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You are in the Prices Paid - Buying & Leasing Experiences
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Hyundai Santa Fe, Car Leasing, SUV
#20 of 160 Where to get lease numbers?
Jan 11, 2007 (8:03 am)
We are looking at trading in our 2005 Santa Fe (3.5L) for a new 2007 Santa Fe Limited (MSRP $27,600). The new Santy is a huge improvement over our current one!
Anyways, I know a Santa Fe is probably not ideal to lease due to its horrible resale value, but I'm hoping the dealer can work some magic or Hyundai comes out with some good incentives.
Does anyone know where Hyundai Financial posts its money factor and residual numbers? I'd like to get this information before going to the dealer again.
We were quoted a $395 lease with $2,500 (or $440/month) down that included $550 refundable deposit, $550 acq. fee, $150 docs, and $1,500 in negative equity. We'll pull the trigger if we can get out the door with $0 down and $400 month, plus out of our 2005 Santa Fe which we still owe $19,100 on. We just don't want to own this car anymore and would rather get a better car for the same monthly payment for 3 years and then start over with nothing.
I see Hyundai has a $1000 rebate along with $500 loyalty cash. So this gives us $1500 off MSRP right away before negotiating.
#21 of 160 Re: Where to get lease numbers? [theericharris1]
Jan 12, 2007 (7:02 am)
Santa fe Limited lease
Front wheel drive origination support $1,550 + 500 loyalty
30 months money factor is .00111 39 mos .00147 42 mos .00157
Residual 30 mos 57% 39 mos 47% 42 mos 45%
Four wheel drive has the same orig. support
money factors 30 mos .00137 39 mos .00169 42 mos .00178
Residual 30 mos 58% 39 mos 49% 42 mos 47%
Deduct 1% from residual for 15,000 mile leases.
#22 of 160 Re: Where to get lease numbers? [theericharris1]
Feb 12, 2007 (9:30 pm)
CarMan- I am looking for a 07 Santa Fe Limited, Pearl White 2 whl drive, with option 27 only. The MSRP is 30265 and the invoice including destination is 28733. What should my lease payment be for 30 months with zero down with strong credit. I have been having a hard time getting a straight answer from dealerships using the lease formula from this website. My projected lease payment is way under what the dealers are offering. I have been using a .0111 money factor and res value of 57%. I have also been factoring in a 1550 discount or rebate from Hyundai. Should I not be able to get this car for around invoice? Thanks in advance.
#23 of 160 Re: Where to get lease numbers? [danf1]
Feb 25, 2007 (5:33 pm)
Could someone please help me with the following lease question?
I am currently thinking about leasing an 07 Santa Fe Limited AWD, XM, with the ULTIMATE package.
A local dealer has the MSRP given as $32,450 for this combination, with a negotiated price of around $27,200. At this point, I have not told them of my intent to LEASE. Instead they currently think I would be buying/financing.
First question, is it reasonable to think that as I would be leasing (instead of buying) I could expect them to add the $1,000 "cash back" which I believe they had initially deducted from the total back into the above price... now making it $28,200?
Then, considering that Hyundai offers "$1,500 lease cash back" (assuming that this is still being offered?) that would bring the negotiated price back down to $26,700, in this case. Does that sound about right, or are my above assumptions wrong?
Any feedback would be greatly appreciated!
#24 of 160 Re: Down Payment vs Trade [Car_man]
Feb 26, 2007 (2:10 pm)
Hi all, this board is full of great info. Thanks to prior posters. I'm looking at trading in my Mazda Tribute for a 07 Santa Fe Limited and leasing for 30 mos through Hyundai finance. They're offering almost $12K for my trade which is pretty good and I'm thinking about putting the entire thing down on the new truck. I see what people are writing about not doing that b/c it would be lost if I wrecked the new truck, but my salesperson is reassuring me that terms of the Hyundai lease include gap coverage which covers the full replacement value of the truck if I were to wreck it so, according to him, I would be safe putting all of that $ down? Comments?
#25 of 160 Re: Down Payment vs Trade [jasrich]
Feb 26, 2007 (5:16 pm)
Yes, the vehicle is insured with GAP coverage, but the insurance company will only pay whatever the remaining value is... be that $2,000, or $20,000 back to the leasing company if something bad happens to the car.
So, if you put 12K down for a leased car and something happens to it, the insurance will pay whatever value is still owed on the car, but you essentially lose your entire 12K deposit (the insurance company will reimburse the leasing company for the remaining value of the vehicle, but they WILL NOT reimburse you for any down payment monies that you paid up-front.
So you could look at it like this:
Scenario 1: You only put $1,000 down and the car is completely totalled or stolen. Insurance pays the leasing company for the remaining money owed on the vehicle and you would only have lost $1,000 in down deposit money when all's said and done.
Scenario 2: You put $12,000 down in order to get your monthly payments low, and then something bad happens to the car. Now you've just lost an extra $11,000 of your personal money, that you otherwise would not have.
This is why many on this site strongly advise against making and down payment on a lease that is larger than the minimum required (that is, if a down payment is even required, at all).
Hope these were good examples. Others here on this forum understand this topic much better than me, so hopefully if I forgot to mention something or got something wrong they'll pop in and correct me.
#26 of 160 Re: Down Payment vs Trade [mrmister2000]
Feb 26, 2007 (11:04 pm)
I'm feeling a little dense and like I'm missing the point, but if my insurance pays fair market value, and the leasing company's insurance pays the gap between that and the cost of replacing the lost or wrecked vehicle with a brand new one just like it, aren't I in the same position that I was in before (albeit, now rated with my insurance company) and I have all of the same options at lease end as I had before?
#27 of 160 Re: Down Payment vs Trade [jasrich]
by kyfdx HOST
Feb 27, 2007 (5:23 am)
Your insurance won't replace the vehicle.. They will pay the bank for their interest in the vehicle. At that point, your lease is over. If the insurance payment is not enough to payoff the vehicle, then GAP insurance will pay the bank any shortage.
Any downpayment you make on a lease is not considered.. or reimbursed.
#28 of 160 Re: Where to get lease numbers? [mrmister2000]
by Car_man HOST
Mar 11, 2007 (3:14 pm)
Hi mrmister2000. The $1,000 customer cash that Hyundai is currently providing on the 2007 Santa Fe is not compatible with Hyundai Finance's special lease program. Even better though is the fact that Hyundai is providing a special $1,650 lease cash incentive on this truck that is. Make sure to take this cash into account when negotiating your vehicle's capitalized cost.
Prices Paid Forum
#29 of 160 Lease monthly payments
Mar 21, 2007 (3:24 pm)
My husband has talked to two dealerships. When all is said and done, the monthly payment will be about $455.00 per month for six years and with nothing down. He says it is about the residual. I don't see too many people talking about the amount of payment. Is this too high? It seems high to us. I think we are better off buying. Thanks for any help you can give.
I had to edit this because I forgot an important detail. We want a Santa Fe Limited FWD Premium-Silver Blue. They also told him the cargo cover has to be ordered from parts, but I know from reading the forums that this isn't necessarily true.