Last post on May 17, 2013 at 8:25 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Hyundai Sonata, Car Leasing, Sedan
#1187 of 1221 Re: 2013 Sonata Limited Lease [pegasus17]
Feb 15, 2013 (8:25 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]
Feb 15, 2013 (8:33 pm)
Very glad i could help. Good luck and enjoy your new car!
#1189 of 1221 Please help me figure this out...
Feb 23, 2013 (3:10 pm)
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
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.
#1190 of 1221 Re: Please help me figure this out... [andrea2639]
Feb 23, 2013 (3:47 pm)
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
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]
Feb 23, 2013 (3:55 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
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)
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.
#1192 of 1221 Re: Please help me figure this out... [doogan3]
Feb 23, 2013 (4:07 pm)
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]
Feb 23, 2013 (4:33 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.
#1194 of 1221 Re: Please help me figure this out... [doogan3]
Feb 23, 2013 (4:48 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]
Feb 24, 2013 (7:31 am)
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.