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You are in the Prices Paid - Buying & Leasing Experiences
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Hyundai Sonata, Car Leasing, Sedan
#96 of 1221 2007 Leasing Question
May 22, 2007 (8:17 pm)
I'm looking into either leasing or purchasing a 2007 Sonata GLS (manual) w/Sport Pkg. I'm trying to figure out what I should pay; as I've never done a lease before and am trying to keep my payments as LOW as possible. I've seen on the Hyundai website that there is a 2000.xx rebate; which would come in handy as I'm trading in my 2003 MINI Cooper (with about 2.5k negative equity - purchased used in 2/06). I've priced the car online to 17745.xx after rebate but am totally in the dark about what to do. Any help/advice is GREATLY appreciated!!
#97 of 1221 Lease estimate
May 24, 2007 (9:26 pm)
Today I was quoted a lease on a 2007 Sonata gls with a selling price of $19,28O. The cost after manufacturer and dealer discount was $15,495. The price I was offered was $199 for 24 months with $2000 down and no tax, title and tags or security deposit. Is this a good deal or should I finance and buy. I'm a first time leaser and have no idea what I'm doing. Any help would be appreciated.
#98 of 1221 Re: Lease estimate [dsiro7]
Jun 01, 2007 (9:39 am)
Is this Fitzmall of MD?
They have an ad in my local paper for 1,499 + 149/mo on a $19,280 MSRP.
I don't know how or if they really do this, but Sonatas do have good lease deals right now.
#99 of 1221 Re: 15,000 mile leases [eromusofwom]
by Car_man HOST
Jun 14, 2007 (3:48 am)
Hi Jim. Since you have never leased before you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
The selling price that you were quoted for this Sonata looks very attractive to me. It is probably equivalent to right around dealer invoice minus the $2,500 lease cash incentive that Hyundai is providing on the '07 Sonata right now. Just make sure that the dealer you are working with is using Hyundai Finance's current buy rate lease money factor of .00222 to calculate your car's monthly payment and you're in business.
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#100 of 1221 Re: 2007 Leasing Question [cor]
by Car_man HOST
Jun 14, 2007 (3:59 am)
Hi Cor. Hyundai is currently providing $2,000 customer cash on the 2007 Sonata. Its cash incentive for leases is actually slightly higher than this, at $2,500. This cash will help you to negotiate an attractive capitalized cost for your lease. It sounds like you really aren't that familiar with how leasing works. If this is the case, you definitely should check out the following informative articles that are available here at Edmunds.com before visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
Basically what you need to do is negotiate as low a selling price as possible on the car that you want, making sure to take advantage of the aforementioned cash incentive. Once you have a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using this car's buy rate lease money factor. You actually may want to consider going with an '07 Sonata with an automatic transmission instead of one that has a manual transmission. The GLS auto has a 39 month buy rate lease money factor of .00104 versus the stick's factor of .00222. The auto has a higher residual value as well.
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#101 of 1221 Re: Lease estimate [dsiro7]
by Car_man HOST
Jun 15, 2007 (2:20 am)
Greetings Denise. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
Let's take a look at the specific deal that you were offered. A base 2007 Hyundai Sonata GLS with an automatic transmission has a spread of only $770 between its full MSRP and its dealer invoice price. Add to that the $2,500 lease cash that is available on this model and we have a total of $3,270 to play with. The selling price that you were quoted appears to be around $500 under invoice, which is a very good deal. You should double check that the dealer you are working with is using Hyundai Finance's buy rate lease money factor of .00104 to calculate your monthly payment, but this looks like a very attractive offer.
If you decide that leasing is not for you and that you would rather finance this car, its selling price would be higher because you will not be able to take advantage of the $2,500 lease cash. You will however be able to use Hyundai's special financing rates of 0% for up to 3 years, 1.9% for 4 years, 2.9% for 5 years, or 4.9% for 6 years.
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#102 of 1221 Re: Full info this time - please respond:) [eromusofwom]
Jun 28, 2007 (5:57 pm)
I think you're planning to lease the wrong car.
The Sonata is a great buy with rebates and discounts, but it's not a great vehicle to lease for the same reasons. With all of the rebates and discounts, the car's resale value is lowered (and the higher the resale value, the lower the lease payments).
If you must lease rather than buy, I'd suggest a Honda or Toyota.
Right now, you can lease a loaded Accord V6 (a $28k vehicle) for at least $60 less per month than a Sonata Limited, with the same down payment.
I leased my 2007 Accord EX-L V6 back in October. It's a 3 year lease and I put $2000 down and I pay only $280 per month with tax. However, my lease is 12,000 miles per year instead of 15,000/year. I'm not sure how much of a difference that makes in the payment amount, but it can't be much.
#103 of 1221 July MF & residuals
Jul 27, 2007 (10:55 am)
Does anybody know if they are still offering the .00104 MF on the Sonata and what the residual is?
#104 of 1221 Re: July MF & residuals [pjamese]
Aug 08, 2007 (6:00 pm)
Now I'm looking into leasing another Sonata, received a quote for a 2008 GLS w/basic package (01) for 24 months 12K miles at $438 down/$228 month, car has a residual of 58% and .00017 money factor.
Also have a lease quote on a 2007 GLS w/premium pkg (02) w/same month-mileage-money factor and residual for $376 down/$243 month. The residual dollar difference on the '08 is $93 more but I'd be paying $293 less over the length of the lease...decisions decisions.
Aug 09, 2007 (9:48 am)
I'm currently thinking of trading in our 2005 pacifica to lease a sonata gls auto. we have around 1500 in trade equity. what do you think i would have to put up for a cash? I heard 1499 down and our trade equity should cover that? How is the tax figured in the trade as they are giving us 14000 on the pacifica? thanks!