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Hyundai Sonata Lease Questions
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Car_man
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Dealer wants to sell me a 2006 GLS 4cy auto w/ sunroof/power driver seat /auto dim mirror w/ homelink & compass. Including $600 dest fee - MSRP=$21,345. Will sell to me for $17,500 + taxes&tags. My problem is I need to be at $16,500 after taxes&tags to keep a monthly payment I can afford. ALso, the car has 6K miles on it - dealer loaner.
Do you think I can get them down to this. If not, what I should I lease it for & what is the money factor?
Is the home equity loan still a good idea w/ the rates today?
Thanks for your help.
I believe that the dealer invoice price of the car that you described is around $19,800, give or take a hundred dollars. When the $1,500 customer cash that is available on it is subtracted from that we arrive at $18,300. As you can see, $17,500 is a pretty good price for this car. I personally would want a larger discount than this to go with a demo model over a brand new one, but I doubt that you will be able to get the dealer to knock another thousand dollars off of this car's price like you are hoping.
Home equity loans are good in that the interest charged on them is tax deductible, but interest rates on home loans are higher today than they were last year. Many home equity loans have variable interest rates that leave you exposed to the possibility of having to pay an even higher interest rate if rates increase. It is difficult to say where rates will head from here. While I am no economist, I personally believe that rates have peaked and that they may even start to drop by mid to late 2007, but it is difficult to say exactly what will happen. Whether you should go with a home equity loan or a conventional loan depends upon your personal situation, how much equity you have in your home, how much the deduction will help you on your taxes, etc...
Car_man
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I would appreciate your input on this one. A local dealer offered 3,000 trade-in for my Honda Accord. I'm interested in a 2007 Sonata SE with an MSRP of 21,695. They said they have a 3,000 lease cash offer which I didn't know about and that my payments would end up between $275-$310 with just the first month's payment down for a 36 month lease. I don't understand too much abot this buy rate lease money factor and residual value but the approximate cap cost would be about 17,000 and a residual value? of about 9,400. They said the lease deal is better because if I buy the rebate is only 1,500. Does this sound like a good deal? And what would my monthly payments be exactly based on this info. Thank you for your help.
I checked with the dealer again and apparently they said I heard wrong. I would only get 2,000 for my trade-in instead of 3,000. How does this affect my monthly payments? Probably in the higher range, then? Thank you.
Car_man
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For the month of October, Hyundai is providing $2,500 lease cash on the 2007 Sonata. This cash will help you negotiate an attractive capitalized cost for your lease. I would be happy to give you my opinion of this deal if you provide me with the selling price that you are bring given. This number will show me how much of a discount you are getting and it will enable me to estimate what your car's monthly payment should be.
Car_man
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Car_man
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Car_man
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I wish I had checked out the links you gave me prior to getting my car. Since I didn't hear from you sooner I went ahead with it. I am very happy with car yet still I don't understand all these figure talks. The MSRP was 21,695. They said they give me a lease cash amount of 3,000 and still gave me the 3,000 for my car they originally offered. So the sale price was 15,695. The amounts I mentioned were close in the end but yet I'm still confused about the overall figures. The cap cost was around 17,200 and the residual value around 9,300. My payments are $300/month.
Car_man
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30month lease 15000 miles allowance
I was going to either trade in my car worth approx 5000 or
sell on my own & use cash towards deal
Dealer said based on 5000.00 tradein they would give me a lease for 95.00 per month!!!!
Tax fees & gap insurance included!
Seems like a great deal Am I missing something?
Thanks
ReeceO
Car_man,
What is the Capital Cost Reduction, lease money factor, and residual on each of the cars above. Is there an option for a 10k/year mileage or lower, and how do they effect the above factors? And, does the Valued Owner Coupon, provide cash, or just lower the up front cash.
Perfect Credit
Thanks
Got a question about a leased Sonata that hopefully you can help me with.
My parents signed a lease for a 2007 Sonata near the beginning of October. The first month payment was taken out of a credit they were given. They took the car in for some minor service to the dealership this past weekend. At that time, the dealership told them that there was a mistake in the lease paperwork and that the company would not accept the lease as written (something about the interest rate being too low). The dealership asked that my parents sign a brand new lease, and apparently "acquiesced" to an amount that was between the number on the signed papers and what it "should have been." This was the first mention of any sort of lease error since they originally signed the lease (no phone calls, letters, etc.). My parents did not agree to sign this new lease and left the car at the dealership for the service (probably their mistake).
