Hard cap of ~$350 to lease a 2020 Hyundai Santa Fe 2.0T AWD in VA

bookman1216 · January 2020

I intend to replace my Wife’s 2016.5 CX-5 with the above Hyundai model, to get a bigger vehicle to accommodate a child car seat and also max out the “bells and whistles” at the price point. (Am I missing any other compatible vehicles that offer more in the Sub-$40k market?)

With that said, my better half is pretty adamant that we cannot exceed $350/mo for a car payment (thanks to about $2k/mo in daycare now.)

When I run the numbers from this forum, thru the Leasehackr calculators. It seems this is achievable, however the local dealerships seem to think I’m about $100/mo low?

What figures need to move for me to hit this price point (or very close) and not have the dealership laugh me off the lot?

(Other than more $$$ down payment which I don’t like to do.)

Ex:
MSRP: $40,430
Dealer Price: $37,359
36 mos/12k per year
MF:.00140
RV: 59%
Down: $1k
Taxed Incentive: $1750 (+1k lease cash?) = $2750
Paying Acquisition upfront: $595
State of VA taxes: 4.15% on Sales Tax

$366/mo is what I calculate
Dealers say more like $450/mo

kyfdx · January 2020

bookman1216 said:
I intend to replace my Wife’s 2016.5 CX-5 with the above Hyundai model, to get a bigger vehicle to accommodate a child car seat and also max out the “bells and whistles” at the price point. (Am I missing any other compatible vehicles that offer more in the Sub-$40k market?)

With that said, my better half is pretty adamant that we cannot exceed $350/mo for a car payment (thanks to about $2k/mo in daycare now.)

When I run the numbers from this forum, thru the Leasehackr calculators. It seems this is achievable, however the local dealerships seem to think I’m about $100/mo low?

What figures need to move for me to hit this price point (or very close) and not have the dealership laugh me off the lot?

(Other than more $$$ down payment which I don’t like to do.)

Ex:
MSRP: $40,430
Dealer Price: $37,359
36 mos/12k per year
MF:.00140
RV: 59%
Down: $1k
Taxed Incentive: $1750 (+1k lease cash?) = $2750
Paying Acquisition upfront: $595
State of VA taxes: 4.15% on Sales Tax

$366/mo is what I calculate
Dealers say more like $450/mo

There is only $1000 lease cash
Not $1750 + $1000
That is $50/mo.

VA tax is on the full purchase price, before deducting incentives, as well. ($1600?)

Ask the dealer for the adjusted CAP cost, and all should become clear.

If you want a $350 payment, you should be shopping vehicles from $30K-$35K MSRP.

Or, put $3500 upfront, and just tell you wife you got it for $350/mo.

bookman1216 · January 2020

Yup, that makes sense, thank you. The figure was artificially low (my fault) for not clicking the radio button for “tax levied upfront”. Now it’s $1550, to your point. Going to try and get Cap reduced and see what incentives are at the start of Feb. Locals are indicating this runs thru 2/4, but hoping the bump it slightly for a President’s Day sale. Haha...thanks as always, very insightful!

bookman1216 · January 2020

Help please? Have a lease deal in hand in 22302:

Can I get this any lower or am I dreaming? Would like to purchase by Month's end.

Details:

MSRP $40990.00
-Discount, $3728.00
-Lease Cash $1000.00
-Auto Show Rebate $500.00
---------------------------------
Sale price $35762.00
+VA sales tax $1588.40
+VA tag and title fee $80.75
+Dealer processing fee $684.00
+Acquisition fee $650.00

-Cash Down $2000.00

Money factor 0.00140
Residual (for 12000 miles per year) 59%

This comes out $434.80 / month

Michaell · January 2020

bookman1216 said:
Help please? Have a lease deal in hand in 22302:

Can I get this any lower or am I dreaming? Would like to purchase by Month's end.

Details:

MSRP $40990.00
-Discount, $3728.00
-Lease Cash $1000.00
-Auto Show Rebate $500.00
---------------------------------
Sale price $35762.00
+VA sales tax $1588.40
+VA tag and title fee $80.75
+Dealer processing fee $684.00
+Acquisition fee $650.00

-Cash Down $2000.00

Money factor 0.00140
Residual (for 12000 miles per year) 59%

This comes out $434.80 / month

I agree with the math.

Only way to improve it is to get a lower selling price. If you want $350/mo, you'll need about $3K more off. Not sure that's possible.

bookman1216 · January 2020

Michaell said:

bookman1216 said:
Help please? Have a lease deal in hand in 22302:

Can I get this any lower or am I dreaming? Would like to purchase by Month's end.

Details:

MSRP $40990.00
-Discount, $3728.00
-Lease Cash $1000.00
-Auto Show Rebate $500.00
---------------------------------
Sale price $35762.00
+VA sales tax $1588.40
+VA tag and title fee $80.75
+Dealer processing fee $684.00
+Acquisition fee $650.00

-Cash Down $2000.00

Money factor 0.00140
Residual (for 12000 miles per year) 59%

This comes out $434.80 / month
I agree with the math.

