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Hyundai Sonata Lease Questions

1221 messages,  Last post on May 17, 2013 at 8:25 PM

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What is this discussion about? Hyundai Sonata, Car Leasing, Sedan

Messages Page 116 of 123

#1142 of 1221 Hyundai Sonata Ltd 2013 Lease by ruthg3

Dec 01, 2012 (9:50 pm)

I leased a Sonata Limited basic (just floor mats, cargo mat, mud guards as options) in November and I wonder whether I got a good deal. It was for 36 months, 12k miles. If I could do better I'd like to know because my mom wants me to help her lease the same car in December.
  
MSRP $26,901
Cap Cost $22,200
Sign & Drive - $290/mo (included 1st mo, 7% tax & all fees)
I've seen some in this forum mention a Limited for $21,250 but the cheapest Trucar I saw in NJ was $23,312 and I worked from there.
 
Also, Car Man could you please tell me the residual, money factor and if there are incentives for the same basic 2013 Sonata Limited 36 months, 12,000 miles.
 
Thank you! This forum has been very helpful and informative!

#1143 of 1221 Re: Hyundai Sonata Ltd 2013 Lease [ruthg3] by pegasus17

Dec 04, 2012 (10:08 am)

Replying to: ruthg3 (Dec 01, 2012 9:50 pm)
REF: 1142
I get 25845 for a Limited with your stated options. How did it become 26901? Seems too high. Also, i assume the cap cost includes the 595 acq fee from HMF. Any other fees stipulated?

#1144 of 1221 Re: Hyundai Sonata Ltd 2013 Lease [pegasus17] by drinkjuice

Dec 04, 2012 (10:31 am)

Replying to: pegasus17 (Dec 04, 2012 10:08 am)
Did I get a good deal?
 
I leased a 2013 Sonata Turbo Limited (no nav) for $308.01 a month for 36 months, 12k . $0 down, and paid $614 for new plates and first month fee.
 
$595 bank fee and taxes are rolled into payments
 
Sticker price on car was $28,810.00 (mats, mud guards, cargo net, rear bumper protector, and wheel locks)
 
Gross capitalized cost = $27,133.64
Capitalized cost reduction = $1,500
Adjusted capitalized cost = $25,633.64
Residual value = $16,709.80
Depreciation = $8,923.84
Rent Charge = $2,164.52
Total of base payments = $11,088.36
Lease payments = 36
Base payment = $308.01
 
 (itemization of gross cap cost)
Agreed value of vehicle = $25,462.88
Taxes= $1,075.76
Acquisition fee = $595
 

#1145 of 1221 Re: Hyundai Sonata Ltd 2013 Lease [pegasus17] by ruthg3

Dec 04, 2012 (8:06 pm)

Replying to: pegasus17 (Dec 04, 2012 10:08 am)
Thank you for replying to my post.
 
The invoice price was 25845, MSRP was 26901. The cap cost did not include the 595 acq fee, the monthly amount from the cap cost was $235.50, added $15.50 for tax and $31/ mo for all fees (acq fee, mv fee, tire, etc) for a total of $282 but took it as $290 sign & drive instead.

#1146 of 1221 Re: Hyundai Sonata Ltd 2013 Lease [ruthg3] by pegasus17

Dec 06, 2012 (11:53 am)

Replying to: ruthg3 (Dec 04, 2012 8:06 pm)
REF: 1145
I am confused. So your total lease cost is 35 payments of 290 and that's all? I assume "Sign and drive" means you put down zero money before taking delivery. Also, how did your MSRP go from 25845 to 26901? What did they add? What is a tire fee? State specific?
I am looking to lease before Jan 2...thx

#1147 of 1221 Re: Hyundai Sonata Ltd 2013 Lease [pegasus17] by ruthg3

Dec 06, 2012 (6:35 pm)

Replying to: pegasus17 (Dec 06, 2012 11:53 am)
Sorry for confusion...I'll try to be clearer now.
 
Sonata Limited 2013 with floor mats, cargo mat & mudguards
 
MSRP $26,901
Invoice $25845
Cap Cost $22,200 (based on some posts I've seen could maybe do better closer to $21,500k)
NJ tax of 7% $558
All fees (MV, doc, bank fee) $1113
 
Payment would have come to $282 per month for 36 months but we did $290 with zero money down for 35 months.
 
This included a $500 loyalty coupon, $1500 Hyundai lease incentive.
 
My mom wants to lease a Sonata also so I already spoke to the dealership that I may help her lease this month. Frankly believe I can do even better although felt this was a solid deal. If I do get the cap cost down I will post & let you know.
 
This was Flemington Hyundai, Flemington NJ. I started with Trucar price, spoke with internet manager and worked down from there.
 
Hope this helps.

#1148 of 1221 Sonata Lease End by romil01

Dec 18, 2012 (12:28 am)

I have 4 months left in my 36 month lease on a 2011 Sonata GLS. I was trying to get out of the lease early and lease a different brand of car. Hyundai Finance basically told me the only way to do it without penalty is to sell/trade the car for the payoff amount. This won't work because the payoff is $15K and the best trade-in price I've received is $11.5K from a dealer. A Volvo dealer wanted to cut me a check for the 4 remaining payments plus the $400 disposition fee, but Hyundai Finance says no. They say it will still be considered an early lease termination if I turn the car in more than 30 days early, regardless of the fact that I am paying them the money I would have paid them anyways, plus they get the car a few months early with less mileage on it. They will charge me a $400 early termination fee, any fees associated with auctioning the car off, and the difference between the payoff and the auction price. So technically, I could owe them a few thousand dollars. This seems wrong. I called them twice and talked to two different reps to make sure they weren't smoking crack and was told the same thing by both ladies. The salesman at the Volvo dealer also called them because he said he has never heard such BS in his 20 years in the business, and they told him the same thing.
 
Anyone else find it strange that Hyundai won't accept the money I will be paying them anyways, especially since they would be getting a car back that is worth more than it will be at lease end?

#1149 of 1221 Re: Sonata Lease End [romil01] by kyfdx HOST

Dec 18, 2012 (5:54 am)

Replying to: romil01 (Dec 18, 2012 12:28 am)
Anyone else find it strange that Hyundai won't accept the money I will be paying them anyways, especially since they would be getting a car back that is worth more than it will be at lease end?

 
You sort of answered your own question... The payoff is $15K and your car is worth $11.5K.. They are hoping you'll get rid of the car, otherwise, and they'll get their whole $15K.. and, if not, it's possible they have insured that residual, and can only collect if the lease term is completed..
 
And.. let's be clear... the bank owns the car... not Hyundai.. (even if they are named Hyundai Finance). They would much rather have the money, than have the car...

#1150 of 1221 Re: Sonata Lease End [romil01] by fred144

Dec 18, 2012 (6:42 am)

Replying to: romil01 (Dec 18, 2012 12:28 am)
I have done it 2 times and never had a problem. Ask for a supervisor. That's crazy.

#1151 of 1221 Re: Sonata Lease End [romil01] by tetovari

Dec 18, 2012 (11:59 am)

Replying to: romil01 (Dec 18, 2012 12:28 am)
Try another dealer. I believe Hyundai has a buy back program that buys back all the cars with 6 months or less left. That's what I was told by the Paramus Hyundai

Messages Page 116 of 123

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