When they went to pick up the car yesterday the dealership refused to give them the car back until/unless they signed the new lease. This sounds shady/borderline illegal to me.
I looked at their lease and the supposed problem is the monthly rate being charged for depreiciation, $9.91 per month. The dealer explained that the error occured entering the rate for this amount, he said he misplaced the decimal. It's a standard boilerplate lease with only repo provisions if they are in default.
Is this even legal for them to do? What recourse is available to them? Thanks.
Now let's take a look at this deal. You never mentioned the selling price of the car that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this lease if you let me know what its selling price is.
Car_man
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Car_man
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Car_man
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Appreciate your help.
Thanks.
Thanks.
Help me!!!
For a while they were only offering lease deals on Sonatas at least here in western PA - we got into an '07 GLS at the end of October for a very reasonable cost > down > lease payment and buyout w/15K miles.
If you're smart (I've leased before and sold cars eons ago) start with straight cash i.e. no trade or financing, make your best deal, then make it a lease at that figure and if you do have a trade throw it in at the very end. I've always called it my Columbo close...'oh one last thing'... And also keep in mind that if you do want to buy the vehicle at the end of the lease that figure is written down, just not in stone. I've negotiated lease buyouts before. In the end, they'd really rather take a few less pesos than have to take back a 2.5 yr old car with north of 30K miles and try to sell it (again).
Geez I should probably bill you for all this great free advise Do your homework and go lease your new ride...good luck partner.
Our first thought was to buy a used car for around $6K to $7K to get her through the next two years, but this has it pitfalls as you never know what extra repair costs are going to be required. The Sonata GLS lease piqued our interest.
It appears that it's $199/mo for 30 months, with a $999 signing deposit, but I believe there's an additional down payment requirement ($800??). There is a $2,300 HMFC Origination Support - whatever that means. We are existing Hyundai owners, so the Loyalty Coupon should be applicable ($500).
I know absolutely nothing about leasing, as I've never done it before. I've always paid cash for new cars. I guess I need to start doing my homework should I wish to take advantage of this offer before January 31.
You'd be spending less than your 6-7K figure over 2 yrs and have the peace of mind of a new car under warranty for your daughter. As you noted, do your homework, see the lease link on this site, and remember, they need to move the vehicle by the 31'st that's to your advatage. We have an 07 GLS I4 and so far quite satisfied. Best of luck.
One dealer offered me a slightly different proposition than the Hyundai's nationally advertised $199/mo for 30 months, $999 security deposit, taxes, etc. They offered $219/mo for 39 months (period). No $999 security deposit, no other down payment (if required), and no taxes. The $219/mo for 39 months is it. I don't know if this is better or worse than the nationally advertised lease. It's time to get out the calculator, etc. and start doing my homework again!
We've never leased before, and, thankfully, never had to finance a car purchase. I guess we're old school - save up the money until you have enough to buy - that's always been our mantra. Buying is much less confusing than leasing, especially when you are a "leasing newbie" like me.
Thanks,
~m
also im surprised noone has mentioned it but Hyundai just pulled all dealer cash incentives. we were doing the sonata leases for $149/mo $149 total down for current owners and around $165/mo $165 down for non current owners. Of course the $1500 in dc is gone so for anyone who was shopping and couldnt pull the trigger, you definitely waited too long
Is this a good deal? The $231/mo. also includes tags and title. One thing more. I have been told different things about a doc. fee. One person told ne a 595 doc fee would have been required on top of the 999, another told me it was built into the 999. anyone know the answer?
Thanks in advance.
Car_man
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A $595 doc fee is outrageous. While registering your vehicle and getting your plates for you is a legitimate service that dealers deserve to be reimbursed for most dealers charge a doc fee that's around $100 to $200, not $595. I always advise consumers not to focus on all of the little fees that dealers try to charge on deals, but instead try to look at the big picture. You are trying to drive off in the car or truck that you want, paying the lease total amount of money possible. Look at the out-the-door price of the vehicle that you want, including all of the fees. If the total cost of your car at this dealer is less than or equivalent to what you would expect to have to pay for it elsewhere, it doesn't matter how the price breaks down.
