around $259/mo