Only way to improve it is to get a lower selling price. If you want $350/mo, you'll need about $3K more off. Not sure that's possible.

Thanks for the response! So the only thing(s) that move the needle for me is: Lower selling price (likely not possible), or more $$ down on my part (possible, and likely needed). It’s understandable for sure, just wanted to make sure I wasn’t missing something before moving forward. Asked for the price to be lowered or the processing fee to be comped, as this seemed like the only bloat I could see offhand.

Michaell · January 2020

bookman1216 said:

Michaell said:

bookman1216 said:
Help please? Have a lease deal in hand in 22302:

Can I get this any lower or am I dreaming? Would like to purchase by Month's end.

Details:

MSRP $40990.00
-Discount, $3728.00
-Lease Cash $1000.00
-Auto Show Rebate $500.00
---------------------------------
Sale price $35762.00
+VA sales tax $1588.40
+VA tag and title fee $80.75
+Dealer processing fee $684.00
+Acquisition fee $650.00

-Cash Down $2000.00

Money factor 0.00140
Residual (for 12000 miles per year) 59%

This comes out $434.80 / month
I agree with the math.

Only way to improve it is to get a lower selling price. If you want $350/mo, you'll need about $3K more off. Not sure that's possible.
Thanks for the response! So the only thing(s) that move the needle for me is: Lower selling price (likely not possible), or more $$ down on my part (possible, and likely needed). It’s understandable for sure, just wanted to make sure I wasn’t missing something before moving forward. Asked for the price to be lowered or the processing fee to be comped, as this seemed like the only bloat I could see offhand.

You'll likely get a stone wall trying to negotiate the dealer fee.

You also don't want to put money up front - it doesn't change the cost of the lease, and that money would be lost if the car were totaled or stolen.

The best way to get your target payment is to pick a less expensive trim.

bookman1216 · January 2020

Okay, switching gears here: My better half is amenable to a purchase of said vehicle, since the monthly is so high anyway.

Please give me feedback on the below offers?

From Dealership:

So here are the break down of financing options.

Option 1. Special Finance from Hyundai Motor Finance.
0% for 60 month or 1.9% for 72 month.
MSRP $40990.00
- Discount $3728.00
- Auto Show rebate $500.00
- Additional Discount $500.00
-------------------------------------
Sale price $36262.00
+VA Sales Tax $1608.15
+VA Tag and title fee $80.75
+Dealer Processing fee $684.00
-------------------------------------
Final price $38634.90
-Down Payment $8000.00
0% 60m - $510.58/m
1.9% 72m - $450.89/m

Option 2. Low APR program with $1500 rebate.
1.9% for 60 month or 3.9% for 72 month.
MSRP $40990.00
- Discount $3728.00
- HMF Rebate $1500.00
- Auto Show rebate $500.00
- Additional Discount $500.00
-------------------------------------
Sale price $34762.00
+VA Sales Tax $1545.90
+VA Tag and title fee $80.75
+Dealer Processing fee $684.00
-------------------------------------
Final price $37072.65
-Down Payment $8000.00
1.9% 60m - $508.70/m
3.9% 72m - $454.25/m

Both option came out very close, I don’t know if I’m missing something in the numbers?

TIA

kyfdx · January 2020

bookman1216 said:
Okay, switching gears here: My better half is amenable to a purchase of said vehicle, since the monthly is so high anyway.

Please give me feedback on the below offers?

From Dealership:

So here are the break down of financing options.

Option 1. Special Finance from Hyundai Motor Finance.
0% for 60 month or 1.9% for 72 month.
MSRP $40990.00
- Discount $3728.00
- Auto Show rebate $500.00
- Additional Discount $500.00
-------------------------------------
Sale price $36262.00
+VA Sales Tax $1608.15
+VA Tag and title fee $80.75
+Dealer Processing fee $684.00
-------------------------------------
Final price $38634.90
-Down Payment $8000.00
0% 60m - $510.58/m
1.9% 72m - $450.89/m

Option 2. Low APR program with $1500 rebate.
1.9% for 60 month or 3.9% for 72 month.
MSRP $40990.00
- Discount $3728.00
- HMF Rebate $1500.00
- Auto Show rebate $500.00
- Additional Discount $500.00
-------------------------------------
Sale price $34762.00
+VA Sales Tax $1545.90
+VA Tag and title fee $80.75
+Dealer Processing fee $684.00
-------------------------------------
Final price $37072.65
-Down Payment $8000.00
1.9% 60m - $508.70/m
3.9% 72m - $454.25/m

Both option came out very close, I don’t know if I’m missing something in the numbers?