Car_man
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Right now I'm considering leasing a 2007 Sonata from a dealership in the Pittsburgh area. After talking to the rep via email for a few days, I've received the following offer:
2007 HYUNDAI SONATA LTD V6 w/ ULTIMATE PACKAGE
$25,830 Manufacturers Suggested Retail Price
$21,699 Internet Special (includes rebate / discount)
-$2000 Downpayment
$19,699 Remaining Principle
Based on $19,699, 3 year / 15,000 mile lease would run 305 per month plus sales tax 7% plus lease tax 10% = $359 per month. Never heard of a lease tax before...evidently we are not the only county to have one.
Do you guys think this is a good deal? I'm kinda clueless on this stuff. This guy was offering me a better rate than some of the other internet dealers I contacted. Is there a way to calculate based on the final negotiated MSRP, what a fair lease rate is for the vehicle?
Please any advice or info you can offer will be greatly appreciated!
Jim
I'm not up on leases either, but as I understand them, it all starts with the actual purchase price.
According this this thread, the selling price of leased cars can be negotiated in a similar manner as buying it.
Car man, I would definitely appreciate your opinion, as you really seem to know your stuff.
Thanks
Jim
Does anyone have information on current leasing offers for the v6 Sonata 2007?
Let me know what you guys think!
Matching the $21,699 selling price, after the rebate - discount, the lease
breaks down as follows.
$25,930 MSRP
44% residual for 36 month lease with 15,000 miles
$11,409.20 lease end value
0.00222 money factor
$21,699 selling price
$595 Hyundai's lease acquisition fee
$1,360.44 cash cap reduction "portion of the $2,000 used as down payment"
$20,933.56 adjusted cap cost
$336.37 base monthly payment before tax
$2,000 due at delivery
$370.01 payment including tax (35 remaining)
--------------------------------------------------------------------------------- - --
48 month lease 15,000 miles per year
The differences are:
35% residual
$9,075.50 lease end value
0.00243 money factor
$319.57 base payment
$351.53 payment including tax
I'm looking into either leasing or purchasing a 2007 Sonata GLS (manual) w/Sport Pkg. I'm trying to figure out what I should pay; as I've never done a lease before and am trying to keep my payments as LOW as possible. I've seen on the Hyundai website that there is a 2000.xx rebate; which would come in handy as I'm trading in my 2003 MINI Cooper (with about 2.5k negative equity - purchased used in 2/06). I've priced the car online to 17745.xx after rebate but am totally in the dark about what to do. Any help/advice is GREATLY appreciated!!
Thanks,
-Cor
Thanks, Denise
They have an ad in my local paper for 1,499 + 149/mo on a $19,280 MSRP.
I don't know how or if they really do this, but Sonatas do have good lease deals right now.
The selling price that you were quoted for this Sonata looks very attractive to me. It is probably equivalent to right around dealer invoice minus the $2,500 lease cash incentive that Hyundai is providing on the '07 Sonata right now. Just make sure that the dealer you are working with is using Hyundai Finance's current buy rate lease money factor of .00222 to calculate your car's monthly payment and you're in business.
Car_man
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Basically what you need to do is negotiate as low a selling price as possible on the car that you want, making sure to take advantage of the aforementioned cash incentive. Once you have a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using this car's buy rate lease money factor. You actually may want to consider going with an '07 Sonata with an automatic transmission instead of one that has a manual transmission. The GLS auto has a 39 month buy rate lease money factor of .00104 versus the stick's factor of .00222. The auto has a higher residual value as well.
Car_man
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Let's take a look at the specific deal that you were offered. A base 2007 Hyundai Sonata GLS with an automatic transmission has a spread of only $770 between its full MSRP and its dealer invoice price. Add to that the $2,500 lease cash that is available on this model and we have a total of $3,270 to play with. The selling price that you were quoted appears to be around $500 under invoice, which is a very good deal. You should double check that the dealer you are working with is using Hyundai Finance's buy rate lease money factor of .00104 to calculate your monthly payment, but this looks like a very attractive offer.
If you decide that leasing is not for you and that you would rather finance this car, its selling price would be higher because you will not be able to take advantage of the $2,500 lease cash. You will however be able to use Hyundai's special financing rates of 0% for up to 3 years, 1.9% for 4 years, 2.9% for 5 years, or 4.9% for 6 years.
Car_man
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