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Hyundai Sonata Lease Questions

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

You are in the Prices Paid - Buying & Leasing Experiences Forum.

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

Messages Page 120 of 123

#1187 of 1221 Re: 2013 Sonata Limited Lease [pegasus17] by sueq2

Feb 15, 2013 (8:25 pm)

Replying to: pegasus17 (Feb 15, 2013 5:50 pm)
My lease on the Honda is up on 2/27, so the last payment has already been made. I have decided to turn it in to the Honda dealership after the scheduled inspection. The car is in perfect condition and I don't want to take a chance that problems will be "discovered" after it's turned in.
The Hyundai dealership deals only with Hyundai and Subaru, by the way. I'm going back tomorrow to tell them I will take possession of the car on the 26th and leave them a deposit to hold it.
Thank you again for all of your help. It has been invaluable!

#1188 of 1221 Re: 2013 Sonata Limited Lease [sueq2] by pegasus17

Feb 15, 2013 (8:33 pm)

Replying to: sueq2 (Feb 15, 2013 8:25 pm)
Very glad i could help. Good luck and enjoy your new car!

#1189 of 1221 Please help me figure this out... by andrea2639

Feb 23, 2013 (3:10 pm)

Replying to: pegasus17 (Feb 15, 2013 8:33 pm)
Hello,
 
I'm really hoping someone could help me. Today I visited Hyundais dealership in MA.
 
I'm looking to lease a Sonata GLS with the performance package (fog lights, heated seats etc). Details:
 
Credit Score 680 invome $4500/month
The MSRP was $23495
Negative Equity of about $1800
zero down
looking for a 36/month lease of 15,000 miles
 
What should I expect to pay a month with these factors?
 
I want to keep my payment below $300/month.
 
What money factor rate and residual should I expect.
 
I really want to get the limited version MSRP of $29000, what would that be?
 
It's been a long time since I've boughten car, as I've been rebuilding my credit and I'm lost. I got a number today and felt totally snowballed by the guy, so I left and researched more online and it appears he was way off.
 
Honest advice needed.
 
Thanks,
AT

#1190 of 1221 Re: Please help me figure this out... [andrea2639] by pegasus17

Feb 23, 2013 (3:47 pm)

Replying to: andrea2639 (Feb 23, 2013 3:10 pm)
homework:
http://www.leaseguide.com/calc.htm
 
http://www.leaseguide.com/faqs.htm
 
You need the following bits of data before you can proceed:
msrp,sell price,mf,residual %
 
BTW, the neg. equity will put you over 300/month
 
Ballpark estimate:
msrp 23495, sell price 21695 (1800 below msrp)
56% residual; 0.00126 mf; 595 acquisition fee
assumed tax rate on lease 7% (depends on your state)
monthly payment $261.45
 
If i add the $1800 of negative equity to the cap cost,
it becomes 317/month
 

#1191 of 1221 Re: Please help me figure this out... [andrea2639] by doogan3

Feb 23, 2013 (3:55 pm)

Replying to: andrea2639 (Feb 23, 2013 3:10 pm)
I was in a dealer here in NY today. Here is the deal I got which they say is rock bottom - But i am not done yet. End of month is always a good time to haggle
 
MSRP 23190
 
Selling price 19450.73. This is with a the following (22,478 selling, - 1027.27 markup ( some incentive) - another cap reduction of 2000) Honestly not really clear on how they came to 19450.73 , but that is capital cost. My calculations give me the same payment as they quoted of $200
 
MF - 0.00063
residual - 56% (15K lease)
36 months
 
Gave me a payment of $200
 
Cash down would be taxes of $531, Bank fee of $595 and first months payment of $200 and DMV. I can also roll into monthly which would be another roughly $$33/ month.
 
I have a couple of questions.
 
When i asked about the taxes. They just calculated the 36 payments by my county rate, which is normal, but I always thought I paid taxes on the cap cost reductions also. Is this blended into my $200 payment, or do I not pay it?
 
second, I recently started my own business, am living off savings. I am not taking a salary to build the business. Will this come against me to get lease approval. I have excellent credit - not worried about that.
 
Thanks guys

#1192 of 1221 Re: Please help me figure this out... [doogan3] by pegasus17

Feb 23, 2013 (4:07 pm)

Replying to: doogan3 (Feb 23, 2013 3:55 pm)
Using this:
http://www.leaseguide.com/calc.htm
 
1. I get 195/month using your numbers (pre-tax)
2. The mf is quite low at 0.00063; it is a Hyundai lease right?
3. you do pay tax on the $2000 incentives (somewhere)
4. Never put down more than $500 out-the-door on any lease.

#1193 of 1221 Re: Please help me figure this out... [pegasus17] by doogan3

Feb 23, 2013 (4:33 pm)

Replying to: pegasus17 (Feb 23, 2013 4:07 pm)
Thanks - I thought I pay tax somewhere. Not sure if they bang this on me when I go back..
 
do you have any insight on whether I will get approval without income - of can I just put it down that I do (Savings)?
 
and yep - Asked them to verify the MF and they confirmed it was .00063.
thanks

#1194 of 1221 Re: Please help me figure this out... [doogan3] by pegasus17

Feb 23, 2013 (4:48 pm)

Replying to: doogan3 (Feb 23, 2013 4:33 pm)
the mf might change based on your credit score/situation; don't know how they look at SE people...

#1195 of 1221 Re: Please help me figure this out... [pegasus17] by andrea2639

Feb 24, 2013 (7:31 am)

Replying to: pegasus17 (Feb 23, 2013 3:47 pm)
pegasus17 -
 
just to confirm at a credit score of 680 you feel the money factor should be .00126?
 
I was really snowballed today then. Taking all the numbers I gave you in my previous post; they came back with $383/month for 48 months....
 
Do you know the credit teirs and corresponding MF rates?
 
I did read all the links and understand more but can't find through a google search what a realistic MF rate would be for my credit score.
 
Want to close a deal (another dealership) on Tuesday.

#1196 of 1221 Re: Please help me figure this out... [andrea2639] by pegasus17

Feb 24, 2013 (11:01 am)

Replying to: andrea2639 (Feb 24, 2013 7:31 am)
REF: 1195
1. First, click on rebates, incentives, prices. Then, look at how complicated the table to the right on the link is. Many combos of lease incentives and money factors (lease rates). You have to ask what the residual % and mf are for your situation.
 
http://www.cars.com/go/search/detail.jsp?tab=specs&recnum=&actLog=&listingId=110- 735046&paId=503253946&listingRecNum=7&criteria=sf1Dir%3dDESC%26mkId%3d20064%26st- kTyp%3dN%26mdId%3d22146%26rd%3d30%26crSrtFlds%3dstkTypId-feedSegId-mkId-mdId-trI- d%26zc%3d45324%26rn%3d0%26PMmt%3d1-1-1%26stkTypId%3d28880%26sf2Dir%3dASC%26sf1Nm- %3dprice%26sf2Nm%3dlocation%26isDealerGrouping%3dfalse%26trId%3d23836%26rpp%3d50- %26feedSegId%3d28705&tracktype=newcc&pageNumber=&numResultsPerPage=&largeNumResu- ltsPerPage=0&sortorder=descending&sortfield=PRICE&certifiedOnly=false&&aff=natio- nal
 
2. The GLS with the Popular equipment Package (PEP2) is about 22915. the one you quoted had extra crap that you don't need.
 
3. Why do you need to get out of the neg. equity car? it would be better to wait...

Messages Page 120 of 123

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