TIA

Take the option with the higher interest + $1500 rebate.
The payments are similar, but your loan balance will be less, if you decide to trade out before the car is paid off.

And, suck up the higher payment and take the 60 month term. That is where the real savings is.

bookman1216 · January 2020

kyfdx said:

bookman1216 said:
Okay, switching gears here: My better half is amenable to a purchase of said vehicle, since the monthly is so high anyway.

Please give me feedback on the below offers?

From Dealership:

So here are the break down of financing options.

Option 1. Special Finance from Hyundai Motor Finance.
0% for 60 month or 1.9% for 72 month.
MSRP $40990.00
- Discount $3728.00
- Auto Show rebate $500.00
- Additional Discount $500.00
-------------------------------------
Sale price $36262.00
+VA Sales Tax $1608.15
+VA Tag and title fee $80.75
+Dealer Processing fee $684.00
-------------------------------------
Final price $38634.90
-Down Payment $8000.00
0% 60m - $510.58/m
1.9% 72m - $450.89/m

Option 2. Low APR program with $1500 rebate.
1.9% for 60 month or 3.9% for 72 month.
MSRP $40990.00
- Discount $3728.00
- HMF Rebate $1500.00
- Auto Show rebate $500.00
- Additional Discount $500.00
-------------------------------------
Sale price $34762.00
+VA Sales Tax $1545.90
+VA Tag and title fee $80.75
+Dealer Processing fee $684.00
-------------------------------------
Final price $37072.65
-Down Payment $8000.00
1.9% 60m - $508.70/m
3.9% 72m - $454.25/m

Both option came out very close, I don’t know if I’m missing something in the numbers?

TIA
Take the option with the higher interest + $1500 rebate.
The payments are similar, but your loan balance will be less, if you decide to trade out before the car is paid off.

And, suck up the higher payment and take the 60 month term. That is where the real savings is.

Thank you, as always for the valuable feedback. Unfortunately, I’m doing some bargaining on the home front to even make the $450/mo a reality, so 60 mos is just not going to happen for us. I realize the savings we’re foregoing, but compromise is going to keep me out of the doghouse.

My Wife also said: “We’re keeping this forever...” making a trade-in SUPER unlikely, but I do see the wisdom in not being upside down.

I think Option 2 at 72 mos is going to win out, and I’ll ask for some all season liners and feel okay about it?

Michaell · January 2020

Which trim level Santa Fe are you looking at? There are three with the 2.0T engine - SEL, Limited and Ultimate. Is it the bells and whistles that is driving this decision? Each of those trims are also available with the 2.4 engine, which is less powerful, but, IMO, a bit more reliable long term.

If you drop down one or two levels in the trim, you could lower the payment and get closer to the $350/mo target.

bookman1216 · January 2020

Michaell said:
Which trim level Santa Fe are you looking at? There are three with the 2.0T engine - SEL, Limited and Ultimate. Is it the bells and whistles that is driving this decision? Each of those trims are also available with the 2.4 engine, which is less powerful, but, IMO, a bit more reliable long term.

If you drop down one or two levels in the trim, you could lower the payment and get closer to the $350/mo target.

Limited, only. We briefly considered an SEL, it had all the stuff we could have wanted and then some, but my Wife really enjoyed the HUD and the blind-spot camera, etc. The difference in those trims was about $3k, plus they didn’t have a 2.0T in a dark exterior/dark interior, so we ruled it out and decided to just go for the Limited solely.

I’m happy with our decision, and plan to pay it off before the term is up and by then it’s likely we’ll need a 3rd row anyway. We flirted with the idea of getting a base Palisade, but it’s nearly impossible to find one here AND get a break on the price due to demand. Most are going for over TMV in our area, by a few thousand.

Michaell · January 2020

bookman1216 said:

Michaell said:
Which trim level Santa Fe are you looking at? There are three with the 2.0T engine - SEL, Limited and Ultimate. Is it the bells and whistles that is driving this decision? Each of those trims are also available with the 2.4 engine, which is less powerful, but, IMO, a bit more reliable long term.

If you drop down one or two levels in the trim, you could lower the payment and get closer to the $350/mo target.
Limited, only. We briefly considered an SEL, it had all the stuff we could have wanted and then some, but my Wife really enjoyed the HUD and the blind-spot camera, etc. The difference in those trims was about $3k, plus they didn’t have a 2.0T in a dark exterior/dark interior, so we ruled it out and decided to just go for the Limited solely.

I’m happy with our decision, and plan to pay it off before the term is up and by then it’s likely we’ll need a 3rd row anyway. We flirted with the idea of getting a base Palisade, but it’s nearly impossible to find one here AND get a break on the price due to demand. Most are going for over TMV in our area, by a few thousand.

Then - congrats!

If the wife is happy, that's all that really matters.

Hard cap of ~$350 to lease a 2020 Hyundai Santa Fe 2.0T AWD in VA

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